‘In India there is millions of company and every company has its own financial holder who keeps records of financial status and these are known as Chartered Accountant.’
1July, 2020 is celebrated as CA days to honour the Chartered Accountant. The Institute of Chartered Accountant of India (ICAI) is 2nd largest accounting organization in the world which was established on 1 July 1949 under an Act passed in Parliament and every year this day is celebrated as CA day.CA work as one of the 4 pillar of economy and stable the company’s financial condition.
What is ICAI?
ICAI is come under the oldest organization of India. It is the sole licensing and regulatory body which work as financial audit and accounting profession in India. It is important to follow by everyone from National Finical Reporting Authority (NFRA) to companies and other accounting organization. It is honour to be the part of world’s second largest financial organization. That’s why 1July is celebrated as ICAI’s foundation or CA day.
It is also follow the strict code of ethic the over the MOTO of ICAI it is written “Ya esha supteshu jagriti” it is quote of Upanishad which means “the one who is awake in those that sleep” CA help people to become better citizen in tax paying also it help the small and large businesses and support them financially also they help to maintain the economy of country. Also the word chartered in the CA does not stand for royal charter of British there is no relation between them.
History behind ICAI
During the British rule Companies Act 1913 was passed under which there will be list of book under which every company get registered this act provide power to Auditor to Audit the list of book. After 5 years of this act in 1918 government has started the diploma in accountancy in the Bombay (Mumbai) for 3 year course. After this course they are allowed to audit the company in every part of India.
But soon in 1930 the Indian government taken back the decision to maintain the register for accountant also only accountant whose name will be entered under the roster is said to be registered accountant but still the profession of Accountancy was not in control of law, after sometimes in 1948 committee of experts was formed and it was decided there would be different body for accountancy in India. By that time many people were already the part of Institute of Chartered Accountant of England Accountant.
ICAI came to the power after the Chartered Accountant At 1949 was passed in the Parliament, today there 2 lakh people working in ICAI organization. To honour them for handling the economy of country and helping the companies 1 July is celebrated as National CA day.
SOME OF THE MOST RENOWNED CA OF INDIA
- T.N. Manhoran
- Naina Lal Kidwai
- Suresh Prabhu
- K. Rahman Khan
- Swaminathan Gurumurty
And there many other famous CA who help in the growth of Economy of our country and also help the industries of our country.