The institute of chartered accountants of india
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The Institute of Chartered Accountants of India. Established by an Act of Indian Parliament “The Chartered Accountants Act, 1949”. Agenda. ICAI Mission About ICAI Central Council ICAI Committees Functions ICAI – Key National Body Education & Training New Scheme of Education & Training

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The Institute of Chartered Accountants of India

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The institute of chartered accountants of india

The Institute of Chartered Accountants of India

Established by an Act of Indian Parliament

“The Chartered Accountants Act, 1949”


Agenda

Agenda

  • ICAI Mission

  • About ICAI

  • Central Council

  • ICAI Committees

  • Functions

  • ICAI – Key National Body

  • Education & Training

    • New Scheme of Education & Training

  • Examinations

  • Accounting Standards

  • Auditing Standards

  • Research & CPE

  • Professional ethics

  • Professional Development

  • Peer Review

  • Financial Reporting Review

  • International Initiatives

  • New Initiatives


Icai mission

ICAI Mission

The Indian Accountancy Profession will be the Valued Trustees of World Class Financial Competencies, Good Governance and Competitiveness


The institute

The Institute

  • Established by the Chartered Accountants Act 1949

  • To regulate the profession of Accountancy

  • Education & Examination of Accountancy

  • Ensuring Standards of performance of Members

    • Formulation of Accounting Standards

    • Prescription of Auditing & Assurance Standards

    • Laying down Ethical Standards

    • Continuing Professional Education

    • Financial Report Review

    • Monitoring quality through Peer Review

    • Conducting Post Qualification Courses

  • Exercise Disciplinary Jurisdiction

  • Input on Policy matters to Government, Regulators etc.


Icai profile

ICAI Profile


Icai spread

ICAI Spread

Chapters Abroad

  • Abu Dhabi

  • Bahrain

  • Doha

  • Dubai

  • Saudi Arabia (Eastern province)

  • Jeddah

  • Nairobi (Kenya)

  • Riyadh

  • Zambia

  • Botswana

  • London

  • Indonesia

  • Kuwait

  • Nigeria

  • Port Moresby (Papua New Guinea)

Office in Dubai


The central council

The Central Council

  • Consisting of 30 Members

    • 24 Elected Members

    • 6 Nominated by Central Government

  • Term: Three years

  • Headed by President

    • Elected by the Council for One year Term

  • Empowered to frame Regulations under the Act and to constitute necessary standing and non-standing Committees


Standing committees

Standing Committees


Imp non standing committees

Imp. Non-Standing Committees

Accounting Standards Board

Accounting & Assurance Standards Board

Committee on Insurance & Pension

Standards Interpretations Committee

Expert Advisory Committee

Research Committee

Board of Studies

Corporate & Allied Laws Committee

Information Technology Committee

Committee on Trade Laws & WTO

Committee on Ethical Standards

Comm. On Fin. Markets & Investors’ Protection

Fiscal Laws Committee


Imp non standing committees 2

Imp. Non-Standing Committees - 2

Professional Development Committee

Continuing Professional Education Committee

International Affairs Committee

Audit Committee

Peer Review Board

Financial Reporting Review Board

Committee on Members in Industry

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

Research Unit: ICAI-Accounting Research Foundation


Organisation structure

Organisation Structure


Institute functions

Professional Development

Advisory

Regulatory

Institute Functions


Icai a key national body

ICAI – A Key National Body

Offers inputs to

  • Comptroller & Auditor General of India

  • Ministry of Company Affairs, Govt. of India

  • Reserve Bank of India

  • Securities and Exchange Board of India

  • Central Board of Direct Taxes

  • Insurance Regulatory and Development Authority

  • Departments of Central and State Governments

  • Departments of Public Enterprises


Examples of involvement of icai in national organisations

Examples of Involvement of ICAI in National Organisations

  • Drafting of Income Tax Laws

  • Drafting of Competition Law

  • Drafting of Company Law

  • Capital Market – Development and Regulation

  • Corporate Governance

  • Accounting & Utilization of Governmental resources

  • WTO & GATS

  • Import – Export Policy

  • Commercial and Economic Legislations

  • Non Banking Financial Companies


Education and training

Education and Training

  • Distant Mode of Education

  • Education Through Accredited Institutions and Branches

  • Meets the requirements of international educational pronouncements of IFAC

  • Comprehensive theoretical and practical curriculum

  • Continuous review of the curriculum


Highlight of the new scheme of education training

Highlight of the New Scheme of Education & Training

I Common Proficiency Test

  • Compulsory

    II3½ 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 PCE

  • Eligible to appear for Final Examination on completion of 3 ½ years and passing of PCE


Highlight of the new syllabus

Highlight of the New Syllabus

Financial Reporting

  • Corporate Financial Reporting

  • IFRS based Financial Reporting

  • US GAAP based Financial Reporting

    Strategic Management

  • Study of Business Environment

  • Understanding Strategic Planning and Analysis

  • Ability to understand and formulate Functional Strategies

    Financial Management

    Advanced Management Accounting

    Information Technology and Systems Control

    Business Ethics


Examination

Examination

  • One of the largest Accounting examination networks

  • 120,000 students appear in the examinations

  • Administrative conduct of examination and exam related process largely computerised

  • Exams are held twice in a year

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

  • Has been lending expertise to accounting bodies in other countries


Accounting standards

Accounting Standards

  • Formulation through wider participation and consultation

  • Harmonisation with International Standards

  • Mechanism for issuance of interpretations

  • Ensuring effective implementation through comprehensive framework


Auditing standards

Auditing Standards

  • For ensuring quality in audit process

  • Formulation through wider participation and consultation

  • Harmonization with International Standards

  • 40 Guidance Notes on other issues

  • Constant dialogue with authorities like C&AG, RBI

  • ICAI is consulted by IAASB on standard setting


Research and cpe

Research and CPE

  • Commitment to advancement of knowledge in accountancy, auditing, taxation and allied areas

  • Published about 150 Publications

  • Expert Opinions on Applicability of Standards

  • 20 Compendiums over 1000 opinions

  • More than 50 CPE materials published

  • 3000 CPE programs held annually

  • ICAI-ARF to promote research on contemporary issues

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


Professional ethics

Professional Ethics

  • Cardinal Principles

    • Service before self

    • Extends beyond the legal requirements

  • Some major highlights

  • Prohibition on other occupations

  • Prohibition on solicitation

  • Prohibition on advertisement and Canvassing

  • Prohibition on financial interest

  • in auditee company

  • Restriction on number of audits

  • Limit on fees for non-audit assignments

  • Prohibition on writing Books of Accounts of Auditee company

  • Demarcation between External and Internal Auditors

  • Professional fees for audit and other services received by a firm not to exceed 40% of the gross annual fees of the firm


Professional development

Professional Development

  • Identifying Role of Profession in emerging areas

  • Developing Practice Areas

  • Upgrading and updating the knowledge and skill sets

  • Developing technical material to facilitate practice in new areas

  • Considered as critical in the changed Scenario


Peer review

Peer Review

  • Peer Review Board established in March 2002

  • Reviews by Board to ensure

    • compliance with technical standards; and

    • existence, compliance and adherence to quality control

    • policies and procedures

  • Findings would not have any relationship with the disciplinary proceedings


Financial reporting review

Financial Reporting Review

  • Financial Reporting Review Board constituted in 2002 to review general purpose financial statements of certain enterprises

  • Board’s findings would form basis for :

    • initiating action against auditor concerned; and

    • informing irregularity to relevant regulatory authority

  • Board seeks general purpose financial statements of top 500 companies in India on yearly basis


International initiatives

International Initiatives

  • Extended support to ICAN and ICASL in terms of focussed MOUs

  • Joint conferences organised with IFAC, ICAEW, ICAP, ICASL, ICAN

  • SAFA adopted ICAI curriculum as model

  • ISA program launched in Sri Lanka

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

  • MOU with UAE for development of Accounting Profession

  • MOU likely to be signed in near future with Sultanate of Oman


International initiatives1

International Initiatives

  • ICAI being consulted by IAASB in Audit Standards Setting

  • ICAI represented in

    • IFAC – Board Member, Education Standards Board, SMP Committee, Developing Nations Committee, International Public Sector Accounting Standards Board, Professional Accountants in Business Committee

    • CAPA – Dy. President, Chairman, Strategic Committee

    • SAFA - President, Permanent Secretary, Chairmen of various Committees and Working Groups

  • Playing a lead role in the area of Developing Nations, SMPs and SMEs


New initiatives

New Initiatives

  • Establishment of Accounting Standards Interpretation Sub-Committee

  • Launched the Virtual Institute Project providing e-services to members and students

  • Cap on fee for rendering services other than audit

  • Disciplinary mechanism framework

  • Amendments proposed in Act

  • Recast professional curriculum

  • Bridging the expectation gap


Icai virtual institute

ICAI - Virtual Institute

  • ‘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 information


Icai virtual institute 2

ICAI - Virtual Institute - 2

  • Towards 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 Institute’s services taking into consideration security requirements.


The institute of chartered accountants of india

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