The Institute of Chartered Accountants of India (ICAI) has issued an accounting and auditing advisory, with guidance on incorporating the impact of disruptions caused by COVID-19 on financial reporting and auditing.
Type: A statutory body established by an Act of Parliament, viz. The Chartered Accountants Act, 1949.
Established in: 1949.
Mandate: Regulating the profession of Chartered Accountancy in the country; Formulation of Accounting Standards; and Prescription of Standard Auditing Procedures.
Parent Body: It functions under the administrative control of the Ministry of Corporate Affairs, Government of India.
Council: The affairs of the ICAI are managed by a Council which constitutes of 40 members of whom 32 are elected by the Chartered Accountants and remaining 8 are nominated by the Central Government.
Important Info :
The ICAI is the second largest professional body of Chartered Accountants in the world, with a strong tradition of service to the Indian economy in public interest.
Source : Indian Express