The Institute of Chartered Accountants
of India (ICAI) is a national professional accounting body of India. It was
established on 1 July 1949 as a body corporate under the Chartered Accountants
Act, 1949 enacted by the Constituent Assembly of India (acting as the
provisional Parliament of India) to regulate the profession of Chartered
Accountancy in India. ICAI is the second largest professional accounting body
in the world in terms of membership second only to American Institute of
Certified Public Accountants. 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 the National
Advisory Committee on Accounting Standards (NACAS) and sets the accounting
standards to be followed by other types of organisations. ICAI is solely
responsible for setting the auditing and assurance standards 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 practising 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.
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