![]() ICAI is one of the founder members of the International Federation of Accountants (IFAC), South Asian Federation of Accountants (SAFA), and Confederation of Asian and Pacific Accountants (CAPA). ICAI has entered into mutual recognition agreements with other professional accounting bodies worldwide for reciprocal membership recognition. The professional membership organization is known for its non-profit service. A person can become a member of ICAI and become a financial (i.e. The management of the institute is vested with its council with the president acting as its chief executive authority. Only a member of ICAI can be appointed as statutory auditor of a company under the Companies Act, 2013. ICAI Chartered Accountants are subject to a published Code of Ethics and professional standards, violation of which is subject to disciplinary action. However, the word chartered does not refer to or flow from any Royal Charter. ![]() Members of the institute are known as ICAI Chartered Accountants or ICAI Accountants (either Fellow or Associate). The other reputed accounting research bodies in India are Institute of Cost Accountants of India and University of Delhi, University of Calicut and University of Mumbai. In India, accounting standards and auditing standards are recommended by the National Financial Reporting Authority (NFRA) to the Government of India which sets the Standards on Auditing (SAs) to be followed in the audit of financial statements in India. It was established on 1 July 1949 as a statutory body under the Chartered Accountants Act, 1949 enacted by the Parliament for promotion, development and regulation of the profession of Chartered Accountancy in India. The Institute of Chartered Accountants of India ( ICAI) is India's largest professional accounting body under the administrative control of Ministry of Corporate Affairs, Government of India. Ministry of Corporate Affairs, Government of India
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