The Accountants Act, 1992 prescribes the following as the functions of the Institute:
·    To regulate and maintain standard of accountancy in the country; and
·    To prescribe or regulate the conduct of accountants in Uganda.

The Institute is governed by a Council of eleven members, three of which are ex-Officio members and the rest are elected members.  Council is assisted by nine committees; two statutory committee, the examinations Board – The Public Accountants Examinations Board (PAEB) and the Disciplinary and Ethics Committee. Seven other committees, namely;

·    Education Committee.
·    Events Management Committee.
·    Marketing Committee
·    Technical Committee.
·    Members’ Services Committee
·    Finance & Administration Committee.
·    Planning & Development.

The day-to-day management of the Institute is conducted by a full time secretariat which is headed by the Secretary of the Institute /Chief Executive Officer, who is appointed by the council.