The Institute of Chartered Accountants of India (ICAI) is the national professional accounting body of India. It was established on 1 July 1949 as a statutory body under the Chartered Accountants Act, 1949 enacted by the Parliament (acting as the provisional Parliament of India) to regulate the profession of Chartered Accountancy in India. ICAI is the second largest professional Accounting & Finance body in the world.
ICAI is the only licensing cum regulating body of the financial audit and accountancy profession in India. It recommends the accounting standards to be followed by companies in India to National Financial Reporting Authority and sets the accounting standards to be followed by other types of organisations.
ICAI is solely responsible for setting the Standards on Auditing (SAs) to be followed in the audit of financial statements in India. It also issues other technical standards like Standards on Internal Audit (SIA), Corporate Affairs Standards (CAS) etc. to be followed by practicing Chartered Accountants. It works closely with the Government of India, Reserve Bank of India and the Securities and Exchange Board of India in formulating and enforcing such standards.
As we know in recent times ICAI has started taking active steps in helping it’s members upgrade their knowledge and at the same time it is also conducting few webinars and certificate courses online.
In this direction ICAI has again taken a very important step which most people would appreciate because as we know many people are not fully aware of all Accounting standards and it’s applicable to each and every business and thus, ICAI has launched audio books on Accounting standard for FREE.
To subscribe/ listen to same CLICK HERE.