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The Institute of chartered Accountants of Republic of India (ICAI) a national skilled accounting body of India. It was established on one July 1949 as a statutory body below the chartered Accountants Act, 1949 enacted by the Parliament (acting because the tentative Parliament of India) to regulate the profession of Chartered Accountancy in India. ICAI ranked as the second largest skilled Accounting & Finance body within the world. ICAI acting as a solely licensing cum control body of the audit and accounting profession in republic of India.
It recommends the accounting standards to be followed by firms in Republic of India to National consultative Committee on Accounting Standards (NACAS). And sets the accounting standards to be followed by different kinds of organisations. ICAI is exclusively liable for setting the Standards on Auditing (SAs) to be followed within the audit of economic statements in Republic of India. It conjointly applying alternative technical standards like Standards on Internal Audit (SIA), Corporate Affairs Standards (CAS) etc. to be followed by practicing Chartered Accountants. It works closely with the govt. of Republic of India, Reserve Bank of India and the Securities and Exchange Board of India in formulating and enforcing such standards.
ICAI updates the study material time to time according to industry demand. And keeps the students updated with their latest study material. Before each attempt, icai organize icai test series for all the students of ca final, ca ipcc and ca inter.
Members of the Institute are referred to as chartered Accountants. However, the word chartered doesn't see or ensue any charter. Chartered Accountants are subject to a published Code of Ethics and skilled standards, violation of that is subject to disciplinary action. Only a member of ICAI may be appointed as statutory auditor of an organization as per the businesses Act, 2013. The management of the Institute is vested with its Council with the president acting as its Chief executive Authority.
A person will become a member of ICAI by taking prescribed examinations and undergoing 3 years of sensible training. The membership course is renowned for its rigorous standards. ICAI has entered into mutual recognition agreements with different skilled accounting bodies worldwide for reciprocal membership recognition. ICAI is one in all the founder members of the International Federation of Accountants (IFAC), South Asian Federation of Accountants (SAFA), and Confederation of Asian and Pacific Accountants (CAPA).
ICAI provides various online and offline resources also to their registered students like ca final video lectures, ca ipcc video lectures and icai test series which is conducted at various branches of institute. ICAI test series and revision test papers are conducted for each attempt separately. Every time new course material is specifically designed covering relevant amendments of that attempt.
ICAI was once the provisional jurisdiction for XBRL International in Republic of India. In 2010, it promoted extensile Business reportage Language (XBRL) Republic of India as a neighborhood twenty five company (now section eight of ompanies Act, 2013) to require over this responsibility from it. Now, extensile Business reportage Language (XBRL) Republic of India is an established jurisdiction of XBRL International INC. The Institute of chartered Accountants of Republic of India was established under the chartered Accountants Act, 1949 passed by the Parliament of Republic of India with the target of regulation of accounting profession in India.
ICAI is that the third largest skilled accounting body within the world in terms of membership solely to the ACCA and AICPA. It prescribes the qualifications for a accountant, conducts the requisite examinations and grants license within the sort of Certificate of practice. Apart from this primary objective, it conjointly helps varied government agencies like Reserve bank of india, SEBI, MCA, CAG, IRDA, etc. in policy formulation. ICAI actively engages itself in aiding and advising policy formulation. For example, it's submitted its suggestions on finance Bill, 2009. It conjointly examines the varied taxation laws, rules, laws, circulars, notifications, etc. which may be enacted or issued by the govt. from time to time and to send appropriate memoranda containing suggestions for enhancements within the individual legislation. The government conjointly takes the suggestions of ICAI as skilled recommendation and considers it favourably.
ICAI conferred associate degree approach paper on problems in implementing GST in Republic of India to the Ministry of Finance. In response to the present, Ministry of Finance has recommended that ICAI take a lead and facilitate the govt. in implementing GST and Services Tax (GST). It's as a result of this active participation in formulation economic legislation, it's been selected by A. P. J. Abdul Kalam as a "Partner in Nation Building". Nonetheless, with the advent of globalisation and foreign investment, in India, ACCA has constantly gained ground and is currently, standing as tough competition to the ICAI, even though negotiations have been made in the past