National Charted Accountants Day | CA Day

National Charted Accountants Day | CA Day

National Chartered Accountant Day or CA Day is observed on July 1st to celebrate the formation of the Institute of Chartered Accountants of India (ICAI). It was on July 1st, 1949 a year before the Constitution of the country was formalized when ICAI was formed. The Institute of Chartered Accountants of India (ICAI) is the national professional licensing and regulatory body for the financial audit and accounting profession in India.

On 1s July 1949 as a body corporate under The Chartered Accountants Act, 1949 enacted by the Indian parliament to regulate the profession of Chartered Accountancy. ICAI is the 2nd largest accounting body after the American Institute of Certified Public Accountants (CPA) in the world in terms of membership. It has around more than 2.5 lakh members.

History of CA Day

In 1913, before independence, the British Government passed the Companies Act in India that prescribed a list of books that every firm registered under the Act had to maintain. An auditor was also appointed by the same act which had the power to audit these books. Five years later, in 1918, a course called Government Diploma in Accountancy was launched in Bombay. In the year 1930, the government decided to maintain a register called the Register of Accountants. After independence, the Indian Government passed the Chartered Accountants Act in 1949 even before India became a republic. ICAI was founded as a body corporate with perpetual succession & a common seal.

Some special things related to ICAI

  • ICAI conducts the Chartered Accountant course, as well as conducts various examinations. This institution gives license to all chartered accountants.

  • It is the second-largest professional accounting institution in the world after the American Institute of Certified Public Accountants (AICPA) in terms of membership.

  • ICAI also supports policymaking to government institutions like RBI, SEBI, MCA, CAG, IRDA, etc.

  • Here any person can participate in the prescribed examinations. One can become a member of ICAI after three years of practical training.

  • The special thing is that there is no reservation here. The election of the office bearers is also held on the condition of reservation.

  • The first certificate was issued by ICAI to CA Gopaldas Padamse Kapadia. Gopaldas was the first president of the institute.

  • Shri Sorab S. Engineer was the proclaimed guru of the first and founder-President of the Institute, Shri G. P. Kapadia.

  • The ICAI Logo was conceptualized by great Nationalist Philosopher Sri Aurobindo Ghosh. It has’Garuda’ on it and it is written in the Upanishads.

  • The First Council of the ICAI was constituted and notified by the Government by notification published in the Gazette of India Extraordinary dated 1st July 1949 and consisted of 15 elected members and 5 members nominated by the Government.

  • The first meeting of the First Council of the Institute was held on 15th August 1949 at New Delhi.

  • First President of the ICAI Shri G.P. Kapadia is the longest-serving President in the history of ICAI who served for a term of 1949-1952.

  • After the first Council of the Institute started functioning, i.e. as on 1st April 1950, there were 1,689 members-569 Fellows and 1,120 Associates.

  • The first lady to have qualified as Chartered Accountant was R Sivabhogam (born 23 July 1907 in India). She created history by becoming the first Indian Woman Accountant in 1933. She underwent article-ship training under Mr. C S Sastri.

  • The first lady to have topped the CA Final Examination was Ms. Nandita Shah. She achieved this feat in November 1983 examination.

  • The first lady to have got elected to the Council of The Institute of Chartered Accountants of India (ICAI) was Ms. Priya Bhansali.

 

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Simmi Kamboj

Simmi Kamboj is the Founder and Administrator of Ritiriwaz, your one-stop guide to Indian Culture and Tradition. She had a passion for writing about India's lifestyle, culture, tradition, travel, and is trying to cover all Indian Cultural aspects of Daily Life.
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