About Icai Index

8/3/2019 About Icai Index

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Our MissionOur Mission

The Indian Accountancy Profession will be theValued Trustee of World Class Financial

competencies, Good Governance andCompetitiveness



Profile of ICAIProfile 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 IndiaProfession in India

160K Members spread throughout the country and in different parts of the160K Members spread throughout the country and in different parts of theworldworld

Sizeable studentship baseSizeable studentship base

Increase in percentage of members joining industryIncrease in percentage of members joining industry

Chartered Accountants are rendering services in every walk of economic lifeChartered Accountants are rendering services in every walk of economic life --Politics, Judiciary, Government, Agriculture, Corporate, NGOsPolitics, Judiciary, Government, Agriculture, Corporate, NGOs

Profession is dominated by small firmsProfession is dominated by small firms

Increasing trends towards consolidationIncreasing trends towards consolidation

Government of India looks at ICAI as Partner in Nation BuildingGovernment of India looks at ICAI as Partner in Nation Building

Technical Standards based on International StandardsTechnical Standards based on International Standards

Focus on Capacity Building in the emerging contextFocus on Capacity Building in the emerging context



ICAI ProfileICAI ProfileParticularsParticulars No.No.

ORGANIZATIONALORGANIZATIONAL

Regional OfficesRegional Offices 55

BranchesBranches 126126

Chapters AbroadChapters Abroad 2222

SPECIAL PURPOSE OUTFITSSPECIAL PURPOSE OUTFITS

CPE Study CircleCPE Study Circle 134134

CPE ChaptersCPE Chapters 4646

Reference LibrariesReference Libraries 2828Accredited InstitutionsAccredited Institutions 273273

MEMBERSHIP (µ000)MEMBERSHIP (µ000) 167167

% in Practice% in Practice 52%52%

STUDENTS (µ000)STUDENTS (µ000) 726726



Role of ICAIRole of ICAI To regulate the profession of AccountancyTo regulate the profession of Accountancy

Education & Examination of Chartered AccountancyEducation & Examination of Chartered Accountancy

Exercise Disciplinary JurisdictionExercise Disciplinary Jurisdiction

Input on Policy matters to GovernmentInput on Policy matters to Government

Ensuring Standards of performance of MembersEnsuring Standards of performance of Members

Formulation of Accounting StandardsFormulation of Accounting Standards

Prescription of Engagement and Quality Control StandardsPrescription of Engagement and Quality Control Standards

Laying down Ethical StandardsLaying down Ethical Standards

Continuing Professional EducationContinuing Professional Education Financial Report ReviewFinancial Report Review

Monitoring Quality through Peer ReviewMonitoring Quality through Peer Review

Conducting Post Qualification CoursesConducting Post Qualification Courses



ICAI Network ICAI Network

New Delhi

Kanpur

Calcutta

Mumbai

Chennai

Decentralized Offices

Bahrain Abu Dhabi

Botswana Indonesia

Doha Jeddah

Dubai Kuwait

Port Moresby

(Papua New Guinea)

London

Riyadh Melbourne

Saudi Arabia

(Eastern province)

Muscat

Singapore Nairobi (Kenya)

Sydney New York

Toronto Nigeria

Zambia Ras-al-Khaimah



Standing Non-Standing

Committees

Council



The Central CouncilThe Central Council Consisting of 40 MembersConsisting of 40 Members

32 Elected Members32 Elected Members

8 Nominated by Central Government8 Nominated by Central Government

Term: Three yearsTerm: Three years

Headed by PresidentHeaded by President

Elected by the Council for one year termElected by the Council for one year term

Empowered to frame Regulations under the Act and to constitute necessaryEmpowered to frame Regulations under the Act and to constitute necessary

standing and nonstanding and non--standing Committeesstanding Committees



Standing CommitteesStanding Committees

Executive

Committee

Finance

Committee

Examination

Committee

DisciplinaryCommittee

(Section 21D)



Key NonKey Non--Standing CommitteesStanding Committees

EthicalStandards

Board

AccountingStandards

Board

Auditing & AssuranceStandards

Board

Committeeon Banking,Insurance &

Pension

Committee on Accounting

Standards forLocal Bodies

Expert Advisory

Committee

ResearchCommittee

Board ofStudies

CorporateLaws &

CorporateGovernanceCommittee

Committeeon

InformationTechnology

EditorialBoard

Committee onEconomic andCommercialLaws & WTO




Board ofDiscipline(Sec.21 A)

Peer ReviewBoard

FinancialReporting

Review Board

Committee forMembers in

Industry

Internal AuditStandards

Board

ICAI-ICWAI-

ICSICommittee

Committee onPublic Finance &

Government Accounting

Committee forCapacity Buildingof CA Firms & SMP

Committee

Vision &Perspective

PlanningCommittee

AuditCommittee

Committee onInternational

Taxation

Comm. On Fin.Markets &Investors·Protection




DisciplinaryCommittee(Sec.21B)

The Institute is responsive to the emerging challenges and constitutes newcommittees for effectively meeting these challenges

Research Unit: ICAI-Accounting Research Foundation

Direct TaxesCommittee

Indirect taxesCommittee

ProfessionalDevelopment

Committee

ContinuingProfessionalEducation

Committee

International Affairs

Committee



Organization StructureOrganization Structure

DEPARTMENTS COMMITTEES

SECRETARY TO THE COUNCIL

(Secretary to the Institute)

VICE-PRESIDENT

PRESIDENT

.

Examination Disciplinary

M&SS A/C. & Finance

HRD, P & A Council

International Affairs

Administration

Technical Directorate

Board of Studies

CPE Directorate



Institute FunctionsInstitute Functions

Professional

Development

AdvisoryRegulatory



ICAIICAI ± ± A Key National BodyA Key National Body

Offers inputs toOffers inputs to

Comptroller & Auditor General of IndiaComptroller & Auditor General of India

Ministry of Corporate Affairs, Govt. of IndiaMinistry of Corporate Affairs, Govt. of India

Reserve Bank of IndiaReserve Bank of India

Securities and Exchange Board of IndiaSecurities and Exchange Board of India

Central Board of Direct TaxesCentral Board of Direct Taxes

Insurance Regulatory and Development AuthorityInsurance Regulatory and Development Authority

Departments of Central and State GovernmentsDepartments of Central and State Governments

Departments of Public EnterprisesDepartments of Public Enterprises



Important Initiative Undertaken to AlignImportant Initiative Undertaken to Align

with Changing Economic Order with Changing Economic Order

Convergence with International Standards of Accounting and AuditingConvergence with International Standards of Accounting and Auditing

Review and Revision of Education and training curriculumReview and Revision of Education and training curriculum

Launch of Post Qualification Courses Capacity building of firmsLaunch of Post Qualification Courses Capacity building of firms

Mandatory CPE RequirementMandatory CPE Requirement

Peer Review MechanismPeer Review Mechanism

Financial Report ReviewFinancial Report Review

Brand buildingBrand building ± ± Nationally and Internationally Nationally and Internationally

Focused approach on issues relating to Corp. Governance.Focused approach on issues relating to Corp. Governance.

Facilitating changes in regulatory frames.Facilitating changes in regulatory frames.

Vigorous pursuance of Mutual Recognition Agreements.Vigorous pursuance of Mutual Recognition Agreements.

Arrangement with Universities for graduation qualification to CA studentsArrangement with Universities for graduation qualification to CA students

Facilitating accounting reforms in various areasFacilitating accounting reforms in various areas



Examples of Involvement of ICAI inExamples of Involvement of ICAI in

National Organizations National Organizations Drafting of Income Tax LawsDrafting of Income Tax Laws

Drafting of Competition LawDrafting of Competition Law

Drafting of Company LawDrafting of Company Law

Capital MarketCapital Market ± ± Development and RegulationDevelopment and Regulation

Corporate GovernanceCorporate Governance

Accounting & Utilization of Governmental resourcesAccounting & Utilization of Governmental resources

WTO & GATSWTO & GATS

ImportImport ± ± Export PolicyExport Policy

Commercial and Economic LegislationsCommercial and Economic Legislations

Non Banking Financial Companies Non Banking Financial Companies



Education and TrainingEducation and Training

Distant Mode of EducationDistant Mode of Education

Education Through Accredited Institutions and BranchesEducation Through Accredited Institutions and Branches

Meets the requirements of international educational pronouncements of IFACMeets the requirements of international educational pronouncements of IFAC

Comprehensive theoretical and practical curriculumComprehensive theoretical and practical curriculum

Continuous review of the curriculumContinuous review of the curriculum



Highlight of the New Scheme of Education & TrainingHighlight of the New Scheme of Education & Training

II CommonCommon ProficiencyProficiency TestTest

CompulsoryCompulsory

IIII 33½½ yearsyears of of PracticalPractical TrainingTraining concurrentconcurrent withwith componentscomponents of of ProfessionalProfessionalCompetenceCompetence ExaminationExamination (PCE)(PCE) andand FinalFinal

CompleteComplete 100100 hourshours of of CompulsoryCompulsory Computer Computer TrainingTraining before before appearingappearing for for PCEPCE..

UndergoUndergo GeneralGeneral ManagementManagement && CommunicationCommunication SkillsSkills (GMCS)(GMCS) after after 1818

monthsmonths of of practical practical trainingtraining andand completioncompletion of of PCEPCE

EligibleEligible toto appear appear for for FinalFinal ExaminationExamination onon completioncompletion of of 33 ½½ yearsyears andand passing passing of of PCEPCE



Highlights of the New SyllabusHighlights of the New Syllabus

FinancialFinancial ReportingReporting

CorporateCorporate FinancialFinancial ReportingReporting

IFRSIFRS based based FinancialFinancial ReportingReporting

USUS GAAPGAAP based based FinancialFinancial ReportingReportingStrategicStrategic ManagementManagement

StudyStudy of of BusinessBusiness EnvironmentEnvironment

UnderstandingUnderstanding StrategicStrategic PlanningPlanning andand AnalysisAnalysis

AbilityAbility toto understandunderstand andand formulateformulate FunctionalFunctional StrategiesStrategiesFinancialFinancial ManagementManagement

AdvancedAdvanced ManagementManagement AccountingAccounting

InformationInformation TechnologyTechnology andand SystemsSystems ControlControl

BusinessBusiness EthicsEthics



ExaminationExamination

One of the largest Accounting examination networksOne of the largest Accounting examination networks

Administrative conduct of examination and exam related process largelyAdministrative conduct of examination and exam related process largely

computerizedcomputerized

Exams are held twice a year Exams are held twice a year

Examination system considered to be of high standard & integrity worldwideExamination system considered to be of high standard & integrity worldwide

Has been lending expertise to accounting bodies in other countriesHas been lending expertise to accounting bodies in other countries



Accounting Standards Convergence with IFRSsAccounting Standards Convergence with IFRSs

ICAIICAI hashas decideddecided toto convergeconverge withwith IFRSsIFRSs fromfrom accountingaccounting periods periods

commencingcommencing onon or or after after 11stst ArilAril 20112011 for for listedlisted entitiesentities andand other other public public

interestsinterests entitiesentities suchsuch asas banks, banks, insuranceinsurance companiescompanies andand largelarge--sizedsized entitiesentities

For For smoothsmooth transitiontransition toto thethe IFRSs,IFRSs, ICAIICAI willwill taketake upup thethe matter matter of of

ConvergenceConvergence withwith NACAS, NACAS, andand variousvarious regulatorsregulators suchsuch asas thethe RBI,RBI, SEBISEBI andand

IRDAIRDA..

ICAIICAI wouldwould alsoalso formulateformulate itsits work work--plan plan toto ensureensure thatthat IFRSsIFRSs areare effectivelyeffectively

adoptedadopted fromfrom 11stst AprilApril 20112011..

IFRSsIFRSs--specificspecific trainingtraining programs programs willwill be be organizedorganized for for itsits membersmembers andand othersothers

concernedconcerned toto prepare prepare themthem toto implementimplement IFRSsIFRSs..

IASBIASB hashas alsoalso offeredoffered toto helphelp thethe ICAIICAI inin itsits endeavorsendeavors towardstowards ConvergenceConvergence

withwith IFRSsIFRSs inin IndiaIndia



Research and CPEResearch and CPE

Commitment to advancement of knowledge in accountancy, auditing, taxationCommitment to advancement of knowledge in accountancy, auditing, taxation

and allied areasand allied areas

Published about 150 PublicationsPublished about 150 Publications

Expert O pinions on Applicability of StandardsExpert O pinions on Applicability of Standards

20 Compendiums over 1000 opinions20 Compendiums over 1000 opinions

More than 50 CPE materials publishedMore than 50 CPE materials published

3000 CPE programs held annually3000 CPE programs held annually

ICAIICAI--ARF to promote research on contemporary issuesARF to promote research on contemporary issues

Publishes a monthly journal with more than 175,000 circulationPublishes a monthly journal with more than 175,000 circulation



Professional EthicsProfessional Ethics

Cardinal PrinciplesCardinal Principles

Service before self Service before self

Extends beyond the legal requirementsExtends beyond the legal requirements

Some major highlightsSome major highlights

Prohibition on other occupationsProhibition on other occupations

Prohibition on solicitationProhibition on solicitation

Prohibition on advertisement andProhibition on advertisement and

CanvassingCanvassing

Prohibition on financial interest inProhibition on financial interest inauditee companyauditee company

Restriction on number of auditsRestriction on number of audits

Limit on fees for nonLimit on fees for non--auditaudit

assignmentsassignments

Prohibition on writing Books of Prohibition on writing Books of

Accounts of Auditee companyAccounts of Auditee company

Demarcation between External andDemarcation between External and

Internal AuditorsInternal Auditors

Professional fees for audit and other Professional fees for audit and other

services received by a firm not toservices received by a firm not to

exceed 40% of the gross annual feesexceed 40% of the gross annual fees

of the firmof the firm



Professional Development Professional Development

Identifying Role of Profession in emerging areasIdentifying Role of Profession in emerging areas

Developing Practice AreasDeveloping Practice Areas

Upgrading and updating the knowledge and skill setsUpgrading and updating the knowledge and skill sets

Developing technical material to facilitate practice in new areasDeveloping technical material to facilitate practice in new areas

Considered as critical in the changed ScenarioConsidered as critical in the changed Scenario



Quality Control InitiativeQuality Control Initiative ± ± Peer ReviewPeer Review

Peer Review Board of established in March 2002Peer Review Board of established in March 2002

Focus on:Focus on:

Technical Standards complianceTechnical Standards compliance

Quality of ReportingQuality of Reporting Office Systems and Procedures (attestation services only)Office Systems and Procedures (attestation services only)

Staff training Programmes (attestation services only)Staff training Programmes (attestation services only)

5567 Strong panel of Reviewers maintained5567 Strong panel of Reviewers maintained

4234 Reviewers have undergone training4234 Reviewers have undergone training

4020 Practice units have been issued Peer Review Certificates.4020 Practice units have been issued Peer Review Certificates.

The Council of the Institute accepted the request of SEBI that audit of listedThe 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 Reviewcompanies shall be carried out by the auditors who have undergone Peer Review

ProcessProcess



Quality Review BoardQuality Review Board

Central Government has constituted Quality Review Board consisting of 11 persons.Central Government has constituted Quality Review Board consisting of 11 persons.

Council of ICAI has nominated 5 members on QRBCouncil of ICAI has nominated 5 members on QRB

Chairman and other 5 members have been appointed by Central GovernmentChairman and other 5 members have been appointed by Central Government

All services provided by members (Both attestation and non attestation will beAll services provided by members (Both attestation and non attestation will besubject to Quality Review)subject to Quality Review)

Disciplinary action if there is a deficiency in serviceDisciplinary action if there is a deficiency in service



Peer ReviewPeer Review

Peer Review Board established in March 2002Peer Review Board established in March 2002

Reviews by Board to ensureReviews by Board to ensure

compliance with technical standards; andcompliance with technical standards; and

existence, compliance and adherence to quality controlexistence, compliance and adherence to quality control

policies and procedures policies and procedures

Findings would not have any relationship with the disciplinary proceedingsFindings would not have any relationship with the disciplinary proceedings



Financial Reporting ReviewFinancial Reporting Review

Financial Reporting Review Board constituted in 2002 to review generalFinancial Reporting Review Board constituted in 2002 to review general

purpose financial statements of certain enterprises purpose financial statements of certain enterprises

Board¶s findings would form basis for :Board¶s findings would form basis for :

initiating action against auditor concerned; andinitiating action against auditor concerned; and

informing irregularity to relevant regulatory authorityinforming irregularity to relevant regulatory authority

Board seeks general purpose financial statements of top 500 companies inBoard seeks general purpose financial statements of top 500 companies in

India on yearly basisIndia on yearly basis



New Initiatives New Initiatives-- Education & TrainingEducation & Training

Launch of new course for Accounting Technicians & IPCCLaunch of new course for Accounting Technicians & IPCC

Introduction of concept EIntroduction of concept E--LearningLearning

Launch of Virtual Institute Project providing eLaunch of Virtual Institute Project providing e--services to members and studentsservices to members and students

Recast of professional curriculumRecast of professional curriculum

Lectures through Gyan Darshan Channel for CPT & PCC StudentsLectures through Gyan Darshan Channel for CPT & PCC Students

Three Months Residential Course for improving General Management &Three Months Residential Course for improving General Management &

Communication SkillsCommunication Skills



New Initiatives New Initiatives-- Education & TrainingEducation & Training

Establishment of more than 100 computer labs to impart ITT TrainingEstablishment of more than 100 computer labs to impart ITT Training

all over Indiaall over India

Grant of status of approved research supervisors by the Guru GovindGrant of status of approved research supervisors by the Guru GovindSingh Indraprastha UniversitySingh Indraprastha University

Establishment of CA Student Benevolent FundEstablishment of CA Student Benevolent Fund

Setting of Centre of Excellence for CA StudentsSetting of Centre of Excellence for CA Students

MOU with Bharathiar University & Guru Jambheshwar University Of MOU with Bharathiar University & Guru Jambheshwar University Of

Science And Technology (GJUS&T)Science And Technology (GJUS&T)



New Initiatives New Initiatives-- Profession and StandardsProfession and Standards

Convergence to IFRSConvergence to IFRS-- By April 2011By April 2011

Convergence to Clarity ProjectConvergence to Clarity Project

Cap on fee for rendering services other than auditCap on fee for rendering services other than audit

Disciplinary mechanism framework Disciplinary mechanism framework

Focus on bridging the expectation gapFocus on bridging the expectation gap



International PresenceInternational Presence

ICAIICAI isis founder founder member member of of IFAC,IFAC, CAPA,CAPA, SAFASAFA andand IINIIN

ICAIICAI representedrepresented inin ::

IFACIFAC -- Board,Board, SMPSMP Committee,Committee, DevelopingDeveloping Nations Nations Committee,Committee,

InternationalInternational PublicPublic Sector Sector AccountingAccounting StandardsStandards BoardBoard..

CAPACAPA ± ± BoardBoard member member

ICAIICAI holdsholds PermanentPermanent Secretariat,Secretariat, SAFASAFA

SAFASAFA -- ChairmenChairmen andand member member of of variousvarious CommitteesCommittees andand WorkingWorking

GroupsGroups



O penedO pened New New ChaptersChapters abroadabroad-- SingaporeSingapore..

MoUMoU withwith UniversityUniversity of of DjiboutiDjibouti andand ICAICA AustraliaAustralia

JointJoint DeclarationDeclaration withwith TheThe BahrainBahrain InstituteInstitute of of BankingBanking andand FinanceFinance andand TheThe

CertifiedCertified GeneralGeneral AccountantsAccountants AssociationAssociation of of CanadaCanada

MRAsMRAs withwith ForeignForeign AccountancyAccountancy BodiesBodies likelike ICAEWICAEW && CPACPA AustraliaAustralia..

International InitiativesInternational Initiatives



International InitiativesInternational Initiatives

MOUMOU withwith CollegeCollege of of BankingBanking andand FinancialFinancial Studies,Studies, OmanOman ± ± For For institutionalizationinstitutionalization of of accountingaccounting profession profession inin OmanOman..

MOUMOU withwith Center Center of of ExcellenceExcellence for for AppliedApplied ResearchResearch andand TrainingTraining (CERT),(CERT),

DubaiDubai-- ToTo conceptualizeconceptualize andand devisedevise anan internationalinternational curriculumcurriculum ininaccountancyaccountancy integratingintegrating locallocal needsneeds keepingkeeping inin mindmind variousvarious requirementsrequirements of of differentdifferent levelslevels of of accountancyaccountancy andand auditaudit professionals professionals..

TechnicalTechnical assistanceassistance programme programme toto CPACPA MongoliaMongolia andand UniversityUniversity of of DjiboutiDjiboutiongoingongoing..

ImplementationImplementation of of GuidelinesGuidelines for for ArticleArticle TrainingTraining AbroadAbroad..



International Initiatives Contd.International Initiatives Contd.

ICAI being consulted by IAASB in Audit Standards Setting and by IASB inICAI being consulted by IAASB in Audit Standards Setting and by IASB in

IFRS settingIFRS setting

PlayingPlaying aa leadlead rolerole inin thethe areaarea of of DevelopingDeveloping Nations, Nations, SMPsSMPs andand SMEs,SMEs,

InternationalInternational PublicPublic Sector Sector AccountingAccounting Standards,Standards, InternationalInternational EducationEducation

StandardsStandards

SAFA adopted ICAI curriculum as modelSAFA adopted ICAI curriculum as model

Student exchange programs held with ICAB, ICAP, ICAN and ICASLStudent exchange programs held with ICAB, ICAP, ICAN and ICASL

O pened an Office in DubaiO pened an Office in Dubai

Initiatives for recognition of ICAI qualification by accounting bodies in other Initiatives for recognition of ICAI qualification by accounting bodies in other

countriescountries



µVirtualµVirtual Institute¶Institute¶ integratesintegrates allall thethe regionsregions andand officesoffices toto present present aa unifiedunified viewviewof of thethe operationsoperations of of thethe entireentire InstituteInstitute throughthrough aa singlesingle integratedintegrated enterpriseenterprisesystemsystem

ItIt FULFILLSFULFILLS thethe membersmembers andand studentsstudents rightright toto convenience,convenience, comfortcomfort andandmakemake thethe benefits benefits of of InformationInformation TechnologyTechnology (IT)(IT) availableavailable toto thethe membersmembersandand studentsstudents for for renderingrendering thethe InstituteInstitute servicesservices onlineonline anywhereanywhere--anytimeanytime

WithWith thisthis allall operationaloperational functionsfunctions of of thethe instituteinstitute havehave been been brought brought ontoonto aacommoncommon intranetintranet withwith seamlessseamless flowflow andand availabilityavailability of of informationinformation

ICAIICAI -- Virtual InstituteVirtual Institute



ICAIICAI -- Virtual InstituteVirtual Institute

TowardsTowards TomorrowTomorrow TodayToday

ICAIICAI startedstarted ITIT initiativeinitiative towardstowards aa bright bright futurefuture andand isis inin itit todaytoday

ICAIICAI PortalPortal isis effectivelyeffectively usedused toto makemake aa repositoryrepository of of informationinformation andand

knowledgeknowledge accessibleaccessible toto thethe members,members, studentsstudents andand employeesemployees atat thethe click click of of aa

button button..

TheThe portal portal brings brings dynamicdynamic featuresfeatures toto thethe contentcontent.. ItIt functionsfunctions asas aa GlobalGlobalGatewayGateway toto ICAIICAI.. TheThe portal¶ portal¶ provides provides aa singlesingle interfaceinterface toto usersusers for for accessingaccessing

Institute¶sInstitute¶s servicesservices takingtaking intointo considerationconsideration securitysecurity requirementsrequirements..



The Institute of Chartered Accountants of India

[Set up by an Act of Parliament]

³ICAI Bhawan´, Indraprastha Marg, New Delhi ± 110 002.Phone: 91-11-39893989, 30110210

Website: www.icai.org

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