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The Institute of Chartered Accountants of India

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1222:, the issuer of IFRS, is also supporting the ICAI in its endeavors towards convergence. ICAI has revised/formulated Ind AS on the basis of the amendments and new IFRS issued by the IASB subsequent to February 2011. IFRS-converged Indian Accounting Standards (Ind AS) has been implemented in India in a phased manner from 1 April 2015 being the voluntary date of adoption of Ind AS. The mandatory application of Ind AS has been restricted to listed and unlisted companies with a net worth of Rs. 500 crore and above from the accounting year beginning on or after 1 April 2016. With effect on 1 April 2017, all listed companies and unlisted companies having a net worth of Rs. 250 crore and above would be required to prepare their financial statements in accordance with the applicable Ind AS. Banks and NBFCs are also required to implement Ind AS on 1 April 2018 onwards based on the criteria of net worth. 912:
partners involved are from India, since only a member of the institute can be an auditor of an Indian entity. The example for this is an elaborate list, Price Waterhouse in case of Global Trust Bank Scam, again Price Waterhouse in Satyam Computer Services Limited scam, Ernst and Young in the Maytas case. ICAI lacks jurisdictional powers to punish these or for that matter any firm, as under its current regulations it only has the power to proceed against individual members. The institute has asked the Ministry of Corporate Affairs, Government of India to grant additional powers so that it may proceed against firms whose partners or employees are frequent offenders. ICAI also has sent a proposal to the Government of India to amend the Chartered Accountants Act, 1949 in order to enable to it to impose a fine of
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Assurance Engagements (SAEs), to be applied in assurance engagements, other than audits and reviews of historical financial information. 4 Standards on Related Services (SRSs), to be applied to engagements involving the application of agreed-upon procedures to information, compilation engagements, and other related services engagements, as may be specified by the ICAI. The aforesaid Standards are collectively known as Engagement Standards. 5. Standards on Quality Control (SQCs) – These Standards are to be applied for all services covered by the Engagement Standards as described above. As of October 2017 ICAI has issued 46 Engagement and Quality Control Standards (formerly known as Auditing and Assurance Standards) covering various topics relating to
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training and an orientation programme for soft skills development have to be completed before being articled. ICAI will soon introduce a "New Scheme for Education and Training", wherein emphasis would be more on development of higher order skills of application, analysis and interpretation. A special feature of the new scheme would be the mandatory multi-disciplinary case study at the Final level, which would help students integrate professional knowledge in different subject areas, analyse and apply such knowledge in problem solving. The scheme also intends to focus more on practical training and will also offer self-paced online modules, where in working students can learn and qualify at their own pace.
478: 585:" at over 200 institute branches across India and on social media demanding among other things right to re-checking of CA exam answer sheets. At present as per CA regulations, re-checking of answer sheets are not allowed. Students were demanding this right since 2018. A protest was also called in December, 2018 but after assurance by the council and formation of a committee to review the examination process the protest was called off. Students were able to gather support of many public figures which includes Congress leader Rahul Gandhi, Past President of ICAI Mr. 1263:) has constituted a committee to deliberate on FAIS, which are expected to be framed by the end of this year 2020. The Institute of Chartered Accountants of India will be the first body in the accounting world to develop a full set of FAIS standards for forensic professionals and stakeholders, The proposed standards would help Forensic Accounting and Investigation professionals to conduct their examinations in a highly professional manner and collect evidences which may be subject to high level of scrutiny in a court of law. 790:
Opportunities for Members – an Appraisal, Code of Ethics and Manual for members. These together form the basis of regulation of the profession. The council also has a Peer Review Board that ensures that in carrying out their professional attestation services assignments, the members of the institute (a) comply with the Technical Standards laid down by the institute and (b) have in place proper systems (including documentation systems) for maintaining the quality of the attestation services work they perform.
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addressing transition and implementation related queries clarifications on a timely basis are also being issued by the ICAI. Queries raised are also addressed through Support-desk for implementation of Ind AS. Apart from this, Certificate Course on Ind AS, In-house training programmes on Ind AS for corporate and regulatory bodies are also being organized to educate and train the members on these standards.
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covered by the Second Schedule or both schedules of the CA Act, he/she will refer the case to the Disciplinary Committee. If the Board of Discipline finds a member guilty of professional or other misconduct, it may at its discretion reprimand the member, remove the name of the member from the register of members for up to three months or impose a fine up to
510:). On passing this diploma and completion of three years of articled training under an approved accountant, a person was held eligible for grant of an unrestricted certificate. This certificate entitling the holder to practice as an auditor throughout India. Later on, the issue of restricted certificates was discontinued in the year 1920. 436:. The management of the institute is vested with its council with the president acting as its chief executive authority. A person can become a member of ICAI and become a financial (i.e. statutory) auditor of Indian Companies. The professional membership organization is known for its non-profit service. ICAI has entered into 566:. This designation inherited a general public impression that Chartered Accountants had better qualifications than Registered Accountants. Hence the accountants were very stern in their stand that, the Indian accountancy professionals should be designated only as Chartered Accountants. After much debate in the 997:
or MRAs. ICAI has entered into MRAs with several institutes globally, of equivalent standing, to enable members of those institutes to acquire membership of ICAI and to enable the members of ICAI to gain membership of its counterpart in other countries. This is done by granting some exemptions in the
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ICAI has five regions : Eastern, Western, Northern, Southern and Central. As on 15 July 2019, ICAI have 164 Branches so far. Out of total 164 Branches, 99 branches are having their own premises which include 14 Branches (presently functioning from Rented Premises) who have procured land on which
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whether or not there is any misconduct. If the Director (Discipline) is of the opinion that the misconduct is covered by the items listed in the first schedule of the Chartered Accountants Act, 1949, he/she shall refer the case to the Board of Discipline. If he/she is of the Opinion that the case is
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Generally, associates are members of the institute with less than five years of membership after which they become entitled to apply for being a fellow member. Some associate members, particularly those not in practice, often voluntarily chose not to apply to be a fellow due to a variety of reasons.
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Apart from its emblem, ICAI also has a separate logo for its members. As a part of a brand building exercise, ICAI introduced this separate new CA logo for the use of its members in 2007. The logo is free for use by all members of ICAI subject to certain conditions. The logo was launched by the then
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The Institute of Chartered Accountants of India was established under the Chartered Accountants Act, 1949 passed by the Parliament of India with the objective of regulating the accountancy profession in India. ICAI is the second largest professional accounting body in the world in terms of number of
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to align Indian accounting standards with IFRS. As per the original roadmap for implementation of IFRS-converged Ind AS issued by the Government of India, initially, Ind AS were expected to be implemented from the year 2011. However, keeping in view the fact that certain issues including tax issues
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is not an independent body. It can only consider accounting standards recommended by ICAI and advise the Government of India to notify them under the Companies Act, 2013. Further, the Accounting Standards so notified are applicable only to companies registered under the companies act, 2013. For all
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An associate member who has been in continuous practice in India or has worked for a commercial or government organization for at least five years and meets other conditions as prescribed can apply to the institute to get designated as a "Fellow". Responsibilities and voting rights of both types of
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to be followed by Chartered Accountants and others. Non-compliance of these standards by the members will lead to disciplinary action against them. The technical standards issued by ICAI include Accounting Standards, Engagement, and Quality Control Standards, Standards on Internal Audit, Corporate
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It should be borne in mind that this disciplinary proceeding is not in lieu of or an alternative for criminal proceedings in a court. Criminal proceedings against a Chartered Accountant and disciplinary action by ICAI are two separate issues and one need not wait for another to be completed first.
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after completion of schooling (12th grade). Alternatively, graduates may train as an articled assistant for three years in a chartered firm before final exam or after completion of Intermediate of Cost Management Accountant or Company Secretary. A comprehensive 100 hours of information technology
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Properties and Maytas Infra and the role played by their auditors. The names of the members found guilty of misconduct are published on ICAI's website. The ICAI website lists 35 as the number of cases in which inquiry was completed by the Disciplinary Committee in the past one year since February
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Many of the recent financial frauds and scams related to organizations that had multinational accounting firms as their auditors. These multinational firms cannot legally practice in India but they are practicing in India by surrogate means, operating through tie-ups with local firms, though the
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with prescribed qualifications to audit such records. In order to act as an auditor, a person had to acquire a restricted certificate from the local government upon such conditions as may be prescribed. The holder of a restricted certificate was allowed to practice only within the province of an
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of various countries. These MOUs aim at establishing mutual co-operation between the two institutions for the advancement of accounting knowledge, professional and intellectual development, advancing the interests of their respective members and positively contributing to the development of the
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In order to ensure that these standards are implemented in the same spirit in which these have been formulated, ICAI has been providing guidance to members through its various initiatives such as the issuance of Educational Materials on Ind AS containing Frequently Asked Questions (FAQs). For
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and master's degree by writing six papers / five papers respectively. For example, a bachelor's degree in Commerce can be obtained from IGNOU with a major in accounting and finance provided the student is able to provide the grades received in Foundation and Intermediate and pass the term end
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Engagement and Quality Control Standards comprises the following Standards: 1 Standards on Auditing (SAs), to be applied in the audit of historical financial information. 2 Standards on Review Engagements (SREs), to be applied in the review of historical financial information. 3 Standards on
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As of 2010, the Institute of Chartered Accountants of India has issued 32 Accounting Standards. These are numbered AS-1 to AS-7 and AS-9 to AS-32 (AS-8 & AS-6 is no longer in force since it was merged with AS-26 and AS-10). Compliance with accounting standards issued by ICAI has become a
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The institute has a detailed code of ethics and actions in contravention of such code results in disciplinary action against the erring members. The institute publishes a members' handbook containing the Chartered Accountants Act 1949, Chartered Accountants Regulations 1988, Professional
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Members of the Institute are known as Chartered Accountants. Becoming a member requires passing the prescribed examinations, 24 months of practical training and meeting other requirements under the Act and Regulations. The institute has more than 3,90,000 members currently.
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association of accountants should be formed to regulate the profession. The Government of India accepted the recommendation and passed the Chartered Accountants Act in 1949 even before India became a republic. Under section 3 of the said Act, ICAI is established as a
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eagle in the center and a quotation from the Upanishad: Ya Aeshu Suptaeshu Jagruti. The emblem along with the motto was placed at the first meeting of the Council of the Institute and was accepted amongst many other emblems placed by other members of the council.
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in India. In 2010, it promoted eXtensible Business Reporting Language (XBRL) India as a section 8 Company to take over this responsibility from it. Now, eXtensible Business Reporting Language (XBRL) India is an established jurisdiction of XBRL International Inc.
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system by the members of the institute. The council is re-elected every three years. The council elects two of its members to be president and vice-president who hold office for one year. The president is the chief executive authority of the council.
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A person is eligible to apply for membership either by passing all three levels of examinations (Foundation, Intermediate and Final) prescribed by ICAI and completing 24 months of practical training or by availing themselves of exemptions under
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1,00,000/-. If the Disciplinary Committee finds a member guilty of professional or other misconduct, it may at its discretion reprimand the member, remove the name of the member from the register of members permanently or impose a fine up to
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construction is either commenced or construction is under-way. 16 Branches (functioning from own premises) have procured land where either construction has started or construction is under-way. 51 Branches do not own either land or building.
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at the occasion of the Chartered Accountant Day (1 July) in the presence of the then President of ICAI Sunil Talati. Members of ICAI cannot use the ICAI emblem, but they are encouraged to use the CA logo instead on their official stationery.
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on accountancy and the qualifications for auditors. However, it was felt that the accountancy profession was largely unregulated, and this caused much confusion as regards the qualifications of auditors. Hence in the year 1948, just after
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The institute maintains a placement portal on its web site for qualified members and partially qualified students. This is supplemented with campus placement events and advertising through its professional journals and website.
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ICAI offers study materials and describes the syllabus in great detail via a prospectus. While ICAI claims that this study material on the website is sufficient for motivated students to study, most students opt to attend
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examination conducted by IGNOU. Similarly based on the grades in Final would be taken for Masters. This initiative has helped a lot of students attain both the degrees without any duplication of subjects and credits.
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The management of the affairs of the institute is undertaken by a council constituted under the Chartered Accountants Act, 1949. The council consists of 32 elected fellow members and up to 8 members nominated by the
898:). were held guilty of negligence for failing to detect thousands of demat accounts being opened with the same address. The committee has also taken action against members for alleged irregularities in the books of 1522: 1759:
Section 6 of the Chartered Accountants Act, 1949 provides, "No member of the Institute shall be entitled to practice (whether in India or elsewhere) unless he has obtained from the Council a certificate of
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were still to be addressed, the Ministry of Corporate Affairs decided to postpone the date of implementation of Ind AS. For a smooth transition to IFRS, ICAI has taken up the matter of convergence with the
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members remain the same but only fellows can be elected to the council and regional councils of ICAI. Fellows are perceived as enjoying a higher status due to their long professional experience.
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One of the public actions of The ICAI Disciplinary Committee in the 2009–2010 time period was proceedings for professional misconduct against two auditors from the firm
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and professional standards, violation of which is subject to disciplinary action. Only a member of ICAI can be appointed as statutory auditor of a company under the
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Government of India Notification No.22-A(8)47 dated 1 May 1948. Copy of the notification available in page 28, July 2010 edition of The Chartered Accountant journal
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As decided in case of law: Talluri Srinivas Vs. The institute of Chartered Accountants of India 2010 (174) DLT 537 by the Delhi High Court with reference to the
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statutory requirement with the notification of Companies (Accounting Standards) Rules, 2006 by the Government of India. Before the constitution of the
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went to Sri Aurobindo and requested him through a letter to give an emblem to the newly formed Institute of which he was an elected member from the
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issue and in the language specified in the restricted certificate. In 1918 a course called Government Diploma in Accountancy was launched in
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or otherwise. The Disciplinary Directorate is headed by an officer designated as Director (Discipline). On receipt of any information or
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prescribed various books which had to be maintained by a Company registered under that Act. It also required the appointment of a formal
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Section 12(2) of the Chartered Accountants Act, 1949 provides, "The President shall be the chief executive Authority of the Council".
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with other professional accounting bodies worldwide for reciprocal membership recognition. ICAI is one of the founder members of the
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should maintain a register called the Register of Accountants. Any person whose name was entered in such register was called a
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On 23 September 2019 chartered accountancy students organized protests under leadership of teacher CA Praveen Sharma, named "
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from the Council of ICAI. Only members holding a Practicing Certificate may act as statutory auditors of Indian companies.
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ICAI's first president was Mr. G.P. Kapadia (1949 to 1952). CA. Ranjeet Kumar Agarwal is the current president.
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The MoUs with CPA Afghanistan and Saudi Organization for Certified Public Accountants (SOCPA) are in pipeline.
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superseded the title of Registered Accountant. This day is celebrated as Chartered Accountants Day every year.
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work in all fields of business and finance, including auditing, taxation, financial and general management
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1,00,00,000/- on audit firms if they are found guilty of colluding with companies to commit a fraud.
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2010. The list of members held guilty of professional or other misconduct is published periodically.
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A 2018 stamp dedicated to the 70th anniversary of the Institute of Chartered Accountants of India
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form the foundation of the disciplinary process of the institute. These entities are
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Any member wanting to engage in public practice has to first apply for and obtain a
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or Associate). However, the word chartered does not refer to or flow from any
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other entities, the accounting standards issued the ICAI continue to apply.
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and enforce attendance or require discovery and production of documents on
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ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi 110002, India
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partners for wrongly auditing and inflating the financial statements of
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as a part of its emblem. CA. C. S. Shastri, a Chartered Accountant from
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Currently ICAI has MOUs with following professional accounting bodies:
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ICAI currently has MRAs with following professional accounting bodies:
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and other engagements. These standards have been harmonized with the
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Affairs Standard, Accounting Standards for Local Bodies, etc.
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Companies in India cannot practice profession of accountancy.
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5,000/-. Any member aggrieved by any order may approach the
614: 462: 148: 1640:"New logo for Indian CAs – an initiative in brand building" 1229: 1219: 1186: 1110: 887: 759:. The elected members of the council are elected under the 570:, the controversial term, chartered was accepted. When the 452:(CAPA). ICAI was formerly the provisional jurisdiction for 1194: 1093:
The Vietnam Association of Certified Public Accountants,
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Institute of Chartered Accountants in England and Wales
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against self-incrimination under Article 20 (3) of the
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Forensic Accounting and Investigation Standards (FAIS)
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National Board of Accountants & Auditors, Tanzania
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New CA Logo for exclusive use by Chartered Accountants
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except for two standards i.e. ISA 600 and ISAE 3000.
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ICAI is also in the process of negotiating MRAs with
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The second method of obtaining membership is through
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The South African Institute of Chartered Accountants
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National Advisory Committee on Accounting Standards
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National Advisory Committee on Accounting Standards
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Certified General Accountants Association of Canada
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Hong Kong Institute of Certified Public Accountants
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The Institute of Chartered Accountants of India 1259:The Institute of Chartered Accountants of India ( 382:for promotion, development and regulation of the 76:"The Institute of Chartered Accountants of India" 2494: 722: 345:The Institute of Chartered Accountants of India 142:The Institute of Chartered Accountants of India 1449:History of the Accountancy Profession in India 830:, the Director (Discipline) shall arrive at a 672:Confederation of Asian and Pacific Accountants 450:Confederation of Asian and Pacific Accountants 397:and auditing standards are recommended by the 27:National professional accounting body in India 1550:"ET Explains: Why CA students are up in arms" 1446: 489:Government Diploma in Accountancy Certificate 2400:Companies (Accounting Standards) Rules, 2006 998:regular scheme of examination and training. 461:membership and number of students after the 2433: 1962: 1777: 1775: 1115:Institute of Chartered Accountants of Nepal 1006:Institute of Chartered Accountants of Nepal 826:that a member has allegedly engaged in any 810:and have substantial powers like that of a 798:The Disciplinary Directorate, the Board of 734: 30:"ICAI" redirects here. For other uses, see 18:Institute of Chartered Accountants of India 1109:College of Banking and Financial Studies, 504:Sydenham College of Commerce and Economics 147: 2379:"Accounting Standards issued by the ICAI" 1689:. International Federation of Accountants 1230:Engagement and Quality Control Standards 988: 906: 694: 680:International Valuation Standards Council 574:came into force on 1 July 1949, the term 554:, the word chartered does not refer to a 493:The Indian Companies Act, 1913 passed in 370:. It was established on 1 July 1949 as a 127:Learn how and when to remove this message 2523:Professional associations based in India 1772: 1547: 1189:was made by the Prime Minister of India 1166: 964:ICAI has entered into an agreement with 738: 604: 484: 476: 1970:"The Chartered Accountants Regulations" 1548:Bhargava, Kshitij (25 September 2019). 1144: 968:(IGNOU), to help CA students acquire a 886:Other publicized actions included, the 793: 767: 664:International Federation of Accountants 442:International Federation of Accountants 14: 2495: 1278:National Financial Reporting Authority 1131: 966:Indira Gandhi National Open University 676:International Innovation Network (IIN) 412:Members of the institute are known as 399:National Financial Reporting Authority 2436:Students' Guide to Auditing Standards 1995: 1993: 1434:Ranking of Accountancy bodies as per 1418: 1416: 750:of the five Regional Councils of ICAI 668:South Asian Federation of Accountants 446:South Asian Federation of Accountants 65:adding citations to reliable sources 36: 1202:and various regulators such as the 890:referred case of a brokerage firm, 24: 1990: 1709:"List of SAFA Member Institutions" 1687:"List of Founding Members of IFAC" 1413: 25: 2549: 2513:Organizations established in 1949 2477: 1872:. 20 January 2009. Archived from 1066:Technical co-operation agreements 1042:Chartered Accountants New Zealand 784: 513:In 1930, it was decided that the 1853:Satyam Computer Services Limited 932:ICAI has MRAs and MOUs with the 919: 869:Satyam Computer Services Limited 708:Practicing Chartered Accountants 662:ICAI is a founder member of the 41: 2452: 2427: 2405: 2393: 2371: 2353: 2328: 2303: 2278: 2253: 2235: 2217: 2203: 2185: 2167: 2149: 2131: 2106: 2081: 2069: 2044: 2030: 2018: 1936: 1910: 1888: 1858: 1845: 1836: 1800: 1763: 1753: 1727: 1701: 1679: 1654: 1632: 1613: 1592: 1567: 1541: 1515: 1493: 1474: 654:Minister of Corporate Affairs, 572:Chartered Accountants Act, 1949 376:Chartered Accountants Act, 1949 196:Chartered Accountants Act, 1949 52:needs additional citations for 2518:Professional accounting bodies 1465: 1440: 1428: 1422:Act No. XXXVIII of 1949. See 1388: 1366: 1344: 1322: 1297: 1076:professional accounting bodies 951: 13: 1: 1290: 1177:The inception of the idea of 1100:Higher Colleges of Technology 995:mutual recognition agreements 776: 723:Role of Chartered Accountants 714:Certificate of Practice (COP) 685: 438:mutual recognition agreements 364:Ministry of Corporate Affairs 317:Ministry of Corporate Affairs 2528:Regulatory agencies of India 2503:1949 establishments in India 2381:. Accounting Standards Board 1735:"Members of CAPA from India" 1122: 1090:(signed on 22 November 2013) 927:mutual recognition agreement 356:professional accounting body 7: 2211:"ICAI Mou with New Zealand" 2157:"ICAI MRA with CPA Ireland" 2089:"CPA program: how to apply" 1866:"Maytas fraud to be probed" 1662:"Guidelines to use CA Logo" 1266: 1173:Indian Accounting Standards 1136:ICAI formulates and issues 1072:memorandum of understanding 568:Indian Constituent Assembly 564:Certified Public Accountant 10: 2554: 2139:"ICAI MRA With CPA Canada" 2076:ICAI Signed MoU with ICAEW 1503:. caportal.saginfotech.com 1170: 1106:(signed on 4 January 2011) 858: 619:Ya Aeshu Suptaeshu Jagruti 589:, renowned accountant Mr. 472: 414:ICAI Chartered Accountants 29: 2460:"ICAI Forensic Standards" 2193:"ICAI MRA with Australia" 1284:Public Accounts Committee 523:Governor General of India 326: 310: 300: 290: 280: 270: 260: 250: 213: 205: 190: 172: 164: 146: 2225:"ICAI MRA with Tanzania" 1622:The Chartered Accountant 1483:The Chartered Accountant 1436:World Ranking Guide Blog 1400:smilefoundationindia.org 1013:(since 20 November 2008) 761:single transferable vote 735:Council of the institute 600: 597:, etc. on social media. 593:, Mr. Mohandas Pai, Mr. 506:of Bombay (now known as 1310:. 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