The Institute of Chartered Accountants of India (ICAI) is the national professional accounting body of India under the jurisdiction of the Ministry of Corporate Affairs, Government of India.
It was established on 1 July 1949 as a statutory body under the Chartered Accountants Act, 1949 enacted by the Parliament (acting as the provisional Parliament of India) to regulate the profession in India.
Unarguably, they are the second largest professional Accounting & Finance body in the world in terms of membership and number of students.
It recommends the accounting standards to be followed by companies in India by the National Financial Reporting Authority the Public Accounting Oversight Board which supersedes ICAI.
They are solely responsible and accountable for setting the Standards on Auditing (SAs) to be followed in the audit of financial statements in India.
Members of the Institute are known as Chartered Accountants (either Fellow or Associate). However, the word chartered does not refer to or flow from any Royal Charter. Chartered Accountants are subject to a published Code of Ethics and professional standards, violation of which is subject to disciplinary action.
Only a member of ICAI can be appointed as statutory auditor of a company under the Companies Act, 2013. The management of the Institute is vested with its Council with the president acting as its Chief Executive Authority.
A person can become a member of ICAI by taking prescribed examinations and undergoing three years of practical training. The membership course is well known for its rigorous standards. ICAI has entered into mutual recognition agreements with other professional accounting bodies worldwide for reciprocal membership recognition.
ICAI is one of the founder members of the International Federation of Accountants (IFAC), South Asian Federation of Accountants (SAFA), and Confederation of Asian and Pacific Accountants (CAPA). Formerly the provisional jurisdiction for XBRL International in India. In 2010, it promoted eXtensible Business Reporting Language (XBRL) in India. It was a section 8 Company to take over this responsibility from it. Now, eXtensible Business Reporting Language (XBRL) India is an established jurisdiction of XBRL International Inc
The Institute of Chartered Accountants of India was established under the Chartered Accountants Act, 1949. Passed by the Parliament of India with the objective of regulating the accountancy profession in India. They are the third largest professional accounting body in the world in terms of membership only to the ACCA and AICPA. It prescribes the qualifications for a Chartered Accountant, conducts the requisite examinations, and grants license in the form of a Certificate of Practice.
Visit the website: https://www.icai.org