Академический Документы
Профессиональный Документы
Культура Документы
Our Mission
The Indian Accountancy Profession will be the Valued Trustee of World Class Financial competencies, Good Governance and Competitiveness
Profile of ICAI
Was set up in 1949 under the Chartered Accountants Act, 1949 even before adoption of Constitution of India in 1950
Since then Profession has grown leaps and bounds in terms of Membership and Student base
Profession in India
160K Members spread throughout the country and in different parts of the world Sizeable studentship base Increase in percentage of members joining industry Chartered Accountants are rendering services in every walk of economic life Politics, Judiciary, Government, Agriculture, Corporate, NGOs Profession is dominated by small firms Increasing trends towards consolidation Government of India looks at ICAI as Partner in Nation Building Technical Standards based on International Standards Focus on Capacity Building in the emerging context
ICAI Profile
Particulars ORGANIZATIONAL
Regional Offices Branches Chapters Abroad 5 126 22 134 46 28 273 167 52% 726
No.
MEMBERSHIP (000)
% in Practice
STUDENTS (000)
Role of ICAI
To regulate the profession of Accountancy Education & Examination of Chartered Accountancy Exercise Disciplinary Jurisdiction Input on Policy matters to Government Ensuring Standards of performance of Members Formulation of Accounting Standards Prescription of Engagement and Quality Control Standards Laying down Ethical Standards Continuing Professional Education Financial Report Review Monitoring Quality through Peer Review Conducting Post Qualification Courses
ICAI Network
Bahrain Botswana Doha
New Delhi
Dubai
Kanpur
Calcutta
Port Moresby London (Papua New Guinea) Riyadh Melbourne Muscat Nairobi (Kenya) New York Nigeria Ras-al-Khaimah
Mumbai
Singapore Sydney
Decentralized Offices
Toronto Zambia
Consisting of 40 Members
Empowered to frame Regulations under the Act and to constitute necessary standing and non-standing Committees non-
Standing Committees
Executive Committee Finance Committee
Examination Committee
Key Non-Standing Committees NonAccounting Standards Board Auditing & Assurance Standards Board Committee on Banking, Insurance & Pension Committee on Accounting Standards for Local Bodies
Research Committee
Board of Studies
Editorial Board
Key Non-Standing Committees NonFinancial Reporting Review Board Board of Discipline (Sec.21 A) Peer Review Board Committee for Capacity Building of CA Firms & SMP Committee
Audit Committee
ICAI-ICWAIICSI Committee
Key Non-Standing Committees NonDirect Taxes Committee Indirect taxes Committee Continuing Professional Education Committee
The Institute is responsive to the emerging challenges and constitutes new committees for effectively meeting these challenges Research Unit: ICAI-Accounting Research Foundation
Organization Structure
. Administration
PRESIDENT
Examination
VICE-PRESIDENT
M&SS
Technical Directorate
DEPARTMENTS
COMMITTEES
Board of Studies CPE Directorate
Institute Functions
Professional Development
Regulatory
Advisory
Comptroller & Auditor General of India Ministry of Corporate Affairs, Govt. of India Reserve Bank of India Securities and Exchange Board of India Central Board of Direct Taxes Insurance Regulatory and Development Authority Departments of Central and State Governments Departments of Public Enterprises
Convergence with International Standards of Accounting and Auditing Review and Revision of Education and training curriculum Launch of Post Qualification Courses Capacity building of firms Mandatory CPE Requirement Peer Review Mechanism Financial Report Review Brand building Nationally and Internationally Focused approach on issues relating to Corp. Governance. Facilitating changes in regulatory frames. Vigorous pursuance of Mutual Recognition Agreements. Arrangement with Universities for graduation qualification to CA students Facilitating accounting reforms in various areas
Drafting of Income Tax Laws Drafting of Competition Law Drafting of Company Law Capital Market Development and Regulation Corporate Governance Accounting & Utilization of Governmental resources WTO & GATS Import Export Policy Commercial and Economic Legislations Non Banking Financial Companies
Distant Mode of Education Education Through Accredited Institutions and Branches Meets the requirements of international educational pronouncements of IFAC Comprehensive theoretical and practical curriculum Continuous review of the curriculum
I
Common Proficiency Test Compulsory 3 years of Practical Training concurrent with components of Professional Competence Examination (PCE) and Final Complete 100 hours of Compulsory Computer Training before appearing for PCE. PCE. Undergo General Management & Communication Skills (GMCS) after 18 months of practical training and completion of PCE Eligible to appear for Final Examination on completion of 3 years and passing of PCE
II
Corporate Financial Reporting IFRS based Financial Reporting US GAAP based Financial Reporting Study of Business Environment Understanding Strategic Planning and Analysis Ability to understand and formulate Functional Strategies
Strategic Management
Financial Management Advanced Management Accounting Information Technology and Systems Control Business Ethics
Examination
One of the largest Accounting examination networks Administrative conduct of examination and exam related process largely computerized Exams are held twice a year Examination system considered to be of high standard & integrity worldwide Has been lending expertise to accounting bodies in other countries
ICAI has decided to converge with IFRSs from accounting periods commencing on or after 1st Aril 2011 for listed entities and other public interests entities such as banks, insurance companies and large-sized entities largeFor smooth transition to the IFRSs, ICAI will take up the matter of Convergence with NACAS, and various regulators such as the RBI, SEBI and IRDA. IRDA. ICAI would also formulate its work-plan to ensure that IFRSs are effectively workadopted from 1st April 2011. 2011. IFRSsIFRSs-specific training programs will be organized for its members and others concerned to prepare them to implement IFRSs. IFRSs. IASB has also offered to help the ICAI in its endeavors towards Convergence with IFRSs in India
Commitment to advancement of knowledge in accountancy, auditing, taxation and allied areas Published about 150 Publications Expert Opinions on Applicability of Standards 20 Compendiums over 1000 opinions More than 50 CPE materials published 3000 CPE programs held annually ICAIICAI-ARF to promote research on contemporary issues Publishes a monthly journal with more than 175,000 circulation
Professional Ethics
Cardinal Principles Service before self Extends beyond the legal requirements Some major highlights Limit on fees for non-audit nonassignments Prohibition on writing Books of Accounts of Auditee company Demarcation between External and Internal Auditors Professional fees for audit and other services received by a firm not to exceed 40% of the gross annual fees of the firm
Prohibition on other occupations Prohibition on solicitation Prohibition on advertisement and Canvassing Prohibition on financial interest in auditee company Restriction on number of audits
Professional Development
Identifying Role of Profession in emerging areas Developing Practice Areas Upgrading and updating the knowledge and skill sets Developing technical material to facilitate practice in new areas Considered as critical in the changed Scenario
Technical Standards compliance Quality of Reporting Office Systems and Procedures (attestation services only) Staff training Programmes (attestation services only)
5567 Strong panel of Reviewers maintained 4234 Reviewers have undergone training 4020 Practice units have been issued Peer Review Certificates. The Council of the Institute accepted the request of SEBI that audit of listed companies shall be carried out by the auditors who have undergone Peer Review Process
Central Government has constituted Quality Review Board consisting of 11 persons. Council of ICAI has nominated 5 members on QRB Chairman and other 5 members have been appointed by Central Government All services provided by members (Both attestation and non attestation will be subject to Quality Review) Disciplinary action if there is a deficiency in service
Peer Review
compliance with technical standards; and existence, compliance and adherence to quality control policies and procedures
Findings would not have any relationship with the disciplinary proceedings
Financial Reporting Review Board constituted in 2002 to review general purpose financial statements of certain enterprises Boards findings would form basis for :
initiating action against auditor concerned; and informing irregularity to relevant regulatory authority
Board seeks general purpose financial statements of top 500 companies in India on yearly basis
Launch of new course for Accounting Technicians & IPCC Introduction of concept E-Learning ELaunch of Virtual Institute Project providing e-services to members and students eRecast of professional curriculum Lectures through Gyan Darshan Channel for CPT & PCC Students Three Months Residential Course for improving General Management & Communication Skills
Establishment of more than 100 computer labs to impart ITT Training all over India Grant of status of approved research supervisors by the Guru Govind Singh Indraprastha University Establishment of CA Student Benevolent Fund Setting of Centre of Excellence for CA Students MOU with Bharathiar University & Guru Jambheshwar University Of Science And Technology (GJUS&T)
Convergence to IFRS- By April 2011 IFRS Convergence to Clarity Project Cap on fee for rendering services other than audit Disciplinary mechanism framework Focus on bridging the expectation gap
International Presence
ICAI is founder member of IFAC, CAPA, SAFA and IIN ICAI represented in :
IFAC - Board, SMP Committee, Developing Nations Committee, International Public Sector Accounting Standards Board. Board. CAPA Board member ICAI holds Permanent Secretariat, SAFA SAFA - Chairmen and member of various Committees and Working Groups
International Initiatives
Opened New Chapters abroad- Singapore. abroad- Singapore. MoU with University of Djibouti and ICA Australia Joint Declaration with The Bahrain Institute of Banking and Finance and The Certified General Accountants Association of Canada MRAs with Foreign Accountancy Bodies like ICAEW & CPA Australia. Australia.
International Initiatives
MOU with College of Banking and Financial Studies, Oman For institutionalization of accounting profession in Oman. Oman. MOU with Center of Excellence for Applied Research and Training (CERT), DubaiDubai- 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. professionals. Technical assistance programme to CPA Mongolia and University of Djibouti ongoing. ongoing. Implementation of Guidelines for Article Training Abroad. Abroad.
ICAI being consulted by IAASB in Audit Standards Setting and by IASB in IFRS setting Playing a lead role in the area of Developing Nations, SMPs and SMEs, International Public Sector Accounting Standards, International Education Standards SAFA adopted ICAI curriculum as model Student exchange programs held with ICAB, ICAP, ICAN and ICASL Opened an Office in Dubai Initiatives for recognition of ICAI qualification by accounting bodies in other countries
Virtual Institute integrates all the regions and offices to present a unified view of the operations of the entire Institute through a single integrated enterprise system
It FULFILLS the members and students right to convenience, comfort and make the benefits of Information Technology (IT) available to the members and students for rendering the Institute services online anywhere-anytime anywhere-
With this all operational functions of the institute have been brought onto a common intranet with seamless flow and availability of information
ICAI Portal is effectively used to make a repository of information and knowledge accessible to the members, students and employees at the click of a button. button. The portal brings dynamic features to the content. It functions as a Global content. Gateway to ICAI. The portal provides a single interface to users for accessing ICAI. Institutes services taking into consideration security requirements. requirements.