Institute of

Chartered
Accountants of India

The Institute of Chartered Accountants of

India (ICAI) is the national professional
accounting body of India. It was
established on 1 July 1949 as a statutory
body under the Chartered Accountants
Act, 1949 enacted by the Parliament
(acting as the provisional Parliament of
India) to regulate the profession of
Chartered Accountancy in India. ICAI is the
second largest professional Accounting &
Finance body in the world. ICAI is the only
licensing cum regulating body of the
financial audit and accountancy
profession in India. It recommends the
accounting standards to be followed by
companies in India to National Advisory
Committee on Accounting Standards
(NACAS). and sets the accounting
standards to be followed by other types of
organisations. ICAI is solely responsible
for setting the Standards on Auditing
(SAs) to be followed in the audit of
financial statements in India. It also issues
other technical standards like Standards
on Internal Audit (SIA), Corporate Affairs
Standards (CAS) etc. to be followed by
practicing Chartered Accountants. It works
closely with the Government of India,
Reserve Bank of India and the Securities
and Exchange Board of India in
formulating and enforcing such standards.
Institute of Chartered Accountants of India
भारतीय सनद लेखाकार सं थान

Emblem of ICAI as given by Sri Aurobindo

Abbreviation ICAI

Motto Sanskrit: य एष सु तेषु

जागत

Formation 1 July 1949

Legal status established under the

Chartered Accountants
Act, 1949 enacted by
the Parliament of India
Objective Regulate the auditing
and financial
 accounting profession
in India
Headquarters ICAI Bhawan, Post Box
No. 7100, Indraprastha
Marg, New Delhi
110002, India

Coordinates 28.627815°N
77.242135°E

Region served India

Membership 2,82,193 (1 April

2018)[1]

Member's designations A.C.A., F.C.A., A.T.C.

Official languages English, Hindi

President CA. Naveen N.D Gupta

Vice President CA. Prafulla Chhajed

Secretary Shri V. Sagar[2]

Governing body Council

Governing body Council

IFAC member since 7 October 1977

Regional Offices New Delhi (NIRC)

Mumbai (WIRC)
Kolkata (EIRC)
Chennai (SIRC)
Kanpur (CIRC)
Branches 163 Indian Branches
and 31 Overseas
Chapters

Website www.icai.org

Members of the Institute are known as

Chartered Accountants. However, the word
chartered does not refer to or flow from
any Royal Charter. Chartered Accountants
are subject to a published Code of Ethics
and professional standards, violation of
which is subject to disciplinary action.
Only a member of ICAI can be appointed
as statutory auditor of a company under
the Companies Act, 2013. The
management of the Institute is vested with
its Council with the president acting as its
Chief Executive Authority. A person can
become a member of ICAI by taking
prescribed examinations and undergoing
three years of practical training. The
membership course is well known for its
rigorous standards. ICAI has entered into
mutual recognition agreements with other
professional accounting bodies worldwide
for reciprocal membership recognition.
ICAI is one of the founder members of the
International Federation of Accountants
(IFAC), South Asian Federation of
Accountants (SAFA), and Confederation of
Asian and Pacific Accountants (CAPA).
ICAI was formerly the provisional
jurisdiction for XBRL International in India.
In 2010, it promoted eXtensible Business
Reporting Language (XBRL) India as a
section 25 company (now section 8 of
Companies Act, 2013) to take over this
responsibility from it. Now, eXtensible
Business Reporting Language (XBRL)
India is an established jurisdiction of XBRL
International Inc.
The Institute of Chartered Accountants of
India was established under the Chartered
Accountants Act, 1949 passed by the
Parliament of India with the objective of
regulating accountancy profession in
India.[3] ICAI is the third largest
professional accounting body in the world
in terms of membership only to the ACCA
and AICPA.[4] It prescribes the
qualifications for a Chartered Accountant,
conducts the requisite examinations and
grants license in the form of Certificate of
Practice. Apart from this primary function,
it also helps various government agencies
like RBI, SEBI, MCA, CAG, IRDA, etc. in
policy formulation. ICAI actively engages
itself in aiding and advising economic
policy formulation. For example, It has
submitted its suggestions on the
Companies Bill, 2009. It also examines the
various taxation laws, rules, regulations,
circulars, notifications, etc. which may be
enacted or issued by the Government from
time to time and to send suitable
memoranda containing suggestions for
improvements in the respective legislation.
The government also takes the
suggestions of ICAI as expert advice and
considers it favorably. ICAI presented an
approach paper on issues in implementing
Goods and Service Tax in India to the
Ministry of Finance. In response to this,
Ministry of Finance has suggested that
ICAI take a lead and help the government
in implementing Goods and Services Tax
(GST).[5] It is because of this active
participation in formulation economic
legislation, it has been designated by A. P.
J. Abdul Kalam as a "Partner in Nation
Building". Nonetheless, with the advent of
globalisation and foreign investment, in
India, ACCA has constantly gained ground
and is currently, standing as tough
competition to the ICAI, even though
negotiations have been made in the past.

International Affiliations
ICAI is a founder member of the
International Federation of
Accountants(IFAC),[6] South Asian
Federation of Accountants (SAFA),[7] and
Confederation of Asian and Pacific
Accountants (CAPA) [8] and International
Innovation Network (IIN). ICAI is an
Associate member of the Chartered
Accountants Worldwide, Member of
International Valuation Standards Council
(IVSC).

Motto and mission

New CA Logo for exclusive use by Chartered
Accountants

The motto of the ICAI is Ya Aeshu

Suptaeshu Jagruti [Sanskrit].[9] The motto
literally means "a person who is awake in
those that sleep". It is a quotation from the
Upanishads (Kathopanishad). It was given
to the ICAI at the time of its formation in
1949 by Sri Aurobindo[10] as a part of its
emblem. CA. C. S. Shastri, a Chartered
Accountant from Chennai went to Sri
Aurobindo and requested him through a
letter to give an emblem to the newly
formed Institute of which he was an
elected member from the Southern India.
In reply to this request, Sri Aurobindo gave
him the emblem with a Garuda, the
mythical eagle in the centre and a
quotation from the Upanishad:Ya Aeshu
Suptaeshu Jagruti. The emblem along with
the motto was placed at the first meeting
of the Council of the Institute and was
accepted amongst many other emblems
placed by other members of the Council.

Apart from its emblem, ICAI also has a

separate logo for its members. As a part
of a brand building exercise, ICAI
introduced this separate new CA logo for
the use of its members in 2007.[11] The
logo is free for use by all members of ICAI
subject to certain conditions.[12] The logo
was launched by the then Minister of
Corporate Affairs, Prem Chand Gupta at
the occasion of the Chartered Accountant
Day (1 July) in the presence of the then
President of ICAI Sunil Talati. Members of
ICAI cannot use the ICAI emblem, but they
are encouraged to use the CA logo instead
on their official stationery.

The Mission of the ICAI as stated by it is:

“The Indian Chartered Accountancy
profession will be the Valued Trustees of
World Class Financial Competencies,
Good Governance and
Competitiveness.”[13]

History

Government Diploma in Accountancy Certificate

The Companies Act, 1913 passed in pre-
independent India prescribed various
books which had to be maintained by a
Company registered under that Act. It also
required the appointment of a formal
Auditor with prescribed qualifications to
audit such records. In order to act as an
auditor a person had to acquire a
restricted certificate from the local
government upon such conditions as may
be prescribed. The holder of a restricted
certificate was allowed to practice only
within the province of issue and in the
language specified in the restricted
certificate. In 1918 a course called
Government Diploma in Accountancy was
launched in Bombay (now known as
Mumbai). On passing this diploma and
completion of three years of articled
training under an approved accountant, a
person was held eligible for grant of an
unrestricted certificate. This certificate
entitled the holder to practice as an
auditor throughout India. Later on the
issue of restricted certificates was
discontinued in the year 1920.

In the year 1930 it was decided that the

Government of India should maintain a
register called the Register of
Accountants. Any person whose name
was entered in such register was called a
Registered Accountant.[14] Later on a board
called the Indian Accountancy Board was
established to advise the Governor General
of India on accountancy and the
qualifications for auditors. However it was
felt that the accountancy profession was
largely unregulated, and this caused lots of
confusion as regards the qualifications of
auditors. Hence in the year 1948, just after
independence in 1947, an expert
committee was created to look into the
matter.[15] This expert committee
recommended that a separate
autonomous association of accountants
should be formed to regulate the
profession. The Government of India
accepted the recommendation and passed
the Chartered Accountants Act in 1949
even before India became a republic.
Under section 3 of the said Act, ICAI is
established as a body corporate with
perpetual succession and a common seal.

Unlike most other commonwealth

countries, the word chartered does not
refer to a royal charter, since India is a
republic. At the time of passing the
Chartered Accountants Act, various titles
used for similar professionals in other
countries were considered, such as
Certified Public Accountant.[16] However,
many accountants had already acquired
membership of the Institute of Chartered
Accountants in England and Wales and
other Chartered Societies of Great Britain
and were practising as Chartered
Accountants. This had created some sort
of brand value. This designation inherited
a public impression that Chartered
Accountants had better qualifications than
Registered Accountants.[17] Hence the
accountants were very stern in their stand
that, the Indian accountancy professionals
should be designated only as Chartered
Accountants. After much debate in the
Indian Constituent Assembly, the
controversial term, chartered was
accepted. When the Chartered
Accountants Act, 1949 came into force on
1 July 1949, the term Chartered
Accountant superseded the title of
Registered Accountant. This day is
celebrated as Chartered Accountants day
every year.[18]

Membership
Members of the Institute are known as
Chartered Accountants. Becoming a
member requires passing the prescribed
examinations, three years of practical
training (known as articleship) and
meeting other requirements under the Act
and Regulations. A member of ICAI can
use the title CA before his/her name.[19] A
member of ICAI may either be an
Associate Chartered Accountant (A.C.A.)
or a Fellow Chartered Accountant (F.C.A.)
based on his experience. Further based on
holding Certificate of Practice, they may
also be classified as practising and non-
practicing Chartered Accountants. As of
December 2017, the Institute has 2,80,221
members out of which 1,89,707 are
Associates and 90,514 are Fellows.[20] The
B.N. Chaturvedi Family is credited to be
the only family in India to be Chartered
Accountants in 5 Generations. [2]

Associates and fellows

Any person who is granted membership of
the Institute becomes an Associate
Chartered Accountant and is entitled to
use the letters A.C.A. after his name.
Generally, associates are members of the
Institute with less than 5 years of
membership after which they become
entitled to apply for being a fellow
member. Some associate members,
particularly those not in practice, often
voluntarily chose not to apply to be a
fellow due to a variety of reasons.

An associate member who has been in

continuous practice in India or has worked
for a commercial or government
organisation for at least five years and
meets other conditions as prescribed can
apply to the Institute to get designated as
a "Fellow". A fellow Chartered Accountant
is entitled to use the letters FCA. after his
name. Responsibilities and voting rights of
both types of members remain the same
but only fellows can be elected to the
Council and Regional Councils of ICAI.
Fellows are perceived as enjoying a higher
status due to their longer professional
experience.

Practicing Chartered
Accountants.
Any member wanting to engage in public
practice has to first apply for and obtain a
Certificate of Practice from the Council of
ICAI.[21] Only members holding a
Certificate of Practice may act as auditors
or certify documents required by various
tax and financial regulatory authorities in
India. Once a member obtains a Certificate
of Practice, his responsibility to the society
increases manifold. The ethical principles
applicable to a practising CA provided in
first and second schedule of the Chartered
Accountants Act, 1949 are more rigorous
than the ones applicable to non-practicing
CAs or both.
In India an individual Chartered
Accountant, a firm or a Limited Liability
Partnership of Chartered Accountants can
practice the profession of Chartered
Accountancy.[3]

Role of Chartered
Accountants
Chartered Accountants enjoy a statutory
monopoly in audit of financial statements
under the Companies Act, 2013, Income
Tax Act, 1961 and various other statutes in
India.[22] Financial statements audited by a
chartered accountant are presumed to
have been prepared according to GAAP in
India (otherwise the audit report should be
modified). However, not all Chartered
Accountants work in audit. Firms of
accountants provide varied business
services, and many accountants are
employed in commerce and industry. Their
areas of expertise include Financial
Reporting, Auditing and Assurance,
Corporate Finance, Investment Banking,
Financial Modelling, Equity Research. Fund
Management, Credit Analysis, Capital
Markets, Arbitration, Risk Management,
Economics, Strategic/Management
Consultancy, Management Accounting,
Information Systems Audit, Corporate Law,
Direct Tax, Indirect Tax and valuation of
businesses.. Apart from the field of
professional practice, many CAs work in
the industry and commerce in financial
and general management positions such
as CFO and CEO.

Council of the Institute

Map of India showing the jurisdictions of the five

Regional Councils of ICAI
The management of the affairs of the
Institute is undertaken by a Council
constituted under the Chartered
Accountants Act, 1949.[3] The Council
consists of 32 elected fellow members
and up to 8 members nominated by the
Government of India. The elected
members of the council are elected under
the single transferable vote system by the
members of the institute. The Council is
re-elected every 3 years. The Council
elects two of its members to be president
and vice-president who hold office for one
year. The president is the chief executive
Authority of the Council.[23]
Presidents

ICAI's first president was CA G.P. Kapadia

(1949 to 1952). CA Naveen N. D. Gupta is
the current president.[24][25]

Code of Ethics
The Institute has a detailed code of ethics
and actions in contravention of such code
results in disciplinary action against the
erring members. The Institute publishes a
Members Hand book containing the
Chartered Accountants Act 1949,
Chartered Accountants Regulation 1988,
Professional Opportunities for Members –
an Appraisal, Code of Ethics and Manual
for members. These together form the
basis of regulation of the profession. The
Council also has a Peer Review Board that
ensures that in carrying out their
professional attestation services
assignments, the members of the Institute
(a) comply with the Technical Standards
laid down by the Institute and (b) have in
place proper systems (including
documentation systems) for maintaining
the quality of the attestation services work
they perform.[26]

Disciplinary process
The Disciplinary Directorate, the Board of
Discipline, and the Disciplinary Committee
form the foundation of the disciplinary
process of the Institute. These entities are
quasi-judicial and have substantial powers
like that of a Civil Court to summon and
enforce attendance or require discovery
and production of documents on affidavit
or otherwise.[27] The Disciplinary
Directorate is headed by an officer
designated as Director (Discipline). On
receipt of any information or complaint
that a member has allegedly engaged in
any misconduct, the Director (Discipline)
shall arrive at a prima facie opinion
whether or not there is any misconduct. If
the Director (Discipline) is of the opinion
that the misconduct is covered by the
items listed in the first schedule of the
Chartered Accountants Act, 1949, he shall
refer the case to the Board of Discipline. If
he is of the Opinion that the case is
covered by the Second Schedule or both
schedules of the CA Act, he will refer the
case to the Disciplinary Committee. If the
Board of Discipline finds a member guilty
of professional or other misconduct, it
may at its discretion reprimand the
member, remove the name of the member
from the register of members for up to
three months or impose a fine up to
₹1,00,000/-. If the Disciplinary Committee
finds a member guilty of professional or
other misconduct, it may at its discretion
reprimand the member, remove the name
of the member from the register of
members permanently or impose a fine up
to ₹5,000/-. Any member aggrieved by any
order may approach the Appellate
Authority.

It should be born in mind that this

disciplinary proceeding is not in lieu of or
alternative for criminal proceedings in a
court. Criminal proceedings against a
Chartered Accountant and disciplinary
action by ICAI are two separate issues and
one need not wait for another to be
completed first.[28]

Recent actions

One of the most recent (2009–10) public

actions of The ICAI Disciplinary
Committee was proceedings for
professional misconduct against two
auditors from the firm Price Waterhouse
partners for wrongly auditing and inflating
the financial statements of Satyam
Computer Services Limited. The Supreme
Court of India (November 2010) rejected a
plea by the two charged auditors to stay
the proceedings by the ICAI Disciplinary
committee. The court's order came in
response to the pleas of the charged
auditors seeking a stay on the disciplinary
proceedings against them on the ground
that it violated their fundamental right
against self-incrimination under Article 20
(3) of the Constitution of India.

Other publicized actions included, the SEBI

referred case of brokerage firm, Karvy, in
which the internal auditors, Haribhakti &
Co (an associate of BDO). were held guilty
of negligence for failing to detect
thousands of demat accounts being
opened with the same address. The
Committee has also taken action against
members for alleged irregularities in the
books of Maytas Properties and Maytas
Infra and the role played by their
auditors.[29] The names of the members
found guilty of misconduct are published
in ICAI's website. The ICAI website lists 35
as the number of cases in which inquiry
was completed by the Disciplinary
Committee in the past one year since
February 2010. The list of members held
guilty of professional or other misconduct
is published periodically.[30]

Request for more power

Many of the recent financial frauds and
scams relate to organisations that had
multinational accounting firms as their
auditors. These multinational firms cannot
legally practice in India but they are
practising in India by surrogate means,
operating through tie-ups with local firms,
though the partners involved are from
India, since only a member of the Institute
can be an auditor of an Indian entity. The
example for this is an elaborate list, Price
Waterhouse in case of Global Trust Bank
Scam, again Price Waterhouse in Satyam
Computer Services Limited scam, Ernst
and Young in the Maytas case. ICAI lacks
jurisdictional powers to punish these or for
that matter any firm, as under its current
regulations it only has the power to
proceed against individual members. The
Institute has asked the Ministry of
Corporate Affairs, Government of India to
grant additional powers so that it may
proceed against firms whose partners or
employees are frequent offenders.[31] ICAI
also has sent a proposal to the
Government of India to amend the
Chartered Accountants Act, 1949 in order
to enable to it to impose a fine of
₹1,00,00,000/- on audit firms if they are
found guilty of colluding with companies
to commit a fraud.[32]
Qualification
A person is eligible to apply for
membership either by passing all three
levels of examinations prescribed by ICAI
and completing three years of practical
training or by availing themselves of
exemptions under mutual recognition
agreement (MRAs).[33]

Examination

The ICAI has recently revised its Scheme

of Education and Training. The Scheme
has become applicable on 1 July 2017.
The first examination under the New
Scheme was held in May 2018. The
Revised Scheme is as under:

I. Revised Scheme of Education and

Training

Revised Scheme: Route I - Foundation

Course#

Under the Foundation Course Route, the

following steps are required:

• Register with Board of Studies (BoS)

after appearing in Class XII examination.

• Appear for Foundation examination after

four months of study period. The first
Foundation examination can be taken in
November/May, as applicable, following
passing of Class XII examination.

• Qualify Foundation Course.

• Register with the BoS for the

Intermediate Course.

• Complete 8 months of study course.

• Appear and Pass in either or both Groups

of Intermediate Course.

· Successfully complete Four Weeks

Integrated Course on Information
Technology and Soft Skills (ICITSS) before
commencement of the practical training.
• Register for Three years Practical
Training on passing either or both the
Groups of Intermediate.

• Register for the Final Course after

qualifying both the Groups of Intermediate
Course.

• Successfully complete Four Weeks

Advanced ICITSS during the last two years
of Practical Training.

• Appear in Final examination during last

six months of practical training.

· Complete Practical Training

• Become Member.
Revised Scheme: Route II – Direct Entry
Route

The ICAI allows Commerce

Graduates/Post-Graduates (with minimum
55% marks) or Other Graduates/Post-
Graduates (with minimum 60% marks) and
Intermediate level passed students of
Institute of Company Secretaries of India
and Institute of Cost Accountants of India
to enter directly to its Intermediate Course.
The following steps are required to be
undertaken by the eligible Graduates and
Post Graduates under this route:
• Register with the BOS for the
Intermediate course (provisional
registration allowed to the students doing
Final year of graduation).

• Successfully complete Four Weeks

Integrated Course on Information
Technology and Soft Skills (ICITSS) before
commencement of the practical training.

• Register for Three Years Practical

Training.

• Appear in Intermediate Examination after

Nine months of Practical Training.

• Qualify Intermediate Course.

• Register for the Final Course after
qualifying both Groups of Intermediate
Course.

• Successfully complete Four Weeks

Advanced ICITSS during the last two years
of Practical Training.

• Appear in Final examination during last

six months of practical training.

• Complete Practical Training.

• Become Member

Note: Candidates who have passed

Intermediate level examination of
Institute of Company Secretaries of India
or Institute of Cost Accountants of India
and enter the CA Intermediate Course
directly shall be treated at par with
Foundation passed students and shall
have to undergo the CA course in the
manner akin to the Foundation passed
students.

Foundation Course

Number of Papers – 4

• Paper 1: Principles and Practices of

Accounting (100 Marks)

• Paper 2: Business Law & Business

Correspondence and Reporting (100
Marks)

Section A: Business
Law (60 Marks)

Section B: Business
Correspondence and Reporting
(40 Marks)

• Paper 3*: Business Mathematics and

Logical Reasoning &Statistics (100 Marks)

Part I: Business
Mathematics and Logical
Reasoning (60 Marks)
 Part II: Statistics
(40 Marks)

• Paper 4*: Business Economics &

Business and Commercial Knowledge
(100 Marks)

Part I: Business
Economics (60 Marks)

Part II: Business

and Commercial Knowledge (40
Marks)

Notes
o *Paper 3 and Paper 4 will be Objective
type papers.

o Passing percentage: Aggregate- 50% and

Subject-wise- 40% at one sitting.

o Objective type question of 1 or more

marks.

o Examination: In the month of November

and May after passing Class XII.

Intermediate Course

Number of Papers – 8

Group I
• Paper 1: Accounting (100 Marks)

• Paper 2: Corporate Laws & Other Laws

(100 Marks)

Part I: Corporate
Laws (60 Marks)

Part II: Other Laws

(40 Marks)

• Paper 3: Cost and Management

Accounting (100 Marks)

• Paper 4: Taxation (100 Marks)

 Section A: Income
Tax Law (60 Marks)

Section B: Indirect
Tax Laws (40 Marks)

Group II

• Paper 5: Advanced Accounting (100

Marks)

• Paper 6: Auditing and Assurance (100

Marks)

• Paper 7: Enterprise Information System &

Strategic Management (100 Marks)
 Section A:
Enterprise Information
System (50 Marks)

Section B:
Strategic Management (50
Marks)

• Paper 8: Financial Management &

Economics for Finance (100 Marks)

Section A: Financial Management (60

Marks)
 Section B:
Economics for Finance (40
Marks)

Final Course

Number of Papers – 8

Group I

• Paper 1: Financial Reporting (100 Marks)

• Paper 2: Strategic Financial Management

(100 Marks)

• Paper 3: Advanced Auditing and

Professional Ethics (100 Marks)
• Paper 4: Corporate Laws and other
Economic Laws (100 Marks)

Group II

• Paper 5: Strategic Cost Management and

Performance Evaluation (100 Marks)

• Paper 6: Elective Paper (100 Marks) (One

to be chosen from the list of Elective
Papers)

Elective Papers

o Risk Management

o International Taxation
o Economic Laws

o Financial Services & Capital Markets

o Global Financial Reporting Standards

o Multidisciplinary Case Study

• Paper 7: Direct Tax Laws (70 Marks) &

International Taxation(30 Marks)

• Paper 8: Advanced Indirect Tax Laws

(100 Marks)

Four Weeks Integrated Course on

Information Technology and Soft Skills
(ICITSS)
• Duration: 4 weeks (2 weeks for soft skills
and 2 weeks for IT)

• When to complete: Students registering

for the Intermediate course shall be
required to successfully complete ICITSS
before commencement of practical
training.

Practical Training

• Duration of Practical Training: Three Years

• Commences after completing Integrated

Course on Information Technology and
Soft Skills (ICITSS) and passing either or
both groups of Intermediate.
• For direct entrants coming through
Graduation and Post Graduation route, the
practical training commences immediately
after they complete four weeks ICITSS.

Advance Four Weeks Integrated Course on

Information Technology and Soft Skills
(AICITSS)

Duration: 4 weeks (2 weeks for soft skills

and 2 weeks for Advance IT)

When to complete: Students undergoing

Practical training shall be required to do
AICITSS during the last 2 years of Practical
training but to complete the same before
being eligible to appear in the Final
Examination.

ICAI also introduced the Accounting

Technician Course.[42] Any person who
passed Group-I of IPCC and completed
one year of practical training under a
member could apply for an Accounting
Technician Certification. After obtaining
the certificate the person could designate
himself as an Accounting Technician. This
Certification was introduced to help a
large number of students who were unable
to complete the CA Final Examinations
and obtain membership.(This course is
also undergoing changes)
ICAI has entered into agreement with
Indira Gandhi National Open University, to
help CA students acquire a Bachelor's
degree by writing a few papers. For
example, a bachelor's degree in
Commerce can be obtained from IGNOU
with a major in Accounting and Finance
provided the student is able to provide the
grades received in CPT and IPCC and pass
the term end examination conducted by
IGNOU. This initiative has helped a lot of
students attain both the degrees without
any duplication of subjects and credits.

(For details regarding the new scheme and

course curriculum, please refer to the
Prospectus at the link
https://resource.cdn.icai.org/45785bos35
964.pdf)[34]

Membership through MRA

The second method of obtaining

membership is through mutual recognition
agreements or MRAs. ICAI has entered
into MRAs with several institutes globally,
of equivalent standing, to enable members
of those institutes to acquire membership
of ICAI and to enable the members of ICAI
to gain membership of its counterpart in
other country.This is done by granting
some exemptions in the regular scheme of
examination and training.

ICAI currently has MRAs with following

professional accounting bodies:

Institute of Chartered Accountants in

England and Wales (since 20 November
2008)[35]
CPA Australia(originally signed in
February 2009 and re-signed in
September 2014)[36][37]

MoUs with the following are on the anvil

CPA Canada
CPA Ireland
 The South African Institute of Chartered
Accountants
Chartered Accountants Australia and
New Zealand
National Board of Accountants &
Auditors, Tanzania
Institute of Certified Public Accountants
of Kenya

ICAI is also in process of negotiating

MRAs with Hong Kong Institute of
Certified Public Accountants and Certified
General Accountants Association of
Canada.

Technical Co-operation
Agreements[38]

The Institute of Chartered Accountants of

India (ICAI) has signed Memorandum of
Understanding (MOU) with professional
accounting bodies of various countries.
These MOUs aim at establishing mutual
co-operation between the two institutions
for the advancement of accounting
knowledge, professional and intellectual
development, advancing the interests of
their respective members and positively
contributing to the development of the
accounting profession.

Currently ICAI has MOUs with following

professional accounting bodies:
 Accounting and Auditing Standards
Board of Bhutan, Bhutan (signed on 22
November 2013)[34]
The Vietnam Association of Certified
Public Accountants, Vietnam[39]
Higher Colleges of Technology, UAE
(signed on 4 January 2011)[40]
College of Banking and Financial
Studies, Oman[41]
Institute of Chartered Accountants of
Nepal

The MoUs with CPA Afghanistan and

Saudi Organization for Certified Public
Accountants (SOCPA) are in pipeline.
Courses for members
ICAI provides various professional
certifications for its members. Some of
them are as follows:

• Certificate Course on GST

• Certificate Course on ADR (Arbitration,

Mediation & Conciliation)

• Certificate Course on Anti Money

laundering Laws (Anti- Money Laundering
Specialist)

• Certificate Course on Cooperatives

• Certificate Course on Not-for-Profit
Organizations (NPOs)

• Certificate Course on Wealth

Management and Financial Planning

• Certificate Course on Enterprise Risk

Management

• Certificate Course on Concurrent Audit of

Banks

• Certificate Course on Internal Audit

• Certificate Course on Master in Business

Finance
• Certificate Course on International
Taxation

• Certificate Course on Forensic

Accounting and Fraud Detection

• Certificate Course on Indian Accounting

Standards (Ind AS)

• Certificate Course on Forex and Treasury

Management

• Certificate Course on Derivatives

• Certificate Course on Valuation

Post Qualification Courses

• Information Systems Audit (ISA)

• Post Qualification Diploma in

International Taxation

• Diploma in Insurance and Risk

Management (DIRM)

• Management Accountancy Course

(MAC)/ Corporate Management Course
(CMC)/ Tax Management Course (TMC)

• International Trade Laws & World Trade

Organisation (ITL & WTO)

Source**ICAI website- member section

Placement
The Institute maintains a placement portal
on its web site for qualified members and
partially qualified students.[42] This is
supplemented with campus placement
events and advertising through its
professional journals and website.

In early 2010, the ICAI placed three of its

freshly qualified Associates, at a record
annual salary of US$160,000 each, at
Singapore-based agriculture supply chain
major Olam International.[43]

Technical standards
ICAI formulates and issues technical
standards to be followed by Chartered
Accountants and others. Non-compliance
of these standards by the members will
lead to disciplinary action against them.
The technical standards issued by ICAI
includes, Accounting Standards,
Engagement and Quality Control
Standards, Standards on Internal Audit,
Corporate Affairs Standard, Accounting
Standards for Local Bodies, etc.

Accounting Standards

As of 2010, the Institute of Chartered

Accountants of India has issued 32
Accounting Standards. These are
numbered AS-1 to AS-7 and AS-9 to AS-32
(AS-8 is no longer in force since it was
merged with AS-26).[44] Compliance with
accounting standards issued by ICAI has
become a statutory requirement with the
notification of Companies (Accounting
Standards) Rules, 2006 by the Government
of India.[45] Before the constitution of the
National Advisory Committee on
Accounting Standards (NACAS), the
institute was the sole accounting standard
setter in India. However NACAS is not an
independent body. It can only consider
accounting standards recommended by
ICAI and advise the Government of India to
notify them under the Companies Act,
2013. Further the Accounting Standards
so notified are applicable only to
companies registered under the
companies act, 2013. For all other entities
the accounting standards issued the ICAI
continue to apply.

Convergence with IFRS

The inception of the idea of convergence

of Indian GAAP with IFRS was made by the
Prime Minister of India Dr. Manmohan
Singh by committing in G20 to align Indian
accounting standards with IFRS. As per
the original roadmap for implementation
of IFRS-converged Ind AS issued by the
Government of India, initially Ind AS were
expected to be implemented from the year
2011. However, keeping in view the fact
that certain issues including tax issues
were still to be addressed, the Ministry of
Corporate Affairs decided to postpone the
date of implementation of Ind AS. For
smooth transition to IFRS, ICAI has taken
up the matter of convergence with the
National Advisory Committee on
Accounting Standards and various
regulators such as the RBI, SEBI and IRDA,
CBDT. IASB, the issuer of IFRS, is also
supporting the ICAI in its endeavours
towards convergence. ICAI has
revised/formulated Ind AS on the basis of
the amendments and new IFRS issued by
the IASB subsequent to February 2011.
IFRS-converged Indian Accounting
Standards (Ind AS) has been implemented
in India in a phased manner from 1 April
2015 being the voluntary date of adoption
of Ind AS. The mandatory application of
Ind AS has been restricted to listed and
unlisted companies with a net worth of Rs.
500 crore and above from the accounting
year beginning on or after 1 April 2016.
With effect on 1 April 2017, all listed
companies and unlisted companies having
net worth of Rs. 250 crore and above
would be required to prepare their financial
statements in accordance with the
applicable Ind AS. Banks and NBFCs are
also required to implement Ind AS on 1
April 2018 onwards based on the criteria
of net worth.

In order to ensure that these standards are

implemented in the same spirit in which
these have been formulated, ICAI has been
providing guidance to members through
its various initiatives such as issuance of
Educational Materials on Ind AS
containing Frequently Asked Questions
(FAQs). For addressing transition and
implementation related queries
clarifications on a timely basis are also
being issued by the ICAI. Queries raised
are also addressed through Support-desk
for implementation of Ind AS. Apart from
this, Certificate Course on Ind AS, In-house
training programmes on Ind AS for
corporate and regulatory bodies are also
being organised to educate and train the
members on these standards

Engagement and Quality

Control Standards

Engagement and Quality Control

Standards comprises the following
Standards: 1 Standards on Auditing (SAs),
to be applied in the audit of historical
financial information. 2 Standards on
Review Engagements (SREs), to be applied
in the review of historical financial
information. 3 Standards on Assurance
Engagements (SAEs), to be applied in
assurance engagements, other than audits
and reviews of historical financial
information. 4 Standards on Related
Services (SRSs), to be applied to
engagements involving application of
agreed-upon procedures to information,
compilation engagements, and other
related services engagements, as may be
specified by the ICAI. The aforesaid
Standards are collectively known as
Engagement Standards. 5. Standards on
Quality Control (SQCs) - These Standards
are to be applied for all services covered
by the Engagement Standards as
described above. As of October 2017 ICAI
has issued 46 Engagement and Quality
Control Standards (formerly known as
Auditing and Assurance Standards)
covering various topics relating to auditing
and other engagements.[46] These
standards have been harmonized with the
International Standards issued by the
IAASB of the IFAC except for two
standards i.e. ISA 600 and ISAE 3000 .[47]

Notable members
Corporate
Vinay Maloo, billionaire businessman
Yusuff Ali M.A., A billionaire
businessman from Kerala, Founder &
MD of Lulu Group International, LuLu
International Shopping Mall
Parvataneni Brahmayya, founder of
Brahmayya & Co. 1st CA firm in South
India
Radhe Shyam Agarwal, co-founder and
Executive Chairman of Emami
Srikanth Balachandran, Global CHRO of
Bharti Airtel
Pramod Bhasin, President, CEO, Genpact
Kumar Mangalam Birla, Chairman of
Aditya Birla Group, billionaire, among top
10 richest Indians[48]
Niranjan Hiranandani, Real estate
tycoon, Founder, Hiranandini Group,
billionaire, among Top 100 richest
Indians
Krish Iyer, CEO of Walmart India
Rakesh Jhunjhunwala, noted Investor
("the Warren Buffett of India"), billionaire,
among Top 100 richest Indians
Shekar Kapur, Film
Naina Lal Kidwai, first Indian woman
who pursued MBA from Harvard
University, Group General Manager and
Country Head of HSBC India
T K Kurien, CEO of Wipro
H. V. Lodha, Chairman of Birla
Corporation, suspended by ICAI in 2014
for malpractice[49]
R. S. Lodha, former Chairman, Birla
Corporation
T. N. Manoharan, Padma Shri awardee
Keki Mistry, Vice Chairman & CEO HDFC
Bank
Keshav R Murugesh, Group CEO of WNS
Global Services
George Alexander Muthoot, CEO of
Muthoot Group
Motilal Oswal, Chairman and MD of
Motilal Oswal Group
T.V. Mohandas Pai, Chairman of Manipal
Global Education, former CFO of Infosys,
Padma Shri awardee
Girish Paranjpe, Venture Capitalist
Deepak Parekh, Chairman of Housing
Development Finance Corporation &
HDFC Bank
Suresh Prabhakar Prabhu, Incumbent
Minister of commerce, Government of
India
Piyush Goyal, Incumbent Minister of
Coal & Incumbent Minister of Railways
Government of India
Aditya Puri, MD of HDFC Bank
Aroon Purie, founder and editor-in-chief
of India Today and Chief Executive of the
India Today Group
Chitra Ramkrishna, Former CEO of
National Stock Exchange (NSE)
Prannoy Roy, Chairman of NDTV[50]
Raman Roy, "Father of BPO in India"
Subhash Runwal, Founder and Chairman
of Runwal Group, billionaire, among Top
100 richest Indians
N.J. Yasaswy, Founder of ICFAI
Business School
Dinesh Nandwana, Founder and
Managing Director and CEO of
Vakrangee Limited
 Sudha Balakrishnan, First CFO of
Reserve Bank of India.[51]

Other

Subhash Chandra Baheria, Member of

the 16th Lok Sabha, from Bhilwara,
Rajasthan
Thomas Chazhikadan, Member of
Legislative Assembly, Government of
Kerala
Anil R. Dave, Judge of the Supreme
Court of India
Shyam Pathak, Television actor known
for his role as 'Patrakar Popatlal' in
TMKOC
Vishaka Hari, singer of Harikatha
Gurumurthy, Co-Convenor of the
Swadeshi Jagaran Manch, journalist
Bhupen Khakhar, painter
K. Rahman Khan, Minister of Minority
Affairs in UPA-II, former Deputy
Chairman of the Rajya Sabha
Atul Satya Koushik, Indian theatre
director and playwright
Harish Salve, Padma Bhushan, former
Solicitor General of India
Narendra Kumar Salve, former Union
minister and President of Board of
Control for Cricket in India (BCCI)
Kirit Somaiya, Politician, MP, BJP
Sanjay Subrahmanyan, musician
Rameshwar Thakur, Former Union
Minister of India, Governor of Madhya
Pradesh, Karnataka, Odisha, Andhra
Pradesh
Buddhadeb Guha, Novelist
G. Venkateswaran, film producer
N. D. Gupta, Politician, Aam Aadmi Party
Ramesh ranganathan Chief Justice,
High Court of Judicature at Hyderabad
for the State of Telangana and the State
of Andhra Pradesh
Amresh Vashisht, Author & Moderator of
largest Chartered Accountant on line
group
See also
Education in India
Logic School of Management
National Financial Reporting Authority
(NFRA)

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https://economictimes.indiatimes.com/indu
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bank-of-india/articleshow/64347979.cms

External links
Official website
CA IPCC FINAL NOTES
 Interactive Platform for Finance
Professionals

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