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  • The Institute of Chartered Accountants of IndiaEstablished by an Act of Indian ParliamentThe Chartered Accountants Act, 1949

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

  • Profile of ICAIWas 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 India160K Members spread throughout the country and in different parts of the worldSizeable studentship baseIncrease in percentage of members joining industryChartered Accountants are rendering services in every walk of economic life - Politics, Judiciary, Government, Agriculture, Corporate, NGOsProfession is dominated by small firmsIncreasing trends towards consolidation Government of India looks at ICAI as Partner in Nation BuildingTechnical Standards based on International StandardsFocus on Capacity Building in the emerging context

  • ICAI Profile

    ParticularsNo.ORGANIZATIONAL Regional Offices5Branches126Chapters Abroad22SPECIAL PURPOSE OUTFITSCPE Study Circle134CPE Chapters46Reference Libraries 28Accredited Institutions273MEMBERSHIP (000)167% in Practice52%STUDENTS (000)726

  • Role of ICAITo regulate the profession of AccountancyEducation & Examination of Chartered AccountancyExercise Disciplinary JurisdictionInput on Policy matters to GovernmentEnsuring Standards of performance of MembersFormulation of Accounting StandardsPrescription of Engagement and Quality Control StandardsLaying down Ethical StandardsContinuing Professional EducationFinancial Report ReviewMonitoring Quality through Peer ReviewConducting Post Qualification Courses

  • ICAI NetworkDecentralized Offices

    Bahrain Abu Dhabi Botswana Indonesia Doha Jeddah Dubai Kuwait Port Moresby (Papua New Guinea) London Riyadh Melbourne Saudi Arabia (Eastern province)Muscat SingaporeNairobi (Kenya) Sydney New York Toronto Nigeria ZambiaRas-al-Khaimah

    Chennai

    Mumbai

    Calcutta

    Kanpur

    New Delhi

    - 1 -

  • The Central CouncilConsisting of 40 Members32 Elected Members8 Nominated by Central GovernmentTerm: Three yearsHeaded by PresidentElected by the Council for one year termEmpowered to frame Regulations under the Act and to constitute necessary standing and non-standing Committees

  • Standing CommitteesExecutive CommitteeFinanceCommitteeExaminationCommitteeDisciplinary Committee (Section 21D)

  • Key Non-Standing CommitteesEthical Standards BoardAccounting Standards BoardAuditing & Assurance Standards BoardCommittee on Banking, Insurance & Pension Committee on Accounting Standards for Local BodiesExpert Advisory CommitteeResearch CommitteeBoard of StudiesCorporate Laws & Corporate Governance CommitteeCommittee onInformation TechnologyEditorial Board Committee on Economic and Commercial Laws & WTO

  • Key Non-Standing CommitteesBoard of Discipline (Sec.21 A)Peer Review BoardFinancial Reporting Review BoardCommittee for Members in IndustryInternal Audit Standards BoardICAI-ICWAI-ICSI CommitteeCommittee on Public Finance & Government AccountingCommittee for Capacity Building of CA Firms & SMP CommitteeVision & Perspective Planning CommitteeAudit CommitteeCommittee on International TaxationComm. On Fin. Markets & Investors Protection

  • Key Non-Standing CommitteesDisciplinary Committee (Sec.21B)The Institute is responsive to the emerging challenges and constitutes new committees for effectively meeting these challenges

    Research Unit: ICAI-Accounting Research FoundationDirect Taxes CommitteeIndirect taxes CommitteeProfessional Development CommitteeContinuing Professional Education CommitteeInternational Affairs Committee

  • Organization Structure

  • Institute Functions

  • ICAI A Key National BodyOffers inputs toComptroller & Auditor General of IndiaMinistry of Corporate Affairs, Govt. of IndiaReserve Bank of IndiaSecurities and Exchange Board of India Central Board of Direct Taxes Insurance Regulatory and Development AuthorityDepartments of Central and State GovernmentsDepartments of Public Enterprises

  • Important Initiative Undertaken to Align with Changing Economic OrderConvergence with International Standards of Accounting and AuditingReview and Revision of Education and training curriculumLaunch of Post Qualification Courses Capacity building of firmsMandatory CPE RequirementPeer Review MechanismFinancial Report Review Brand building Nationally and InternationallyFocused approach on issues relating to Corp. Governance.Facilitating changes in regulatory frames.Vigorous pursuance of Mutual Recognition Agreements.Arrangement with Universities for graduation qualification to CA studentsFacilitating accounting reforms in various areas

  • Examples of Involvement of ICAI in National OrganizationsDrafting of Income Tax LawsDrafting of Competition LawDrafting of Company LawCapital Market Development and RegulationCorporate GovernanceAccounting & Utilization of Governmental resourcesWTO & GATSImport Export PolicyCommercial and Economic LegislationsNon Banking Financial Companies

  • Education and TrainingDistant Mode of EducationEducation Through Accredited Institutions and BranchesMeets the requirements of international educational pronouncements of IFACComprehensive theoretical and practical curriculumContinuous review of the curriculum

  • Highlight of the New Scheme of Education & TrainingI Common Proficiency Test

    Compulsory

    II 3 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 PCEEligible to appear for Final Examination on completion of 3 years and passing of PCE

  • Highlights of the New SyllabusFinancial ReportingCorporate Financial ReportingIFRS based Financial Reporting US GAAP based Financial Reporting Strategic ManagementStudy of Business Environment Understanding Strategic Planning and Analysis Ability to understand and formulate Functional Strategies Financial ManagementAdvanced Management Accounting Information Technology and Systems Control Business Ethics

  • ExaminationOne of the largest Accounting examination networks Administrative conduct of examination and exam related process largely computerized Exams are held twice a yearExamination system considered to be of high standard & integrity worldwideHas been lending expertise to accounting bodies in other countries

  • Accounting Standards Convergence with IFRSsICAI 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, insurance companies and large-sized entitiesFor smooth transition to the IFRSs, ICAI will take up the matter of Convergence with NACAS, and various regulators such as the RBI, SEBI and IRDA.ICAI would also formulate its work-plan to ensure that IFRSs are effectively adopted from 1st April 2011.IFRSs-specific training programs will be organized for its members and others concerned to prepare them to implement IFRSs.IASB has also offered to help the ICAI in its endeavors towards Convergence with IFRSs in India

  • Research and CPECommitment to advancement of knowledge in accountancy, auditing, taxation and allied areasPublished about 150 PublicationsExpert Opinions on Applicability of Standards20 Compendiums over 1000 opinionsMore than 50 CPE materials published3000 CPE programs held annuallyICAI-ARF to promote research on contemporary issuesPublishes a monthly journal with more than 175,000 circulation

  • Professional EthicsCardinal PrinciplesService before selfExtends beyond the legal requirementsSome major highlightsProhibition on other occupationsProhibition on solicitationProhibition on advertisement and CanvassingProhibition on financial interest in auditee companyRestriction on number of auditsLimit on fees for non-audit assignmentsProhibition on writing Books of Accounts of Auditee companyDemarcation between External and Internal AuditorsProfessional fees for audit and other services received by a firm not to exceed 40% of the gross annual fees of the firm

  • Professional DevelopmentIdentifying Role of Profession in emerging areasDeveloping Practice AreasUpgrading and updating the knowledge and skill setsDeveloping technical material to facilitate practice in new areasConsidered as critical in the changed Scenario

  • Quality Control Initiative Peer ReviewPeer Review Board of established in March 2002Focus on:Technical Standards complianceQuality of ReportingOffice Systems and Procedures (attestation services only)Staff training Programmes (attestation services only)5567 Strong panel of Reviewers maintained4234 Reviewers have undergone training4020 Practice units have been issued Peer Review Certificates.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 Review BoardCentral Government has constituted Quality Review Board consisting of 11 persons.Council of ICAI has nominated 5 members on QRBChairman and other 5 members have been appointed by Central GovernmentAll 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 ReviewPeer Review Board established in March 2002Reviews by Board to ensurecompliance with technical standards; andexistence, compliance and adherence to quality control policies and procedures Findings would not have any relationship with the disciplinary proceedings

  • Financial Reporting ReviewFinancial Reporting Review Board constituted in 2002 to review general purpose financial statements of certain enterprisesBoards findings would form basis for :initiating action against auditor concerned; andinforming irregularity to relevant regulatory authorityBoard seeks general purpose financial statements of top 500 companies in India on yearly basis

  • New Initiatives- Education & Training Launch of new course for Accounting Technicians & IPCCIntroduction of concept E-LearningLaunch of Virtual Institute Project providing e-services to members and studentsRecast of professional curriculumLectures through Gyan Darshan Channel for CPT & PCC StudentsThree Months Residential Course for improving General Management & Communication Skills

  • New Initiatives- Education & TrainingEstablishment of more than 100 computer labs to impart ITT Training all over IndiaGrant of status of approved research supervisors by the Guru Govind Singh Indraprastha UniversityEstablishment of CA Student Benevolent FundSetting of Centre of Excellence for CA StudentsMOU with Bharathiar University & Guru Jambheshwar University Of Science And Technology (GJUS&T)

  • New Initiatives- Profession and Standards Convergence to IFRS- By April 2011

    Convergence to Clarity Project

    Cap on fee for rendering services other than audit

    Disciplinary mechanism framework

    Focus on bridging the expectation gap

  • International PresenceICAI is founder member of IFAC, CAPA, SAFA and IINICAI represented in :IFAC - Board, SMP Committee, Developing Nations Committee, International Public Sector Accounting Standards Board.CAPA Board memberICAI holds Permanent Secretariat, SAFASAFA - Chairmen and member of various Committees and Working Groups

  • Opened New Chapters abroad- Singapore.

    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.

    International Initiatives

  • International InitiativesMOU with College of Banking and Financial Studies, Oman For institutionalization of accounting profession in Oman.

    MOU with Center of Excellence for Applied Research and Training (CERT), Dubai- 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.

    Technical assistance programme to CPA Mongolia and University of Djibouti ongoing.

    Implementation of Guidelines for Article Training Abroad.

  • International Initiatives Contd.ICAI being consulted by IAASB in Audit Standards Setting and by IASB in IFRS settingPlaying a lead role in the area of Developing Nations, SMPs and SMEs, International Public Sector Accounting Standards, International Education StandardsSAFA adopted ICAI curriculum as modelStudent exchange programs held with ICAB, ICAP, ICAN and ICASLOpened an Office in DubaiInitiatives for recognition of ICAI qualification by accounting bodies in other countries

  • Virtual 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, comfort and make the benefits of Information Technology (IT) available to the members and students for rendering the Institute services online anywhere-anytime

    With this all operational functions of the institute have been brought onto a common intranet with seamless flow and availability of informationICAI - Virtual Institute

  • ICAI - Virtual InstituteTowards 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, students and employees at the click of a button.

    The portal brings dynamic features to the content. It functions as a Global Gateway to ICAI. The portal provides a single interface to users for accessing Institutes services taking into consideration security requirements.

  • The Institute of Chartered Accountants of India [Set up by an Act of Parliament]

    ICAI Bhawan, Indraprastha Marg, New Delhi 110 002.Phone: 91-11-39893989, 30110210Website: www.icai.org