Page 14 - Quick Insights Book 2022

Introduction

ABOUT ICAI
The Institute of Chartered Accountants of India (ICAI) is a
statutory body established by an Act of Parliament, viz. The
Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949)
for regulating the profession of Chartered Accountancy in the
country. The Institute, functions under the administrative control
of the Ministry of Corporate Affairs, Government of India. The
ICAI is the second largest professional body of Chartered
Accountants in the world, with a strong tradition of service to
the Indian economy in public interest. During its more than 70
years of existence, ICAI has achieved recognition as a premier
accounting body not only in the country but also globally, for
maintaining highest standards in technical, ethical areas and
for sustaining stringent examination and education standards.
Since 1949, the profession has grown leaps and bounds in
terms of members and student base. The Institute as on date
has 5 Regional Councils, 166 branches covering the length and
breadth of the country. Globally, the ICAI has 44 Chapters and
31 representative Offices in 75 cities of the world covering 47
countries. Founded with just 1700 members, the Institute has
grown to reach more than 3.5 lakh members and about 7.25
lakh students as of now. We take pride in being recognised as
Partner in Nation Building.

Regulate the profession of Accountancy

Laying down Ethical Standards

Education and Examination of Chartered Accountancy
Course

Introduction Monitoring Quality through Peer Review

Continuing Professional Education of Members

Ensuring Standards of performance of Members

Exercise Disciplinary Jurisdiction

Conducting Post Qualification Courses

Financial Reporting Review

Formulation of Accounting Standards

Prescription of Standard Auditing Procedures

Inputs on Policy matters to Government.

Quick Insights on Professional Opportunities for Chartered Accountants 1