Q9 · UPPSC current affairs · 21 September 2026 · News · Chartered Accountants Act Amendments ICAI

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English हिंदी

Consider the following statements regarding the Institute of Chartered Accountants of India (ICAI):1.ICAI is a statutory body established by an Act of Parliament in 1949.2.ICAI functions under the administrative control of the Ministry of Finance.Which of the statements given above is/are correct?

A 1 only

B 2 only

C Both 1 and 2

D Neither 1 nor 2

Correct answer: (a) 1 only

Explanation

Statement 1 is correct because ICAI is a statutory body established under the Chartered Accountants Act, 1949. Statement 2 is incorrect because ICAI operates under the Ministry of Corporate Affairs, not the Ministry of Finance.

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