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What is the Full Form of ICAI

ICAI: Institute of Chartered Accountants of India

The ICAI stands for Institute of Chartered Accountants of India, The Institute of Chartered Accountants of India (ICAI) is the national expert bookkeeping assortment of India. It was founded on 1st July 1949 as a statutory body under the Chartered Accountants Act, 1949 authorized by the Parliament (going about as the temporary Parliament of India) to control the calling of Chartered Accountancy in India.

ICAI Full Form

The Institute of Chartered Accountants of India is also considered the second biggest expert Accounting and Finance body on the Planet. ICAI is the main permitting cum managing body of the budgetary review and bookkeeping calling in India. It also tells us the bookkeeping principles to be trailed by organizations in India to the National Advisory Committee on Accounting Standards (NACAS). Also, sets the bookkeeping measures to be trailed by different kinds of associations. ICAI is exclusively in charge of setting the standards on Auditing (SAs ) to be followed in the review of money-related articulations in India. Additionally, it also issues other specialized measures like Standards on Internal Audit ( SIA ), Corporate Affairs Standards ( CAS ), and so forth to be trailed by rehearsing Chartered Accountants. It works intimately with the Government of India, the Reserve Bank of India, and the Securities and Exchange Board of India in detailing and authorizing such benchmarks.

ICAI has achieved recognition as a premier accounting body not only in the country but also globally over a period of time, for maintaining the highest standards in technical, and ethical areas and for sustaining stringent examination and education standards. Since 1949, the profession has grown leaps and bounds in terms of members and student base.

  • Education and Examination of Chartered Accountancy Course
  • Continuing Professional Education of Members
  • Conducting Post Qualification Courses
  • Formulation of Accounting Standards
  • Prescription of Standard Auditing Procedures
  • Laying down Ethical Standards
  • Monitoring Quality through Peer Review
  • Ensuring Standards of performance of Members
  • Exercise Disciplinary Jurisdiction
  • Financial Reporting Review
  • Input on Policy matters to the Government

ICAI Exam Eligibility

Each exam has its eligibility criteria to be met if one wants to clear everything. However, the one common criterion they do share is that they must not fail even a single subject. If failed in even one subject, the candidate must apply for a re-attempt for all subjects, including those they passed.

CA Foundation Exam:

A class 12 board exam certificate with any specialization from a recognized board or university is a must to appear for the CA foundation exam. In addition, they must have passed all subjects in it.

Here is the list of eligibility criteria for the CA foundational Exam.

  • One must have registered on the Board of Studies on or before 30th June of the exam year.
  • One must have changed to the CA Foundation Course with the Board of Studies of ICAI on or before the 7th of September of the exam year.
  • One must obtain a minimum score of 15 in all the sections and have 100 marks as an aggregate to pass the exam.
  • If one fails to score 15 in even a single section, even if one obtained 100 marks in total, then it will be considered a failure.

CA Intermediate Exam:

The intermediate exam has bigger criteria to meet when compared to the Foundation exam.

Let's take a look:

  • One must have already completed the Foundation exam to appear for this one.
  • One must clear both Groups I and Group II to write the IPCC exam.
  • One must write near-perfect answers since they will be verified by the topmost faculty at ICAI.
  • One must obtain at least 50% in every subject and 50% as an aggregate score for each group.
  • If the total does not cross 50%, the candidate will be rejected even if they passed all the subjects.

CA Final Examination:

To appear for CA Final examination, one must have already completed both the Foundation Exam and the Intermediate Exam to be considered for this one.

Other eligibility requirements are as follows.

  • One must have a certificate of apprenticeship from any organization or any recognized chartered accountant that claims a period of 2.5 years.
  • One must have the training required for CA Final Examinations. This is normally received during the last half-year period of your apprenticeship.

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