CA Day 2021: History & Significance of Chartered Accountants' Day

CA Day: The ICAI is the second largest professional body of Chartered Accountants in the world.

CA Day is celebrated every year on 1 July

(Photo: Twitter/@Imdineshpurohit)

Chartered Accountants' (CA ) day is celebrated every year on 1 July. The days is organized by Institute of Chartered Accountants of India (ICAI). It is observed to celebrate and acknowledge the contribution of India's most professional and old finance and accounting body ICAI.

The ICAI is the only licensing and regulatory body for accounting profession and financial auditing in India. Every accounting and finance organization including National Financial Reporting Authority (NFRA) have to follow the recommendations of accounting standards made by them.

The ICAI is the second largest professional body of Chartered Accountants in the world, with almost 2.5 lakh members.

Chartered Accountants' (CA ) Day: History

Before ICAI came into existence, the British Government in India used to maintain accounts using the Companies Act. The British Government then launched a accountancy diploma course for auditors. The people who completed this course became eligible to work as auditors all across India.

However, the accountancy profession remained unregulated in India until an expert committee, in 1948, suggested the formation of an autonomous body to regulate the same. It was followed by the passing of Chartered Accountant Act in 1949.

The Institute of Chartered Accountants of India (ICAI) was established on 1 July 1949.

Chartered Accountants' (CA ) Day: Significance

CAs play a very important role in development of our country. Moreover, the ICAI is the most professional institute which regulates the accounting standard in India.

Chartered Accountants' (CA ) Day: Wishes & Quotes

• CAs are the professional being who help us understand our accounts better. I will be always thankful to them. Happy CA Day 2021!

• Becoming a qualified CA isn’t a cake walk. It takes a lot of hard work to become one. I wish a very happy CA day to the CA community

• CAs are always there for rescue. I thank my CA for always helping me out

• Constant Hard Work, Determination, Focus, and Dedication goes into making of a Chartered Accountant. Happy CA Day 2021!