ICAI:- INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
The Institute of Chartered Accountants of India (ICAI) is the national expert bookkeeping assortment of India. It was set up on 1 July 1949 as a statutory body under the Chartered Accountants Act, 1949 authorized by the Parliament (going about as the temporary Parliament of India) to control the calling of Chartered Accountancy in India. ICAI is the second biggest expert Accounting and Finance body on the planet. ICAI is the main permitting cum managing body of the budgetary review and bookkeeping calling in India. It prescribes the bookkeeping principles to be trailed by organizations in India to the National Advisory Committee on Accounting Standards (NACAS). also, sets the bookkeeping measures to be trailed by different kinds of associations. ICAI is exclusively in charge of setting the Standards on Auditing (SAs) to be followed in the review of money related articulations in India. It additionally issues other specialized measures like Standards on Internal Audit (SIA), Corporate Affairs Standards (CAS) and so forth to be trailed by rehearsing Chartered Accountants. It works intimately with the Government of India, Reserve Bank of India and the Securities and Exchange Board of India in detailing and authorizing such benchmarks.