About ICAI

        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

      ICAI consists of COUNCIL and  COMMITTEES

      CENTRAL COUNCIL:-

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

     STANDING COMMITTEES:-

n      Executive Committee

n      Finance Committee

n      Examination Committee

n      Disciplinary Committee

     NON-STANDING COMMITTES:-                 

• 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 Of Science And Technology (GJUS&T)

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 and 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 and Financial Studies, Oman – For institutionalization of accounting profession in 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 ongoing.

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