CAs have a very important role in the development of our country. Moreover, the ICAI is an institute that regulates the accounting standards in India.
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Chartered Accountants’ (CA) day is celebrated annually on 1 July with an aim to commemorate the findings of the Institute of Chartered Accountants of India (ICAI) by Parliament in 1949.
The ICAI is the only licensing and regulatory body for the profession of accounting and financial auditing in India. Every finance and accounting organisation including National Financial Reporting Authority (NFRA) is required to follow the recommendations of accounting standards made by them.
History
Before India became independent, the British government in India maintained accounts as per the provisions of the Companies Act. The auditor appointed for this task was expected to be certified but over the years, the designation morphed to various degrees where the accountancy profession was largely unregulated and created confusion with regards to the qualifications of auditors.
In 1948, after India got independent, an expert committee recommended that there should be a separate autonomous association of accountants to regulate their profession in the country. The Indian government accepted this recommendation and subsequently passed an act in the Parliament that led to the establishment of a statutory body named The Institute of Chartered Accountants of India (ICAI).
Significance
CAs have a very important role in the development of our country. Moreover, the ICAI is an institute that regulates the accounting standards in India.
Wishes to send to a Chartered Accountant
Chartered Accountants create economies and finances to rely on. They create opportunities to grow. Best wishes to you on CA Day!
Becoming a qualified CA is not a cake walk. It requires a lot of hard work to become one. I wish a very happy CA day to you!
Without CAs, it is impossible for a company to function, no business in the country can prosper without a CA. Cheers to you on National CA Day!
Our economy may seem to be tricky to the common man but for a CA, it is like a simple mathematical equation. Best wishes to all the CAs!
Wishing you a very Happy CA Day. It might be easy to learn accountancy but it is certainly very difficult to become a Chartered Accountant. Congratulations on becoming a CA!
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