The Institute of Chartered Accountants of India,in short ICAI, is a statutory body established by The Chartered Accountants Act of 1949 to regulate the profession of Chartered Accountancy all over the nation. The Institute functions under the supervision as well as administrative control of the Ministry of Corporate Affairs, Government of India. The ICAI is,in fact, the second largest professional body of Chartered Accountants in the entire world itself. That too with a strong tradition of service to the Indian economy in the public interest.
The Council controls the institute under the provisions of the Chartered Accountants Act, 1949 as well as the Chartered Accountants Regulations, 1988. The Council is group of40 members out of which, first 32 are elected by the Chartered Accountants and the remaining are duly nominated by the Government of India. They usually represent the Comptroller and Auditor General of India, Ministry of Corporate Affairs, Ministry of Finance, Securities and Exchange Board of India and other stakeholders.
This institute offers 3 levels of courses, foundation, intermediate and final course as well. The admission is purely based upon the previous qualification of the candidate. They are Foundation Course which includes Business Mathematics, Principles and Practice of Accounting, Logical Reasoning & Statistics, Business Economics and Business Laws, Business and Commercial Knowledge and Business Correspondence and Reporting.
The intermediate course is being offered to the candidates who qualified for the previous one. The course runs is syllabus through areas such as Accounting, Corporate and Other Laws, Cost and Management Accounting, Taxation, Advanced Accounting, Auditing and Assurance, Enterprise Information Systems & Strategic Management, Financial Management & Economics for Finance etc.
The final level is offered across Financial Reporting, Strategic Financial Management, Advanced Auditing and Professional Ethics, Corporate and Economic Laws, Global Financial Reporting Standards, Risk Management, Financial Services and Capital Markets, International Taxation, Multidisciplinary Case Study, Economic Laws, Strategic Cost Management and Performance Evaluation, Direct Tax Laws and International Taxation, Indirect Tax Laws.
In a seemingly dynamic as well as a challenging business environment, CAs are looked upon as Complete Business Solution Providers. They are precisely trained theoretically as well as practically in all avenues of Finance and Accounting. The ICAI provides a wonderful opportunity both to employing organizations as well as young professional aspirants and even the experienced professionals. Because they get every possibility to meet and explore the possibility of taking up positions in Industry.
Prannoy Roy, co-founder and executive co-chairperson of NDTV or New Delhi Television, has done Chartered Accountancy from ICAI. Padma Bhushan AroonPurie, founder-publisher, former editor-in-chief of ‘India Today’ and former Chief Executive of the India Today Group, is a chartered accountant from ICAI. Motilal Oswal, the managing director and chairman of Motilal Oswal Financial Services Limited is an alumnus of ICAI. Padma Shree T. N. Manoharan, the chairman of Canara Bank in India, is a chartered accountant and former president of ICAI. Naina Lal Kidwai, the former country head of HSBC India, and former President of the Federation of Indian Chambers of Commerce and Industry, FICCI, is a chartered accountant from ICAI.