The Institute was founded for the following objects inter alia:
•    To provide an organization, National and International in scope and activity for all Accountants, Treasurers, Financial officers in both public and private sectors of the African economy.
•    To unite all Africans holding local and foreign accountancy qualifications who are being employed as accountants in the public services of the Federation; industrial, and commercial establishments and those in self employment as financial, and management and tax consultants.
•    To ensure a professional status necessary to promote and encourage the study and development of the art and science of accountancy in public practice, industry, commerce and public sector.
•    To develop from time to time standards in accountancy, auditing and taxation which will meet both Africa and international standards.
•    To hold examination in accountancy and other subjects relevant to the profession and to issue certificates of merit on the results thereof and to make other awards as desirable.
•    To secure the highest professional standards by admitting to membership only persons who qualify by examination and who have practical experience.
•    To regulate the discipline and professional conduct of its members
•    To hold conferences, workshops, seminars and symposia for discussion of accountancy matters and duties, presentation of papers, literature, and to issue copies of abridgement of position papers, books, lecturers, records and other memoranda
•    To install a high standard of professional ability by means of regular publication of journal of the institute and to disseminate professional accountancy knowledge

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