ICAI

Introduction to ICAI

The Institute of Chartered Accountants of India (ICAI) is the premier national professional accounting body in India. Established on July 1, 1949, under the Chartered Accountants Act, 1949, ICAI operates under the administrative control of the Ministry of Corporate Affairs, Government of India. With over 400,000 members, it stands as the largest professional accounting body in the world, dedicated to regulating and developing the profession of Chartered Accountancy in India.

Key Features of ICAI

• Global Recognition: ICAI is a founder member of the International Federation of Accountants (IFAC) and has mutual recognition agreements with several international accounting bodies.
• Comprehensive Education & Training: The institute offers a structured pathway to becoming a Chartered Accountant, including the Foundation, Intermediate, and Final examinations, along with mandatory practical training.
• Regulatory Authority: ICAI prescribes accounting and auditing standards and ensures compliance through its disciplinary mechanisms.
• Member Services: Provides a range of services to members, including continuous professional development, networking opportunities, and access to resources and publications.

How to Become a Member

To become a member of ICAI, candidates must:

1. Pass all three levels of ICAI examinations: Foundation, Intermediate, and Final.
2. Complete 24 months of practical training (articleship) under a qualified Chartered Accountant.
3. Apply for membership through the official ICAI portal, submitting necessary documents and fees.

Membership Fees

The membership fees for the year 2023-2024 are structured as follows:

• Associate Member (below 60 years): ₹1,770
• Associate Member (above 60 years): ₹1,298
• Fellow Member (below 60 years): ₹3,540
• Fellow Member (above 60 years): ₹2,714

These fees are inclusive of 18% GST. Members opting for the e-journal receive a discount of ₹590 (including GST) under the “I GO GREEN with ICAI” scheme. Air mail charges for the CA Journal are ₹2,478 (inclusive of GST) for members residing abroad, applicable only if the e-journal is not chosen.

Member Benefits

ICAI offers a plethora of benefits to its members, including:

• Professional Development: Access to workshops, seminars, and webinars to enhance skills and knowledge.
• Networking Opportunities: Platforms to connect with fellow professionals and industry experts.
• Resource Access: Availability of publications, research materials, and technical guides.
• Discounted Services: Special offers on software, insurance, healthcare, and more through the Committee for Members in Practice (CMP).

Frequently Asked Questions

Q1: How can I renew my ICAI membership?

A1: Membership renewal can be done online through the ICAI Self Service Portal by paying the annual fees before the due date.

Q2: What is the Certificate of Practice (COP)?

A2: COP is a certificate issued by ICAI that authorizes a member to engage in public practice, including acting as a statutory auditor for companies.

Q3: Are there any discounts available for members?

A3: Yes, members can avail discounts on various services, including software products, insurance schemes, and healthcare services, through the CMP initiatives.

Q4: Can I practice as a Chartered Accountant without a COP?

A4: No, a COP is mandatory for members who wish to engage in public practice in India.

Q5: How can I access ICAI’s resources and publications?

A5: Members can access a wide range of resources and publications through the official ICAI website and the Self Service Portal.