Consider the following statements: 1. Institute of Chartered Accountants of India (ICAI) is a statutory body created by the Chartered Accountants Act of 1949. 2. Institute of Chartered Accountants of India (ICAI) operates under the under the administrative control of the Ministry of Commerce and Industry. 3. ICAI ranks as the largest professional body of chartered accountants globally. How many of the statements given above are correct? |ForumIAS

Q. Consider the following statements:
1.Institute of Chartered Accountants of India (ICAI) is a statutory body created by the Chartered Accountants Act of 1949.
2.Institute of Chartered Accountants of India (ICAI) operates under the under the administrative control of the Ministry of Commerce and Industry.
3.ICAI ranks as the largest professional body of chartered accountants globally.
How many of the statements given above are correct?

[A] Only one

[B] Only two

[C] All three

[D] None

Answer: A

Notes:

Explanation –

Statement 1 correct. The ICAI was established under the Chartered Accountants Act, 1949, which was enacted by the Parliament of India to regulate the profession of Chartered Accountants in India.

Statements 2 and 3 are incorrect. The ICAI operates under the administrative control of the Ministry of Corporate Affairs. The ICAI is the second largest professional body of Chartered Accountants in the world.

Source: Forum IAS

Post-Mains Strategy Session by Mr. Ayush Sinha | ForumIAS