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The Institute of Chartered Accountants of India (ICAI) was established on July 1, 1949. (Image: Shutterstock)
National Chartered Accountants Day is observed to honour the role of CAs in the country’s economic prosperity.
The National Chartered Accountants (CA) Day is observed annually on July 1. CA Day celebrates the foundation of the Institute of Chartered Accountants of India (ICAI). This year’s celebrations mark the 76th anniversary of the ICAI’s foundation by an Act of Parliament.
What is the Institute of Chartered Accountants of India (ICAI)?
The ICAI is a statutory body formed by an Act of Parliament, the Chartered Accountants Act of 1949, to regulate the profession of Chartered Accountancy in the country. The institute is overseen administratively by the Ministry of Corporate Affairs.
The ICAI is India’s only licencing and regulatory body for financial audits and the accounting profession. The National Financial Reporting Authority (NFRA) and all other accounting and finance organisations must implement the accounting standards guidelines released by ICAI.
Chartered Accountants Day 2024: Why Is July 1 Celebrated As CA Day?
Before independence, the British Government in India kept accounts under the Companies Act. Subsequently, the British Government created a diploma programme in accounting for auditors. After completing this course, students were eligible to work as auditors all over India.
Later in 1930, it was determined that the Government of India should keep a register named the Register of Accountants. Under that arrangement, everyone whose name appeared in the registry was referred to be a Registered Accountant.
However, due to a lack of effective norms and regulations, the accounting profession was perceived to be mostly unregulated. To address this, an expert committee was established in 1948 to investigate the situation. This expert committee advised that a separate autonomous accounting society be founded to regulate the profession. The Chartered Accountants Act was passed by the Indian government in 1949, after the advice.
After much wait and discussion, the Institute of Chartered Accountants of India was established on July 1, 1949.
National Chartered Accountants Day 2024: Significance
The day is set aside to commemorate the role of accountants in the country’s financial progress. Chartered accountants work in all aspects of business and finance, such as auditing, taxation, and financial and general management.
National Chartered Accountants Day 2024: How To Celebrate
Companies celebrate CA Day by giving their accountants presents, throwing an office party, or indulging in other activities. Some firms even provide discounts to their loyal clients on this day.
National Chartered Accountants Day 2024: Quotes
- “Chartered Accountants are partners in nation building”. – A P J Abdul Kalam.
- “The signature of a Chartered Accountant is more important than the signature of the Prime Minister”. – Narendra Modi.
- “CA is not just a qualification, it’s the pride and dignity of my life”. – Kumar Mangalam Birla.
- “I decided to do CA in case cricket didn’t work out. After opening my first book I doubled my efforts in Cricket”. – Rahul Dravid.
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