Chartered Accountants Day is being
celebrated on July 1. An act of Parliament gave birth to the Institute of
Chartered Accountants of India (ICAI) on July 1, 1949. It is the national
accounting body of India. It is the second-largest professional accounting and
finance body in the world in terms of members, with a current roster of about
2.5 lakhs members.
This day is celebrated every year
as the ICAI Foundation Day or the Chartered Accountants Day.
The Institute of Chartered
Accountants of India is the only licensing and regulatory body for the
financial audit and accounting profession in India. Everyone follows its
recommendations from the National Financial Reporting Authority (NFRA) to other
accounting institutions.
Theme
One of the themes of Chartered
Accountants Day says, ‘Transforming the Future: Enabling Excellence, Augmenting
Trust’.
History of ICAI
The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament in the year 1949 for regulating the profession of Chartered Accountants in India. As it was founded the year before Constitution was officially adopted, the genesis of the CA profession can be traced back to days of pre-independence.