Institute of Chartered Accountants of India
| भारतीय सनदी लेखाकार संस्थान | |
Emblem of ICAI as given by Sri Aurobindo
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| Abbreviation | ICAI |
|---|---|
| Motto | Ya Aesh Suptaeshu Jagriti |
| Formation | 1 July 1949 |
| Objective | Regulate the auditing and financial accounting profession in India |
| Headquarters | ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi 110002, India |
| Coordinates | 28°37′40″N 77°14′32″E / 28.627815°N 77.242135°E |
| Region served | India |
| Membership | 253,369 (1st April 2016) |
| Students | Approx. +11,75,000 |
| Member's designations | A.C.A. and F.C.A. (A.T.C. also available with IPCC level) |
| Official languages | English, Hindi |
| President | CA. M. Devaraja Reddy |
| Vice President | CA. Nilesh Vikamsey |
| Secretary | Shri V. Sagar |
| Governing body | Council |
| IFAC member since | 7 October 1977 |
| Regional Offices |
New Delhi (NIRC) Mumbai (WIRC) Kolkata (EIRC) Chennai (SIRC) Kanpur (CIRC) |
| Branches | 146 Indian Branches and 26 Overseas Chapters |
| Website | www |
The Institute of Chartered Accountants of India (ICAI) is the national professional accounting body of India. It was established on 1 July 1949 as a body corporate under the Chartered Accountants Act, 1949 enacted by the Parliament (acting as the provisional Parliament of India) to regulate the profession of Chartered Accountancy in India. ICAI is the second largest professional Accounting & Finance body in the world in terms of membership, after American Institute of Certified Public Accountants. ICAI is the only licensing cum regulating body of the financial audit and accountancy profession in India. It recommends the accounting standards to be followed by companies in India to The National Financial Reporting Authority (NFRA) and sets the accounting standards to be followed by other types of organisations. ICAI is solely responsible for setting the auditing and assurance standards to be followed in the audit of financial statements in India. It also issues other technical standards like Standards on Internal Audit (SIA), Corporate Affairs Standards (CAS) etc. to be followed by practicing Chartered Accountants. It works closely with the Government of India, Reserve Bank of India and the Securities and Exchange Board of India in formulating and enforcing such standards.
Members of the Institute are known as Chartered Accountants. 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 an Indian 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 world-wide 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). ICAI was formerly the provisional jurisdiction for XBRL International in India.
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