The 1st of July is celebrated as National Chartered Accountants Day in India. This day is celebrated to recognize the event of the formation of the Institute of Chartered Accountants of India (ICAI) on July 1st, 1949.
ICAI is counted as one of the oldest professional institutions in our country. ICAI is the second largest accounting body in the world after the American Institute of Public Accountants set up by an Act of Parliament.
For becoming a member of the ICAI, one needs to pass the prescribed CA examinations, along with three years of articleship training and meeting other requirements under the Act and Regulations. A member of ICAI can use the title CA before his/her name.
On the 1st of July every year, we honour all the Chartered Accountants across the nation as we consider that Chartered Accountancy is a profession that gives direction to the financial condition of any country.
So, let us know about the origin, the history, and the significance of Chartered Accountants in our country.
Origin and History
The origin of the Chartered Accountants (CA) as a profession can be found in the period before the independence of the country.
Audit of certain Companies was made compulsory by a registered auditor. In the year 1918, a course of Diploma in Accountancy was started by the Government in Mumbai. That course also had a training period of three years. Students who could clear the said course were eligible to be appointed as an Auditor throughout the country.
Then in the year 1930, the Government decided to maintain a register of accountants. All the accountants listed under the register were called Registered Accountants. After all this also, the profession of accountancy was not regulated.
So, after the year 1948, a suggestion to create an autonomous body was made by an Experts Committee for the regulation of the accountants and their practices.
Until then, all the accountants in India were registered under the Institute of Chartered Accountants in England and Wales (ICAEW) and were considered Chartered Accountants under the Institute.
Thereafter, 1st July is considered as the ICAI Foundation Day or CA Day in India since 1949. The first person to get the ICAI certificate was CA Gopaldas Padamsey Kapadia and he is also the first president of ICAI
So, this day every year is celebrated to pay the tribute to one of the oldest and most dignified professions of India. It is a yearly event to mark the profession of chartered accountants who are the backbone of the country’s economy and its management
The ICAI Motto and What It Means
The Institute of Chartered Accountants of India has a very strict code of ethics. Its motto is a quote from the Upanishad which reads “Ya esha supteshu jagriti”. When translated this means, “the one who is awake in those that sleep”. A CA is always expected to be compliant and vigilant.
How some Branches of ICAI celebrate the CA Day
Various type of activities is performed at some branches and it helps in improving the bond between students and members. Some of the activities like below are performed:
- Swachh Branch Abhiyan where members and students get together to clean the branch in support of the Government's Swachh Bharat Abhiyan.
- Go Green Cyclothon in order to promote fitness and Green India.
- Flag Hosting of CA by Future Chartered Accountant in presence of Present Chartered Accountant.
- Indoor Games like Carrom, Chess, etc for Students and Members of ICAI.
- Conducting an AGM for approval of Books of Accounts of the branch.
- Other games like Tambola Game, Karoake etc.
- ICAI initiative on Basic GST Course for Girls in support of Women Empowerment.
- Blood Donation Camp,etc.
Significance of Chartered Accountants
A Rational person can see the participation of Chartered Accountants in every field. It can be in the field of budget forecasting, Tax planning, preparation of books of accounts, capital budgeting, financing or any other activity. Their expertise knowledge is required in every area. A Chartered Accountant works for an individual as well for the nation. His professional behaviour and his deep knowledge of accounts and audit is in much need all the time.
So, let’s celebrate this CA Day as a day of Happiness, Pride, Hardwork Determination and Dedication.
A Very Happy Day to All the Chartered Accountants out there and all the aspiring Chartered Accountants!
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