12927about_icai_index
Download as PPT, PDF1 like216 views
The document provides an overview of the Institute of Chartered Accountants of India (ICAI), which was established in 1949 under the Chartered Accountants Act. ICAI regulates the profession of accountancy in India and has over 167,000 members and 726,000 students. It focuses on activities like education and training, technical standards, research, and professional ethics to develop competent and ethical chartered accountants. ICAI also provides inputs to various government bodies and international organizations on policy matters to fulfill its role in nation building.
![The Institute of Chartered Accountants of India
[Set up by an Act of Parliament]
“ICAI Bhawan”, Indraprastha Marg, New Delhi – 110 002.
Phone: 91-11-39893989, 30110210
Website: www.icai.org](https://image.slidesharecdn.com/a45b20cf-8ffb-442d-bd4a-bf894ef508ba-161222173220/85/12927about_icai_index-40-320.jpg)
12927about_icai_index
- 1. The Institute of CharteredThe Institute of Chartered Accountants of IndiaAccountants of India Established by anEstablished by an Act of Indian ParliamentAct of Indian Parliament ““The Chartered AccountantsThe Chartered Accountants Act, 1949”Act, 1949”
- 2. Our MissionOur Mission The Indian Accountancy Profession will be the Valued Trustee of World Class Financial competencies, Good Governance and Competitiveness
- 3. 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
- 4. 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 the worldworld 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 life -Chartered 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
- 5. ICAI ProfileICAI Profile ParticularsParticulars 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 2828 Accredited InstitutionsAccredited Institutions 273273 MEMBERSHIP (‘000)MEMBERSHIP (‘000) 167167 % in Practice% in Practice 52%52% STUDENTS (‘000)STUDENTS (‘000) 726726
- 6. 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
- 7. ICAI NetworkICAI Network 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
- 8. S t a n d in g N o n - S t a n d in g C o m m it t e e s C o u n c il
- 9. 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 non-standing Committeesstanding and non-standing Committees
- 11. Key Non-Standing CommitteesKey Non-Standing Committees Ethical Standards Board Ethical Standards Board Accounting Standards Board Accounting Standards Board Auditing & Assurance Standards Board Auditing & Assurance Standards Board Committee on Banking, Insurance & Pension Committee on Banking, Insurance & Pension Committee on Accounting Standards for Local Bodies Committee on Accounting Standards for Local Bodies Expert Advisory Committee Expert Advisory Committee Research Committee Research Committee Board of Studies Board of Studies Corporate Laws & Corporate Governance Committee Corporate Laws & Corporate Governance Committee Committee on Information Technology Committee on Information Technology Editorial BoardEditorial Board Committee on Economic and Commercial Laws & WTO Committee on Economic and Commercial Laws & WTO
- 12. Key Non-Standing CommitteesKey Non-Standing Committees Board of Discipline (Sec.21 A) Board of Discipline (Sec.21 A) Peer Review Board Peer Review Board Financial Reporting Review Board Financial Reporting Review Board Committee for Members in Industry Committee for Members in Industry Internal Audit Standards Board Internal Audit Standards Board ICAI-ICWAI-ICSI Committee ICAI-ICWAI-ICSI Committee Committee on Public Finance & Government Accounting Committee on Public Finance & Government Accounting Committee for Capacity Building of CA Firms & SMP Committee Committee for Capacity Building of CA Firms & SMP Committee Vision & Perspective Planning Committee Vision & Perspective Planning Committee Audit CommitteeAudit Committee Committee on International Taxation Committee on International Taxation Comm. On Fin. Markets & Investors’ Protection Comm. On Fin. Markets & Investors’ Protection
- 13. Key Non-Standing CommitteesKey Non-Standing Committees Disciplinary Committee (Sec.21B) Disciplinary Committee (Sec.21B) The Institute is responsive to the emerging challenges and constitutes new committees for effectively meeting these challenges Research Unit: ICAI-Accounting Research Foundation Direct Taxes Committee Direct Taxes Committee Indirect taxes Committee Indirect taxes Committee Professional Development Committee Professional Development Committee Continuing Professional Education Committee Continuing Professional Education Committee International Affairs Committee International Affairs Committee
- 14. Organization StructureOrganization Structure D E P A R T M E N T S C O M M I T T E E S S E C R E T A R Y T O T H E C O U N C I L ( S e c r e t a r y t o t h e I n s t i t u t e ) V I C E -P R E S I D E N T P R E S I D E N T . E x a m in a t io n D is c ip lin a r y M & S S A / C . & F in a n c e H R D , P & A C o u n c il I n t e r n a t io n a l A f f a irs A d m in is t r a t io n T e c h n ic a l D ir e c t o r a te B o a r d o f S t u d ie s C P E D ir e c t o r a te
- 16. ICAI – A Key National BodyICAI – A 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
- 17. Important Initiative Undertaken to AlignImportant Initiative Undertaken to Align with Changing Economic Orderwith 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 building – Nationally and InternationallyBrand building – 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
- 18. Examples of Involvement of ICAI inExamples of Involvement of ICAI in National OrganizationsNational 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 Market – Development and RegulationCapital Market – Development and Regulation Corporate GovernanceCorporate Governance Accounting & Utilization of Governmental resourcesAccounting & Utilization of Governmental resources WTO & GATSWTO & GATS Import – Export PolicyImport – Export Policy Commercial and Economic LegislationsCommercial and Economic Legislations Non Banking Financial CompaniesNon Banking Financial Companies
- 19. 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
- 20. Highlight of the New Scheme of Education & TrainingHighlight of the New Scheme of Education & Training I Common Proficiency TestI Common Proficiency Test CompulsoryCompulsory IIII 3½ years of Practical Training concurrent with components of Professional3½ years of Practical Training concurrent with components of Professional Competence Examination (PCE) and FinalCompetence Examination (PCE) and Final Complete 100 hours of Compulsory Computer Training before appearing forComplete 100 hours of Compulsory Computer Training before appearing for PCE.PCE. Undergo General Management & Communication Skills (GMCS) after 18Undergo General Management & Communication Skills (GMCS) after 18 months of practical training and completion of PCEmonths of practical training and completion of PCE Eligible to appear for Final Examination on completion of 3 ½ years andEligible to appear for Final Examination on completion of 3 ½ years and passing of PCEpassing of PCE
- 21. Highlights of the New SyllabusHighlights of the New Syllabus Financial ReportingFinancial Reporting Corporate Financial ReportingCorporate Financial Reporting IFRS based Financial ReportingIFRS based Financial Reporting US GAAP based Financial ReportingUS GAAP based Financial Reporting Strategic ManagementStrategic Management Study of Business EnvironmentStudy of Business Environment Understanding Strategic Planning and AnalysisUnderstanding Strategic Planning and Analysis Ability to understand and formulate Functional StrategiesAbility to understand and formulate Functional Strategies Financial ManagementFinancial Management Advanced Management AccountingAdvanced Management Accounting Information Technology and Systems ControlInformation Technology and Systems Control Business EthicsBusiness Ethics
- 22. 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 yearExams 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
- 23. Accounting Standards Convergence with IFRSsAccounting Standards Convergence with IFRSs ICAI has decided to converge with IFRSs from accounting periodsICAI has decided to converge with IFRSs from accounting periods commencing on or after 1st Aril 2011 for listed entities and other publiccommencing on or after 1st Aril 2011 for listed entities and other public interests entities such as banks, insurance companies and large-sized entitiesinterests entities such as banks, insurance companies and large-sized entities For smooth transition to the IFRSs, ICAI will take up the matter ofFor smooth transition to the IFRSs, ICAI will take up the matter of Convergence with NACAS, and various regulators such as the RBI, SEBI andConvergence with NACAS, and various regulators such as the RBI, SEBI and IRDA.IRDA. ICAI would also formulate its work-plan to ensure that IFRSs are effectivelyICAI would also formulate its work-plan to ensure that IFRSs are effectively adopted from 1st April 2011.adopted from 1st April 2011. IFRSs-specific training programs will be organized for its members and othersIFRSs-specific training programs will be organized for its members and others concerned to prepare them to implement IFRSs.concerned to prepare them to implement IFRSs. IASB has also offered to help the ICAI in its endeavors towards ConvergenceIASB has also offered to help the ICAI in its endeavors towards Convergence with IFRSs in Indiawith IFRSs in India
- 24. 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 Opinions on Applicability of StandardsExpert Opinions 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 ICAI-ARF to promote research on contemporary issuesICAI-ARF 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
- 25. Professional EthicsProfessional Ethics Cardinal PrinciplesCardinal Principles Service before selfService 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 in auditee companyauditee company • Restriction on number of auditsRestriction on number of audits • Limit on fees for non-auditLimit on fees for non-audit assignmentsassignments • Prohibition on writing Books ofProhibition 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 otherProfessional 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
- 26. Professional DevelopmentProfessional 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
- 27. Quality Control Initiative – Peer ReviewQuality Control Initiative – Peer 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
- 28. 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 be subject to Quality Review)subject to Quality Review) Disciplinary action if there is a deficiency in serviceDisciplinary action if there is a deficiency in service
- 29. 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 procedurespolicies and procedures Findings would not have any relationship with the disciplinary proceedingsFindings would not have any relationship with the disciplinary proceedings
- 30. 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 enterprisespurpose 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
- 31. New Initiatives- Education & TrainingNew Initiatives- Education & Training Launch of new course for Accounting Technicians & IPCCLaunch of new course for Accounting Technicians & IPCC Introduction of concept E-LearningIntroduction of concept E-Learning Launch of Virtual Institute Project providing e-services to members and studentsLaunch of Virtual Institute Project providing e-services 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
- 32. New Initiatives- Education & TrainingNew Initiatives- Education & 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 Govind Singh 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 OfMOU with Bharathiar University & Guru Jambheshwar University Of Science And Technology (GJUS&T)Science And Technology (GJUS&T)
- 33. New Initiatives- Profession and StandardsNew Initiatives- Profession and Standards Convergence to IFRS- By April 2011Convergence to IFRS- By 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 frameworkDisciplinary mechanism framework Focus on bridging the expectation gapFocus on bridging the expectation gap
- 34. International PresenceInternational Presence ICAI is founder member of IFAC, CAPA, SAFA and IINICAI is founder member of IFAC, CAPA, SAFA and IIN ICAI represented in :ICAI represented in : IFAC -IFAC - Board, SMP Committee, Developing Nations Committee,Board, SMP Committee, Developing Nations Committee, International Public Sector Accounting Standards Board.International Public Sector Accounting Standards Board. CAPA – Board memberCAPA – Board member ICAI holds Permanent Secretariat, SAFAICAI holds Permanent Secretariat, SAFA SAFA - Chairmen and member of various Committees and WorkingSAFA - Chairmen and member of various Committees and Working GroupsGroups
- 35. Opened New Chapters abroad- Singapore.Opened New Chapters abroad- Singapore. MoU with University of Djibouti and ICA AustraliaMoU with University of Djibouti and ICA Australia Joint Declaration with The Bahrain Institute of Banking and Finance and TheJoint Declaration with The Bahrain Institute of Banking and Finance and The Certified General Accountants Association of CanadaCertified General Accountants Association of Canada MRAs with Foreign Accountancy Bodies like ICAEW & CPA Australia.MRAs with Foreign Accountancy Bodies like ICAEW & CPA Australia. International InitiativesInternational Initiatives
- 36. International InitiativesInternational Initiatives MOU with College of Banking and Financial Studies, Oman – ForMOU with College of Banking and Financial Studies, Oman – For institutionalization of accounting profession in Oman.institutionalization of accounting profession in Oman. MOU with Center of Excellence for Applied Research and Training (CERT),MOU with Center of Excellence for Applied Research and Training (CERT), Dubai- To conceptualize and devise an international curriculum inDubai- To conceptualize and devise an international curriculum in accountancy integrating local needs keeping in mind various requirements ofaccountancy integrating local needs keeping in mind various requirements of different levels of accountancy and audit professionals.different levels of accountancy and audit professionals. Technical assistance programme to CPA Mongolia and University of DjiboutiTechnical assistance programme to CPA Mongolia and University of Djibouti ongoing.ongoing. Implementation of Guidelines for Article Training Abroad.Implementation of Guidelines for Article Training Abroad.
- 37. 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 Playing a lead role in the area of Developing Nations, SMPs and SMEs,Playing a lead role in the area of Developing Nations, SMPs and SMEs, International Public Sector Accounting Standards, International EducationInternational Public Sector Accounting Standards, International Education 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 Opened an Office in DubaiOpened an Office in Dubai Initiatives for recognition of ICAI qualification by accounting bodies in otherInitiatives for recognition of ICAI qualification by accounting bodies in other countriescountries
- 38. ‘‘Virtual Institute’ integrates all the regions and offices to present a unified viewVirtual Institute’ integrates all the regions and offices to present a unified view of the operations of the entire Institute through a single integrated enterpriseof the operations of the entire Institute through a single integrated enterprise systemsystem It FULFILLS the members and students right to convenience, comfort andIt FULFILLS the members and students right to convenience, comfort and make the benefits of Information Technology (IT) available to the membersmake the benefits of Information Technology (IT) available to the members and students for rendering the Institute services online anywhere-anytimeand students for rendering the Institute services online anywhere-anytime With this all operational functions of the institute have been brought onto aWith this all operational functions of the institute have been brought onto a common intranet with seamless flow and availability of informationcommon intranet with seamless flow and availability of information ICAI - Virtual InstituteICAI - Virtual Institute
- 39. ICAI - Virtual InstituteICAI - Virtual Institute Towards TomorrowTowards Tomorrow TodayToday ICAI started IT initiative towards a bright future and is in it todayICAI started IT initiative towards a bright future and is in it today ICAI Portal is effectively used to make a repository of information andICAI Portal is effectively used to make a repository of information and knowledge accessible to the members, students and employees at the click of aknowledge accessible to the members, students and employees at the click of a button.button. The portal brings dynamic features to the content. It functions as a GlobalThe portal brings dynamic features to the content. It functions as a Global Gateway to ICAI. The portal’ provides a single interface to users for accessingGateway to ICAI. The portal’ provides a single interface to users for accessing Institute’s services taking into consideration security requirements.Institute’s services taking into consideration security requirements.
- 40. The Institute of Chartered Accountants of India [Set up by an Act of Parliament] “ICAI Bhawan”, Indraprastha Marg, New Delhi – 110 002. Phone: 91-11-39893989, 30110210 Website: www.icai.org