ICAI (Institute of Chartered accountants of India) : History, role and function:

ICAI (Institute of chartered accountants of India). It is a government body responsible for keeping the accounts of the government. The ICAI (Institute of chartered accountants of India) has a really interesting history. The Institution has come into existence in the year 1949, July 1st. ICAI (Institute of chartered accountants of India) – headquarters of this statutory body is in New Delhi. The capital city of India. In addition, you will get all kinds of affiliation college details. which work under the supervision of ICAI.

The president of ICAI is CA Nihar Niranjan Jambusaria.

The location of this Institute is : ICAI Bhawan, Post box no: 7100, Indraprastha Marg, New Delhi

This statutory body have all been accredited and approved. By the central and state educational bodies. It is known as one of the most prestigious statutory bodies to get in. Likewise, placement opportunities are also tough within the ICAI.

This Institution being responsible for looking and managing central finances. Therefore, It comes under the umbrella of the ministry of corporate affairs.

After NEP 2020, ICAI has become the second largest accounting body in our nation. It is also among the founder member. For international bodies like IFA and the South Asian Federation of Accounts.

Table of Contents

About ICAI (Institute of chartered accountants of India)

It is a government body responsible for keeping the accounts of the government. The ICAI has a really interesting history. The Institution has come into existence in the year 1949, July 1st. The headquarters of this statutory body is in New Delhi. You will get all kinds of affiliation college details that work under the supervision of ICAI. The president of ICAI (Institute of Chartered Accountants of India). His name is CA Nihar Niranjan Jambusaria. This statutory body has all been accredited and approved. By the central and state educational bodies. It is known as one of the most prestigious statutory bodies to get in. One can not easily get in from the by meager efforts. Likewise, placement opportunities are also tough within the ICAI.

This Institution being responsible for looking and managing central finances. It comes under the umbrella of the ministry of corporate affairs. After NEP 2020, ICAI has become the second largest accounting body in our nation. It is also among the founding member of international bodies like IFA and the South Asian Federation of Accounts.

History of ICAI (Institute of chartered accountants of India)

Being one of India’s most powerful auditing bodies, this Institution came a long way to reach the Zenith where it stands today. However, it was born out of the necessity of managing the account and trade records of the nation. Now it is the second most powerful body for managing finances after NEP 2020.

Many colleges and universities come under the wing of this Institution. Open Universities like IGNOU also have MoU signed with ICAI (Institute of chartered accountants of India).

One can easily get a Bachelor’s degree or Mater’s in chartered accountants course. It all comes into existence with the company act, which came in being in the year 1913, in pre-independent India. The intention was to maintain a book of accounts on a mass level.

In 1918, it got its way in the book of Sydenham college of commerce. However, due to some reason, the Institution discontinued the certificate course. Later, In the year 1930, the government of India again felt the need to maintain accounts.

Finally, In 1948, the ICAI (Institute of Chartered Accountants of India) came into being, and auditing became part of the commerce branch.

It all comes into existence with the company act which came in being in the year 1913, in pre-independent India. The intention was to maintain a book of accounts on a mass level. The office that time introduces the course in colleges.

Therefore, in 1918, it got its way in the book of Sydenham college of commerce.

However, due to some reason, the Institution discontinued the certificate course. In the year 1930, the government of India again felt the need of maintaining accounts.

In 1948 finally, the ICAI (Institute of Chartered Accountants of India) came into being and auditing become part of the commerce branch.

For celebrating the existence of one of the most powerful financial bodies July 1st, 1949 is the date for celebrating the establishment of this statutory body in India.

ICAI(Institute of chartered accountants of India) gives affiliation to many known and famous colleges and universities. Students can learn auditing and finance management and can contribute to the growth of our nation.

Role of ICAI (Institute of chartered accountants of India):

The ICAI has many major roles to play. This Institution has a monopoly in auditing in India. This power comes to the Institution through the companies act 2013 which gives this Institution the sole power of auditing the financial statement of the central government.

It is also responsible for maintaining the journals and the budget of the government. Also, it has to maintain a record of how much taxes come from the people and also how much are the expenses on the country’s development.

The ICAI (Institute of chartered accountants of India) has a total of 5 branches, namely East, West, North, South, and Central.

ICAI (Institute of Chartered accountants of India) gives affiliation to many known and famous colleges and universities. Therefore, students can learn auditing and finance management and can contribute to the growth of our nation.

If one wants to get into ICAI (Institute of chartered accountants of India): One needs to pass three stages of examination: they are Foundation, Intermediate, and Final. The council consists of 32 members of which 8 get the assignment by GOI.

Primary role and Function of ICAI (Institute of chartered accountants of India)

The Institution has many roles to play from auditing body to affiliating body.

From conducting an examination within Universities to consistently taking interviews for recruitment. It has its own curriculum and website, where books are available around the globe. Also, there’s a portal for assisting students in getting them the details of curricula and examinations.

Another function is to prescribe the qualification criteria for the members of ICAI.

One of the major roles is to conduct the CA examination. Furthermore, it is responsible for organizing workshops for selected trainees and students. Its responsibility Involves publishing and maintaining the journal of qualified members. It also focuses on running and carrying out activities for developing chartered accountants.

 

FAQ ( Frequently Asked Questions)

Which is better ACCA or ICAI?

ACCA and ICAI both are the examination for  Chartered accountants and both have differences in their curriculum, syllabus, and way to conducting the examination.

ICAI is known as one of the best course in the field of Banking, finances and auditing. In addition, CA as a curriculum is a mix of both practical and theoretical knowledge.

Strengthening the base of the students both in term of text and field work. The examination for getting the admission into the CA course is really challenging in nature. Only 1% or 2% students get to get the admission at ICAI recognise Institution for CA courses.

On the other hand, ACCA is an International body which come into being in year 1904. The positive part about this Institution is that is doesn’t have a that hard selection process.

The eligibility criteria revolve around maintaining the balance sheet, creating strategic ideas and leadership qualities of a student. ACCA also focuses on curating the students for MNC companies.

One of the best trait for both ACCA and ICAI is that you can pursue both from a distance Institution.

 

Is ICAI recognized by UGC?

Yes ICAI has the recognition of UGC. ICAI is known as one of the best courses in the field of Banking, finances, and auditing. CA as a curriculum is mixed with both practical and theoretical knowledge. Therefore, strengthening the base of the students both in terms of text and fieldwork. However, the examination for getting admission into the CA course is really challenging in nature. Only 1% or 2% of students get to get admission at ICAI recognize Institution for CA courses.

Students could take their CA degree from an ICAI affiliating college. The degree is available both at PG and Ph.D. levels. Also, it is valid across the globe.

Read more
List of Universities accredited by ICAI