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 ICAI has been launching various initiatives in making its various processes and learning digital.
ICAI has launched:
1. SSP Portal for online filing of all Forms.
2. Audio books on Accounting standard.
4. Separate portal for disciplinary issues.
5. Making payment of membership fees and COP fees digital and various other initiatives.
With all these now they have even revamped their old classic website into a new website which is more clean easy to use. You can visit the same by going to www.icai.org.
However, it would have been great if they would have kept the old notification tab where all important notification would flash or something of same sort rather than making it into fully pull format.
