All About The Institute of Chartered Accountants of India (ICAI)
The Institute of Chartered Accountants of India (ICAI) is a statutory body set up by an Act of Parliament, viz. The Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for the regulation of the profession of Chartered Accountancy in the country. The Institute functions under the administrative control of the Ministry of Corporate Affairs, Government of India, and is the second-largest professional body of Chartered Accountants in the world.
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 Chartered Accountants and the remaining 8 are nominated by the Central Government generally representing the Comptroller and Auditor General of India, Securities and Exchange Board of India, Ministry of Corporate Affairs, Ministry of Finance and other stakeholders.
The Institute has its headquarters in New Delhi. In addition, it has five Regional Councils located in Mumbai, Chennai, Kolkata, Kanpur, and New Delhi and 163 Branches spread all over the country. The Institute has also 30 chapters outside India located in Abu Dhabi, Australia (Melbourne), Australia (Sydney), Bahrain, Botswana, Brisbane, British Columbia (Vancouver), Canada (Toronto), Doha, Dubai, Eastern Province (Saudi Arabia), Indonesia, Jeddah, Kenya (Nairobi), Kuwait, Netherlands (Amsterdam), New Zealand (Auckland), Nigeria, Oman (Muscat), Port Moresby (Papua New Guinea), UAE Ras - Al Khaimah, Riyadh, Singapore, Tanzania (Dar Es Salaam), Thailand (Bangkok), Uganda (Kampala), UK (London), US (New York), USA (San Francisco) and Zambia.
Over a period of time, the ICAI has achieved recognition as a premier accountancy body not only in the country but also globally, for maintaining the highest standards in technical, ethical areas and for sustaining stringent examination and education standards. Since 1949, the profession has grown leaps and bounds in terms of members and student base.