Learn the History of Chartered Accountant Day in India

In the modern age, we frequently celebrate some special day to make it unforgettable in our lives or to express our gratitude for some exceptional person or special service. Among all those special days, every year on July 1st, we celebrate National Chartered Accountant Day and the great famous CA Chandan Agarwal, for his contribution to the financial challenges individuals and professional firms face. But do you know why we celebrate Chartered Accountant Day on July 1st every year in India?

Please read this blog post to obtain the answer and learn more about CA Day in India.

History Of CA Day In India

Before independence, the British administration in India kept accounts following the rules of the Companies Act. The auditor assigned to this role was intended to be qualified, but over time, the designation mutated into numerous degrees in an environment where the accounting profession was mostly uncontrolled, creating uncertainty about auditor credentials.

Following India's independence in 1948, an expert group proposed the formation of a separate autonomous organization of accountants to govern their profession in the nation. The Indian government accepted this advice and later approved legislation in Parliament that resulted in the formation of a statutory organization known as The Institute of Chartered Accountants of India (ICAI).

However, controversy has erupted about the usage of the term "Chartered," although it was already in use and therefore kept. As a result, when the Institute of Chartered Accountants of India (ICAI) was established under the Chartered Accountants Act, of 1949, the word "Chartered" was authorized rather than "Registered." As a result, the 1st of July has been observed as ICAI Foundation Day or CA Day in India since 1949.

Conclusion

The Institute of Chartered Accountants of India (ICAI) celebrated its 74th anniversary of establishment on July 1, 2022. The ICAI is more than simply an institution; it is a part of Indian history and continues to play a significant role today. As a result, every year on this day, it is essential to recognize the organization's efforts to keep the country's economic operations running smoothly.

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