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The Institute of Chartered Accountants of India

Established by an Act of Indian Parliament ³The Chartered Accountants Act, 1949´

Our Mission
The Indian Accountancy Profession will be the Valued Trustee of World Class Financial competencies, Good Governance and Competitiveness

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

Since then Profession has grown leaps and bounds in terms of Membership and Student base

Profession in India 

160K Members spread throughout the country and in different parts of the world Sizeable studentship base Increase in percentage of members joining industry Chartered Accountants are rendering services in every walk of economic life Politics, Judiciary, Government, Agriculture, Corporate, NGOs Profession is dominated by small firms Increasing trends towards consolidation Government of India looks at ICAI as Partner in Nation Building Technical Standards based on International Standards Focus on Capacity Building in the emerging context 

  

   

ICAI Profile Particulars ORGANIZATIONAL Regional Offices Branches Chapters Abroad 5 126 22 134 46 28 273 167 52% 726 No. SPECIAL PURPOSE OUTFITS CPE Study Circle CPE Chapters Reference Libraries Accredited Institutions MEMBERSHIP (µ000) % in Practice STUDENTS (µ000) .

Role of ICAI             To regulate the profession of Accountancy Education & Examination of Chartered Accountancy Exercise Disciplinary Jurisdiction Input on Policy matters to Government Ensuring Standards of performance of Members Formulation of Accounting Standards Prescription of Engagement and Quality Control Standards Laying down Ethical Standards Continuing Professional Education Financial Report Review Monitoring Quality through Peer Review Conducting Post Qualification Courses .

ICAI Network ‡ Bahrain ‡ Botswana ‡ Doha New Delhi ‡ Abu Dhabi ‡ Indonesia ‡ Jeddah ‡ Kuwait ‡ Dubai Kanpur Calcutta ‡ Port Moresby ‡London (Papua New Guinea) ‡ Riyadh ‡Melbourne ‡Muscat ‡Nairobi (Kenya) ‡New York ‡Nigeria ‡Ras-al-Khaimah Mumbai ‡ Saudi Arabia (Eastern province) Chennai ‡ Singapore ‡ Sydney Decentralized Offices ‡ Toronto ‡ Zambia .

Council Committees Standing Non-Standing .

The Central Council  Consisting of 40 Members  32 Elected Members 8 Nominated by Central Government   Term: Three years Headed by President   Elected by the Council for one year term  Empowered to frame Regulations under the Act and to constitute necessary standing and non-standing Committees non- .

Standing Committees Executive Committee Finance Committee Examination Committee Disciplinary Committee (Section 21D) .

Key Non-Standing Committees NonAccounting Standards Board Auditing & Assurance Standards Board Committee on Banking. Insurance & Pension Committee on Accounting Standards for Local Bodies Expert Advisory Committee Research Committee Board of Studies Editorial Board Committee on Information Technology Corporate Laws & Corporate Governance Committee Committee on Economic and Commercial Laws & WTO Ethical Standards Board .

21 A) Peer Review Board Committee for Capacity Building of CA Firms & SMP Committee Committee for Members in Industry Audit Committee Internal Audit Standards Board Vision & Perspective Planning Committee Comm. Markets & Investors· Protection ICAI-ICWAIICSI Committee Committee on International Taxation Committee on Public Finance & Government Accounting . On Fin.Key Non-Standing Committees NonFinancial Reporting Review Board Board of Discipline (Sec.

21B) International Affairs Committee The Institute is responsive to the emerging challenges and constitutes new committees for effectively meeting these challenges Research Unit: ICAI-Accounting Research Foundation .Key Non-Standing Committees NonDirect Taxes Committee Indirect taxes Committee Continuing Professional Education Committee Professional Development Committee Disciplinary Committee (Sec.

Administration PRESIDENT Examination Disciplinary A/C.Organization Structure . P & A International Affairs Technical Directorate DEPARTMENTS COMMITTEES Board of Studies CPE Directorate . & Finance Council VICE-PRESIDENT M&SS SECRETARY TO THE COUNCIL (Secretary to the Institute) HRD.

Institute Functions Professional Development Regulatory Advisory .

of India Reserve Bank of India Securities and Exchange Board of India Central Board of Direct Taxes Insurance Regulatory and Development Authority Departments of Central and State Governments Departments of Public Enterprises . Govt.ICAI ± A Key National Body Offers inputs to         Comptroller & Auditor General of India Ministry of Corporate Affairs.

Facilitating changes in regulatory frames. Arrangement with Universities for graduation qualification to CA students Facilitating accounting reforms in various areas . Governance. Vigorous pursuance of Mutual Recognition Agreements.Important Initiative Undertaken to Align with Changing Economic Order             Convergence with International Standards of Accounting and Auditing Review and Revision of Education and training curriculum Launch of Post Qualification Courses Capacity building of firms Mandatory CPE Requirement Peer Review Mechanism Financial Report Review Brand building ± Nationally and Internationally Focused approach on issues relating to Corp.

Examples of Involvement of ICAI in National Organizations  Drafting of Income Tax Laws Drafting of Competition Law Drafting of Company Law Capital Market ± Development and Regulation Corporate Governance Accounting & Utilization of Governmental resources WTO & GATS Import ± Export Policy Commercial and Economic Legislations Non Banking Financial Companies          .

Education and Training  Distant Mode of Education Education Through Accredited Institutions and Branches Meets the requirements of international educational pronouncements of IFAC Comprehensive theoretical and practical curriculum Continuous review of the curriculum     .

Highlight of the New Scheme of Education & Training I  Common Proficiency Test Compulsory 3½ years of Practical Training concurrent with components of Professional Competence Examination (PCE) and Final Complete 100 hours of Compulsory Computer Training before appearing for PCE. Undergo General Management & Communication Skills (GMCS) after 18 months of practical training and completion of PCE Eligible to appear for Final Examination on completion of 3 ½ years and passing of PCE II    . PCE.

Highlights of the New Syllabus Financial Reporting    Corporate Financial Reporting IFRS based Financial Reporting US GAAP based Financial Reporting Study of Business Environment Understanding Strategic Planning and Analysis Ability to understand and formulate Functional Strategies Strategic Management    Financial Management Advanced Management Accounting Information Technology and Systems Control Business Ethics .

Examination  One of the largest Accounting examination networks Administrative conduct of examination and exam related process largely computerized Exams are held twice a year Examination system considered to be of high standard & integrity worldwide Has been lending expertise to accounting bodies in other countries     .

SEBI and IRDA. IFRSsIFRSs-specific training programs will be organized for its members and others concerned to prepare them to implement IFRSs. and various regulators such as the RBI. insurance companies and large-sized entities largeFor smooth transition to the IFRSs. ICAI will take up the matter of Convergence with NACAS. IRDA. IASB has also offered to help the ICAI in its endeavors towards Convergence with IFRSs in India     . IFRSs. ICAI would also formulate its work-plan to ensure that IFRSs are effectively workadopted from 1st April 2011.Accounting Standards Convergence with IFRSs  ICAI has decided to converge with IFRSs from accounting periods commencing on or after 1st Aril 2011 for listed entities and other public interests entities such as banks. 2011.

Research and CPE  Commitment to advancement of knowledge in accountancy. taxation and allied areas Published about 150 Publications Expert Opinions on Applicability of Standards 20 Compendiums over 1000 opinions More than 50 CPE materials published 3000 CPE programs held annually ICAIICAI-ARF to promote research on contemporary issues Publishes a monthly journal with more than 175.000 circulation        . auditing.

Professional Ethics   Cardinal Principles  Service before self  Extends beyond the legal requirements Some major highlights ‡ ‡ ‡ ‡ Limit on fees for non-audit nonassignments Prohibition on writing Books of Accounts of Auditee company Demarcation between External and Internal Auditors Professional fees for audit and other services received by a firm not to exceed 40% of the gross annual fees of the firm ‡ ‡ ‡ ‡ ‡ Prohibition on other occupations Prohibition on solicitation Prohibition on advertisement and Canvassing Prohibition on financial interest in auditee company Restriction on number of audits .

Professional Development      Identifying Role of Profession in emerging areas Developing Practice Areas Upgrading and updating the knowledge and skill sets Developing technical material to facilitate practice in new areas Considered as critical in the changed Scenario .

The Council of the Institute accepted the request of SEBI that audit of listed companies shall be carried out by the auditors who have undergone Peer Review Process .Quality Control Initiative ± Peer Review   Peer Review Board of established in March 2002 Focus on:     Technical Standards compliance Quality of Reporting Office Systems and Procedures (attestation services only) Staff training Programmes (attestation services only)     5567 Strong panel of Reviewers maintained 4234 Reviewers have undergone training 4020 Practice units have been issued Peer Review Certificates.

Quality Review Board     Central Government has constituted Quality Review Board consisting of 11 persons. Council of ICAI has nominated 5 members on QRB Chairman and other 5 members have been appointed by Central Government All services provided by members (Both attestation and non attestation will be subject to Quality Review) Disciplinary action if there is a deficiency in service  .

Peer Review   Peer Review Board established in March 2002 Reviews by Board to ensure    compliance with technical standards. and existence. compliance and adherence to quality control policies and procedures  Findings would not have any relationship with the disciplinary proceedings .

and informing irregularity to relevant regulatory authority   Board seeks general purpose financial statements of top 500 companies in India on yearly basis .Financial Reporting Review  Financial Reporting Review Board constituted in 2002 to review general purpose financial statements of certain enterprises Board¶s findings would form basis for :   initiating action against auditor concerned.

New Initiatives.Education & Training Initiatives-       Launch of new course for Accounting Technicians & IPCC Introduction of concept E-Learning ELaunch of Virtual Institute Project providing e-services to members and students eRecast of professional curriculum Lectures through Gyan Darshan Channel for CPT & PCC Students Three Months Residential Course for improving General Management & Communication Skills .

Education & Training Initiatives-  Establishment of more than 100 computer labs to impart ITT Training all over India Grant of status of approved research supervisors by the Guru Govind Singh Indraprastha University Establishment of CA Student Benevolent Fund Setting of Centre of Excellence for CA Students MOU with Bharathiar University & Guru Jambheshwar University Of Science And Technology (GJUS&T)     .New Initiatives.

Profession and Standards Initiatives-  Convergence to IFRS.New Initiatives.By April 2011 IFRS Convergence to Clarity Project  Cap on fee for rendering services other than audit  Disciplinary mechanism framework  Focus on bridging the expectation gap .

CAPA. SMP Committee. SAFA SAFA . CAPA ± Board member ICAI holds Permanent Secretariat. Developing Nations Committee.Chairmen and member of various Committees and Working Groups    .International Presence   ICAI is founder member of IFAC. Board. SAFA and IIN ICAI represented in :  IFAC . International Public Sector Accounting Standards Board.Board.

MoU with University of Djibouti and ICA Australia Joint Declaration with The Bahrain Institute of Banking and Finance and The Certified General Accountants Association of Canada MRAs with Foreign Accountancy Bodies like ICAEW & CPA Australia. Australia.Singapore. abroad.    .International Initiatives  Opened New Chapters abroad.Singapore.

professionals. Abroad.    . Oman ± For institutionalization of accounting profession in Oman. Implementation of Guidelines for Article Training Abroad. Oman. ongoing. Technical assistance programme to CPA Mongolia and University of Djibouti ongoing. DubaiDubai. MOU with Center of Excellence for Applied Research and Training (CERT).To conceptualize and devise an international curriculum in accountancy integrating local needs keeping in mind various requirements of different levels of accountancy and audit professionals.International Initiatives  MOU with College of Banking and Financial Studies.

ICAN and ICASL Opened an Office in Dubai Initiatives for recognition of ICAI qualification by accounting bodies in other countries      . International Education Standards SAFA adopted ICAI curriculum as model Student exchange programs held with ICAB.  ICAI being consulted by IAASB in Audit Standards Setting and by IASB in IFRS setting Playing a lead role in the area of Developing Nations.International Initiatives Contd. SMPs and SMEs. International Public Sector Accounting Standards. ICAP.

ICAI . comfort and make the benefits of Information Technology (IT) available to the members and students for rendering the Institute services online anywhere-anytime anywhere-  With this all operational functions of the institute have been brought onto a common intranet with seamless flow and availability of information .Virtual Institute  µVirtual Institute¶ integrates all the regions and offices to present a unified view of the operations of the entire Institute through a single integrated enterprise system  It FULFILLS the members and students right to convenience.

requirements. students and employees at the click of a button. Gateway to ICAI. The portal brings dynamic features to the content.ICAI . Institute¶s services taking into consideration security requirements. The portal¶ provides a single interface to users for accessing ICAI.Virtual Institute  Towards Tomorrow Today  ICAI started IT initiative towards a bright future and is in it today  ICAI Portal is effectively used to make a repository of information and knowledge accessible to the members. It functions as a Global content. button.  .

Indraprastha Marg.The Institute of Chartered Accountants of India [Set up by an Act of Parliament] ³ICAI Bhawan´.icai. Phone: 91-11-39893989.org . New Delhi ± 110 002. 30110210 Website: www.