![]() ![]() However, the word chartered does not refer to or flow from any Royal Charter. Members of the Institute are known as ICAI Chartered Accountants or ICAI Accountants (either Fellow or Associate). The other reputed accounting research bodies in India are the Institute of Cost Accountants of India ( ICMAI) and University of Delhi, University of Calicut and University of Mumbai. ![]() In India, accounting standards and auditing standards are recommended by the National Financial Reporting Authority (NFRA) to the Government of India which sets the Standards on Auditing (SAs) to be followed in the audit of financial statements in India. ![]() ![]() It was established on 1 July 1949 as a statutory body under the Chartered Accountants Act, 1949 enacted by the Parliament for promotion, development and regulation of the profession of Chartered Accountancy in India. The Institute of Chartered Accountants of India ( ICAI) is the World's second largest professional accounting body and largest professional accounting body of India under the ownership of Ministry of Corporate Affairs, Government of India. Ministry of Corporate Affairs, Government of India ![]()
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