TheInstituteofChartered

AccountantsofIndia

Establishedbyan
ActofIndianParliament
TheCharteredAccountants
Act,1949

OurMission
TheIndianAccountancyProfessionwillbethe
ValuedTrusteeofWorldClassFinancial
competencies,GoodGovernanceand
Competitiveness

ProfileofICAI
Was set up in 1949 under the Chartered
Accountants Act, 1949 even before adoption
of Constitution of India in 1950

SincethenProfessionhasgrownleapsand
boundsintermsofMembership
andStudentbase

ProfessioninIndia

160KMembersspreadthroughoutthecountryandindifferentpartsoftheworld

Sizeablestudentshipbase

Increaseinpercentageofmembersjoiningindustry

CharteredAccountantsarerenderingservicesineverywalkofeconomiclife
Politics,Judiciary,Government,Agriculture,Corporate,NGOs

Professionisdominatedbysmallfirms

Increasingtrendstowardsconsolidation

GovernmentofIndialooksatICAIasPartnerinNationBuilding

TechnicalStandardsbasedonInternationalStandards

FocusonCapacityBuildingintheemergingcontext

ICAIProfile
Particulars

No.

ORGANIZATIONAL
RegionalOffices

Branches

126

ChaptersAbroad

22

SPECIALPURPOSEOUTFITS
CPEStudyCircle

134

CPEChapters

46

ReferenceLibraries

28

AccreditedInstitutions

273

MEMBERSHIP(000)

167

%inPractice

STUDENTS(000)

52%
726

RoleofICAI

ToregulatetheprofessionofAccountancy
Education&ExaminationofCharteredAccountancy
ExerciseDisciplinaryJurisdiction
InputonPolicymatterstoGovernment
EnsuringStandardsofperformanceofMembers
FormulationofAccountingStandards
PrescriptionofEngagementandQualityControlStandards
LayingdownEthicalStandards
ContinuingProfessionalEducation
FinancialReportReview
MonitoringQualitythroughPeerReview
ConductingPostQualificationCourses

ICAINetwork
Bahrain

AbuDhabi

Botswana

Indonesia

Doha

Jeddah

Dubai

Kuwait

PortMoresby
London
(PapuaNewGuinea)

Decentralized Offices

Riyadh

Melbourne

SaudiArabia
(Easternprovince)

Muscat

Singapore

Nairobi(Kenya)

Sydney

NewYork

Toronto

Nigeria

Zambia

RasalKhaimah

C o u n c il
C o m m itte e s
S ta n d in g

N o n - S ta n d in g

TheCentralCouncil

Consistingof40Members

32ElectedMembers

8NominatedbyCentralGovernment

Term:Threeyears

HeadedbyPresident

ElectedbytheCouncilforoneyearterm

EmpoweredtoframeRegulationsundertheActandtoconstitutenecessary
standingandnonstandingCommittees

StandingCommittees
Executive
Committee

Finance
Committee

Examination
Committee

Disciplinary
Committee
(Section 21D)

KeyNonStandingCommittees
Accounting
Accounting
Standards
Standards
Board
Board

Auditing
Auditing &
&
Assurance
Assurance
Standards
Standards
Board
Board

Expert
Expert
Advisory
Advisory
Committee
Committee

Research
Research
Committee
Committee

Committee
Committee on
on
Information
Information
Technology
Technology

Corporate
Corporate Laws
Laws
&
Corporate
& Corporate
Governance
Governance
Committee
Committee

Committee
Committee on
on
Banking,
Banking,
Insurance
Insurance &
&
Pension
Pension

Board
Board of
of
Studies
Studies

Committee
Committee on
on
Economic
Economic and
and
Commercial
Commercial Laws
Laws
&
WTO
& WTO

Committee
Committee on
on
Accounting
Accounting
Standards
Standards for
for
Local
Bodies
Local Bodies

Editorial
Editorial Board
Board

Ethical
Ethical
Standards
Standards
Board
Board

KeyNonStandingCommittees
Financial
Financial Reporting
Reporting
Review
Review Board
Board

Committee
Committee for
for
Members
in
Industry
Members in Industry

Comm.
Comm. On
On Fin.
Fin.
Markets
&
Markets &
Investors
Investors
Protection
Protection

Peer
Peer Review
Review
Board
Board

Committee
Committee for
for
Capacity
Building
Capacity Building of
of
CA
Firms
&
SMP
CA Firms & SMP
Committee
Committee

Audit
Audit Committee
Committee

Internal
Internal Audit
Audit
Standards
Standards Board
Board

Vision
Vision &
& Perspective
Perspective
Planning
Planning Committee
Committee

ICAI-ICWAI-ICSI
ICAI-ICWAI-ICSI
Committee
Committee

Committee
Committee on
on
International
International
Taxation
Taxation

Committee
Committee on
on Public
Public
Finance
&
Finance &
Government
Government
Accounting
Accounting

Board
Board of
of Discipline
Discipline
(Sec.21
(Sec.21 A)
A)

KeyNonStandingCommittees
Direct
Direct Taxes
Taxes
Committee
Committee

Indirect
Indirect taxes
taxes
Committee
Committee

Professional
Professional
Development
Development
Committee
Committee

Disciplinary
Disciplinary
Committee
Committee (Sec.21B)
(Sec.21B)

Continuing
Continuing
Professional
Professional
Education
Education
Committee
Committee

International
International
Affairs
Affairs Committee
Committee

The Institute is responsive to the emerging challenges and constitutes new

committees for effectively meeting these challenges
Research Unit: ICAI-Accounting Research Foundation

OrganizationStructure
.
A d m in is t r a t io n

P R E S ID E N T

V I C E -P R E S I D E N T

S E C R E T A R Y T O T H E C O U N C IL
(S e c r e t a r y t o th e In s t it u t e )

DEPARTM ENTS

C O M M IT T E E S

E x a m in a t io n

D is c ip lin a r y

M &SS

A / C . & F in a n c e

HRD, P & A

C o u n c il

I n t e r n a t io n a l A f f a irs
T e c h n ic a l D ir e c t o r a te
B o a r d o f S t u d ie s
C P E D ir e c t o r a te

InstituteFunctions
Professional
Development

Regulatory

Advisory

ICAIAKeyNationalBody
Offersinputsto

Comptroller&AuditorGeneralofIndia

MinistryofCorporateAffairs,Govt.ofIndia

ReserveBankofIndia

SecuritiesandExchangeBoardofIndia

CentralBoardofDirectTaxes

InsuranceRegulatoryandDevelopmentAuthority

DepartmentsofCentralandStateGovernments

DepartmentsofPublicEnterprises

ImportantInitiativeUndertakentoAlign
withChangingEconomicOrder

ConvergencewithInternationalStandardsofAccountingandAuditing
ReviewandRevisionofEducationandtrainingcurriculum
LaunchofPostQualificationCoursesCapacitybuildingoffirms
MandatoryCPERequirement
PeerReviewMechanism
FinancialReportReview
BrandbuildingNationallyandInternationally
FocusedapproachonissuesrelatingtoCorp.Governance.
Facilitatingchangesinregulatoryframes.
VigorouspursuanceofMutualRecognitionAgreements.
ArrangementwithUniversitiesforgraduationqualificationtoCAstudents
Facilitatingaccountingreformsinvariousareas

ExamplesofInvolvementofICAIin
NationalOrganizations

DraftingofIncomeTaxLaws

DraftingofCompetitionLaw

DraftingofCompanyLaw

CapitalMarketDevelopmentandRegulation

CorporateGovernance

Accounting&UtilizationofGovernmentalresources

WTO&GATS

ImportExportPolicy

CommercialandEconomicLegislations

NonBankingFinancialCompanies

EducationandTraining

DistantModeofEducation

EducationThroughAccreditedInstitutionsandBranches

MeetstherequirementsofinternationaleducationalpronouncementsofIFAC

Comprehensivetheoreticalandpracticalcurriculum

Continuousreviewofthecurriculum

HighlightoftheNewSchemeofEducation&Training
ICommonProficiencyTest

II

Compulsory
3yearsofPracticalTrainingconcurrentwithcomponentsofProfessional
CompetenceExamination(PCE)andFinal

Complete 100 hours of Compulsory Computer Training before appearing for

PCE.

Undergo General Management & Communication Skills (GMCS) after 18

monthsofpracticaltrainingandcompletionofPCE

Eligible to appear for Final Examination on completion of 3 years and

passingofPCE

HighlightsoftheNewSyllabus
FinancialReporting

CorporateFinancialReporting

IFRSbasedFinancialReporting

USGAAPbasedFinancialReporting

StrategicManagement

StudyofBusinessEnvironment

UnderstandingStrategicPlanningandAnalysis

AbilitytounderstandandformulateFunctionalStrategies

FinancialManagement
AdvancedManagementAccounting
InformationTechnologyandSystemsControl
BusinessEthics

Examination

OneofthelargestAccountingexaminationnetworks

Administrativeconductofexaminationandexamrelatedprocesslargely
computerized

Examsareheldtwiceayear

Examinationsystemconsideredtobeofhighstandard&integrityworldwide

Hasbeenlendingexpertisetoaccountingbodiesinothercountries

AccountingStandardsConvergencewithIFRSs

ICAI has decided to converge with IFRSs from accounting periods

commencing on or after 1st Aril 2011 for listed entities and other public
interestsentitiessuchasbanks,insurancecompaniesandlargesizedentities

For smooth transition to the IFRSs, ICAI will take up the matter of
ConvergencewithNACAS,andvariousregulatorssuchastheRBI,SEBIand
IRDA.

ICAI would also formulate its workplan to ensure that IFRSs are effectively
adoptedfrom1stApril2011.

IFRSsspecifictrainingprogramswillbeorganizedforitsmembersandothers
concernedtopreparethemtoimplementIFRSs.

IASBhasalsoofferedtohelptheICAIinitsendeavorstowardsConvergence
withIFRSsinIndia

ResearchandCPE

Commitmenttoadvancementofknowledgeinaccountancy,auditing,taxation
andalliedareas

Publishedabout150Publications

ExpertOpinionsonApplicabilityofStandards

20Compendiumsover1000opinions

Morethan50CPEmaterialspublished

3000CPEprogramsheldannually

ICAIARFtopromoteresearchoncontemporaryissues

Publishesamonthlyjournalwithmorethan175,000circulation

ProfessionalEthics

CardinalPrinciples
Servicebeforeself
Extendsbeyondthelegalrequirements
Somemajorhighlights

Prohibitiononotheroccupations
Prohibitiononsolicitation
Prohibitiononadvertisementand
Canvassing
Prohibitiononfinancialinterestin
auditeecompany
Restrictiononnumberofaudits

Limitonfeesfornonaudit
assignments
ProhibitiononwritingBooksof
AccountsofAuditeecompany
DemarcationbetweenExternaland
InternalAuditors
Professionalfeesforauditandother
servicesreceivedbyafirmnotto
exceed40%ofthegrossannualfees
ofthefirm

Professional Development

IdentifyingRoleofProfessioninemergingareas

DevelopingPracticeAreas

Upgradingandupdatingtheknowledgeandskillsets

Developingtechnicalmaterialtofacilitatepracticeinnewareas

ConsideredascriticalinthechangedScenario

QualityControlInitiativePeerReview

PeerReviewBoardofestablishedinMarch2002

Focuson:

TechnicalStandardscompliance

QualityofReporting

OfficeSystemsandProcedures(attestationservicesonly)

StafftrainingProgrammes(attestationservicesonly)

5567StrongpanelofReviewersmaintained

4234Reviewershaveundergonetraining

4020PracticeunitshavebeenissuedPeerReviewCertificates.

TheCounciloftheInstituteacceptedtherequestofSEBIthatauditoflisted
companiesshallbecarriedoutbytheauditorswhohaveundergonePeerReview
Process

QualityReviewBoard

CentralGovernmenthasconstitutedQualityReviewBoardconsistingof11persons.

CouncilofICAIhasnominated5membersonQRB

Chairmanandother5membershavebeenappointedbyCentralGovernment

Allservicesprovidedbymembers(Bothattestationandnonattestationwillbe
subjecttoQualityReview)

Disciplinaryactionifthereisadeficiencyinservice

PeerReview

PeerReviewBoardestablishedinMarch2002

ReviewsbyBoardtoensure

compliancewithtechnicalstandards;and

existence,complianceandadherencetoqualitycontrol

policiesandprocedures

Findingswouldnothaveanyrelationshipwiththedisciplinaryproceedings

FinancialReportingReview

FinancialReportingReviewBoardconstitutedin2002toreviewgeneral
purposefinancialstatementsofcertainenterprises

Boardsfindingswouldformbasisfor:

initiatingactionagainstauditorconcerned;and

informingirregularitytorelevantregulatoryauthority

Boardseeksgeneralpurposefinancialstatementsoftop500companiesin
Indiaonyearlybasis

NewInitiativesEducation&Training

LaunchofnewcourseforAccountingTechnicians&IPCC

IntroductionofconceptELearning

LaunchofVirtualInstituteProjectprovidingeservicestomembersandstudents

Recastofprofessionalcurriculum

LecturesthroughGyanDarshanChannelforCPT&PCCStudents

ThreeMonthsResidentialCourseforimprovingGeneralManagement&
CommunicationSkills

NewInitiativesEducation&Training

Establishmentofmorethan100computerlabstoimpartITTTraining
alloverIndia

GrantofstatusofapprovedresearchsupervisorsbytheGuruGovind
SinghIndraprasthaUniversity

EstablishmentofCAStudentBenevolentFund

SettingofCentreofExcellenceforCAStudents

MOUwithBharathiarUniversity&GuruJambheshwarUniversityOf
ScienceAndTechnology(GJUS&T)

NewInitiativesProfessionandStandards
ConvergencetoIFRSByApril2011
ConvergencetoClarityProject
Caponfeeforrenderingservicesotherthanaudit
Disciplinarymechanismframework
Focusonbridgingtheexpectationgap

InternationalPresence

ICAIisfoundermemberofIFAC,CAPA,SAFAandIIN

ICAIrepresentedin:

IFAC Board, SMP Committee, Developing Nations Committee,

InternationalPublicSectorAccountingStandardsBoard.

CAPABoardmember

ICAIholdsPermanentSecretariat,SAFA

SAFAChairmenandmemberofvariousCommitteesandWorkingGroups

InternationalInitiatives

OpenedNewChaptersabroadSingapore.

MoUwithUniversityofDjiboutiandICAAustralia

JointDeclarationwithTheBahrainInstituteofBankingandFinanceandThe
CertifiedGeneralAccountantsAssociationofCanada

MRAswithForeignAccountancyBodieslikeICAEW&CPAAustralia.

InternationalInitiatives

MOU with College of Banking and Financial Studies, Oman For

institutionalizationofaccountingprofessioninOman.

MOUwithCenterofExcellenceforAppliedResearchandTraining(CERT),
Dubai To conceptualize and devise an international curriculum in
accountancy integrating local needs keeping in mind various requirements of
differentlevelsofaccountancyandauditprofessionals.

TechnicalassistanceprogrammetoCPAMongoliaandUniversityofDjibouti
ongoing.

ImplementationofGuidelinesforArticleTrainingAbroad.

InternationalInitiativesContd.

ICAIbeingconsultedbyIAASBinAuditStandardsSettingandbyIASBin
IFRSsetting
Playing a lead role in the area of Developing Nations, SMPs and SMEs,
International Public Sector Accounting Standards, International Education
Standards
SAFAadoptedICAIcurriculumasmodel
StudentexchangeprogramsheldwithICAB,ICAP,ICANandICASL
OpenedanOfficeinDubai
InitiativesforrecognitionofICAIqualificationbyaccountingbodiesinother
countries

ICAIVirtualInstitute

VirtualInstituteintegratesalltheregionsandofficestopresentaunifiedview
of the operations of the entire Institute through a single integrated enterprise
system

It FULFILLS the members and students right to convenience, comfort and

make the benefits of Information Technology (IT) available to the members
andstudentsforrenderingtheInstituteservicesonlineanywhereanytime

With this all operational functions of the institute have been brought onto a
commonintranetwithseamlessflowandavailabilityofinformation

ICAIVirtualInstitute

TowardsTomorrowToday

ICAIstartedITinitiativetowardsabrightfutureandisinittoday

ICAI Portal is effectively used to make a repository of information and

knowledgeaccessibletothemembers,studentsandemployeesattheclickofa
button.

The portal brings dynamic features to the content. It functions as a Global

GatewaytoICAI.Theportalprovidesasingleinterfacetousersforaccessing
Institutesservicestakingintoconsiderationsecurityrequirements.

TheInstituteofCharteredAccountantsofIndia
[SetupbyanActofParliament]
ICAIBhawan,IndraprasthaMarg,NewDelhi110002.
Phone:911139893989,30110210
Website:www.icai.org