To mark the establishment of the Institute of Chartered Accountants of India (ICAI), National Chartered Accountants Day or CA Day is observed on July 1 every year. This year, the ICAI has unveiled a new logo with the tagline: ‘75 Years of Trust.’
The ICAI is one of India’s oldest and most professional financial and accounting institutes, responsible for regulating accounting standards in the nation. It functions under the administrative control of the corporate affairs ministry. Also, it is the only licensing and regulatory body for accounting and auditing professionals in India.
According to its official website, “The ICAI is the second largest professional body of Chartered Accountants in the world, with a strong tradition of service to the Indian economy in the public interest.”
Taking notes from its significance, the day is observed to recognise the contribution of Chartered Accountants to India’s financial growth. The CAs are engaged in all fields of finance and business-related work.
ICAI is linked with a long history since the per-independence era as before its formation, the British Government kept accounts under the Indian Companies Act. As per the reports, later in 1930, it was decided that the Government of India should maintain a register called the Register of Accountants. Under that system, any person whose name was entered in such register was called a Registered Accountant.
However, due to a lack of proper rules and regulations, it was felt that the accountancy profession was largely unregulated. In 1948, an expert committee was established to look after these things. It was this expert committee that recommended that a separate autonomous association of accountants should be formed to regulate the profession. In 1949, the Government of India accepted the recommendation and passed the Chartered Accountants Act.
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