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What is ICAI?
The Institute of Chartered Accountants of India (ICAI) is a constitutional body set up by an Act of Parliament. They were established under the Chartered Accountants Act of 1949 (Act No. XXXVIII of 1949) to regulate the profession of Chartered Accountancy in India. Operating under the Ministry of Corporate Affairs, Government of India, ICAI is the world’s second-largest professional body for Chartered Accountants.
The ICAI is managed by a Council that functions under the Chartered Accountants Act of 1949 and the Chartered Accountants Regulations of 1988.This Council consists of 40 members, with 32 elected by Chartered Accountants and 8 appointed by the Central Government. The government-appointed members usually represent major institutions like the Comptroller and Auditor General of India, the Securities and Exchange Board of India, the Ministry of Corporate Affairs, the Ministry of Finance, and other relevant stakeholders.
What is ICAI? The Institute’s headquarters is situated in New Delhi, with five regional councils in Kanpur, Mumbai, Kolkata, Chennai, and New Delhi. Additionally, there are 168 branches spread across India, along with foreign chapters as outlined below.https://www.icai.org/
ICAI’s International Presence
ICAI’s Presence In India
What is ICAI? Over the years, the ICAI has earned a reputation as a leading accountancy body, both nationally and internationally, for upholding the highest standards in technical expertise, and ethical areas, and maintaining challenging examination and educational criteria. Since its initiation in 1949, the profession has experienced significant growth in its membership and student base.
The Primary Functions of the Institute are :
– Regulate the Profession of Accountancy
– Education & Examination of CA Course
– Continuing Professional Education of Members
– Conducting Post Qualification Courses
– Formulation of Accounting Standards
– Prescription of Standard Auditing Procedures
– Laying down Ethical Standards
– Monitoring Quality Through Peer Review
– Exercise Disciplinary Jurisdiction
– Financial Reporting Review
– Input on Policy Matters to Government
– Ensuring Standards of Performance
ICAI’s VISION AND MISSION
VISION 2030
Emphasizes Four Elements:
– To Be The World’s Leading Accounting Body
– A Regular Developer Of Trusted & Independent Professionals
– Ensure Members Have World Class Competencies
– Promoting Research In Accounting, Assurance, Taxation, Finance & Business Advisory Services
