Institute of Chartered Accountants of India
The Institute of Chartered Accountants of India (ICAI) is the national professional accounting body of India. It was established on 1 July 1949 as a statutory body under the Chartered Accountants Act, 1949 enacted by the Parliament (acting as the provisional Parliament of India) to regulate the profession of Chartered Accountancy in India. Its headquarters is located at ICAI Bhawan, Indraprastha Marg, Post Box 7100, New Delhi 110002
ICAI has over 2,90,000 members and 10,76,000 students spread across 127 countries. ICAI is the only licensing cum regulating body of the financial audit and accounting profession in India. Members of ICAI are known variously as Chartered Accountants (CA), Cost Accountants (CWA), Company Secretaries (CS) and Professional Accountants (PA).
The main objectives of ICAI are to:(1) lay down standards of accounting, auditing and assurance; (2) promote professional education and training; (3) maintain registers of members; (4) conduct examinations and confer qualifications through awarding certificates and diplomas;(5) create awareness among the members, public, and other stakeholders about generally accepted accounting, auditing and assurance standards; and (6) regulate the conduct and discipline of practitioners.
ICAI has an extensive network of about 943 branches located all over India. These branches provide support and guidance to the members and students of ICAI in order to foster their professional career. ICAI has also established a network of 12 Regional Councils and 5 Chapters outside India, to promote and regulate the practice of the profession throughout the world.
Moreover, ICAI has a Student Overseas Placement (SOP) Cell. This is a unique platform for foreign companies which are in search of qualified Chartered Accountants. The SOP Cell also provides an opportunity to Indian students and Qualified Chartered Accountants (CAs) to attend placement drives organised by ICAI in partnership with the foreign companies and organizations.
ICAI also regularly conducts conferences, seminars and workshops to update its members and students with the latest developments in the field of financial, auditing, assurance, business and management.
To conclude, ICAI is the premier professional body in India that aims to foster and promote accounting, auditing and assurance standards in the country. It has been instrumental in setting high standards for the accounting, financial and auditing professionals in India. With its commitment to encourage and promote high professional standards, ICAI has become the keystone of the Indian professional accounting, audit and assurance framework.
