The Institute of Chartered Accountants of India (ICAI) was set up on July 1, 1949. The statutory body was established under the Chartered Accountants Act, 1949, enacted by the Parliament, to regulate affairs related to chartered accountants such as prescribing their qualifications, conducting requisite examinations, and granting Certificate of Practice. The affairs of the ICAI are managed by a council in accordance with the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988. The council consists of 40 members, 32 of whom are elected by chartered accountants; the rest are nominated by the Centre -- generally representing the Comptroller and Auditor General of India, Securities and Exchange Board of India, Ministry of Corporate Affairs, Ministry of Finance and other stakeholders. Counted amongst the world’s largest professional accounting bodies, ICAI, which functions under the administrative control of the Ministry of Corporate Affairs, Government of India, is headquartered in the ICAI Bhawan in Indraprastha Marg, New Delhi. The current president of the ICAI is CA Nihar N Jambusaria, who is also the Chairman of all Standing Committees, i.e., Executive, Finance, and Examination Committees, besides being the ex-officio member of all Non-Standing Committees and the Editor of the ICAI Journal, ‘The Chartered Accountant’. More
The ICAI decided to host its 445th council meeting in Pahalgam from August 12–14, 2025 and its president Charanjot Singh Nanda said it was a conscious effort to rebuild trust and signal a return to normalcy.
Sebi chief said India continues to dominate the global markets in terms of primary market fund raising, and maintaining transparency and governance is even more important now.
ICAI’s proposed 60-audit cap lacks legal clarity and empirical support. Amid digital tax reform, mandatory audits feel outdated—raising concerns over regulatory overreach, procedural fairness, and modern compliance efficiency
ICAI has formed a special committee to suggest proposals that can help in early detection of corporate fraud
The Institute of Chartered Accountants of India (ICAI) President Charanjot Singh Nanda said that the institute will be assessing the various financial aspects of ONOE reform.
The legal opinion says that ICAI Act, 1949, does not provide Institute of Chartered Accountants of India with the authority to issue standards related to auditing or quality management
NFRA during its board meeting recommended the revision of Standards on Auditing (SA) 600 to hold the group auditor ultimately responsible for the audit
Given the rise of LLPs in critical sectors and a growing preference for registering businesses as LLPs, the NFRA sees a need for bolstered transparency and accountability.
The institute will also develop peer support networks where members can share experiences, seek advice, and collaborate to address challenges related to stress management.
NFRA has proposed that group auditors be held responsible for complete financial statements ; CAs seek joint responsibility.
The ministry has found that many of these companies are non-existent at their registered addresses. In some cases, they had received investment but were now into businesses other than what they were registered for. These are incorporation-related frauds.
CA Exam Postponement: Despite earlier appeals and a legal petition requesting the postponement of the exams due to their proximity to the general elections, the Delhi High Court has dismissed such requests.
ICAI CA Hall Ticket: ICAI Chartered Accountancy (Group 1), which was scheduled to take place on May 7, will now be held on three separate dates - May 3, 5 & 9.
The committee, which is considering stronger regulations for unlisted companies, was set up in the wake of governance issues coming to light at a number of companies.
The FRRB of the statutory body is currently conducting a review of the accounts of tech-based education unicorn Byju’s over alleged governance concerns, and the exercise is progressing well, the ICAI president said.
The Financial Reporting Review Board of ICAI, which was looking into the financial statements of Byju's, flagged certain issues, which the disciplinary panel would examine
The platform, expected to start in three months, will ease the difficulties faced in auditing the accounts of companies.
The council further said that such hasty arrests could be avoided in case the requisite protocols and SOPs are in place before any arrests are made.
To celebrate the achievements of these young dynamic achievers, numerous industry leaders, dignitaries, and key ICAI personnel gathered at the event.
Last year, more than 1.26 lakh candidates appeared in the first stage of the exam held in December 2022 and around 37,000 qualified for it.
The development also comes against the backdrop of Lok Sabha member Karti Chidambaram flagging concerns about the financials of the edtech startup, which has significantly expanded its operations in recent years.
At present, the panel comprises two non-CA nominees and three ICAI members.
The Centre has increasingly focussed on effective financial reporting, in order to raise the impact of various investment and regulatory decisions.
The Institute of Chartered Accountants of India (ICAI) has submitted its views on the provisions, including the one pertaining to the constitution of disciplinary committee, to BJP member Jayant Sinha-led Parliamentary Standing Committee on Finance, which is looking into the bill.
ICAI, in its letter, pointed towards the recent technical glitches and unavailability of certain forms as the reasons behind its demand for a penalty waiver.