Under the Chartered Accountants Act of 1949 (revised in 2013), the ICAI was established with the authority to regulate the accountancy profession and powers to establish regulations as necessary to fulfill its duties. ICAI’s membership is comprised of Chartered Accountants, a designation protected under the Act. The Act grants ICAI authority to (i) establish initial professional development and continuing professional development (CPD) requirements; (ii) maintain a register of its members; (iii) ensure members’ adherence to laws and professional standards; and (iv) investigate and discipline members for professional misconduct. In 2002, ICAI developed the Peer Review Mechanism that covers all audit work conducted by its members. The Peer Review Mechanism’s objectives are to ensure that Chartered Accountants who are authorized to conduct audits are complying with applicable standards set by the institute. In accordance with the Companies Act of 1956 (revised in 2013), all auditors must have a practicing certificate issued by ICAI in order to conduct statutory financial statement audits. In addition to being an IFAC founding member, ICAI is a member of Confederation of Asian and Pacific Accountants (CAPA) and the South Asian Federation of Accountants (SAFA).