New Delhi: Chartered Accountants Day is observed every year on July 1. On this day in 1949, the Institute of Chartered Accountants of India (ICAI) was established. This year, ICAI will complete 75 years. It is one of the country’s oldest professional institutes and the world’s second-largest professional accounting and finance body in terms of members. As we observe the day tomorrow, let us take pride in the global recognition of ICAI and learn some lesser-known facts about the day and the ICAI.
Chartered Accountants Day 2024: Why and when the day was started?
On July 1, 1949, the Parliament acted and gave birth to the Institute of Chartered Accountants of India (ICAI). The institute started to form a year after the Constitution was formalised. ICAI is the licensing and regulatory body for the financial audit and accounting profession.
The day honours the important contribution that chartered accountants make to businesses and India’s economy.
The day also honours the contribution of CAs in the country and its financial growth. The role of Chartered Accountants (CAs) is more comprehensive than taxing. They play a crucial role in auditing, ensuring financial transparency, and general management, which involves strategic financial planning and risk management.
Chartered Accountants are uniquely positioned to lead the race as the world increasingly focuses on sustainability and environmental protection. They can make a significant impact by integrating sustainable strategies into business operations.
CAs have adopted new and innovative methods to ensure businesses succeed financially and contribute positively to the environment and society.
Chartered Accountants Day reminds us of the paramount importance of honesty and integrity in financial matters, values deeply ingrained in Chartered Accountancy.
CAs follow strict ethical rules, such as maintaining confidentiality, avoiding conflicts of interest, and disclosing all relevant financial information to ensure transparency and build public trust in their work.
This day highlights how important CAs are to maintain high ethical standards.
About ICAI
The Institute of Chartered Accountants of India (ICAI) is the sole licensing and regulatory body for India’s financial audit and accounting profession. Companies and accounting organisations follow the recommendations of the National Financial Reporting Authority (NFRA).
Being a bona fide chartered accountant on the ICAI’s member list is a prestigious honour, celebrated every July 1 as ICAI Foundation Day or Chartered Accountants Day.
Chartered Accountants Day, a tradition that began on July 1, is a day of great historical significance. It honours the important contribution made by chartered accountants. Let us delve into the history of this day and understand its importance. knowledge Knowledge News, Photos and Videos on General Knowledge
