The Institute of Chartered Accountants of India - ICAI

About The Institute of Chartered Accountants of India - ICAI

The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for the regulation of the profession of Chartered Accountants in India. During its nearly six decades of existence, ICAI has achieved recognition as a premier accounting body not only in the country but also globally, for its contribution in the fields of education, professional development, maintenance of high accounting, auditing and ethical standards. ICAI now is the second largest accounting body in the whole world. Bharathiar University & ICAI have signed a memorandum of understating to offer B.B.A., B.Com., M.Com., And MBA degree courses commencing from the academic year 2008-2009.

The ICAI has recently amended the training courses accordingly the following three levels of exams have been prescribed for gaining membership to the Institute of Chartered Accountants of India:

• CPT (Common Proficiency Test)(Two Sessions of two subjects each).
• IPCC (Integrated Professional Competence Course) (Two groups of four and three papers respectively).
• Final Exam (Two groups of four papers each).

To be become a member, students must pass the above exams and complete 3 years of Articled Training under the guidance of a practising Chartered Accountant. The Institute conducts CPTs all round the year, while IPCC and Final examinations are conducted in May and November each year at exam centres in major cities/regions in India and also abroad.

ATC - The Institute has also introduced Accounting Technician Certification with the introduction of Integrated Professional Competence Course. Any person who passes Group-I of IPCC and completes one year practical training under a practising or non-practising member can apply for Accounting Technician Certification. Accounting Technician Course.

ICAI has Regional Councils in different parts of the country. These are:

1. Western India Regional Council - Mumbai.
2. Southern India Regional Council - Chennai.
3. Eastern India Regional Council - Kolkata.
4. Central India Regional Council - Kanpur.
5. Northern India Regional Council - New Delhi.

Facilities

Training - Practical Training is an integral part of chartered accountancy curriculum. As per the present system, a student has to undergo three and a half years of articleship training which is linked to theoretical education. Neither stand alone theoretical education nor exclusive practical training would produce a Chartered Accountant capable of discharging professional roles. Blending theories with practical training is the uniqueness of chartered accountancy curriculum. Quality training organized by the members of the Institute is key to producing high calibre chartered accountants competent to encounter challenges of the professional role. Practical Training of Chartered Accountancy is a unique learning scheme in which a student gets exposure to professional activities. This helps him to understand the intricacies involved in various fields wherein chartered accountants are engaged in practice or service. Theoretical education supports to achieve excellence in practical training.

Library - The Institute has good Library facilities at the Headquarters,Regional Offices as well as as Branches of the Regional Councils catering to the needs of the students.

eLibrary - 5 Regional Council Libraries & Central Council Library of the Institute have been brought on an Enterprise Library Software facilitating access to all libraries simultaneously and providing links to online Journals, e-Books, Articles from The Chartered Accountant Journal, Accountant's Browser, Library Security Deposit Rules, Library News and Views, List of Journals, Library Services for Members & Students, Photographs Available In The Library, Recent Additions, SAFA Books & Publications available in the library and many more. Login facility for members & students will provide search & access to user Account containing current loans, renewals, overdues, reservations, alerts etc. and to correspond with the library on regular basis.

Study Material - The Board of Studies also prepares for the benefit of the student, Revision test Papers containing model questions and answers, pre-examination notes on relevant subjects covering latest development. Suggested Answers Volumes for the various for the various Examinations held by the Institute, subject-wise compilation of questions and answers in selected subjects and such other useful materials. Further, the Institute organises class room instruction facilities by way of recisional / intensive classes for students at the Institutes headquarters as well as at Regional Centres and certain selected Branches. In addition, Institutions specifically accredited by the Board of Studies for the students for the students of Professional Education Course (I&II) also organise such classes as per the Board's guidelines. Attending such oral coaching classes helps a student in understanding and grasping the different subjects easily.

IFACnet - A new global web-based resource is available to assist the members in locating the information needed to make well informed business decisions, provide high quality work, and keep pace with the changing marketplace in which you operate. This new resource, IFACnet – A KnowledgeNet for Accountants in Business, provides one-stop access to leading edge articles, good practice guidance, and management tools for accountants employed in commerce, industry, the public sector, education, and the not-for-profit sector. By going directly to http://www.ifacnet.com or accessing the KnowledgeNet through the IFAC website, users can locate thousands of high-quality and relevant materials targeted specifically for professional accountants in business (PAIBs) and developed by IFAC and more than a dozen member bodies.

MRA With CPA Australia - The Institute of Chartered Accountants India has entered into mutual recognition agreement (MRA) with CPA Australia to establish guidelines on how qualified members can gain reciprocal membership. CPA Australia members who qualify for membership of ICAI will have rights to use the CA designation in India. ICAI members who qualify for membership of CPA Australia will have rights to use the CPA designation. For more info - http://www.icai.org/post.html?post_id=4289&c_id=227

ADR - The Alternative Dispute Resolution system is a cost and time effective alternative to the heavily overburdened Courts. Appreciating the larger role of members in Alternative Dispute Redressal Mechanism as well as the significance of dispute settlement in the development process, the Institute is desirous of promoting the area of practice amongst its members. It offers immense professional opportunities for members given their expertise in Commercial, Financial and Taxation matters. Members of this profession are also known for their independence and are therefore trusted by the business community.

CANet - Network is association of different firms/ members who identify a common name (brand) and adopt collaborative approach yet retain their own identity and ownership of their individual practices. The individual participants continue to manage their own practises but, adhere to the standards established by the Network. They share common practises, procedures and knowledge base. Networking is establishing association with members/firms who share similar ideas, goals and visions and who complement strengths of participants of the Network. For more info - http://www.canet.co.in/index.jsp

CANet could be used in following three manners:

• Referencing.
• Consolidation.
• Networking.

Digital Certification Centre - As a part of the continuous enhancement to online services, ICAI will be issuing you legally valid Digital Certificates. This will enable candidates to carry your transactions (e-mail and web based services) under the jurisdiction of The Institute of Chartered Accountants of India, electronically and hence increase the efficiency and speed of processing. The Digital Certificates are issued under the licensed TCS-Certifying Authority Trust Network that ensures legal sanctity as per the Indian IT Act, 2000.

Women Steering Group - There is an increase in number of girl students opting for CA course. Recognizing the need to work towards empowerment to female fraternity be it (Chartered Accountants) for enabling them to make their contribution in professional, society and their personal lives ICAI is establishing Women's steering group with the aim of defining better role to women CAs coinciding with the International Women's Day i.e. March 8 every year. This forum is constituted to focus on the current status of women CAs and students and endeavor to focus its work plan on their capacity building to position them as competent, capable, collaborative partners in all facets of professional and allied activities.

Scholarships - The Board of studies grants various scholarships to students, namely:

1. Merit based.
2. Merit-cum-Need based.
3. Need based.

These are awarded twice in a year i.e. in the month of April and October every year. Generally it's announcements are release in the students newsletter "The Chartered Accountant Student". The students are required to apply in prescribed scholarship application form (in form 3).

Placements - ICAI provides an opportunity both to employing organisations as well as young professional aspirants / experienced professionals to meet and explore the possibility of taking up positions in Industry. The Campus Placement Programme is now viewed as the reliable platform to recruit Chartered Accountants. Some of the companies that have recruited candidates are ITC, Bharat Petroleum Corpn. Ltd., Morgan Stanley etc.