Cost and Management Accountants Act, 1966

The Cost and Management Accountants Act, 1966 establishes and regulates the Institute of Cost and Management Accountants of Pakistan (ICMAP), the professional body for cost and management accountants. Section 3 incorporates the Institute as a body corporate consisting of everyone on its Register, able to hold property and sue or be sued in its own name. Section 4 sets out who can be registered: former members of the earlier "Pakistan Institute of Industrial Accountants" (a company the Act dissolves), people who pass the Institute's prescribed exams and training, and people with recognised equivalent foreign qualifications, including special transitional rules for people already partway through foreign training when the Act commenced.

Section 5 splits members into associates (who may use "A.C.M.A" after their name) and fellows (who may use "F.C.M.A"); an associate of at least five years' standing with the right qualifications can apply to become a fellow. Chapter III (Sections 9–18) sets up the governing Council — its constitution, election, officers (President, Vice-President, Secretary, Treasurer), how casual vacancies and dissolution work, its functions, staff, committees, branch councils, and finances. Chapter IV covers the Register and removal of names from it (Sections 19–20).

Chapter V sets criminal penalties: Section 21 penalises falsely claiming to be a member, Section 22 penalises misusing the Council's name, Section 23 bars companies from practising cost and management accountancy in Pakistan, and Section 24 bars unqualified persons from signing certain documents, with Section 25 covering offences by companies. Chapter VI (Sections 27–29) formally dissolves the old Pakistan Institute of Industrial Accountants (registered under the 1913 Companies Act) and transfers its assets, liabilities, and employees to the new Institute.

Chapter VII covers miscellaneous matters including protection for good-faith official actions (Section 31), branch offices (Section 32), professional reciprocity with other countries (Section 33), and the Council's power to make regulations (Section 34) covering everything from research and libraries to disciplinary conduct rules and student registration fees — subject to prior publication and Federal Government approval, and the government can direct the Council to make, amend, or itself make regulations if the Council fails to act (Section 35). The law was substantially amended in 1976 (renaming references from "industrial" to "management" accountants throughout), so current terminology should be checked against the latest official text.