National Chartered Accountants - 1 July

Tags: Important Days

National Chartered Accountants (CA) Day is observed annually on July 1st.

An Overview of the News

• The day commemorates the establishment of the Institute of Chartered Accountants of India (ICAI).

• This year, the celebrations mark the 76th anniversary since the ICAI was founded by an Act of Parliament.

What is the Institute of Chartered Accountants of India (ICAI)?

• The ICAI is a statutory body established by the Chartered Accountants Act of 1949.

• It regulates the profession of Chartered Accountancy in India.

• Administratively overseen by the Ministry of Corporate Affairs.

Historical Background:

• Before independence, accounting in India was governed under the Companies Act by the British Government.

• A diploma program in accounting for auditors was introduced by the British Government.

• In 1930, the Government of India established the Register of Accountants.

• Lack of effective norms led to the perception of an unregulated accounting profession.

• An expert committee in 1948 recommended the formation of an autonomous body to regulate accounting.

• The Chartered Accountants Act was enacted in 1949 based on these recommendations.