The Institute of Chartered Accountants of India is a statutory body, being formed under The Chartered Accountants Act, 1949. It was mainly formed up for regulating the Chartered Accountancy profession in India. It is directly under the administrative control of the Ministry of Corporate Affairs, Government of India. It also takes pride in being the second largest professional body, dedicated to Chartered Accountants, in the world.
The Council consists of 40 members, 32 of whom are elected by the Chartered Accountants and the remaining 8 being directly nominated by the Central Government. The body has been responsible for maintaining the best standards of technical and ethical excellence in the profession, since its inception. It is also responsible for carrying out stringent examination patterns and maintaining highest qualities of education standards, to ensure quality chartered accountants in the country.
The main functions of the body include regulating the profession of accountancy, educating and examining the Chartered Accountancy Course, conducting various post qualification courses, engaging in continuous professional education of members and a lot more. It is also responsible for formulation of the accounting standards, prescribing the standard auditing procedures, laying down the ethical norms to be followed by the chartered accountants etc.