The first accountancy programme was introduced in 1956 with the establishment of RIDA College in Jalan Othman, Petaling Jaya, inspired by Dato' Onn Jaffar. As a government agency, it served to alleviate the socio-economics status of rural Bumiputeras by providing training and educational opportunities. The programme introduced was the London Chambers of Commerce and Industry (LCCI), a UK accounting programme, then followed by the Australian Society of Accountancy (ASA). 5 years later, RIDA ran the Institute of Costs and Works Accountants (CIMA/ ICWA), also a UK recognized accounting programme. The indication of RIDA's prominent role as a leader of education and scholarship for the people materialised when it become MARA College in 1965 to consolidate the government's efforts of national development. With the official establishment of the School of Accountancy in 1966, its role was expanded to include developing accountancy programmes not only a semi-professional level but also was expanded to include developing accountancy programmes not only at semi-professional level but also at profesional level in order to meet the national manpower needs for trained accounting personnel.
Later on, the findings of a manpower survey conducted by the government in collaboration with the United Nations highlighted a crucial shortage of professional and semi-professional Bumiputeras in the workforce. As a result, MARA College was given a 300-acre plot of land in Shah Alam as the new campus site and designated with the important task of training land in Shah Alam as the new campus site and designated with the important task of training Bumiputeras to meet the requirements of an increasingly demanding job market. On 14 October 1967, the late Tun Abdul Razak laid the foundation stone and MARA College was renamed as Institut Teknologi MARA (ITM). In June 1967, the ACT was passed and its administration was placed under the jurisdiction of Chartered Certificate Accountants (ACCA) and the Diploma inAccountancy (DIA). The enormous responsibility of managing and educating such a large and diverse student population called for an amendment in the ITM Act in 1996. The amendment put ITM at par with other institutions of higher learning in the country i.e. it bestowed in ITM with the autonomy to function as a full university albeit no change in name.
Currently the Faculty of Accountancy in Jengka offers two programs, namely Diploma in Accountancy and Bachelor of Accountancy. The program Diploma in Accountancy is design to produce sub professionals in accounting. The BAcc (Hons.) program have been structured to meet the increasing need of the nation for bumiputra accountants, in order to fulfill the objective of Vision 2020 .
By the end of June 2004, the Faculty of Accountancy has an enrolment of more than 700 students. There are 29 qualified faculty members to support its programs.The Faculty of Accountancy is committed to realizes the country's Vision 2020. As Malaysia needs 60,000 accountants by 2020, the Faculty will play its rules in contributing to the number of bumiputra accountants for the country.