The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an act of Parliament in India to regulate the profession of chartered accountancy in the country. Founded in 1949, ICAI is the second-largest professional accounting body in the world, with over 3 lakh (300,000) members.
The primary objective of ICAI is to maintain the highest standards of professional competence and integrity among chartered accountants and to promote and advance the accounting profession in India. It regulates the education, examination, and ethical conduct of chartered accountants in the country through its various regional offices and chapters.
ICAI plays a crucial role in the development and enforcement of accounting and auditing standards in India. It formulates the accounting standards used by companies and auditors while preparing financial statements, ensuring consistency, transparency, and comparability in financial reporting. The institute also conducts examinations at different levels to certify aspiring chartered accountants, which involve rigorous theoretical knowledge assessments and practical training programs.
Furthermore, ICAI offers professional development programs, seminars, workshops, and other initiatives to enhance the skills and knowledge of its members, catering to the evolving needs of the accounting profession. It serves as a knowledge hub for chartered accountants and promotes research and development in the field of accounting and related disciplines.
Overall, ICAI acts as a regulatory and professional body that upholds the highest standards of ethical conduct, competence, and quality in the field of chartered accountancy in India.
