2024-07-01 20:35:01
This year, ICAI is celebrating the 76th year of its existence as it is India’s one of the oldest and most respected financial and accounting organisations.
The Institutes of Chartered Accountants of India came into existence on July 1, 1949, when the parliament passed The Chartered Accountants Act, 1949 to develop the profession of Chartered Accountants. Before the establishment of ICAI, the accounting profession in the country was unregulated. The ICAI introduced a framework that governs education qualification, and professional conduct of Chartered Accountants nationwide.
Chartered Accountants Day is observed to celebrate the Chartered Accountants’ contribution, achievements, and integrity in the financial and economic sectors of the country. It highlights ICAI’s importance, the role of CAs in economic stability, emphasising continuous professional development and guiding the ethical standards that guide the profession. CA Day recognises the pivotal role that these professionals play in shaping a transparent, accountable and prosperous financial future.
Chartered Accountants Day 2024: Why is July 1 celebrated as CA Day?
The British government in India kept accounts under the Companies Act before independence. Subsequently, the British government created a diploma programme in accounting for auditors. After completing this course, students were eligible to work as auditors all over the country.
In 1930, it was decided that the government keep a register, called the ‘Register of Accountants.’ And everyone whose name appeared in the registry was referred to as a Registered Accountant.
The accounting profession was mostly unregulated due to a lack of effective norms and regulations and hence an expert committee was established in 1948 to investigate the situation. The expert committee advised that a separate autonomous accounting society be founded to regulate the profession. On their advice, the Chartered Accountants Act was passed by the Indian government in 1949.
The Chartered Accountants have evolved significantly since the inception of ICAI. Initially, the CAs were primarily working in auditing and financial reporting. The roles diversified to include taxation, management consultancy, corporate governance, forensic accounting, and financial planning, among others.
CAs are considered trusted advisors and strategic partners in business, contributing to decision-making processes and ensuring financial stability.
Here are the top 10 best wishes for Chartered Accountants Day 2024:
Celebrating the dedication, integrity, and hard work of all CAs. Your expertise drives the financial health of businesses and economies.
Your precision and dedication ensure financial clarity and success. Here’s to your continued excellence and prosperity.
Your expertise in managing finances, taxes, and audits is invaluable. Thank you for making sense of the numbers and ensuring transparency.
Your unwavering commitment to accuracy and ethics makes a significant impact. May your career be as rewarding as your service.
Your relentless efforts and sharp financial acumen make businesses thrive. Celebrate your achievements and keep shining.
May your balance sheets always tally, and your career graph keeps soaring high. Thank you for your indispensable contributions.
Your hard work and dedication ensure the stability and growth of businesses. Wishing you success and fulfilment in all your endeavours.
Your meticulous work and ethical standards are the backbone of financial stability. May your expertise continue to be valued and appreciated.
Your role is crucial in every organisation, ensuring compliance and financial health. Here’s to your relentless pursuit of excellence.
Your contribution to the financial world is immense and invaluable. May you continue to inspire and lead with integrity and precision.
First Published: Jul 01 2024 | 11:14 AM IST
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