ICPAU is currently governed by an eleven (11) member Council composed of seven (7) directly elected members; three (3) ex-officio members representing the Accountant General, Auditor General and the officer responsible for higher education in the Ministry of Education; and one (1) Ministerial Appointee. Five of the seven elected members elected members must be in public practice and at least three (3) of the elected members must be women.

The seven elected members are elected by members of the Institute in good standing at an Annual General Meeting and serve for a period of two years. They are eligible for re-election for a further term of two years only.

The Council in turn elects a President and Vice President from among the elected members at its first meeting.

The Secretary of the Institute is the Secretary of Council and the Chief Executive Officer.