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.