The Institute of Chartered Accountants of India

Mahesh P. Sarda

Our Mission

The Indian Accountancy Profession will be the Valued Trustee of World Class the Valued Trustee of World Class

Financial competencies,Good Governance and Competitiveness

Profile of ICAI

• Set up under - An act of Parliament - the

Chartered Accountants Act, 1949.

Profession has grown leaps and bounds

in terms of Membership and Student

base

The Role of ICAI

• Established by the Chartered Accountants Act 1949

• Regulation of the profession of Accountancy

• Education & Examination of Accountancy

• Ensuring Standards of Performance of Members

• Formulation of Accounting Standards

• Prescription of Auditing & ASSURNACE Standards

• Laying down Ethical Standards • Laying down Ethical Standards

• Continuing Professional Education

• Financial Report Review

• Monitoring quality through peer Review

• Conducting Post Qualification Courses

• Exercise Disciplinary Jurisdiction

• Inputs on Policy Matters on Government, Regulators, etc.

Profession in India

• 175 K Members spread throughout the country and in different parts of the world

• Sizeable studentship base

• Increase in percentage of members joining industry

• Chartered Accountants - rendering services in various fields -Politics, Judiciary, Government, Agriculture, Corporate, NGOs

• Large majority of practicing units - Small & Medium size firms • Large majority of practicing units - Small & Medium size firms

• Increasing trends towards consolidation

• Focus on Capacity Building

• Government of India - ICAI as Partner in Nation Building

• Technical Standards based on International Standards

Profession is aligning itself with changing imperatives

• Convergence with International Standards of Accounting and Auditing

• Review and Revision of Education Curriculum as per IES

• Upgrading skill set in newer areas

• Facilitating Consolidation amongst Smaller Firms

• Corporatization for Management Consultancy Services

• Recent change in Regulatory Framework• Recent change in Regulatory Framework

• Multidisciplinary Firms and LLP

• Making CPE mandatory

• Profession reshaping under WTO/ GATS

• Introduction of Peer Review System, Financial Reporting Review

• Focus on internal auditing

ICAI’s New Scheme of Education & Training — Integrated Professional Competence Course Launched –meeting the International Education Standards

– Keeping in line with its motto of “Enriching the nation through Professional Excellence”, the Institute Launched New scheme Professional Excellence”, the Institute Launched New scheme of Education and Training namely Integrated Professional Competence Course, which includes the Accounting Technician Course in December 2008

– Integrated Professional Competence Course (IPCC) - Group I, Accounting Technician Level and Group II.

Certificate Courses launched for Members

• Certificate Course on Indirect Taxes

• Certificate Course on Enterprise Risk Management

• Certificate Course on Internal Audit

• Certificate Course on Master in Business Finance

• Certificate Course on International Taxation

• Certificate Course on Forensic Accounting & Fraud Detection using • Certificate Course on Forensic Accounting & Fraud Detection using IT & CAATs

• Certificate Course on International Financial Reporting Standards(also being organized at the Dubai Chapter of ICAI)

• Certificate Course on Forex and Treasury Management

• Certificate Course on Derivatives

• Certificate Course on Valuation

• Certificate Course on Arbitration

International Presence of ICAI

ICAI - founder member of IFAC, CAPA, SAFA

ICAI - represented in :

IFAC –

• As Board Member

• Small and Medium Practices Committee

• Professional Accountancy Organization Development • Professional Accountancy Organization Development Committee

• International Public Sector Accounting Standards Board

CAPA

• As Board Member

International Presence

SAFA

• As Board Member

• Committee on Education, Training & CPD

• Committee on Accounting and Auditing Standards

• Committee on Professional Ethics and Independence

• Committee for Improvement in Transparency, Accountability and Governanceand Governance

• Committee on Professional Accountants in Business

• Committee on Quality Control

• Small and Medium Practices Committee

• Committee on Harmonization of Fiscal and Tariff Regimes

• SAFA Summit Organizing Committee

• Task Force to review Constitution of SAFA

• President ICAI as Board Member

• Secretary as Permanent Secretary

International Initiatives

• ICAI being consulted by IAASB in Audit Standards Setting and by IASB in IFRS setting

• Playing a lead role in the area of Developing Nations, SMPs and SMEs,International Public Sector Accounting Standards, International EducationStandards

• SAFA adopted ICAI curriculum as model

• Student exchange programs held with ICAB, ICAP, ICAN and ICASL

• Office in Dubai• Office in Dubai

• Introduced - E-Newsletter for ICAI members abroad to bring the members close to the activities of ICAI.

• Invitation to Institutionalize Profession in countries like UAE and Oman .

• Initiatives for recognition of ICAI qualification by accounting bodies in other countries

• 21 Chapters of ICAI abroad.

MOU with Accounting Bodies

ICAI has signed MoU with the following accounting Institutes:

– Institute of Chartered Accountants in England & Wales on November 20, 2008

– The Institute of Chartered Accountants in – The Institute of Chartered Accountants in Australia (ICAA), on July 03, 2009

– Higher Colleges of Technology, UAE on January 04, 2011

– Canadian Institute of Chartered Accountants on February 07, 2011

– College of Banking & Financial Studies, Oman (renewal)

•

MRA with Accounting Bodies

• ICAI has signed MRA with the following accounting Institutes:

–CPA Australia Ltd on February 03, 2009

–CPA Ireland on September 08, 2010

Joint Declaration with Accounting Bodies

ICAI has signed Joint Declaration with the following accounting Institutes:

–Certified General Accountants Association of Canada on July 04, 2009

–Bahrain Institute of Banking and Finance –Bahrain Institute of Banking and Finance on July 05, 2009

–Association of International Accountants, UK on January 06, 2011

• ICAI’s initiative to offer its support forinstitutionalization of accountancyprofession in developing countries - ICAI’sprofession in developing countries - ICAI’ssupport given to Djibouti, Nepal, SriLanka, Mongolia.

ICAI-Mentorship Role

• Technical Support to accounting Bodies in SAARC region -Afghanistan, Maldives and Bhutan

• Training for six months in Accountancy and English -provided to the students from Djibouti.

• Periodic Training in English and IFRS also held for the accountants from Mongolia

ICAI-Mentorship Role

• ICAI - approached by Mongolian Institute of CPAs fortechnical support on their application on Statement ofMembership Obligation for becoming full member of IFACand on exploring the possibilities for improvements in thefunctioning of Mon ICPA.

• Institute of Chartered Accountants of Sri Lanka –approached ICAI for rendering its services in the field onapproached ICAI for rendering its services in the field onQuality Review and Assurance Process to Sri Lanka – theprocess is initiated.

Important Initiatives Undertaken to Align with Changing Global Scenario

• Alignment of Indian accounting standards with IFRSs by

• Alignment of Auditing Standards with International Standards

• To honor exemplary work of Chartered Accountants - ICAI instituted “ICAI Awards”

• Mandatory CPE Requirement

• Peer Review Mechanism• Peer Review Mechanism

• Financial Report Review

• Brand building – Nationally and Internationally

• Focused approach on issues relating to Corp. Governance.

• Vigorous pursuance of Mutual Recognition Agreements.

• Facilitating accounting reforms in various areas

ICAI AT Doorstep for ICAI Members Abroad

• Online payment of fees/ other related membership services.

• Facility for imparting training to Articles under the Chartered Accountants Act and Regulations

• Post Qualification Courses for Members of the Institute

• Formation of Chapter/Liaison Point of ICAI

• Facility of Journal by Air-Mail

• Purchase of publications by Members residing Abroad• Purchase of publications by Members residing Abroad

• Updating of Profile of Members Abroad

• Availability of Information for more Professional Avenues in India

• Placement Portal to provide employment assistance to Members

• Bringing ICAI Members Abroad Close through launch of

E-newsletter

Posers

• Is it good enough?

• Is it in right direction?

• Whether change of mindset is essential?

• Do we recognize our strength?• Do we recognize our strength?

• Are we alert to weaknesses?

• Are we seizing all opportunities?

• Are we serious about threats?

• Are we adopting symptomatic approach or addressing fundamental issues?

The Institute of Chartered Accountants of India[Set up by an Act of Parliament]

“ICAI Bhawan”, Indraprastha Marg, New Delhi – 110 002.

Phone: 91-11-39893989, 30110210

Website: www.icai.org