Institute of Chartered Accountants of India (ICAI)
The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for the regulation of the profession of Chartered Accountants in India. During its more than sixty years of existence, the Institute has achieved recognition as a premier accounting body in India for its contribution in the fields of education, professional development, maintenance of high accounting, auditing and ethical standards. The ICAI now is the second largest accounting body in the whole world. After the passing of the Chartered Accountants Act on 1 May 1949, the term Chartered Accountant came to be used in place of Indian Registered Accountant. Unlike the UK or Australia, the term "Chartered" does not relate to a Royal Charter as there is no royal charter in the Republic of India. The first ever Companies Act in India legislated in 1857. ICAI completed 50 years on 1st July 1999.
The Main Functions of ICAI are prescribing qualifications for Membership, holding examinations, arranging practical training for candidates, enrollment of members, publication and maintenance of register of qualified Members, carrying on activities for development of profession and maintenance of status and standard in the profession. The ICAI conducts research and brings out handbooks and publications/monologues in the direct interest of the members.It explores the opportunities for the employment of its members. In addition it issues Certificate of Practice to members in practice and exercises disciplinary jurisdiction as a quasi-judicial authority over the CA Profession. Besides regulating the profession, the ICAI is also the National standard setting authority in India. the Accounting Standards Issued by ICAI have been given statutory recognition under various statues. ICAI also issues Standards on Auditing and Guidance Notes for the benefit of its members.
Role played by a Chartered Accountant
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Chartered Accountants enjoy a dream career in the specialized areas of Accounting, Auditing, Corporate Finance, Corporate Laws, Taxation.
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Chartered Accountants are highly demanded professionals in industry.
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Chartered Accountants are statutorily recognized audit practitioners.
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Chartered Accountants are highly demanded and sought-after professionals in the practice of Income-tax, Service-tax and other indirect tax areas.
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Chartered Accountants are technically equipped to act as management consultants.
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Chartered Accountants possess adequate knowledge in systems and information technology, which help to excel in the areas such as development of advanced IT systems for the organisations including for the functions of finance and accounting.
Courses:
Chartered Accountancy Course or Membership Course
The ICAI has recently amended the training courses accordingly the following three levels of exams have been prescribed for gaining membership to the Institute of Chartered Accountants of India:
CPT (Common Proficiency Test)(Two Sessions of two subjects each)
IIPCC (Integrated Professional Competence Course) (Two groups of three and four papers respectively)
Final Exam (Two groups of four papers each)
1. Certificate Courses for Members -
i. Certificate Course on Enterprise Risk Management
ii. Certificate Course on Master in Business Finance
iii. Certificate Course on Corporate Governance
iv. Certificate Course on International Taxation
v. Certificate Course on Forensic Accounting & Fraud Detection using IT & CAATs
vi. Certificate Course on International Financial Reporting Standards
vii. Certificate Course on Forex and Treasury Management
viii. Certificate Course on Derivatives
ix. Certificate Course on Valuation
x. Certificate Course on Arbitration
2. Post Qualification Courses -
i. Information Systems Audit (ISA)
ii. CPE Course on Computer Accounting and Auditing Techniques (CAAT)
iii. Diploma in Insurance and Risk Management (DIRM)
iv. Management Accountancy Course (MAC)/ Corporate Management Course (CMC)/ Tax Management Course (TMC)
v. International Trade Laws & World Trade Organisation (ITL & WTO)
vi. ERP Courses on SAP FI & CO Module, Microsoft Dynamics NAV
3. Chartered Accountancy Course
Independent Professional Practices
As practitioners of public accounting, CAs may start Professional practice as a proprietor or join any existing firm as a partner or staff member. A CA provides compliance and review services. A CA also acts as a business advisor by providing all kinds of services including the preparation of financial reports, helping the business to secure loans, preparing financial projections and determining the viability of business. As a tax advisor, a CA helps businesses and individuals to comply with tax laws.
Management Consultancy Services
CAs play a vital role in assisting business and industry to improve the use of their resources, increase their efficiency and achieve their objectives. The breadth of management advisory services rendered by CAs reflect their expertise in diverse areas. Such services include financial management, planning and financial policy determination such as
- Preparation of project reports and feasibility studies
- Market research and demand studies
- Budgeting, inventory management, working capital management
- Business policy, corporate planning, organization development, growth and diversification
- Organisation structure and behaviour, development of human resources
- Systems analysis and design, and computer related services
- Advisor or consultant to capital issue
- Investment counselling in respect of securities
- Corporate Governance
Departments:
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Contact us:
Central Office Address:
The Institute of Chartered Accountants of India,
ICAI Bhawan,
Indraprastha Marg, Post Box. No. 7100,
New Delhi - 110 002
Telphone:EPABX (011) 39893989
Telegram: CICA NEW DELHI
Tele-Fax:
91.011.30110580 (President)
91.011.30110581 (Vice President & Secretary)
91.011.30110582 (Technical Directorate)
91.011.30110583 (CPE Directorate)
91.011.30110584 (Council)
91.011.30110585 (Disciplinary)
91.011.30110586 (Legal)
91.011.30110587 (Accounts)
91.011.30110588 (M&SS)
91.011.30110590 (Peer Review)
91.011.30110591 (PQC & International Affairs)
91.011.30110592 (HRD, P & A)
E Mail: icaiho@icai.org
Website:www.icai.org
Examination:
Secretary,
Shri T Karthikeyan, Secretary,
The Institute of Chartered Accountants of India,
ICAI Bhawan
P O Box 7100, Indraprastha Marg,
New Delhi - 110 002.
Email us at: secretary@icai.org