An Initiative of

The Institute of Chartered Accountants of India &

The Comptroller and Auditor General of India

The ICAI Accounting
Research Foundation

The Institute of Chartered Accountants of India (ICAI), set up by an Act of Parliament (The Chartered Accountants Act, 1949) established ICAI Accounting Research Foundation (ICAI ARF) in January, 1999, as a Section 25 company (now section 8 company under the Companies Act, 2013) – a core research body in the areas of accounting, auditing, capital markets, fiscal policies, monetary policies and other related disciplines. Over the years, it has accelerated its work programme as an academy for imparting, spreading and promoting knowledge, learning, education and understanding in the various fields related to the profession of accountancy. ICAI ARF has established Board for Local Bodies Accountants Certification (BLoAC) to run the certificate courses for Accountants of Panchayats & Municipal Bodies, an initiative of the ICAI and CAG.


The office of Comptroller and Auditor General (CAG) of India

CAG is Supreme Audit Institutions of India. Its Vision is to continue to provide independent and credible assurance on public resources and be a global leader in public sector auditing. Mission is mandated by the Constitution of India, they promote accountability, transparency and good governance through high quality auditing and accounting and provide independent and timely assurance to the Legislature, the Public and the Executive, that public funds are being collected and used effectively and efficiently.



The Institute of Chartered Accountants of India (ICAI), established by an Act of Parliament in 1949 has proven its mark as an elite world class institution devoted to uphold the values of transparency, accountability and integrity. The Institute, functions under the administrative control of the Ministry of Corporate Affairs, Government of India. The ICAI is the largest professional body of Chartered Accountants in the world, with a strong tradition of service to the Indian economy in public interest.

Committee on Public & Government Financial Management

ICAI keeping its mission and vision in mind has constituted the Committee on Public Finance and Government Financial Management (CPGFM) which strives to assist Central & State Governments and Local Bodies in successful implementation of the accounting reforms and public finance management. This is an initiative of ICAI to meet its social obligations by providing professional services of CAs beyond corporate sector and to the public at large, by being true to its role of being a partner in nation building. The Committee primarily focuses on capacity building of the finance officials of various tiers of Government in India by various means such as organizing workshops, developing relevant e-training modules, etc. apart from formulating Accounting Standards for Local Bodies (ASLBs). 

The Committee is contributing in development of study material of the Course for Accountants of Panchayats and Course for Accountants of Municipal Bodies.
To know more about CPGFM,
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