Today i.e. 1st July is very important for the country. Today is CA (Chartered Around) Day. It has been established on 1st July 1949 as a corporate body under the Chartered Accountants Act, 1949. Since then, every year today is celebrated as CA Day. Reports say that realizing the importance of this day, the central government has decided to implement GST on July 1.
The eligibility to become a Chartered Accountant determines:
ICAI was established under the Chartered Accountants Act 1949 with the objective of regulating the profession of accounting in India.
It is determining the eligibility to become a chartered accountant.
It also takes the exam and gives a license to practice accounting.
Apart from this, it helps government entities like RBI, SEBI, MCA, CAG, IRDA, etc. in policy formulation.
6 decades later achieved recognition as the leading accounting body:
The Indian Institute of Chartered Accountants is a national professional accounting body of India.
After almost six decades, the India Institute of Chartered Accountants is also recognized as a premier accounting body in the country.
It is also recognized globally for its contribution to the field of education, auditing and maintenance of ethical standards.
The second largest professional accounting institution in the world:
ICAI is the second largest professional accounting institution in the world after the American Institute of Certified Public Accountants in terms of membership.
ICAI is recommending the accounting standards to be applicable to companies to the National Advisory Committee on Accounting Standards (NACAS).
It is also determining accounting standards to be applicable to other organizations.
Any person has become a member of ICAI by participating in the prescribed examinations and undergoing three years of practical training.
The membership exam is known for its rigorous standards.
Why CA Day is celebrated on July 1: Explain that the CA course is being organized by ICAI. At the same time, the license to CA is also given by the ICAI Institute. Since the Institute of Chartered Accountants of India was established on July 1, every year, July 1 is celebrated as CA Day. According to reports, national CA Day is celebrated to honour chartered accountants across the country on the day of the establishment of ICAI i.e. July 1. The job of a chartered accountant is to show the right direction to the financial position of any country. Note that the members of the institution with a membership of fewer than 5 years are called Associate Chartered Accountants (ACA). While members with a membership of more than 5 years are called Fellow Chartered Accountants (FCA). A member of ICAI can use CA before his name.