Institute of Cost and Works Accountants of India
| भारतीय लागत लेखाकार संस्थान | |
ICAI Emblem
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| Abbreviation | ICAI |
|---|---|
| Formation | 28 May 1959 |
| Legal status | Body corporate established by a special Act of the Parliament of India |
| Objective | Develop and Regulate the profession of Cost & Management Accountancy and Cost Audit & in India |
| Headquarters |
Kolkata,  India
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| Coordinates | 22°33′29″N 88°21′13″E / 22.558103°N 88.353672°E |
| Region served | India |
| Membership | 41947 As on 18.03.2017 |
| Students | > 5,50,000 |
| Member's designations | ACMA, FCMA |
| President | CMA Sanjay Gupta |
| Vice President | CMA H P Padmanabhan (Pappan Bhai) |
| IFAC member since | 7 October 1977 |
| Regional Offices | NIRC, New Delhi (Northern India), SIRC, Chennai (Southern India), WIRC, Mumbai (Western India), EIRC, Kolkata (Eastern India) |
| Official Organ | The Management Accountant (published monthly) |
| Website | http://www.icmai.in |
The Institute of Cost Accountants of India (ICAI) [previously known as the Institute of Cost & Works Accountants of India (ICWAI)] is a premier statutory professional accountancy body in India with the objects of promoting, regulating and developing the profession of Cost Accountancy. It is the only licensing cum regulating body of Cost & Management Accountancy profession in India. It recommends the Cost Accounting Standards to be followed by companies in India to which statutory maintenance of cost records applicable. ICAI is solely responsible for setting the auditing and assurance standards for statutory Cost Audit to be followed in the Audit of Cost statements in India. It also issues other technical guidelines on several aspects like Internal Audit, Management Accounting etc. to be followed by practising Cost Accountants while discharging their services. It works closely with the industries, various departments of Government of India, State governments in India and other Regulating Authorities in India e.g. Reserve Bank of India, Insurance Regulatory and Development Authority, Securities and Exchange Board of India etc. on several aspects of performance, cost optimisation and reporting.
The ICAI is a Founder Member of the International Federation of Accountants (IFAC),Confederation of Asian and Pacific Accountants (CAPA) and South Asian Federation of Accountants (SAFA). ICAI is a member of the National Foundation of Corporate Governance(NFCG). The headquarters of ICAI is situated in Kolkata, and operates through its four regional councils located at Kolkata, Chennai, Delhi and Mumbai, 94 chapters in India and 78 chapters abroad.
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