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The Institute of Certified Public Accountants in Israel is a voluntary organization that brings together certified public accountants in Israel who wish to join. The license to practice the profession is granted by the Council of Certified Public Accountants in Israel, which is a separate body operating under the supervision of the Ministry of Justice.

The bureau was established on June 2, 1931, as a private, voluntary, non-profit organization named the "Society of Certified Public Accountants in Eretz Yisrael." Among its founders was CPA Yaakov Haft. In January 1955, the Knesset passed the Accountants Law of 1955, which regulated the activities of accountants in Israel. Following this, the organization changed its name in 1956 to the "Institute of Certified Public Accountants in Israel."

Until the establishment of the Israeli Accounting Standards Board by the Israel Securities Authority in 1997, the bureau took on the responsibility of setting accounting principles, financial reporting standards, and auditing standards for the Israeli economy. This activity was carried out through the Professional Council, which includes 21 members, the Financial Reporting and Accounting Standards Committee, and the Auditing Standards and Procedures Committee, each consisting of nine members. After the establishment of the Accounting Standards Board, the bureau retained the responsibility of setting auditing standards, procedures, and professional conduct guidelines. The professional conduct guidelines published by the bureau elaborate on the Public Accountants Regulations (Unprofessional Conduct), 1965, but legally apply only to members of the bureau. However, those wishing to pass the auditing examination of the Public Accountants Council, as part of obtaining a CPA license from the state, are required to study and be tested on the bureau's conduct guidelines.

The members of the Professional Council and the two committees are appointed by the central committee of the bureau. These members are highly experienced and reputable in the field of accounting, and their work is done on a voluntary basis. The central committee also determines the scope of authority for the two committees and the Professional Council. Until the establishment of the Accounting Standards Board, the central committee held the final authority for approving and publishing accounting, auditing, and financial reporting standards developed by the Professional Council. As of June 2006, the bureau had published 85 opinions, including 34 auditing standards and procedures.

The bureau has been a member of the International Accounting Standards Board (IASB, formerly IASC) since 1974. In 1981, it published Opinion No. 26, which reflected its commitment to international accounting standards. Additionally, it is a member of the International Federation of Accountants (IFAC) and maintains regular contact with the European Federation of Accountants.

After ceasing its standard-setting activities, the bureau primarily focuses on serving its members, certified public accountants. It continues to establish accounting and auditing standards as well as professional ethics and conduct guidelines appropriate to the profession. It also advocates for suitable legislation and encourages volunteering in one or more of the approximately 250 professional committees under its auspices. Additional services provided to the benefit of accountants in Israel include the Mediation and Arbitration Center, a publishing house that issues guides, opinion booklets, publications, newsletters, and journals, as well as conferences and professional training sessions held several times a year. Furthermore, members of the bureau are entitled to discounts and benefits, such as a business credit card with no annual fee, reduced tuition for master's degrees (at certain institutions), discounts on professional liability insurance (with certain insurance companies), and more.

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