In honor of the founding of the Institute of Chartered Accountants of India (ICAI), India observes Chartered Accountants Day (CA Day) on July 1st of each year. This day is marked to commemorate the contribution chartered accountants have made to the development of India’s financial and economic sectors.
Since ICAI is one of the oldest and most reputable financial and accounting organizations in India, it commemorates its 76th anniversary this year.
Day Of Chartered Accountants 2024: Background
The Chartered Accountants Act, of 1949, which the parliament approved to advance the chartered accountancy profession, gave rise to the Institutes of Chartered Accountants of India on July 1, 1949. The nation’s accounting industry was uncontrolled before the founding of ICAI. A framework governing the educational requirements and professional behavior of chartered accountants across the country was introduced by the ICAI.
The Importance Of Chartered Accountants Day In 2024
Chartered Accountants Day is celebrated to honor the integrity, accomplishments, and contribution of chartered accountants to the nation’s financial and economic sectors. It emphasizes the significance of ICAI, the contribution of CAs to economic stability, the need for ongoing professional development, and the direction of the ethical norms that govern the industry. CA Day acknowledges the critical role these experts play in establishing an open, responsible, and prosperous financial future.
Why Is July 1st Observed As Chartered Accountants Day In 2024?
Before independence, the Companies Act was used by the British administration to keep accounts in India. The British government then established an accounting diploma curriculum for auditors. Students could work as auditors around the nation after completing this course.
The decision was made in 1930 for the government to maintain a registry known as the “Register of Accountants.” Additionally, anyone whose name was listed in the registry was called a Registered Accountant.
Due to the absence of strong standards and laws, the accounting profession was mostly unregulated; as a result, an expert committee was formed in 1948 to look into the matter. The expert committee recommended that the establishment of a distinct, independent association regulate the accounting profession. The Indian government passed the Chartered Accountants Act in 1949 based on their recommendation.
The Function Of CAs
Since ICAI’s founding, the chartered accountant profession has seen substantial change. At first, the CAs’ main jobs were financial reporting and auditing. The tasks became more varied and included financial planning, forensic accounting, corporate governance, taxation, and management consulting.)
In the business world, certified public accountants (CAs) are regarded as strategic partners and trusted consultants who support decision-making while guaranteeing financial stability.
Follow Us:
Youtube | Google News |
Igniteds is on YouTube; click here to subscribe for the latest videos and updates.
