Come July 1, the Institute of Chartered Accountants of India (ICAI) wears a celebratory look as its nearly 2.5 lakh members deck up to commemorate the founding day of the second largest Accounting body in the world.
ICAI has the distinction of being one of the oldest professional institutes in India as it came into being even before the Constitution of India was officially adopted. It is in fact the only licensing cum regulatory body in accountancy and financial audit profession in India, as well as responsible for the assurance and auditing standards in the country. ICAI is the supreme body whose recommendations are taken as the last word by the National Financial Reporting Authority (NFRA) as well as companies and accounting organisations.
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National CA Day 2021: History & Significance
Before ICAI came into existence, prior to Independence, the British Government had the firms keep record of their accounts under the Companies Act of India. There would be certified auditors to audit the books of accounts. But the British norms for certifying an auditor didn’t hold out much hope at the time and regulating the accountancy profession was taking on a crisis proportion, what with the.
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Ergo Independent India was all for a separate accounting body that could regulate the profession of accountants in the country.
Following the recommendation of the expert committee set up in 1948, the Indian Government formed a statutory body the Institute of
Chartered Accountants of India (ICAI) – under the Chartered Accountants Act, 1949 enacted by the provisional Parliament of India on July 1, 1949 – for enhanced regulation of the accounting profession in India.
Better known as Chartered Accountants Day or CA Day, the Foundation Day is celebrated to honour the Chartered Accountants across the nation.
National CA Day 2021: Wishes
- On CA day, we extend our warm Congratulations to all those who have qualified as CAs this year.
- Going into Chartered Accountancy is a worthy calling. Hard work and dedication pay off, slowly but surely. Happy National CA Day 2021!
- Becoming a qualified CA isn’t a cake walk. It takes a lot to become one. A very happy CA day 2021 to the CA fraternity and aspirants too.
- It takes utter honesty to ensure transparent & accountable functioning of a business – a cornerstone of a vibrant economy. CAs have the magic wand to keep the economy vibrant and flourishing. Best wishes to all CAs on CA Day 2021.
- Getting into CA is easy but getting through it is a herculean task. Only individuals with mettle can pass CA exams. Warm Wishes to all the future CAs on CA Day 2021!
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