The Chartered Accountants’ Day or CA Day is held on 01 July every year in India. It is also known as ICAI Foundation Day. The day is marked to commemorate the foundation of the Institute of Chartered Accountants of India (ICAI) on July 1, 1949. ICAI is among the oldest professional institutions in the country and also the second largest professional accounting and finance body in the world in terms of members.
Chartered Accountants Day: Significance
The Institute of Chartered Accountants of India (ICAI), which sets the requirements for chartered accountants, administers the exams, and issues certificates of practice, is a key player in the regulation of the accounting profession in India. Thus, the day is important for honoring the ICAI as well as appreciating the efforts and contributions of chartered accountants across the nation.
Chartered Accountants Day : History
The Chartered Accountants’ Day honors the founding of the Institute of Chartered Accountants of India (ICAI), the second-largest accounting organization in the world and the country’s first national professional accounting body. It was created on July 1st, 1949, as a statutory body by the Indian Parliament under the Chartered Accountants Act. India celebrates this day each year to commemorate the founding of the Institute of Chartered Accountants of India (ICAI).
Role of a Chartered Accountant:
The role of a Chartered Accountant is very important in any business organisation, regardless of the size and nature of the firm. An array of his/her responsibilities expands from preparing financial statements and developing financial plans to auditing, tax filings, bookkeeping and so on. So, to Laurel the profession and to acknowledge its importance in an organisation as well as in the national economy.
Important Takeaways For All Competitive Exams:
- Institute of Chartered Accountants of India President: N. D. Gupta;
- Institute of Chartered Accountants of India HQ’s: New Delhi.