Every year July 1 is observed as Chartered Accountants' Day. The CA Day commemorates the establishment of the Institute of Chartered Accountants of India (ICAI). This year, the day holds a special place in history as it marks the 75th anniversary of ICAI's establishment by an Act of Parliament. Acknowledging this occasion, the official Twitter page of the Institute of Chartered Accountants of India unveiled a special logo that commemorates the glorious 75 years of ICAI.
While sharing the montage video, ICAI tweeted, “ICAI is proud to unveil the Special Logo designed to commemorate the Start of its glorious 75th Year Celebrations on eve of CA Day2023. ICAI will be celebrating the event as Vishwaska Utsav showcasing ICAI's name as an embodiment of Independence, Integrity & Excellence.”
History
In a bid to regulate the profession of chartered accountancy in India, on this day in 1949, the ICAI was set up by an Act of Parliament. The Institute of Chartered Accountants of India is the second-largest professional chartered accountants' body across the globe. ICAI works under Government of India and the Ministry of Corporate Affairs. In India, the ICAI is the only body that licenses and regulates financial audits, along with the accounting professions. Along with its 75th anniversary, ICAI also achieved the milestone of being the oldest professional institute in India. A council comprising 40 members manage the body, as per the provisions of the Chartered Accountants Act 1949 and the Chartered Accountants Regulations, 1988. The chartered accountants elect the thirty-two members of the council and the remaining eight are nominated by the central government.
Significance
The Chartered Accountants' Day acknowledges the contribution of chartered accountants in building our nation. Not only this but the day also highlights and honours the important role played by the chartered accountants in India's economic growth. The Chartered Accountants' Day is considered the foundation of ICAI, as before its establishment, the British government in India maintained the accounts under the Companies Act. Chartered Accountants' Day recognises the untiring dedication and expertise of the professionals, which make them the vital pillars of the financial world.