The Institute of Chartered Accountants of India (ICAI) celebrated its 78th Foundation Day on July 1, 2026, reflecting on nearly eight decades of professional excellence, public trust and nation-building. In a message to members, ICAI President highlighted the profession's remarkable journey from traditional accounting practices to becoming a key driver of governance, technology adoption, financial transparency and economic growth.
The occasion served not only as a celebration of the Institute's legacy but also as a roadmap for the future, emphasizing innovation, ethics, sustainability and the role of Chartered Accountants in shaping a developed India.
Official copy of the notification is as follows
Dear Professional Colleagues,
When the Constituent Assembly in 1949 assented to The Chartered Accountants Bill, 1948, paving the path for the creation of an autonomous Institution to regulate the profession of accountants in independent India through The Chartered Accountants Act 1949, the law makers had recognised the need to build a distinguished and competent cadre of professionals, entrusted with the responsibility for safeguarding the financial integrity and public trust. Since its inception, the Institute's sagacious journey of upholding public trust has evolved from that of a statutory professional body to become an educator, a thought leader, a standard-setter, and a trusted regulator, shaping the contours of the accounting and financial landscape of India.
CA. G.P. Kapadia, the first President of ICAI, so rightly envisioned the role of the Chartered Accountancy professionals. The ICAI publication "History of Accountancy Profession in India, quotes his statement "The Chartered Accountant is a person on whom every section of society could rely and rely strongly. His certificate would be one by way of a seal and a hall-mark which would at once inspire confidence in the minds of all concerned as certification by a person fully competent and holding a charter from the Supreme Legislature of the country for the purpose. In the performance of any type of duty, the Chartered Accountant would have to think not only of the interests that he is serving, but of the general interest that he is expected to serve in his relation to society. He must be above reproach, he must reflect the highest ethics of the profession, he must possess the expert knowledge which can throw light on important problems and issues and he can by his accomplishment and behaviour assume his rightful place as one who can give and provide the necessary guidance in respect of all matters relating to his specialised field of knowledge". I salute each and every word that has been quoted which look so contemporary, so relevant, not only today but for all times to come.
On 1st July 2026, as we commemorate the 78th Foundation Day of our beloved Institute, we pause to reflect with immense pride and profound gratitude on the extraordinary journey of the Institute as a testament to values upheld, standards established, institutions strengthened, and generations empowered. This remarkable journey reflects the enduring contribution of strong and committed institutions like ICAI to the nation's progress. As we look to the future, we must continue to uphold our founding ideals and pursue excellence with integrity and purpose.
I pay heartfelt tribute to our visionary forefathers whose foresight, dedication, and belief in the profession laid the cornerstone of an Institution that continues to nurture professionals of exceptional calibre. The title of "Chartered Accountant" embodies integrity, excellence, and service, inspiring us to create enduring value for society and the Nation. On this CA Day, as we reminisce about our illustrious past, we also take immense pride in the Institute's remarkable capacity to evolve without compromising its foundational values of ethics, integrity, and independence. Starting with modest beginnings on 1 July 1949, the Institute has matured into a globally respected body, supported by 186 branches across India, 54 Overseas Chapters and 31 Representative Offices in 47 countries; a testament to the growing influence and esteem of Indian Chartered Accountants around the world. Today, the ICAI's name resonates far beyond national borders, with Indian CAs contributing significantly to global markets and enjoying enhanced professional mobility.
According to Charles Darwin's theory of evolution, 'descent with modification' coined, "It is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change". ICAI has exemplified that adage demonstrating foresight by developing globally recognized and competitive education, training and continuous development, strengthening accounting and auditing framework, and periodically revising the Code of Ethics to align with global best practices, working for inclusive and all-round growth of all key constituents.
Having been associated with this esteemed profession for over four decades, I have had the privilege of witnessing its remarkable transformation firsthand. The journey of the profession has been extraordinary, from the meticulous manual recording of transactions in traditional Lal Kitab Khatas to the era of sophisticated digital ecosystems powered by cloud computing, data analytics, and automation today.
Over this period, the expectations of stakeholders from Chartered Accountants have also undergone a profound shift. The profession moved beyond recording numbers to interpreting them, providing strategic insights, fostering sustainable growth, strengthening governance frameworks, and guiding informed decision making.
It is often said that 'Change creates endless opportunities, and those who adapt to the needs of the time emerge as guiding lights of progress'. A modern Chartered Accountant is expected to anticipate future challenges, harness technology responsibly, drive innovation, attract investments, and balance profitability with sustainability. Our expertise now influences not only financial outcomes but also business resilience, stakeholder confidence, and economic progress.
Aligned with the national vision of Viksit Bharat, ICAI and its members stand ready to promote transparent governance, strengthen financial resilience, support MSMEs, and enable sustainable growth. Let's take a glance at the developments of Institute that took place in the month
Strengthening Financial Reporting Ecosystem
With the objective of enhancing professional capabilities, strengthening audit quality and improving financial reporting standards, the National Financial Reporting Authority (NFRA), in collaboration with ICAI, organised a workshop on the theme "Creating a Better Financial Reporting Ecosystem" on 19th June 2026 in Pune. During the event, Shri Nitin Gupta, Chairperson, NFRA acknowledged the vital contribution of Chartered Accountants to India's economic development and emphasised the importance of collaborative efforts in nurturing high quality financial reporting. Both organisations would continue to work together on initiatives aimed at enhancing audit quality, financial reporting and advancing professional excellence.
Advancing Readiness for Ind AS 117 in the Insurance Sector
As the insurance sector prepares for the implementation of Ind AS 117, strengthening institutional readiness and professional capacity assumes critical importance. Reflecting its commitment to supporting this transformational change, the Accounting Standards Board (ASB) of ICAI hosted a high-level workshop on Ind AS 117 in Mumbai on 5th June 2026 convened by the Insurance Regulatory and Development Authority of India (IRDAI). The workshop witnessed the esteemed presence of Sh. Ajay Seth, Chairman, IRDAI; Sh. Rajay Kumar Sinha, Member (F&I), IRDAI; President, Vice President and Secretary, Institute of Actuaries of India (IAI), along with CFOs and actuaries of leading insurance companies and other dignitaries. During the workshop, the Chairman, IRDAI, commended the institute for its proactive contribution towards capacity building and knowledge dissemination, acknowledging the Institute's pivotal role in supporting the insurance industry through this significant accounting transformation.
World Forum of Accountants (WOFA) 2026
Building on the strong legacy of its previous editions, the World Forum of Accountants (WOFA) has emerged as a premier global platform that brings thought leaders, standard setters, practitioners, business leaders and academia from all across the globe to deliberate on issues shaping the future of the profession and the global economy.
The WOFA 2026, themed 'Redefining Excellence: Technology | Trust | Transformation', is being convened from 16th-18th December 2026 in Visakhapatnam. The Forum comes at a pivotal juncture in India's journey towards the vision of Viksit Bharat 2047 and will showcase the pivotal role of the accounting and finance profession in enabling meaningful collaboration, facilitating the exchange of global knowledge, and championing the highest standards of professional excellence. WOFA 2026 will position the accountancy profession as a catalyst for inclusive and sustainable transformation, shaping a future founded on integrity, resilience, and shared prosperity
Revised Code of Ethics
The revised 13th Edition of the Code of Ethics, 2026, represents a significant milestone in strengthening the ethical framework for the profession. Applicable from 1st April 2026, the updated Code has been issued in three volumes and consolidates the relevant provisions of the Chartered Accountants Act, 1949, Regulations, Council guidelines and decisions, while also converging with the 2024 IESBA Code of Ethics.
The revised Code also incorporates the International Ethics Standards for Sustainability Assurance, including International Independence Standards, reflecting the profession's growing role in the sustainability assurance space. The provisions relating to "Assessment and evaluation of Social Impact, CSR Impact, Business Responsibility and Sustainability Reporting, and the like" have already come into effect from 11th December 2025, reflecting the profession's preparedness to respond to emerging areas of assurance and public interest responsibilities.
Aligned with global standards and expectations, the revised Code of Ethics will help members to confidently navigate the professional landscape while upholding the highest standards.
ICAI Artificial Intelligence Summit 2026
Artificial Intelligence is rapidly transforming global economy and redefining the future of businesses with enhanced productivity, reshaping business models and creating new opportunities for innovation and growth. As the adoption of AI accelerates, it is imperative to harness its potential responsibly by building AI ecosystems founded on ethics, governance, trust and human oversight while leveraging its capabilities for value creation and informed decision-making.
Recognising these developments, ICAI, through its AI Committee, continues to build an enabling ecosystem of knowledge, skills, innovation, and strategic partnerships to empower members and students to harness AI as a competitive advantage.
As part of this commitment, the Institute successfully organised the ICAI AI Innovation Summit 2026 in New Delhi on 26th-27th June 2026, bringing together over 3,500 delegates from government, industry, academia, technology and the profession to deliberate on emerging opportunities and challenges. The Summit was inaugurated by Shri Gajendra Singh Shekhawat, Hon'ble Minister of Tourism. On the occasion, Memoranda of Understanding were entered into with Sarvam AI and CoRover. The Institute also launched AICA Level 3 Programme and a new publication titled 'AI Essentials for Chartered Accountants', to deepen AI capabilities within the profession with practical AI implementation and business transformation competencies.
ICAI ScaleUp India Summit 2026
As India's entrepreneurial landscape continues to evolve, the Chartered Accountants are increasingly emerging as trusted advisors, growth enablers and strategic partners for businesses. Recognising the pivotal role of Micro, Small and Medium Enterprises (MSMEs) in India's economic development, ICAI through its MSME committee remains committed to promoting research, knowledge dissemination and capacity building in this vital sector. In furtherance of this commitment, ICAI organised the ScaleUp India Summit 2026, on 26th-27th June 2026 in Mumbai. It was a unique platform that brought together startups, MSMEs, investors, mentors and industry experts to foster innovation and enterprise. The Summit addressed key challenges associated with business expansion, sustainability and global competitiveness by facilitating access to knowledge, networks, insights and strategic guidance. More than a platform, ScaleUp India reflects the profession's enduring commitment to nurture entrepreneurship and support India's aspiration of becoming a leading innovation-driven economy
Cooperatives and Chartered Accountants: Partners in Inclusive Growth
Recognising the growing significance of the cooperative sector as a vital engine of inclusive and grassroots economic development in India, the Cooperation and NPO Committee of ICAI has been proactively advocating measures to strengthen governance and enhance accountability in this domain. In furtherance of these efforts, ICAI has reviewed and given its comments on the draft Multi- State Co-operative (Auditor's Report) Order (MSCARO), 2026, along with a comprehensive audit checklist to the Ministry of Cooperation for their consideration with the objective of strengthening audit and reporting framework for Multi- State Cooperative Societies. The proposed framework is expected to enhance transparency, strengthen stakeholder confidence in the sector, and create new opportunities for professional engagements.
International Yoga Day
In an increasingly dynamic and demanding professional environment, the timeless practice of yoga offers invaluable benefits in enhancing focus, discipline, resilience and physical as well as emotional well-being. As professionals, we often navigate multiple responsibilities and demanding schedules making it even more important to pause, rejuvenate and maintain a healthy balance in our lives.
On the 12th International Day of Yoga that was celebrated on 21st June 2026, we reflected on the importance of nurturing our own well-being while striving to serve others with dedication and excellence. The day was widely celebrated by ICAI Network of Regional Councils, Branches and Chapters promoting health and well-being, and was graced by the esteemed presence of Shri Piyush Goyal, Hon'ble Union Minister for Commerce and Industry in Mumbai. I urge the ICAI fraternity to embrace yoga not merely as a practice for a day, but as a way of life that nurtures harmony, strengthens inner resilience and enriches professional and individual journeys.
Corporate Mitra Scheme: A Collaborative Initiative for Nurturing Future Ready Professionals
The Corporate Mitra Scheme marks a significant collaborative initiative aimed at strengthening industry academia linkages and enhancing the employability of paraprofessionals through structured skill development. Towards operationalising the Scheme, a Memorandum of Understanding (MoU) was signed on 25th June 2026. It brings together all 3 professional institutes, IIT Madras, IIT Pravartak and SWAYAM Plus, as collaborative partners. On the occasion, the Corporate Mitra logo and the Scheme Guidelines were also unveiled. The Corporate Mitra course will be launched shortly, with registrations opening soon on the portals of MCA, SWAYAM Plus and the participating institutes.
CA Journal - 75th Year of Publication
The year 2026 marks a momentous milestone as The Chartered Accountant Journal entered into 75th year of its publication. Over the seven decades, the Journal has served as the enduring intellectual voice of chartered accountancy profession, reflecting its growth, evolution, and contribution to the nation's economic development.
More than a professional publication, the Journal has been a valuable repository of knowledge and a chronicler of the profession's journey through changing economic, regulatory and business landscapes. It captures the milestones, challenges, achievements, and transformative moments that have shaped the Chartered Accountancy profession over the decades.
As the profession continues to adapt to evolving economic realities, technological advancements and emerging opportunities, the journal remains a dependable source of insight and learning, fostering professional excellence and supporting the continuous professional development of members across generations.
Final Reflections
As Chartered Accountants, much of our work unfolds behind the scenes, yet its impact reverberates across every sector of society. From nurturing entrepreneurship and strengthening governance to advancing sustainable development, our profession remains a steadfast pillar of economic growth and progress. As custodians of financial probity and agents of economic change, we must continually uphold the highest standards of ethics, independence, and competence.
Friends, our logo 'Garuda'- the eagle, symbolizes vigilance, fearlessness, decisiveness, and strength. It reflects our ability to adapt, renew and reinvent ourselves by continuously upskilling, embracing emerging technologies, and developing new competencies that align with the future.
The CA Day calls for both celebration and introspection, reminding us of the solemn responsibilities we bear and the values that define our professional identity. As we honour the rich legacy of our profession, let us look ahead with purpose and determination and strive to elevate the profession to greater heights while continuing to contribute meaningfully to the nation's progress as trusted partners in development.
Our pursuit of excellence is a continuous journey of learning and self-improvement, aptly reflected in the words of Gautam Buddha: "I never see what has been done; I only see what remains to be done".
As we contribute to the vision of building a new India, let us continue to work as catalysts for development, champions of innovation, guided by integrity, fairness and professional excellence.
I thank all stakeholders for being with us and for contributing to the enduring success and legacy of our profession!
Wishing all of you a Very Happy 78th Chartered Accountants' Day.
CAclubindia
