ICAI is the premier professional accountancy body of the country established in July 1949 under the Chartered Accountancy Act 1949 enacted by the Parliament to regulate the profession of Chartered Accountancy in India.
The institute has its headquarters at New Delhi. In addition, it has five regional councils located in Mumbai, Chennai, Kolkata, Kanpur and New Delhi and 118 branches spread all over the country. The Institute has 21 chapters outside India located in Abu Dhabi, Bahrain, Botswana, Doha, Dubai, Indonesia, Jeddah, Riyadh, Eastern Province (Saudi Arabia), Singapore, Sydney, Toronto, Zambia etc.
As a part of its responsibility to regulate the profession of Chartered Accountancy Course, ICAI imparts theoretical education to them, requires the students of CA course to undergo practical training and monitor their training. It also holds qualifying examinations for them and grants membership to successful candidates and certificates of practice to members intending to practice the profession.
The Accounting Profession
Over the years, the Chartered Accountancy profession has achieved rapid growth by virtue of quality professional services rendered by its members and has come to occupy a prominent role in our economy and society. As against a meagre membership of 1700 in 1949, today the membership of this institute exceeds 300000. Increasing responsibilities are being placed by the government and the society on the members of the profession and their specialized knowledge and skills are being utilized in various fields of activities. Statutory recognition is given to the role of the members of the profession and their audit / certification is insisted upon for various purposes in different statutes.