The idea of setting up an accountancy institute was conceived by the East African governments of Uganda, Tanzania and Kenya, in the 1960s.  This was shortly after the East African states had attained independence from colonial powers of that time.
An Accountants Act was enacted in 1970 but unfortunately, due to the political upheavals of the 1970s, the Act never got the Presidential assent to effectively become an enabling law.  It remained on the shelves of Uganda parliament until it was repealed in 1992 to pave way for the new Act.
Accountants Act 1992
The Institute of Certified Public Accountants of Uganda (ICPAU) was establishment after The Accountants Statute No. 12, now the Accountants Act, Cap. 266 of the Laws of Uganda, 2000, was enacted in August 1992.

Interim Council of the Institute:
In 1993, the Minister of Finance appointed an interim Council comprising of the following;
George W. Egaddu – Interim President
Ben Okello Luwum – Interim Secretary
Auditor General – Ex-Officio member
Commissioner of Accounts - Ex-Officio member
Commissioner for Education - Ex-Officio member

On 8 November 1994, the first duly elected Council was formed comprising of the following;

Pius K. Bahemuka later on took up the position of Secretary / Chief Executive Officer.  The Council then co-opted Narendra Ambalal Thakkar to replace him. Thakkar was subsequently duly elected as a Council member on 21 June 1996.

Thereafter, Council members are elected for a 3 years term of office. A council member who has served for a 3years term is legible for another more terms of office.