{"id":296834,"date":"2024-05-24T18:42:38","date_gmt":"2024-05-24T13:12:38","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=296834"},"modified":"2024-05-24T18:42:53","modified_gmt":"2024-05-24T13:12:53","slug":"institute-of-chartered-accountants-of-india-icai","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/institute-of-chartered-accountants-of-india-icai\/","title":{"rendered":"Institute of Chartered Accountants of India (ICAI)"},"content":{"rendered":"

Source<\/strong>-This post on Institute of Chartered Accountants of India (ICAI) <\/strong>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”<\/a> <\/strong>published in \u201cLive Law<\/b>\u201d on 24 May 2024.<\/p>\n

Why in News?<\/h2>\n

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<\/span> “specified number of tax audit assignments” in a financial year.<\/p>\n

About Institute of Chartered Accountants of India (ICAI)<\/h2>\n
\"ICAI
Source: taxscan.in<\/figcaption><\/figure>\n\n\n\n\n\n\n\n\n\n
Aspects<\/td>\nDescription<\/td>\n<\/tr>\n
About<\/td>\nICAI is a statutory body<\/span> created by the Chartered Accountants Act of 1949, tasked with regulating the Chartered Accountancy profession in India.<\/span><\/td>\n<\/tr>\n
Operated under<\/td>\nIt operates under the administrative control of the Ministry of Corporate Affairs, Government of India.<\/span><\/td>\n<\/tr>\n
Location<\/strong><\/td>\nThe headquarters are located in New Delhi.<\/span><\/td>\n<\/tr>\n
Global Standing<\/strong><\/td>\nIt ranks as the second-largest professional body of chartered accountants<\/span> globally.<\/td>\n<\/tr>\n
Governance<\/td>\n1. Council Structure:<\/strong> The affairs of the ICAI are overseen by a Council according to the Chartered Accountants Act, 1949,<\/span> and the Chartered Accountants Regulations, 1988.<\/span>
\n2. Council Composition:<\/strong> The Council comprises 40 members, with 32 elected by Chartered Accountants<\/span> and 8 nominated by the Central Government.<\/span>
\n3. 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.<\/td>\n<\/tr>\n
Functions<\/td>\nRegulation:<\/strong> It oversees the Chartered Accountancy profession.
\nEducation and Examination: Manages the education and examination of the Chartered Accountancy course.
\nProfessional Development:<\/strong> It facilitates continuing professional education and conducts post-qualification courses.
\nStandard Setting:<\/strong> It formulates accounting standards and prescribes standard auditing procedures.
\nEthical Standards:<\/strong> It establishes ethical standards for the profession.
\nQuality Assurance:<\/strong> It monitors quality through peer reviews and ensures the performance standards of its members.
\nDisciplinary Actions:<\/strong> It exercises disciplinary jurisdiction over members.
\nFinancial Reporting Review:<\/strong> It conducts reviews of financial reporting.
\nPolicy Advisory: It<\/strong> provides input on policy matters to the government.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

UPSC Syllabus: Polity & Governance<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

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 \u201cLive Law\u201d on 24 May 2024. Why in News? The Supreme Court recently confirmed… Continue reading Institute of Chartered Accountants of India (ICAI)<\/span><\/a><\/p>\n","protected":false},"author":10366,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,1760],"tags":[11872,11961],"class_list":["post-296834","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-polity-and-nation","tag-9pm-daily-factly","tag-livelaw","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/296834","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10366"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=296834"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/296834\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=296834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=296834"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=296834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}