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    Chartered Accountants Day — History, significance and all you need to know

    Chartered Accountants Day — History, significance and all you need to know

    Chartered Accountants Day — History, significance and all you need to know
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    By CNBCTV18.com  IST (Published)

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    Chartered Accountants’ Day is celebrated on July 1 to commemorate the establishment of the Institute of Chartered Accountants of India (ICAI).

    July 1 is celebrated as the Chartered Accountants’ Day to commemorate the establishment of the Institute of Chartered Accountants of India (ICAI) by an Act of the Parliament in 1949. The day is also celebrated to recognise the contribution of the Chartered Accountants in nation building.
    ICAI, the sole licensing and regulatory body in the accountancy and financial audit profession in India. It also has the distinction of being one of the oldest professional institutes in the country.  It was formed a year before even the constitution of the country was formalised. ICAI, with nearly 2.5 lakh members is also the second biggest accounting organisation in the world after the American Institute of Certified Public Accountants (CPA).
    ICAI's official emblem given by SRI Aurobindo has a 'garuda' and a quote from the Upnishads  — “Ya esha supteshu jagriti”, which translates to the one who is awake in those that sleep. The first certificate issued by ICAI was to CA Gopaldas Padamsey Kapadia, who was also the institute's first president.
    History 
    Prior to India's independence, the rules of the British Government required companies to keep a track of their accounts under the Companies Act. A certified accountant was also required to be appointed to maintain the books.
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    However, in absence of a regulatory body, confusion regarding the qualifications of auditors arose. In 1948, an expert committee appointed by the independent Indian government recommended setting up a separate autonomous association of accountants to regulate the profession in the country. Acting on the recommendation, the government established the Institute of Chartered Accountants of India (ICAI) under the Chartered Accountants Act, 1949.
    Significance 
    Chartered Accountants Day, the foundation day of ICAI, celebrates and honours the contribution of CAs in the country. The role of a CA is very crucial in any firm, regardless of the nature of the firm. CAs are responsible for ensuring that every financial activity goes on as per the provision of laws in India.
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