In India, the profession of chartered accountancy is regulated by the Institute of Chartered Accountants of India which was established by Parliament under the Chartered Accountants Act of 1949. Since then, the term Chartered Accountant has been used in place of Indian Registered Accountant.
The ICAI is responsible for examinations and licensing of its members. ICAI is the second largest body of professional accountants in the world, with more than 160,000 registered members. Inorder to qualify as a CA students are expected to pass 3 levels of examinations as well as under go 36 or 42 months of training under a practicing CA. Students may opt for industrial training in the last year of their training period.Prior to being enrolled as members the students have to attend a programme on 'General Management and Communication Skills (15 days - 3 months).
Members are awarded the "CA." designation, to be placed just before their names, e.g. CA. John Doe. They are also authorised to use the descriptive words "Chartered Accountant".
Statutory Audit under the Companies Act, 1956 and Tax Audit under the Income-Tax Act, 1961 can be carried out only by Chartered Accountants holding a Certificate of Practice. Further, there are many Acts which require a Certificate issued by a Chartered Accountant.
The ICAI has entered into Mutual Recognition Agreements with overseas accounting bodies including the UK and Australia.
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