Each year, Chartered Accountants Day is celebrated on July 1 to commemorate the finding of the Institute of Chartered Accountants of India (ICAI) by the parliament of India in 1949. The parliament of India passed an act that established ICAI on July 1, 1949. ICAI is deemed the second biggest accounting organization in the world with about 2.5 lakhs members in the organisation. Ergo, on this day, we honour the Chartered Accountant across the nation. The only licensing and regulatory body for the financial audit and accounting profession in India will celebrate the 73 rd Chartered Accountants day this year. Here's everything you need to know on the day that celebrates this profession and its arbiters.

History and Significance

Before Independence, the British Government established a rule that expected firms to keep track of their accounts under the Companies Act of India. An auditor was also appointed to audit these books. The auditors were expected to gain a certificate certifying them for this task.  In the ensuing years, the role and designation of an auditor morphed to various degrees where the accountancy profession became largely unregulated and created confusion in terms of the qualifications of auditors.

After Independence in the year 1948, an expert committee recommended that a separate autonomous association of accountants should be set up to regulate the profession of accountants in the country.

The Indian government adhered to the recommendation and passed an act in the parliament that birthed a statutory body named The Institute of Chartered Accountants of India (ICAI). Thus on this day we recognise and acknowledge the contributions of Chartered accountants was born in India.

The theme of Chartered Accountants Day 2020 was ‘Transforming the Future: Enabling Excellence, Augmenting Trust’. This year’s theme hasn’t yet been declared by the ICAI.

(The above story first appeared on LatestLY on Jun 28, 2021 05:58 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).