National Chartered Accountants Day on July 1: All you need to know

Published on Jun 30, 2021 06:19 AM IST

ICAI is deemed as the second biggest accounting organization in the world with about 2.5 lakh members.

The only licensing and regulatory body for the financial audit and accounting profession in India will celebrate the 73rd Chartered Accountants day this year.(Pic for representation)
The only licensing and regulatory body for the financial audit and accounting profession in India will celebrate the 73rd Chartered Accountants day this year.(Pic for representation)
By | Written by Susmita Pakrasi, Hindustan Times, New Delhi

India celebrates Chartered Accountants Day every year on July 1 to commemorate the findings of the Institute of Chartered Accountants of India (ICAI) by Parliament in 1949. The only licensing and regulatory body for the financial audit and accounting profession in India will celebrate the 73rd Chartered Accountants day this year.

ICAI is deemed as the second biggest accounting organization in the world with about 2.5 lakh members.

In his radio address 'Mann Ki Baat' on Sunday, Prime Minister Narendra Modi mentioned that Chartered Accountants Day is celebrated on July 1 and reminded them about a gift he sought from them. “A few years back, I had asked chartered accountants of the country for a gift of Indian audit firms of global level. Today, I want to remind them of this. Chartered accountants can play a very good and positive role in bringing transparency to the economy. I extend my best wishes to all chartered accountants and their family members,” he said.

History and Significance of National Chartered Accountants Day

Before India's Independence, the British government had established a rule that expected firms to keep track of their accounts under the Companies Act of India. An auditor was also appointed to audit these books. The auditors were expected to gain a certificate certifying them for this task. In the ensuing years, the role and designation of an auditor morphed to various degrees where the accountancy profession became largely unregulated and created confusion in terms of the qualifications of auditors.

After Independence in the year 1948, an expert committee recommended that a separate autonomous association of accountants should be set up to regulate the profession of accountants in the country. The Indian government adhered to the recommendation and passed an act in the Parliament that gave birth to a statutory body named The Institute of Chartered Accountants of India (ICAI).

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