6/18/2020 Institute of Chartered Accountants of India - Wikipedia

Institute of Chartered Accountants of

India
The Institute of Chartered Accountants of India (ICAI) is
the national professional accounting body of India. It was The Institute of Chartered
established on 1 July 1949 as a statutory body under the Accountants of India
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.
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
National Financial Reporting Authority and sets the accounting
standards to be followed by other types of organisations. ICAI is
solely responsible for setting the Standards on Auditing (SAs) to
be followed in the audit of financial statements in India. It also
issues other technical standards like Standards on Internal Audit Emblem of ICAI as given by Sri
(SIA), Corporate Affairs Standards (CAS) etc. to be followed by Aurobindo
practicing Chartered Accountants. It works closely with the Abbreviation ICAI-CA
Government of India, Reserve Bank of India and the Securities
Formation 1 July 1949
and Exchange Board of India in formulating and enforcing such
standards. Legal status Established under
the Chartered
Members of the Institute are known as Chartered Accountants Accountants Act,
(either Fellow or Associate). However, the word chartered does 1949 enacted by
not refer to or flow from any Royal Charter. Chartered
the Parliament of
Accountants are subject to a published Code of Ethics and
India
professional standards, violation of which is subject to
disciplinary action. Only a member of ICAI can be appointed as Headquarters ICAI Bhawan, Post
statutory auditor of a company under the Companies Act, 2013. Box No. 7100,
The management of the Institute is vested with its Council with Indraprastha Marg,
the president acting as its Chief Executive Authority. A person New Delhi 110002,
can become a member of ICAI by taking prescribed examinations India
and undergoing three years of practical training. The
membership course is well known for its rigorous standards. ICAI Coordinates 28.627815°N
has entered into mutual recognition agreements with other 77.242135°E
professional accounting bodies worldwide for reciprocal Region India
membership recognition. ICAI is one of the founder members of
Membership 2,82,193 (1 April
the International Federation of Accountants (IFAC), South Asian
Federation of Accountants (SAFA), and Confederation of Asian 2018)[1]
and Pacific Accountants (CAPA). ICAI was formerly the Official English, Hindi
provisional jurisdiction for XBRL International in India. In 2010, language
it promoted eXtensible Business Reporting Language (XBRL) President Atul Kumar
India as a section 25 company (now section 8 of Companies Act, Gupta[2]
2013) to take over this responsibility from it. Now, eXtensible
Vice Nihar Niranjan
Business Reporting Language (XBRL) India is an established President
jurisdiction of XBRL International Inc. Jambusaria [3]
Secretary Rakesh Sehgal[4]

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