National Chartered Accountants Day

Chartered Accountant Day will be celebrated on July 1st,  every year. On this day, the Institute of Chartered Accountants of India (ICAI) will mark the 73rd anniversary of its inception. 1st July is also marked as World CA day. The Virtual National CA Summit 2021, for example, will be held from June 29 to July 1, 2021. Surprisingly, in a big and overpopulated country like India, only 2.5 lakh Chartered Accountants of the ICAI, which has a massive presence in India, have been registered to date. 

The organization has established high standards for passing the exam, resulting in hundreds of Chartered accountants with millions of dollars in assets. As a result, there are severe educational requirements that must be met in order to earn such a large sum of money, and only a few people out of hundreds of applicants can pass the exam and become Chartered Accountants.

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Why we Celebrate CA Day

CA day in India is celebrated on 1st July. The day is observed to honor India's chartered accountants. The Institute of Chartered Accountants of India (ICAI) is the country's leading accounting regulatory body.. CA The day is commemorated to honor and appreciate India's most professional and oldest accounting association.

CA Day Celebration

Chartered Accountants play a crucial part in any organization, regardless of the size or nature of the company. His/her tasks range from financial statement preparation and financial plan development through audits, tax filings, and bookkeeping, among others. Every year on July 1st, we mark Chartered Accountant day to honor the profession and recognize its role in both the organization and the national economy.

Every company has its own CAs and its style of commemorating the day. Some organizations organize activities for their CAs, some reward them for their efforts, and others take care of their customers by announcing discount offers and hosting awareness events, parties, and charitable activities at their offices.

Institute of Chartered Accountants of India

The Institute of Chartered Accountants of India (ICAI) is India's national professional accounting body governed by the Ministry of Corporate Affairs. The Chartered Accountants Act, 1949, adopted by the Parliament (functioning as the temporary Parliament of India) to regulate the profession in India, was founded on July 1, 1949, as a statutory body. In terms of membership and students, the ICAI is the world's second-largest organized professional accounting and finance association. It advises the National Financial Reporting Authority and the Public Accounting Oversight Board, which replaces the ICAI, on the accounting standards to be followed by Indian corporations. The Institute of Chartered Accountants of India (ICAI) is solely responsible for developing the Standards on Auditing (SAs) for financial statement audits in India.

Chartered Accountants are members of the Institute (either Fellow or Associate). The term chartered, on the other hand, does not refer to or derive from any Royal Charter. Chartered Accountants are bound by a written Code of Ethics and professional standards, which can result in disciplinary action if they are broken.

The Chartered Accountants Act, 1949, approved by the Indian Parliament, established the Institute of Chartered Accountants of India to regulate the accountancy profession in India. In terms of membership, the ICAI is only behind the ACCA and the AICPA as the world's third-largest professional accounting body. It establishes the requirements for becoming a Chartered Accountant, administers the necessary tests, and issues licenses in the form of Certificates of Practice.

Motto

Ya Aeshu Suptaeshu Jagruti (Sanskrit) is the ICAI's slogan, which means "a person who is awake in those who slumber." It is a verse from the Upanishads. It was presented to the ICAI as part of its symbol when it was founded in 1949 by Sri Aurobindo.  CA. C. S. Shastri, a Chartered Accountant from Chennai, wrote to Sri Aurobindo, requesting that the newly created Institute, of which he was an elected member from Southern India, be given an emblem. Sri Aurobindo handed him the insignia with a Garuda, the mythological eagle in the center, and a quote from the Upanishad: Ya Aeshu Suptaeshu Jagruti, in response to his request. The symbol, along with the Institute's motto, was placed during the Institute's first Council meeting and was accepted amid many other emblems presented by other Council members.

ICAI has a separate logo for its members in addition to its emblem. In 2007, the ICAI introduced this unique new CA logo for the use of its members as part of a brand-building initiative. All ICAI members are free to use the logo under specific conditions. Prem Chand Gupta, then-Minister of Corporate Affairs, unveiled the logo on Chartered Accountant Day (1 July), in the presence of Sunil Talati, then-President of the Institute of Chartered Accountants of India. On official stationery, members of the ICAI are urged to use the CA logo rather than the ICAI insignia.

Role of Chartered Accountants

Under the Companies Act, 2013, the Income Tax Act, 1961, and other Indian regulations, chartered accountants have a legislative monopoly on auditing financial accounts. In India, financial statements that have been audited by a chartered accountant are assumed to have been prepared by GAAP. The Institute of Chartered Accountants of India (ICAI) has also developed Indian Accounting Standards, which address the current accounting situation.

Council of the Institute

The institute's affairs are managed by a council established under the Chartered Accountants Act of 1949. The council is made up of 32 members who were elected by their peers and up to 8 members who were nominated by the Indian government. The members of the institute elect the members of the council by a single transferable vote system. Every three years, the council is re-elected. The council elects two members to serve as president and vice-president for a one-year term. The president is the council's top executive officer. 

Regions and Branches

Eastern, Western, Northern, Southern, and Central are the five regions of the ICAI. ICAI now has 164 branches as of July 15, 2019. Out of the total 164 branches, 99 have their premises, including 14 branches (currently operating from rented premises) that have acquired land on which building has either begun or is in progress. 16 Branches (each operating from its location) have purchased land on which development has begun or is currently underway. 51 Branches do not own any land or structures.

Presidents

G.P. Kapadia was the first president of the ICAI (1949 to 1952). The current president is Nihar Niranjan Jambusaria. CA. (Dr.) Debashis Mitra is the council's current vice president, and after current president Nihar Niranjan Jambusaria leaves office, he will become the council's next president.

Code of Ethics

The institute has a thorough code of ethics, and actions that violate it result in disciplinary action against the offending members. The Chartered Accountants Act 1949, Chartered Accountants Regulation 1988, Professional Opportunities for Members – an Appraisal, Code of Ethics, and Manual for Members are all included in the institute's members' handbook. These are the pillars on which the profession's regulation is built. The Council also has a Peer Review Board that ensures that members of the institute (a) follow the institute's Technical Standards when performing professional attestation services assignments, and (b) have proper systems in place to maintain the quality of the attestation services work they perform.

Happy chartered accountants day to all the CAs!