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Source-This post on Institute of Chartered Accountants of India (ICAI) has been created based on the article “Supreme Court Upholds ICAI Rule Limiting Number Of Tax Audits By Chartered Accountants Per Yer; Declares It Operative From April 1, 2024” published in “Live Law” on 24 May 2024.
Why in News?
The Supreme Court recently confirmed a regulation from the Institute of Chartered Accountants of India (ICAI) that limits chartered accountants to accepting no more than the “specified number of tax audit assignments” in a financial year.
About Institute of Chartered Accountants of India (ICAI)
| Aspects | Description |
| About | ICAI is a statutory body created by the Chartered Accountants Act of 1949, tasked with regulating the Chartered Accountancy profession in India. |
| Operated under | It operates under the administrative control of the Ministry of Corporate Affairs, Government of India. |
| Location | The headquarters are located in New Delhi. |
| Global Standing | It ranks as the second-largest professional body of chartered accountants globally. |
| Governance | 1. Council Structure: The affairs of the ICAI are overseen by a Council according to the Chartered Accountants Act, 1949, and the Chartered Accountants Regulations, 1988. 2. Council Composition: The Council comprises 40 members, with 32 elected by Chartered Accountants and 8 nominated by the Central Government. 3. The nominees typically represent entities like the Comptroller and Auditor General of India, the Securities and Exchange Board of India, and the Ministries of Corporate Affairs and Finance, among other stakeholders. |
| Functions | Regulation: It oversees the Chartered Accountancy profession. Education and Examination: Manages the education and examination of the Chartered Accountancy course. Professional Development: It facilitates continuing professional education and conducts post-qualification courses. Standard Setting: It formulates accounting standards and prescribes standard auditing procedures. Ethical Standards: It establishes ethical standards for the profession. Quality Assurance: It monitors quality through peer reviews and ensures the performance standards of its members. Disciplinary Actions: It exercises disciplinary jurisdiction over members. Financial Reporting Review: It conducts reviews of financial reporting. Policy Advisory: It provides input on policy matters to the government. |
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