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Consider the following statements with reference to the Institute of Chartered Accountants of India (ICAI):
1. It is a statutory body established to regulate the profession of Chartered Accountancy in the country.
2. It functions under the administrative control of the Ministry of Finance, Government of India.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'A'. Can you explain this answer?
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Consider the following statements with reference to the Institute of C...
The Supreme Court recently upheld a rule issued by the Institute of Chartered Accountants of India (ICAA) barring chartered accountants from accepting more than the "specified number of tax audit assignments" in a financial year.
About Institute of Chartered Accountants of India (ICAI):
- It is a statutory body established by an Act of Parliament, viz., the Chartered Accountants Act, 1949, for regulating the profession of Chartered Accountancy in the country.
- It functions under the administrative control of the Ministry of Corporate Affairs, Government of India.
- Headquarters: New Delhi
- It is the second largest professional body of chartered accountants in the world.
- The affairs of the ICAI are managed by a Council in accordance with the provisions of the Chartered Accountants Act, 1949, and the Chartered Accountants Regulations, 1988.
- The Council consists of 40 members, of whom 32 are elected by the Chartered Accountants and the remaining 8 are nominated by the Central Government, generally representing the Comptroller and Auditor General of India, the Securities and Exchange Board of India, the Ministry of Corporate Affairs, the Ministry of Finance, and other stakeholders.
- Functions of ICAI:
- Regulates the profession of Accountancy.
- Examination and education 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.
Hence only statement 1 is correct.
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Consider the following statements with reference to the Institute of C...
Explanation:
Statement 1: It is a statutory body established to regulate the profession of Chartered Accountancy in the country.
- The Institute of Chartered Accountants of India (ICAI) was established by an Act of Parliament in 1949 to regulate the profession of Chartered Accountancy in India.
- The primary objective of ICAI is to maintain the professional standards and ethics of the Chartered Accountancy profession in the country.
Statement 2: It functions under the administrative control of the Ministry of Finance, Government of India.
- This statement is incorrect. ICAI operates under the administrative control of the Ministry of Corporate Affairs, Government of India, and not the Ministry of Finance.
- The Ministry of Corporate Affairs is responsible for overseeing the functioning of ICAI and ensuring compliance with relevant laws and regulations.
Therefore, the correct answer is option 'A' - 1 only, as the first statement accurately describes the role and function of the Institute of Chartered Accountants of India.
Statement 1: It is a statutory body established to regulate the profession of Chartered Accountancy in the country.
- The Institute of Chartered Accountants of India (ICAI) was established by an Act of Parliament in 1949 to regulate the profession of Chartered Accountancy in India.
- The primary objective of ICAI is to maintain the professional standards and ethics of the Chartered Accountancy profession in the country.
Statement 2: It functions under the administrative control of the Ministry of Finance, Government of India.
- This statement is incorrect. ICAI operates under the administrative control of the Ministry of Corporate Affairs, Government of India, and not the Ministry of Finance.
- The Ministry of Corporate Affairs is responsible for overseeing the functioning of ICAI and ensuring compliance with relevant laws and regulations.
Therefore, the correct answer is option 'A' - 1 only, as the first statement accurately describes the role and function of the Institute of Chartered Accountants of India.
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Consider the following statements with reference to the Institute of Chartered Accountants of India(ICAI):1. It is a statutory body established to regulate the profession of Chartered Accountancy in the country.2. It functions under the administrative control of the Ministry of Finance, Government of India.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?
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