The Institute of Chartered Accountants in Ireland (ICAI) is the leading professional body of Irish Chartered Accountants and members of the world’s most respected accounting organisations. Founded in 1888, ICAI is the largest accounting body on the island of Ireland with over 14,000 members and is recognised by statute as the regulator of the accountancy profession in the Republic of Ireland.
The core purpose of ICAI is to champion ethical standards and community awareness of financial issues, while also providing members with a wide range of professional services which support their personal, business and broader interests. ICAI’s primary mission is to protect the public, protect professionals, promote the profession and present current accounting research.
ICAIs goals are to ensure that members remain on the cutting edge of accounting as well as meet their obligations of integrity and professional excellence; promote public awareness of the accounting profession; and serve the best interests of the public through the regulation of Chartered Accountants. ICAIs estimated membership of 14,000 also includes members who are employed in various industries, including investment banking and consulting, industrial/manufacturing, education and government.
The core activities of ICAI include establishing education qualifications, providing continuing professional development and technical guidance, regulating the profession and defending freedoms and rights for the profession. For example, ICAI encourages students to reach their maximum potential through educational support and professional guidance.
Core educational qualifications for members of ICAI include Certificate in Business and Accounting (CBA), a diploma of Accounting (Diploma in Accounting) and a Master of Business Accounting/Finance (MBAF). All of these courses are underpinned by the core competencies of financial accounting, management accounting, taxation, auditing and corporate governance. This combination of education and qualifications brings a strong foundation of knowledge, understanding and professionalism to our members, enabling them to excel in their chosen industry.
The ICAI website is regularly updated with technical guidance and other resources, including news and opinions, economic forecasts, and a directory of public accounting firms. This information is value-added as it helps keep members abreast of developments within the profession, including developments in financial accounting, management accounting and financial-economic trends.
The Institute of Chartered Accountants in Ireland is also heavily involved in public services including corporate governance, enforcement, public advice and regulations on audit, company law, and professional ethics (such as the implementation of the Sarbanes-Oxley Act of 2002, which established the foundation for businesses and their accounting firms to operate more transparently).
In summary, the Institute of Chartered Accountants in Ireland champions excellence and ethical standards through the professional services and educational qualifications that it provides. ICAI also helps members to stay up to date with developments in the profession, as well as provide public services such as corporate governance, enforcement, and regulations which enhance the reputation of the profession and protect stakeholders’ and investors’ interests.
