Institute of Chartered Accountants ofIndia (ICAI)

• statutory body set up in 1949 – by The Chartered Accountants Act, 1949.

• premier accounting body.

• regulates the profession of Chartered Accountancy in the country.

• functions under the administrative control of
the Ministry of Corporate Affairs.

• second largest professional body of Chartered Accountants in the world.
• Management:
 in accordance with the provisions of Chartered Accountants Act, 1949 and the Chartered Accountants Regulations of 1988.
 Council – empowered to frame Regulations under the Act and to constitute necessary standing and non-standing Committees.
 40 members – 32 elected by CAs and 8 nominated by the Central Government.
 nominees generally represent the Comptroller and Auditor General of India,
SEBI, Ministries of Corporate Affairs and Finance etc.

• maintains highest standards in technical,
ethical areas and for sustaining stringent
examination and education standards.

• Role:
 Regulate the profession of Accountancy
 Education and Examination of Chartered Accountancy Course
 Continuing Professional Education of Members
 Conducting Post Qualification Courses
 Formulation of Accounting Standards
 Prescription of Standard Auditing Procedures
 Laying down Ethical Standards
 Monitoring Quality through Peer Review
 Ensuring Standards of performance of Members
 Exercise Disciplinary Jurisdiction
 Financial Reporting Review
 Input on Policy matters to Government .

• functions– Educational, Regulatory and Disciplinary.
 formulates the code of ethics to be followed by its members.