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We are Sharing With You the origin & History of ICAI and why we Celebrate CA Day in Details.. So kindly Check Out our http://www.castudynotes.com website and Learn more about CA .CA STUDY NOTES
To date, in a vast country like India, a country with at least a billion people, there are only 4 lakh Chartered Accountants of the Indian Institute of Chartered Accountants. Due to the fact that this organization has set high standards for clearing the exam, there are hundreds of Chartered accountants who are worth millions. In fact, there are many of aspirants who want to become accountants, but few are able to clear the exam and become certified as chartered accountants.
The USP of this profession is the fact that it is the only profession in India that is licensed for the purpose of financial audit of any organisation and across the globe, it is the second-largest body imparting education related to accounting and finance.
It is undoubtedly a matter of pride to be a member of such big and esteemed body and so to honour these members and their existence, every year we celebrate CA day date on 1st July.
You Need to Know 5 Unforgettable Points About ICAI :
- It is known as the oldest professional bodies in India which came into being by an act of parliament in 1949.
- The official emblem of the ICAI is the ‘Garuda’ and has Upanishad quotes given by the Sri Aurobindo.
- The first person to get the ICAI certificate was CA Gopal das Padamsee Kapadia and he is also the first president of ICAI
- It is also the second biggest accounting organization in the world after the American Institute of certified public accountants (CPA).
- Also, there is no kind of reservation in the ICAI and the reservation criteria are not followed
Origin and History Of ICAI
The origin of the Chartered Accountants (CA) as a profession can be found in the period before the independence of the country. The Companies Act was constituted by the British government in 193 which included some rules and laws to be followed by the companies. The Act included a list of books which was mandatory to be maintained by the companies registered under the act.
The audit of such was also made compulsory for such companies by a registered auditor. In 1918, a Diploma in Accountancy course was started in Mumbai by the government. The course was quite similar to the present course of CA, along with a training period of three years. All the aspirants who cleared the course were eligible to be appointed as an Auditor throughout the country.
In 1930, the government decided to maintain a register of accountants. All the accountants listed under the register were called Registered Accountants. Practices were developing but the profession of accountant remained unregulated until 1948 when a suggestion to create an autonomous body was made by an Experts Committee for the regulation of the accountants and their practices. Until then, all the accountants in India were registered under the Institute of Chartered Accountants in England and Wales (ICAEW) and were considered Chartered Accountants under the institute.
Controversies have risen against the use of the word ‘Chartered’ but it was already under use and hence retained. Hence, when the Institute of Chartered Accountants on India (ICAI) was incorporated under the Chartered Accountants Act, 1949, the use of the term ‘Chartered’ was legalised instead of ‘Registered’. Hence, 1st July is considered as the ICAI Foundation day or CA day in India since 1949.
The word Chartered, as used for Chartered Accountants in India, has no relation with the royal charter of the British since the independence of the country.
1913 – Appointment of Auditor Became mandatory
The provenance of the CA profession lays back in the days before Independence. In 1913, the Companies Act was passed by the British government in India which mandated the regulation and maintenance of certain books of accounts for every company registered under the Act. In addition, as per the act, it also became mandatory to appoint an Auditor to audit these books.
1918 – Government Diploma in Accountancy
After five years, a course was launched in Mumbai with the name “ Government Diploma in Accountancy”. This course had the same pattern & standard as of present CA course along with a three-year training period. Those who successfully qualified for this diploma and completed the training of three years were allowed to practice a profession of an Auditor throughout India.
1930 – Registered Accountant
In 1930, the new Government of India (GOI) started maintaining a register of accountants which carried the names of accountants and such individuals were referred to as Registered Accountants.
1949 – Chartered Accountants Act and ICAI
No step was significant enough to efficiently regulate the profession of accountancy. Then an expert committee which was formed in 1948 suggested the formation of an autonomous body to regulate this profession and so the Chartered Accounts Act of 1949 was passed and the ICAI was formed.
The title “Chartered Accountant” superannuated the title “Registered Accountant”.
By this time many Indians were members of the Institute of Chartered Accountants in England and Wales (ICAEW) and were titled” Chartered Accountants “. In this way, the title “Chartered Accountant” superannuated the title of “Registered Accountant”.
The motto of the ICAI is Ya Aeshu Suptaeshu Jagruti (Sanskrit), which literally means “a person who is awake in those that sleep”. It is a quotation from the Upanishads (Kathopanishad). It was given to the ICAI at the time of its formation in 1949 by Sri Aurobindo as a part of its emblem. CA. C. S. Shastri, a Chartered Accountant from Chennai went to Sri Aurobindo and requested him through a letter to give an emblem to the newly formed Institute of which he was an elected member from the Southern India. In reply to this request, Sri Aurobindo gave him the emblem with a Garuda, the mythical eagle in the center and a quotation from the Upanishad: Ya Aeshu Suptaeshu Jagruti. The emblem along with the motto was placed at the first meeting of the Council of the Institute and was accepted amongst many other emblems placed by other members of the council.
Apart from its emblem, ICAI also has a separate logo for its members. As a part of a brand building exercise, ICAI introduced this separate new CA logo for the use of its members in 2007.The logo is free for use by all members of ICAI subject to certain conditions. The logo was launched by the then Minister of Corporate Affairs, Prem Chand Gupta at the occasion of the Chartered Accountant Day (1 July) in the presence of the then President of ICAI Sunil Talati. Members of ICAI cannot use the ICAI emblem, but they are encouraged to use the CA logo instead on their official stationery.
CA Day 2022
Institute of Chartered Accountants India (ICAI) on the 73rd Chartered Accountants Day brings virtual National CA Summit 2020 from 29 June to 1 July 2020. After all this, 1st July has been recognised as ICAI Foundation Day or CA Day in India to pay tribute to one of the oldest and most dignified professions of India. CA day 2022 is a yearly event to mark the profession of chartered accountants who are the backbone of the country’s economy and its management.
Celebration of CA Day
The role of a Chartered Accountant is very important in any business organisation, regardless of the size and nature of the firm. An array of his/her responsibilities expands from preparing financial statements and developing financial plans to auditing, tax filings, bookkeeping and so on. So, to Laurel the profession and to acknowledge its importance in an organisation as well as in the national economy, we celebrate CA day every year on 1st July.
Every organisation has CAs and has its own way to celebrate the day. Some organisations conduct some activities for the CA’s of their organization, some incentivise these great initiatives and some take care of their clients by launching discount offers while conducting awareness activities, parties, donation activities etc in their office premises.
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