GAE 2012 India
Country Characteristics of India
Total population (millions)
1,220.8 (2013)
GDP per capita (USD)
Business language
Legal system
Economic position
3,900 (2012) (ranked 166 in the world)
English
Common
Factor driven
Regional affiliations
APEC, ASEAN, BRICS, Commonwealth, G-20, OECD (Enhanced
Engagement), UNCTAD
Accountancy Profession in India
Institute of Chartered Accountants of India (ICAI)
IFAC membership
Full member
Affiliations
ICAI is a member of CAPA and SAFA
Part I (2005), part II (2006), part III (2012)
IFAC compliance information
Qualification
Chartered Accountant (CA), Fellow Chartered Accountant (FCA)
Address
ICAI Bhawan, Indraprashta Marg, Post Box No. 7100, New Delhi 110
002, India
Tel: 091-11-3-989-3989, Fax: 091-11-301-10580, icaiho@icai.org,
www.icai.org (English)
Recognition
ICAI has MRAs/MoUs with ICAEW (UK), ICAA (Australia), CPA
Australia, CICA (Canada), and with CPA (Ireland). The content of
examinations required to become a member of ICAI is different for each of
the PAOs for which ICAI entered an agreement.
Accountancy Education in India
Admission requirements as a member of the Institute of Chartered Accountants of India (ICAI), set up by an Act
of Parliament, include a formal examination of professional competence, professional education and practical
training. A candidate can apply for membership of ICAI as a Chartered Accountant after completing prescribed
practical training under an articleship of at least three years full-time work and six months of audit training, as
applicable. A programme on general management and communication skills has to be completed too for
membership application. The professional examinations comprise three stages, starting with a Common
Proficiency Test, then followed by an Integrated Professional Competence Course consisting two levels of seven
subjects, and culminate in the Chartered Accountant Final Examination. The objectives of the Chartered
Accountant Final Examination are to test advanced knowledge; the ability to apply knowledge in various situations
in actual practice; intellectual, interpersonal and communication skills; as well as professional values. ICAI is the
provider of the final examination and the IPCC. The Board of Studies recognises suitable institutions and grants
accreditation for organising classes. CPD is mandatory for members in public practice of accountancy. Mutual
recognition agreements and memoranda of understanding with professional bodies in other countries address
mutual recognition and pathways to membership.
Characteristics of Accountancy Education
Certification Requirements
Program of professional accountancy education
Practical experience requirement
Final assessment of professional capabilities
CPD
Providers of Professional Education Professional accountancy organization
Responsibility for Education
Profession
Requirements
Licensing Requirements for
Not applicable
Auditors
Compliance with International Education Standards
Level of compliance with IES
Adoption
Implementation
High
High
Personal Development
High
High
Professional Accountancy Education
High
High
Professional Development
High
High
Competence for Audit Professional
Sub-Pillar Scores - India
Personal Development
1,00
0,80
0,60
0,40
Competence for Audit
Professionals
0,20
0,00
Professional
Accountancy Education
Professional
Development
Adoption
Implementation