Institute of Chartered Accountants of India (ICAI)- Role, Membership, Mission

www.icai.org-The Institute of Chartered Accountants of India (ICAI) is a statutory body setup under an Act of Parliament called the Chartered Accountants Act, 1949 to regulate the Chartered Accountancy profession. ICAI is the world’s second largest professional accounting body, and its members are called the Chartered Accountants. The qualification for a Chartered Accountant is prescribed by ICAI. And also it advices the government in various matters of direct & indirect taxes.

Mission: The only motto of the institute is ‘Ya Aeshu Suptaeshu Jagruti’ which clearly means that ‘a person who is awake in those that sleep’. It is given to the ICAI by Sh. Aurobindo at the time of its formation in 1949. Also the eagle which is the centre is given by Sh. Aurobindo. Aside from this emblem ICAI also has a logo for its members called the CA logo. This logo was introduced in the year 2007, for the use of ICAI’s members.

The mission of the Institute of Chartered Accountants of India is The Indian Chartered Accountancy profession will be the Valued Trustees of World Class Financial Competencies, Good Governance and Competitiveness.

Membership of ICAI: To become the member of ICAI you need to pass the exams prescribed by ICAI and also a practical training of 3 years (popularly known as articleship) under a chartered accountant. These exams include the entrance test know as CPT (Common Proficiency Test) after qualifying CPT the next level is IPCC (Integrated Professional Competence Course) and then final. A person can use CA word before his/her name only after qualifying these exams and the articleship. Also a newly qualified chartered accountant is known as Associate Chartered Accountant and after completing his/her 5 years of practice he/she is considered as a Fellow Chartered Accountant.

Role of a Chartered Accountant: A chartered Accountant has good roles to play in the field of taxation, auditing & various other fields. Under the Companies Act 2013, the Income tax Act 1961 etc he/she has given a statutory monopoly role to play in the audit of the financial statements. Not all CA’s works in the auditing field, there are several other areas also some of them are financial reporting, risk management, economics, corporate law, direct taxation, indirect taxation, valuation of businesses etc. Now, apart from these areas our government is now planning to open new field of practice in social audit of government welfare schemes such as JnNURM, MGNREGA. Aside from this, some chartered accountants also works as CFO & CEO in various industry & commerce.

President of ICAI: The president of the Institute of Chartered Accountants of India is choosen by the elections and he/she can only be a chartered accountant. Persons other than a chartered accountant is not allowed to contest the elections of ICAI. The present president of ICAI is CA M Devaraja Reddy and the vice president is CA Nilesh Shivji Vikamsey.

In fact, the president is the chief executive Authority of the council of ICAI. To know more about the Institute of Chartered Accountants of India you can visit to its website www.icai.org

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