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 Accountancy in India. During its more than sixty years of existence, the Institute has achieved recognition as a premier accounting body in India for its contribution in the fields of education, professional development, maintenance of high accounting, auditing and ethical standards. The ICAI now is the second largest accounting body in the whole world. After the passing of the Chartered Accountants Act on 1 May 1949, the term Chartered Accountant came to be used in place of Indian Registered Accountant. Unlike the UK or Australia, the term “Chartered” does not relate to a Royal Charter as there is no royal charter in the Republic of India.

Mission

The Mission of the Institute as adopted by the council of ICAI is “The Indian Chartered Accountancy Profession will be valued Trustees of World Class Financial Competencies, Good Governance and competitiveness”

Organizational Setup

The affairs of ICAI are managed by the Council as per the Chartered Accountants Act, 1949 and the Chartered Accountant Regulations, 1988. The council consists of 32 elected members and 8 nominated members. The Government of India nominates 8 members to represent the comptroller and Auditor General of India, the Ministry of Corporate Affairs, Ministry of Finance and other stakeholders. The President of the Institute is elected the Council members among themselves for a period of one year. In terms of the Chartered Accountants Act, 1949 the President is the Executive Authority of the council.

Functions

The Main Functions of ICAI are prescribing qualifications for Membership, holding examinations, arranging practical training for candidates, enrollment of members, publication and maintenance of register of qualified Members, carrying on activities for development of profession and maintenance of status and standard in the profession. The ICAI conducts research and brings out handbooks and publications/monologues in the direct interest of the members.It explores the opportunities for the employment of its members. In addition it issues Certificate of Practice to members in practice and exercises disciplinary jurisdiction as a quasi-judicial authority over the CA Profession. Besides regulating the profession, the ICAI is also the National standard setting authority in India. the Accounting Standards Issued by ICAI have been given statutory recognition under various statues. ICAI also issues Standards on Auditing and Guidance Notes for the benefit of its members.

Web Site

The web site of the Institute of Chartered Accountants of India is http://www.icai.org