Law relating to maintenance of accounts and audit thereof introduced.
Formal qualification as auditor now required.
New Companies Act enacted.
Books of accounts to be maintained specified.
Formal qualification to act as auditor named. A Certificate from the local government to be held in order to act as auditor. An unrestricted Certificate entitled a person to act as auditor throughout British India. A Restricted Certificate entitled him to act as auditor only within the Province concerned and in the languages specified in the certificate.
Government Diploma in Accounting (GDA) launched in Bombay. On completion of articleship of three years under an approved accountant and passing the Qualifying Examination the candidate would become eligible for the grant of an Unrestricted Certificate.
The issue of Restricted Certificates discontinued.
Society of Auditors founded in Madras.
Register of Accountants (RA) to be maintained by the Government of India to exercise control over the members in practice. Those whose names found entry here were called Registered Accountants (RA).
The Governor General in Council replaced the local government as the statutory authority to grant certificates to persons entitling them to act as auditors.
Auditors allowed to practice throughout India.
First Accountancy Board formed. The Board was to advise the Governor General in Council on matters relating to accountancy and to assist him in maintaining standards of qualification and conduct required of auditors.
First examination held by the Indian Accountancy Board. GDAs exempted from taking the test.
The first Final Examination was held. GDAs exempted from taking the test.
Expert Committee formed to examine the scheme of an autonomous association of accountants in India.
The Chartered Accountants Act, 1949 was passed on 1st May. The term Chartered Accountant came to be used in place of Indian Registered Accountants.
Chartered Accountants Act was brought into effect on 1st July. The Institute of Chartered Accountants of India is born.
ICAI completed 50 years on 1st July 1999.
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Source : ICAI website
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