Profile of the Institute of Chartered Accountants of India
The Institute of Chartered Accountants of India (ICAI) is a Statutory body established under the Chartered Accountants Act, 1949 for regulation of the profession of Chartered Accountants in India. ICAI is the second largest accounting body in the world with a strong tradition of service to the public interest and to the Indian economy.
During its 67 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 bound in terms of membership and student base. As of today the strength of Chartered Accountant fraternity has grown to over 2.50 lakh members and more than 8.75 lakh active students are part of ICAI.
The Institute functions under the administrative control of Ministry of Corporate Affairs, Government of India. It has its headquarters in New Delhi and 5 Regional offices in Mumbai, Chennai, Kanpur, Kolkata and New Delhi. It presently has 153 branches spread all over the country. In addition, it has also set up 27 chapters outside India and an overseas office in Dubai. The affairs of the ICAI are managed by a Council in accordance with the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988. The Council constitutes of 40 members of whom 32 are elected by the members and remaining 8 are nominated by the Central Government.
The activities of the ICAI can be broadly divided into Regulatory, Standard Setting, Disciplinary and Education & Training. The Council functions through its 4 Standing Committees and 43 Non-Standing Committees. ICAI formulates Accounting Standards as well as Auditing Standards which have also been converged as per International Standards.
Other details are available in the Annual Report of ICAI.
The Indian Institute of Insolvency professionals of ICAI is a section 8 Company formed by the Institute of Chartered Accountants of India to enroll and regulate insolvency professionals as its members in accordance with the Insolvency and Bankruptcy code 2016 and read with regulations.
CA. M. Devaraja Reddy, President, ICAI
CA. Nilesh Shivji Vikamsey , Vice-President, ICAI
CA. Shah Dhinal Ashvinbhai, FCA, ICAI