The Institute of Chartered Accountants of India (ICAI), set-up by an Act of Parliament viz. The Chartered Accountants Act, 1949 to regulate the profession of Chartered Accountancy is the second largest and prominent accounting body in the world. It has been taking various proactive measures from time to time, aligned with the changing facets of the Indian economy, for continuously raising the standard of quality of accounting and financial reporting.

Born in 1949, the Institute is celebrating its Diamond Jubilee Year coinciding with its 61st Foundation Day. Since inception, during the last 60 years, the ICAI has achieved recognition and has symbolize the hallmark of professional excellence in accountancy. The Management of the Institute wishes to make this Diamond Jubilee Year memorable by adopting quantum strides in development of the Accounting Profession.

On the propitious occasion, the Institute’s flag was hosted by CA. Uttam Prakash Agarwal, President, ICAI at Institute’s Head Office. The President encouraged everybody for their contribution and to work in the same spirit in the future to take the profession to newer zeniths. During this age of increasing globalization and inter-dependence of national economies, ICAI has demonstrated its resilience to the changing situation and growing demands as also the market challenged from trans-national entities. Globalization has accelerated the shift in focus from Numbers to Strategic Thinking, thus metamorphoses the role of accountants as critical members of the management team.

Later, the Institute’s new building in Sector-62, Noida was dedicated in service of nation today. The building was inaugurated by CA. Uttam Prakash Agarwal, President, ICAI and Mr. Ernie Almonte, President, American Institute of Certified Public Accountants (AICPA). While addressing the media at a Press Conference CA. Uttam Prakash Agarwal, President, ICAI said that “A CA in practice or in service is at the heart of the business operations and helping the CAs take on all these roles with panache is the Institute of Chartered Accountants of India. 2009 is our diamond jubilee year and to celebrate our 60th Year, ICAI is offering an additional dimension by entering into Mutual Recognition Agreements (MRAs) with global accounting Institutes. ICAI has initiated and finalized MOUs with different Universities by offering value-added course curriculum, which has the recognition of the industry and has the requisite market orientation.”

He further reiterated “In order to provide best services to its members and students and make them tech savy, we have inaugurated 137 IT labs and in the coming 2 months, more than 10 branches will have their own complex. Also, we are dedicating one more Centre of Excellence at Hyderabad to nation on July 2, 2009. ”

The new building that will house ICAI’s Research & Development Centre, located at Sector-62, Noida comprises of 4 buildings- Auditorium Block, Research Block, Office Block and Hostel Block with adequate parking facilities. The total combined covered area will admeasure 2.10 lakh sq.feet approximately.

Mr. Ernie Almonte, President, American Institute of Certified Public Accountants (AICPA) said that “I am happy that ICAI has completed 60 years of excellence. It gives me immense pleasure to recognize that the Institute of Chartered Accountants of India, through its sustained efforts, has created a huge base of competent professionals to add value to the Indian economy. Today, we are here to have bilateral talks with ICAI to foster better working relationships.”

Also, present on the occasion were CA. Amarjit Chopra, Vice President, ICAI, Shri T. Karthikeyan, Secretary, ICAI and CA. Anuj Goyal, Central Council Member.

Throughout the last six decades we have pioneered new ways of looking at Chartered Accounting Profession and how to improve Corporate Governance. History has taught us that the period when the greatest challenges emerge is also the period when vigorous and sustained responses will capture the best opportunities. The ICAI and the accountancy profession in India is also at such moment in History. Those who will successfully adapt to the new environment will become part of a new and stronger era and those who do not will be a part of history.

ICAI has its Headquarters at New Delhi with 5 Regional Offices at Mumbai, Chennai, Kanpur, Kolkata, New Delhi and 118 branches spread all over the country. In addition, it has also set up 21 chapters outside India and an office in Dubai. Currently 5,20,000 students are pursuing the Chartered Accountancy course and the total membership of ICAI is more than 1,55,000.