Daily Current Affairs 26.10.2018: Institute of Chartered Accountants of India (ICAI)

Institute of Chartered Accountants of India (ICAI)

Overview: 

The Union Cabinet has approved the signing of a Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and Certified Professional Accountants Afghanistan (CPA Afghanistan).

• The MoU will establish mutual co-operation framework in the areas of Capacity Building of “Afghanistan Accountancy Board (AAB)”, strengthening the IT Capacity and Quality Assurance in Afghanistan through facilitating Knowledge Transfer; Students and Members Exchange Programs; Conduct of Seminars, Conferences and Joint Activities mutually beneficial to both the parties.

Know about ICAI:

The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament of India, ‘The Chartered Accountants Act, 1949′, to regulate the profession of Chartered Accountancy in India.

• ICAI is the second largest professional Accounting & Finance body in the world.
• ICAI is the only licensing cum regulating body of the financial audit and accountancy profession in India.
• It recommends the accounting standards to be followed by companies in India to National Advisory Committee on Accounting Standards (NACAS).
• ICAI is solely responsible for setting the Standards on Auditing (SAs) to be followed in the audit of financial statements in India.
• ICAI is one of the founder members of the International Federation of Accountants (IFAC), South Asian Federation of Accountants (SAFA), and Confederation of Asian and Pacific Accountants (CAPA).

 Sources: pib.