ICAI stands for The Institute of Chartered Accountants of India. It is the world’s second-largest professional accounting organization and the largest professional accounting body in India. It is under the ownership of the Ministry of Corporate Affairs, Govt. of India. The Institute of Chartered Accountants of India was established on the 1st of July 1949 as a statutory body under the Chartered Accountants Act of 1949 which was enacted by the Parliament for regulating the profession of Chartered Accountancy in India. The ICAI exam is conducted to enroll students in this organization.
Accounting and auditing standards are recommended in India by the National Financial Reporting Authority (NFRA), which sets the Standards on Auditing (SAs) that are to be followed in the audit of financial statements in India. The other accounting research bodies in India are:
- Institute of Cost Accountants of India (ICMAI)
- University of Delhi
- University of Calicut
- University of Mumbai
The members of the ICAI are referred to as ICAI Chartered Accountants or simply ICAI Accountants. However, the word chartered does not come from or refer to any Royal Charter. An ICAI Chartered Accountant is subject to a strict set of Code of Ethics and professional standards, the violation of which will make them subject to disciplinary action. Only a member of ICAI is allowed to be appointed as a statutory auditor of a company under the Companies Act of 2013.
ICAI is one of the premier institutions in India like NIT, IIT, NIFT, NIIT, etc. If you want to get into such institutions, click on the link here and access Teachmint’s library of learning resources and start preparing for the exams right away!