Profile of ICAIICAI AT A GLANCE
The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for the regulation of the profession of Chartered Accountants in India. During its 64 years of existence, ICAI has achieved recognition as a premier accounting body not only in the country but also globally, for its contribution in the fields of education, professional development, maintenance of high accounting, auditing and ethical standards. ICAI now is the second largest accounting body in the whole world.
ICAI prescribes the qualifications for a Chartered Accountant, conducts the requisite examinations and grants license in the form of Certificate of Practice. Apart from this primary function, it also helps various government agencies like RBI, SEBI, MCA, CAG, IRDA, etc. in policy formulation. ICAI actively engages itself in aiding and advising economic policy formulation.
ICAI recommends the accounting standards to be followed by companies in India to the National Advisory Committee on Accounting Standards (NACAS) 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 practising 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.
ICAI is having its Head quarters at New Delhi and 5 Regional offices at Chennai, Mumbai, Kolkatha, Delhi and Luknow and more than 160 Branches and about 30 Foreign Chapters across the globe. ICAI presently has a member strength of 2.53 Lakh and student Strength of around 8 lakh. Southern India Regional Council (SIRC) of ICAI has 45 branches spread across the states of Kerala, Tamilnadu, Karnataka and Andrapradesh. . In Kerala there are eight Branches of ICAI located in Trivandrum, Eranakulam, Kozhikode, Trichur, Palakkad, Kottayam, Kollam and Kannur districts.