CA Day 2023: Every year on July 1, Chartered Accountant Day i.e. CA Day is celebrated across the country. On this day in the year 1949, the Institute of Chartered Accountants of India (ICAI) was established by an Act of Parliament. CA Day is celebrated every year to honor the chartered accountants on the day of establishment of ICAI.
History of CA Day
During the British rule, all institutions kept proper records of their accounts under the Companies Act. Certified Auditors, who have completed Accountancy Diploma course, used to maintain the accounts of the books of accounts. In India, the accounting profession remained unregulated till 1948. However, in 1949, an expert committee suggested the formation of an autonomous body and Chartered Accountants Act and ICAI was established on 1 July 1949. Its objective was to regulate the accounting laws in India.
Significance of CA Day:
Chartered Accountant is considered to be one of the most respected and noble professions in India. CAs play a very important role in the economic development of our country. This day is celebrated to honor Chartered Accountants in India. ICAI is the most professional body in the country for better regulation of the accounting profession in India. CA Day is celebrated to say thanks to the contribution of India’s most professional and oldest accountancy body.
Interesting facts related to ICAI
1. The Institute of Chartered Accountants of India is the oldest professional body in India. It was established in 1949 under an Act of Parliament.2. ICAI is the second largest accounting body in the world after the American Institute of Public Accountants.3. There is no reservation in Institute of Chartered Accountants of India.4. Garuda is made on the official symbol of ICAI and Upanishad is written on it. It was given by Sri Aurobindo.5. Institute of Chartered Accountants of India offers CA course.
