Which organization is responsible for overseeing Chartered Accountancy in India?

The organization responsible for overseeing Chartered Accountancy in India is the Institute of Chartered Accountants of India (ICAI). Established in 1949, ICAI is a statutory body under an Act of Parliament, which means it has the legal authority to regulate the profession of Chartered Accountancy in India. Its primary role includes setting the standards for auditing and accounting practices, conducting examinations for aspiring Chartered Accountants, and providing continuing professional education for members of the profession.

The ICAI also plays a crucial role in nationwide policies related to accounting and auditing to ensure compliance with international standards and practices. It establishes ethical guidelines and conducts disciplinary actions when necessary, thereby maintaining the integrity of the profession.

The other organizations mentioned have different functions. For instance, the Institute of Financial Analysts of India focuses on financial analysis but does not govern Chartered Accountants. The Indian Accounting Association is an academic and professional body that promotes accounting knowledge but does not have regulatory powers akin to those of ICAI. The National Board of Accountancy does not exist as a regulatory authority in the Indian accounting system. Hence, the ICAI distinctly occupies the role of the governing body for Chartered Accountancy in India.