The Institute of Chartered Accountants of India is the national professional accounting body of India, established on 1 July 1949 as a body corporate under the Chartered Accountants Act, 1949.

ICAI is the second largest professional accounting body in the world in terms of membership, after American Institute of Certified Public Accountants.

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.

ICAI is solely responsible for setting the auditing and assurance standards to be followed in the audit of financial statements in India.

It also issues other technical standards like Standards on Internal Audit, Corporate Affairs Standards etc. to be followed by practicing Chartered Accountants.