ICAI is a statutory body established by an Act of Parliament, viz. The Chartered Accountants Act, 1949 for regulating the profession of Chartered Accountancy in India. The Institute, which functions under the administrative control of the Ministry of Corporate Affairs, Government of India has five Regional Councils and 164 branches in India; in addition to 33 foreign Chapters outside India.
The affairs of the ICAI are managed by a Council of 40 members of whom 32 are elected by the Chartered Accountants and remaining 8 are nominated by the Central Government generally representing the Comptroller and Auditor General of India, Securities and Exchange Board of India, Ministry of Corporate Affairs, Ministry of Finance and other stakeholders.
Over a period of time the ICAI has achieved recognition as a premier accounting body not only in the country but also globally, for maintaining highest standards in technical, ethical areas and for sustaining stringent examination and education Standards.