In 2010, it promoted eXtensible Business Reporting Language (XBRL) India as a section 8 Company to take over this responsibility from it.

In order to act as an auditor, a person had to acquire a restricted certificate from the local government upon such conditions as may be prescribed.

In 1918 a course called Government Diploma in Accountancy was launched in Sydenham College of Commerce and Economics of Bombay (now known as Mumbai).

On passing this diploma and completion of three years of articled training under an approved accountant, a person was held eligible for grant of an unrestricted certificate.

[11] On 23 September 2019 chartered accountancy students organized protests under leadership of teacher CA Praveen Sharma, named "Dear ICAI please change" at over 200 institute branches across India and on social media demanding among other things right to re-checking of CA exam answer sheets.

[13] Students were able to gather support of many public figures which includes Congress leader Rahul Gandhi, Past President of ICAI Mr. N. D. Gupta, renowned accountant Mr. Motilal Oswal, Mr. Mohandas Pai, Mr. Raghav Chadha, etc.

[14] The motto of the ICAI is Ya Aeshu Suptaeshu Jagruti (Sanskrit),[15] which literally means "a person who is awake in those that sleep".

C. S. Shastri, a Chartered Accountant from Chennai went to Sri Aurobindo and requested him through a letter to give an emblem to the newly formed Institute of which he was an elected member from the Southern India.

In reply to this request, Sri Aurobindo gave him the emblem with a Garuda, the mythical eagle in the center and a quotation from the Upanishad: Ya Aeshu Suptaeshu Jagruti.

[18] The logo was launched by the then Minister of Corporate Affairs, Prem Chand Gupta at the occasion of the Chartered Accountant Day (1 July) in the presence of the then President of ICAI Sunil Talati.

An associate member who has been in continuous practice in India or has worked for a commercial or government organization for at least five years and meets other conditions as prescribed can apply to the institute to get designated as a "Fellow".

Chartered accountants work in all fields of business and finance, including auditing, taxation, financial and general management.

The council also has a Peer Review Board that ensures that in carrying out their professional attestation services assignments, the members of the institute (a) comply with the Technical Standards laid down by the institute and (b) have in place proper systems (including documentation systems) for maintaining the quality of the attestation services work they perform.

These entities are quasi-judicial and have substantial powers like that of a Civil Court to summon and enforce attendance or require discovery and production of documents on affidavit or otherwise.

[27] One of the public actions of The ICAI Disciplinary Committee in the 2009–2010 time period was proceedings for professional misconduct against two auditors from the firm Price Waterhouse partners for wrongly auditing and inflating the financial statements of Satyam Computer Services Limited.

The Supreme Court of India (November 2010) rejected a plea by the two charged auditors to stay the proceedings by the ICAI Disciplinary committee.

The court's order came in response to the pleas of the charged auditors seeking a stay on the disciplinary proceedings against them on the ground that it violated their fundamental right against self-incrimination under Article 20 (3) of the Constitution of India.

Other publicized actions included, the SEBI referred case of a brokerage firm, Karvy, in which the internal auditors, Haribhakti & Co (an associate of BDO Global).

The ICAI website lists 35 as the number of cases in which inquiry was completed by the Disciplinary Committee in the past one year since February 2010.

The institute has asked the Ministry of Corporate Affairs, Government of India to grant additional powers so that it may proceed against firms whose partners or employees are frequent offenders.

[30] ICAI also has sent a proposal to the Government of India to amend the Chartered Accountants Act, 1949 in order to enable to it to impose a fine of ₹ 1,00,00,000/- on audit firms if they are found guilty of colluding with companies to commit a fraud.

[31] A person is eligible to apply for membership either by passing all three levels of examinations (Foundation, Intermediate and Final) prescribed by ICAI and completing 24 months of practical training or by availing themselves of exemptions under mutual recognition agreement (MRAs).

Alternatively, graduates may train as an articled assistant for three years in a chartered firm before final exam or after completion of Intermediate of Cost Management Accountant or Company Secretary.

A comprehensive 100 hours of information technology training and an orientation programme for soft skills development have to be completed before being articled.

ICAI will soon introduce a "New Scheme for Education and Training", wherein emphasis would be more on development of higher order skills of application, analysis and interpretation.

The scheme also intends to focus more on practical training and will also offer self-paced online modules, where in working students can learn and qualify at their own pace.

It can only consider accounting standards recommended by ICAI and advise the Government of India to notify them under the Companies Act, 2013.

For a smooth transition to IFRS, ICAI has taken up the matter of convergence with the National Advisory Committee on Accounting Standards and various regulators such as the RBI, SEBI and IRDA, CBDT.

In order to ensure that these standards are implemented in the same spirit in which these have been formulated, ICAI has been providing guidance to members through its various initiatives such as the issuance of Educational Materials on Ind AS containing Frequently Asked Questions (FAQs).

[55] The Institute of Chartered Accountants of India (ICAI) has constituted a committee to deliberate on FAIS, which are expected to be framed by the end of this year 2020.