The Institute of Chartered Accountants of India (ICAI) is a Statutory body established under the Chartered Accountants Act, 1949 for regulation of the profession of Chartered Accountants in India. ICAI is the second largest accounting body in the world with a strong tradition of service to the public interest and to the Indian economy.
During its 68 years of existence, ICAI has achieved recognition as a premier accounting body not only in the country but also globally, for maintaining highest standards in technical, ethical areas and for sustaining stringent examination and education standards. Since 1949 the profession has grown leaps and bound in terms of membership and student base. As of today the strength of Chartered Accountant fraternity has grown to over 2.50 lakh members and more than 8.75 lakh active students are part of ICAI.
The Institute functions under the administrative control of Ministry of Corporate Affairs, Government of India.
The activities of the ICAI can be broadly divided into Regulatory, Standard Setting, Disciplinary and Education & Training. The Council functions through its 4 Standing Committees and 43 Non-Standing Committees. ICAI formulates Accounting Standards as well as Auditing Standards which have also been converged as per International Standards.
Other details are available in the Annual Report of ICAI.
The ICAI Registered Valuers Organisation is a section 8 Company formed by the Institute of Chartered Accountants of India to enroll and regulate registered valuers as its members in accordance with the Companies (Registered Valuers and Valuation) Rules, 2017.
(1) The Organisation shall carry out the functions of the Registered Valuers Organisation under the Companies (Registered Valuers and Valuation) Rules, 2018, and functions incidental thereto.
(2) The Organisation shall not carry on any function other than those specified in sub-clause (1), or which is inconsistent with the discharge of its functions as registered valuers organisation.
Apart from the above, the duties of the Organisation have been set out in Regulation 6 (schedule to Notification No. MCA/3401/2017-18, dated 18-11-2017) as follows:-
(1) The Organisation shall maintain high ethical and professional standards in the regulation of its members.
(2) The Organisation shall –
(a) ensure compliance with the Companies Act, 2013 and rules, regulations and guidelines issued thereunder governing the conduct of registered valuers organisation and registered valuers;
(b) employ fair, reasonable, just, and non-discriminatory practices for the enrolment and regulation of its members;
(c) be accountable to the authority in relation to all bye-laws and directions issued to its members;
(d) develop the profession of registered valuers;
(e) promote continuous professional development of its members;
(f) continuously improve upon its internal regulations and guidelines to ensure that high standards of professional and ethical conduct are maintained by its members; and
(g) provide information about its activities to the authority.