Institute of Chartered Accountants of India, New Delhi
The Indian Chartered Accountancy Profession will be the valued Trustees of World Class Financial Competencies, Good Governance and Competitiveness.
The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for the regulation of the profession of Chartered Accountants in India. During its more than five decades of existence, ICAI has achieved recognition as a premier accounting body not only in the country but also globally, for its contribution in the fields of education, professional development, maintenance of high accounting, auditing and ethical standards. ICAI now is the second largest accounting body in the whole world.
ICAI has its Headquarters at New Delhi with 5 Regional Offices at Mumbai, Chennai, Kanpur, Kolkata, New Delhi and 114 branches spread all over the country. In addition, it has also set up 18 chapters outside India and an office in Dubai.
Currently over 350,000 students are pursuing the Chartered Accountancy course and the total membership of ICAI is about 139,841. Out of the total members, nearly 55% are in Practice and the rest are in employment. Among the members in government, industry, banks, financial institutions, private enterprises etc. a significant number of members occupy eminent positions in their respective organisations such as Chairman of regulatory body, Chairperson of banks and insurance companies, Chairperson & Managing Directors of reputed enterprises, Executive Directors of innumerable enterprises/ organisations. Chartered Accountants are also serving as Vice-Presidents and Members of Income Tax Appellate Tribunals besides being in IAS, IPS and IRS cadres. The members of ICAI are also considered to be very competent even in the foreign countries as is evident from the positions they are occupying in all major cities of the world. Presently, there are about 12000 members working abroad.
The affairs of ICAI are managed by the Council in accordance with the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulation 1988. The Council consist of 40* members of whom 32 are elected by the members and remaining 8 are nominated by the Central Government to represent the Comptroller and Auditor General of India, Central Board of Direct Taxes, Department of Company Affairs and other stakeholders.
The Council functions through 4 Standing Committees – Executive Committee, Examination Committee, Disciplinary Committee, Finance Committee and 24 Non Standing Committees namely Accounting Standards Board; Auditing & Assurance Standards Board; Continuing Professional Education Committee; Committee for Members in Industry; Fiscal Laws Committee; Corporate & Allied Laws Committee; Committee on Ethical Standards; Expert Advisory Committee; Board of Studies; Committee on Corporate Governance; Professional Development Committee; Research Committee; Committee on Financial Markets & Investors’ Protection; Committee on Information Technology; International Affairs Committee; ICAI-ICWAI-ICSI Coordination Committee; Editorial Board; Committee on Insurance & Pension; Audit Committee; Committee on Trade Laws & WTO; Peer Review Board; Financial Reporting Review Board; Committee on Internal Audit; Committee on Accounting Standards for Local Bodies for carrying out the provisions of the Chartered Accountants Act 1949.
In terms of the Chartered Accountants Act, 1949, President is the Chief Executive Authority of the Council. The Secretariat of ICAI is headed by the Secretary who is in-charge of the office of ICAI as its Executive Head. The activities of ICAI can be broadly divided into four parts comprising of Technical Directorate, CPE Directorate, Board of Studies and the Administration, each one headed by the separate head. The other important wings of ICAI are the, Examination Department, Disciplinary Cell, Legal Department, Members and Students Services, International Affairs, Research, etc. ICAI has also set up ICAI Accounting Research Foundation under section 25 of the Companies Act 1956.
Functions Of The ICAI
The main functions of ICAI of the Chartered Accountants of India are prescribing qualifications for membership, holding examinations and arranging practical training of candidates, enrollment of members, publication and maintenance of register of members qualified to practice the profession, carrying on activities for development of the profession and regulation and maintenance of status and standard of professional qualification of the members. ICAI conducts examinations all over the country, provides postal coaching, oral coaching and arranges practical training, enabling students to qualify for the profession. It also organises seminars, workshops etc., and provides library facilities.
ICAI conducts research and brings out handbooks and publications/ monologues on the subject of direct interest to the profession. It explores the opportunities for employment of its members. In addition, it issues certificates of practice to its members and exercises disciplinary Jurisdiction* as quasi-judicial authority over their profession and their conduct. ICAI coordinates with Universities on shaping their accountancy curriculum linked with the Chartered Accountancy course. It also publishes monthly journals for Members and for Students.
Besides regulating the profession, ICAI is a national standards setting body in India and the Accounting Standards framed by it are given statutory recognition under various statutes. The Indian Accounting Standards have almost been harmonised with the International Accounting Standards (see Annexure).. In addition, the ICAI issues from time to time, various Guidance notes, monographs, etc. for the guidance of its members on various new technical issues.
The ICAI also issues Auditing & Assurance Standards (AAS) which codify the audit practices to be followed by the members of the Institute, whenever an audit is carried out. The AASs are mandatory in nature. The ICAI has issued 34 AAS so far which meet the international benchmarks and expectations (see Annexure).
* As per the Chartered Accountants (Amendment) Act 2006, exercise of Disciplinary powers has been deleted from the list of duties assigned to the Council.
All statutory functions and many other important functions assigned to the Council by the Chartered Accountants Act, 1949 are implemented by the Administration. Some of the functions are: -
>> Engagement and training of articled/audit assistants,
>> Conducting examinations for candidates of the CA Courses,
>> Enrolment of eligible persons as members,
>> Granting and refusal of Certificate of Practice to members,
>> Exercise of disciplinary powers over members and students
>> Removal of member names,
>> Restoration of names,
>> All matters related to personnel and their development,
>> Maintaining liaison with the Govt., regulatory bodies, industries, Chambers of Commerce and professional bodies.
The Technical Directorate provides support to the technical committees of the Council namely Accounting Standards Board, Committee on Accounting Standards for Local Bodies, Research Committee and Expert Advisory Committee. The Technical Directorate deals with all matters connected with accounting standards, accounting standards for local bodies, expert opinions and any other matter relating to specific accounting issues by issuing the Guidance Notes, Technical Guide on accounting and auditing, study etc. on various technical accounting issues and industry specific accounting issues as research publications.
Board Of Studies
The functions of the Board of Studies are primarily to impart education to the students of the Chartered Accountancy Courses basically through distance education mode. The syllabi which has been recast with effect from Sept, 2006 meets the requirements of International Education Standards issued by International Federation of Accountants with contents of comprehensive theoretical and practical curriculum. The Board also takes care of the revision of syllabi of the various courses periodically. It also oversees the performances of various Accredited Institutions which have been authorized to impart oral coaching to classes and imparting compulsory computer training students.
Read More About us at http://www.icai.org/
The Institute of Chartered Accountants of India,
Post Box. No. 7100