CA Full Form – Chartered Accountant

CA Full Form Chartered Accountant

CA Full Form

CA also called CHARTERED ACCOUNTANT.

is a professional course in India. Which is held by the premier national professional body constituted under an Act of Parliament.

The minimum qualification required to pursue ICAI CA course is Class 12th.

The candidates who have passed Class 12th can take up CPT course.

Common Proficiency Test (CPT) is the beginning stage to start a career in Charted Accountancy.

The second stage is IPCC (Intermediate) and the last stage is CA Final in India.

The Institute of Chartered Accountants of India was established under the Chartered Accountants Act, 1949 passed by the Parliament of India with the objective of regulating the accountancy profession in India.

The Institute of Chartered Accountants of India (ICAI) is the national professional accounting body of India.

ICAI is a premier national professional body constituted under an Act of Parliament.

It has been set up to regulate and develop the profession of Chartered accountant.

under the jurisdiction of Ministry of Corporate Affairs , Government of India .

It was established on 1 July 1949 as a statutory body under the Chartered Accountants Act, 1949.

The motto of the ICAI is “Ya Aeshu Suptaeshu Jagruti” (Sanskrit),

which literally means “a person who is awake in those that sleep”.

It is a quotation from the Upanishads (Kathopanishad).

SEE ALSO : https://itohg.com/sc-full-form/

enacted by the Parliament (acting as the provisional Parliament of India) to regulate the profession in India.

The ICAI is the second largest professional Accounting & Finance body in the world in terms of membership and number of students.

ICAI is the third largest professional accounting body in the world in terms of membership only to the ACCA and AICPA.

It recommends the accounting standards to be followed by companies in India to the National Financial Reporting Authority (NFRA) the Public Accounting Oversight Board which supersedes ICAI.

The ICAI is solely responsible and accountable for setting the Standards on Auditing to be followed in the audit of financial statements in India.

Members of the Institute are known as Chartered Accountants.

Membership of the Institute is recognized for appointment to superior posts and services under Central Government.

NOTE ::- the word chartered does not refer to or flow from any Royal Charter.

Chartered Accountants are subject to a published Code of Ethics and professional standards, violation of which is subject to disciplinary action.

Only a member of ICAI can be appointed as statutory auditor of a company under the Companies Act, 2013.

The management of the Institute is vested with its Council with the president acting as its Chief Executive Authority.

A person can become a member of ICAI by taking prescribed examinations and undergoing three years of practical training.

The membership course is well known for its rigorous standards.

The ICAI has entered into mutual recognition agreements with other professional accounting bodies worldwide for reciprocal membership recognition.

The ICAI is one of the founder members of The :-

International Federation of Accountants (IFAC),

South Asian Federation of Accountants (SAFA), and

Confederation of Asian and Pacific Accountants (CAPA).

The ICAI prescribes the qualifications for a Chartered Accountant, conducts the requisite examinations and grants license in the form of Certificate of Practice.

Apart from this primary function, it also helps various government agencies like
RBI,
SEBI,
MCA,
CAG,
CS
IRDA, etc.

in policy formulation. ICAI actively engages itself in aiding and advising economic policy formulation.

The ICAI also examines the various
taxation laws,
rules,
regulations,
circulars,
notifications, etc.

which may be enacted or issued by the Government from time to time and to send suitable memoranda containing suggestions for improvements in the respective legislation.

The government of India also takes the suggestions of ICAI as expert advice and considers it favorably.

ICAI presented an approach paper on issues in implementing Goods and Service Tax in India to the Ministry of Finance.

In response to this, Ministry of Finance has suggested that ICAI take a lead and help the government in implementing GST.

CA Full Form

Official Site : https://www.icai.org/

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