The Institute of Chartered Accountants of India (ICAI) was established by an Act of Indian Parliament “The Chartered Accountants Act, 1949”.
Role of ICAI:-
n To regulate the profession of Accountancy
n Education & Examination of Chartered Accountancy
n Exercise Disciplinary Jurisdiction
n Input on Policy matters to Government
n Ensuring Standards of performance of Members
n Formulation of Accounting Standards
n Prescription of Engagement and Quality Control Standards
n Laying down Ethical Standards
n Continuing Professional Education
n Financial Report Review
n Monitoring Quality through Peer Review
n Conducting Post Qualification Courses
n Consisting of 40 Members
32 Elected Members
8 Nominated by Central Government
n Term: Three years
n Headed by President
n Empowered to frame Regulations under the Act and to constitute necessary standing and non-standing Committees
n Executive Committee
n Finance Committee
n Examination Committee
n Disciplinary Committee
- Accounting Standards board
- Audit & Assurance Standards board
- Committee on accounting standards for local bodies
- Expert advisory committee
- Research committee
- Board of studies
- Editorial board
- Committee on Information Technology
- Corporate laws and corporate governance committee
- Ethical standards board
- Direct taxes committee
- Indirect taxes committee
- Continuous Professional Education committee
- Professional development committee
ICAI offers inputs to:-
n Comptroller & Auditor General of India
n Ministry of Corporate Affairs, Govt. of India
n Reserve Bank of India
n Securities and Exchange Board of India
n Central Board of Direct Taxes
n Insurance Regulatory and Development Authority
n Departments of Central and State Governments
n Departments of Public Enterprises
EXAMINATION
n One of the largest Accounting examination networks
n Administrative conduct of examination and exam related process largely computerized
n Exams are held twice a year
n Examination system considered to be of high standard & integrity worldwide
n Has been lending expertise to accounting bodies in other countries
RESEARCH AND CPE
n Commitment to advancement of knowledge in accountancy, auditing, taxation and allied areas
n Published about 150 Publications
n Expert Opinions on Applicability of Standards
n 20 Compendiums over 1000 opinions
n More than 50 CPE materials published
n 3000 CPE programs held annually
n ICAI-ARF to promote research on contemporary issues
n Publishes a monthly journal with more than 175,000 circulation
PROFESSIONAL DEVELOPMENT
n Identifying Role of Profession in emerging areas
n Developing Practice Areas
n Upgrading and updating the knowledge and skill sets
n Developing technical material to facilitate practice in new areas
n Considered as critical in the changed Scenario
NEW INITIATIVES REGARDING EDUCATION AND TRAINING
n Launch of new course for Accounting Technicians & IPCC
n Introduction of concept E-Learning
n Launch of Virtual Institute Project providing e-services to members and students
n Recast of professional curriculum
n Lectures through Gyan Darshan Channel for CPT & PCC Students
n Three Months Residential Course for improving General Management & Communication Skills
n Establishment of more than 100 computer labs to impart ITT Training all over India
n Grant of status of approved research supervisors by the Guru Govind Singh Indraprastha University
n Establishment of CA Student Benevolent Fund
n Setting of Centre of Excellence for CA Students
n MOU with Bharathiar University & Guru Jambheshwar University
NEW INITIATIVES REGARDING PROFESSION
§ Convergence to IFRS - By April 2011
§ Convergence to Clarity Project
§ Cap on fee for rendering services other than audit
§ Disciplinary mechanism framework
§ Focus on bridging the expectation gap
INTERNATIONAL INITIATIVES
n Opened New Chapters abroad- Singapore
n MoU with University of Djibouti ICA Australia
n Joint Declaration with The Bahrain Institute of Banking and Finance and The Certified General Accountants Association of Canada
n MRAs with Foreign Accountancy Bodies like ICAEW & CPA Australia.
n MOU with College of Banking Oman Oman
n MOU with Center of Excellence for Applied Research and Training (CERT ), Dubai- To conceptualize and devise an international curriculum in accountancy integrating local needs keeping in mind various requirements of different levels of accountancy and audit professionals.
n Technical assistance programme to CPA Mongolia and University of Djibouti
n Implementation of Guidelines for Article Training Abroad.
n ICAI being consulted by IAASB in Audit Standards Setting and by IASB in IFRS setting
n Playing a lead role in the area of Developing Nations, SMPs and SMEs, International Public Sector Accounting Standards, International Education Standards
n SAFA adopted ICAI curriculum as model
n Student exchange programs held with ICAB , ICAP, ICAN and ICASL
n Opened an Office in Dubai
n Initiatives for recognition of ICAI qualification by accounting bodies in other countries
