post 5

Membership Members of the Institute are known as Chartered Accountants. Becoming a member requires passing the prescribed examinations, 36 months of practical training and meeting other requirements under the Act and Regulations. The institute has more than 3,90,000 members currently. Associates and fellows Generally, associates are members of the institute with less than five years of membership after which they become entitled to apply for being a fellow member. Some associate members, particularly those not in practice, often voluntarily chose not to apply to be a fellow due to a variety of reasons. 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". Responsibilities and voting rights of both types of members remain the same but only fellows can be elected to the council and regional councils of ICAI. Fellows are perceived as enjoying a higher status due to their long professional experience. Practicing Chartered Accountants Any member wanting to engage in public practice has to first apply for and obtain a Certificate of Practice (COP) from the Council of ICAI.[22] Only members holding a Practicing Certificate may act as statutory auditors of Indian companies. In India, an individual Accountant, a firm or a Limited Liability Partnership of Accountants can practice the profession of Accountancy.[23] Companies in India cannot practice profession of accountancy.