Chartered Accountants Day is observed on 1st July in India. On this day, the Institute of Chartered Accountants of India (ICAI) celebrates its foundation day on this date. On the 1st of July each year, CAs and other stakeholders celebrate the contribution of one of India’s most significant financial and accounting entities- ICAI. Further, the organization recognizes and celebrates the work of chartered accountants on this day of national importance. In 2023, ICAI will observe its 75th anniversary, owing to which this day holds a special place this year.
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Chartered Accountants Day Theme 2023
The theme for 2023 is “Empowering Financial Excellence”. This theme highlights the exemplary contributions made by CAs in the financial sector of India. Further, the theme also symbolizes the importance of ethical standards and transparency in the working of CAs.
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History of CA Day
As this day is observed to celebrate the formation of ICAI, it is essential that we learn about the history of this organization. Here is a brief history:
- The foundation of chartered accountancy as a profession in India was established in 1919 with the formation of the Institute of Accountants and Actuaries in 1919. However, due to various limitations and economic challenges in British India, the organization was shut down within a few years.
- However, this profession got a new life with the establishment of the Institute of Chartered Accountants of India on 1st July 1949.
- ICAI was formed with the passage of the Chartered Accountants Act, of 1949. This act prescribed the functioning of ICAI and empowered the central government of independent India to regulate the accounting and auditing profession in the nation.
- As per the Chartered Accountants Act 1949, ICAI was formed as a statutory body with the responsibility to regulate the education, training, and professional conduct of CAs.
- This statutory body was established with the aim of achieving professional excellence in the field of accountancy.
CA Day is dedicated to acknowledging and appreciating the contributions of chartered accountants in the financial growth of India. CAs play a pivotal role in the financial ecosystem of the country. They are skilled professionals who have expertise in auditing and assurance, taxation, financial management, and advisory services.
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On Chartered Accountants Day, various events and programs are organized across the country to acknowledge the accomplishments and contributions of chartered accountants. Eminent professionals are felicitated for their outstanding achievements and exemplary service to the profession and society. This recognition not only motivates chartered accountants but also raises awareness about their significant role in India’s economic growth.
Structure of ICAI
The Institute of Chartered Accountants in India consists of 40 members. 8 members among the 40 are nominated by the Union Government of India and 32 members are elected by practising CAs in the country. The nominated members represent the Ministry of Finance, Comptroller and Auditor General (CAG) of India, Ministry of Corporate Affairs, Securities and Exchange Board of India (SEBI), and other stakeholders of the accounting and auditing ecosystem of the nation.
Functions of ICAI
Here are the key responsibilities of ICAI:
- To regulate the accountancy profession
- To educate and conduct examinations for CA courses
- To conduct courses for candidates who qualify for each course
- To regularly train and educate ICAI members
- To formulate accounting and auditing standards and procedures in India
- To establish ethical standards of accounting and auditing
- To evaluate and monitor quality practice by reviewing peers
- To ensure the quality performance of members
- To investigate complaints against its members and take disciplinary actions in cases of professional misconduct.
- To provide input to the government of India on policy matters
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Ans: We observe CA Day to celebrate the formation of ICAI and acknowledge the contributions of ICAI and CAs in the fiscal growth of India.
Ans: CA Day is celebrated on the 1st of July of each year to commemorate the establishment of ICAI.
Ans: The Institute of Chartered Accountants in India or ICAI was established in 1949 under the Chartered Accountants Act 1949. It was formed as a statutory body under this Act of Parliament. With the formation of this organization, the government of India institutionalized the accountancy profession.