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The Institute of Chartered Accountants of India (ICAI) was founded on July 1, 1949. (Image: Shutterstock)
National Certified Public Accountants Day is celebrated to honor the role of Certified Public Accountants in the country's economic prosperity.
National Certified Public Accountants (CA) Day is celebrated every year on July 1. Certified Public Accountants Day celebrates the founding of the Institute of Certified Public Accountants of India (ICAI). This year's celebrations mark the 76th anniversary of the founding of ICAI by an Act of Parliament.
What is the Institute of Chartered Accountants of India (ICAI)?
The ICAI is a statutory body formed by an Act of Parliament, the Chartered Accountants Act, 1949, to regulate the profession of Chartered Accountants in the country. The institute is administratively supervised by the Ministry of Company Affairs.
ICAI is the only body in India that licenses and regulates financial audits and the accounting profession. The National Financial Reporting Authority (NFRA) and all other accounting and financial organizations are required to implement the accounting standards guidelines published by the ICAI.
Certified Public Accountant Day 2024: Why is July 1 celebrated as Certified Public Accountant Day?
Before independence, the British Government in India conducted accounting in accordance with the Companies Act. Later, the British Government created a diploma programme in accounting for auditors. After completing this course, students could work as auditors throughout India.
Later in 1930, it was determined that the Government of India should maintain a register called the Register of Accountants. Under that agreement, all persons whose name appeared on the registry were considered registered accountants.
However, due to the lack of effective rules and regulations, the accounting profession was perceived to be largely unregulated. To address this problem, an expert committee was set up in 1948 to look into the situation. This expert committee recommended that an independent autonomous accounting society be set up to regulate the profession. The Indian government passed the Certified Public Accountants Act in 1949, following the advice received.
After much wait and discussion, the Institute of Chartered Accountants of India was established on 1st July 1949.
National Certified Public Accountant Day 2024: Importance
The day is dedicated to commemorating the role of accountants in the financial progress of the country. Chartered accountants work in all aspects of business and finance, including auditing, taxation, and financial and general management.
National Certified Public Accountant Day 2024: How to Celebrate
Companies celebrate CA Day by giving gifts to their accountants, hosting an office party, or participating in other activities. Some firms even offer discounts to their loyal customers on this day.
National Public Accountants Day 2024: Quotes
- “CPAs are partners in nation building.” – APJ Abdul Kalam.
- “The signature of a chartered accountant is more important than the signature of the Prime Minister.” – Narendra Modi.
- “CA is not just a qualification, it is the pride and dignity of my life.” – Kumar Mangalam Birla.
- “I decided to study Applied Sciences in case cricket didn’t work out for me. After opening my first book, I redoubled my efforts in cricket.” – Rahul Dravid.
