{"id":23631,"date":"2024-05-23T04:12:08","date_gmt":"2024-05-22T22:42:08","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=23631"},"modified":"2025-04-07T03:52:39","modified_gmt":"2025-04-06T22:22:39","slug":"institute-of-chartered-accountants-of-india-icai","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/institute-of-chartered-accountants-of-india-icai\/","title":{"rendered":"Institute of Chartered Accountants of India (ICAI)"},"content":{"rendered":"<h2>About Institute of Chartered Accountants of India (ICAI):<\/h2>\n<ul>\n<li>It is a <strong>statutory body<\/strong> established by an Act of Parliament, viz., the <strong>Chartered Accountants Act, 194<\/strong>9, for <strong>regulating the profession of Chartered Accountancy<\/strong> in the country.\u00a0<\/li>\n<li>It functions under the administrative control of the <strong>Ministry of Corporate Affairs<\/strong>, Government of India.<\/li>\n<li><strong>Headquarters: New Delhi<\/strong><\/li>\n<li>It is the <strong>second largest professional body of chartered accountants in the world<\/strong>.<\/li>\n<li>The affairs of the ICAI are <strong>managed by a Council<\/strong> in accordance with the provisions of the Chartered Accountants Act, 1949, and the Chartered Accountants Regulations, 1988.\u00a0\n<ul>\n<li>The Council consists of <strong>40 members,<\/strong> of whom <strong>32 are elected by the Chartered Accountants<\/strong> and the remaining<strong> 8 are nominated by the Central Government, <\/strong>generally representing the Comptroller and Auditor General of India, the Securities and Exchange Board of India, the Ministry of Corporate Affairs, the Ministry of Finance, and other stakeholders.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Functions of ICAI:<\/strong>\n<ul>\n<li><strong>Regulates<\/strong> the <strong>profession of Accountancy<\/strong>.<\/li>\n<li>Examination and education of <strong>Chartered Accountancy course.<\/strong><\/li>\n<li>Continuing professional education of members.<\/li>\n<li>Conducting post-qualification courses.<\/li>\n<li><strong>Formulation of accounting standards.<\/strong><\/li>\n<li><strong>Prescription of standard auditing procedures<\/strong>.<\/li>\n<li><strong>Laying down ethical standards.<\/strong><\/li>\n<li><strong>Monitoring quality<\/strong> through peer review.<\/li>\n<li><strong>Ensuring standards<\/strong> of performance of members.<\/li>\n<li><strong>Exercise disciplinary jurisdiction<\/strong>.<\/li>\n<li><strong>Financial reporting review<\/strong>.<\/li>\n<li><strong>Input on policy matters<\/strong> to the government.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<hr \/>\n<h3>Q1: What is auditing?<\/h3>\n<p>By definition, auditing is an official inspection and verification of the credibility of financial reports. Audits can be conducted by either a business\u2019s management as an internal control process or by the government, in case they notice suspicious financial activity.<\/p>\n<p><strong>Source: <\/strong><a href=\"https:\/\/www.livelaw.in\/supreme-court\/supreme-court-upholds-icai-rule-limiting-number-of-tax-audits-by-chartered-accountants-per-yer-declares-it-operative-from-april-1-2024-258166\" target=\"_blank\" rel=\"nofollow noopener\">Supreme Court Upholds ICAI Rule Limiting Number Of Tax Audits By Chartered Accountants Per Yer; Declares It Operative From April 1, 2024<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament for regulating the profession of Chartered Accountancy in the country. <\/p>\n","protected":false},"author":5,"featured_media":23632,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-23631","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/23631","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=23631"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/23631\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/23632"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=23631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=23631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=23631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}