National CA Day 2020: History, Significance, Wishes & more
A day for the ones who create opportunities for the economies to grow and finances to rely on.
The ICAI or Institute of Chartered Accountants of India came into existence under the Accounts Act, 1949 which was passed by the Indian Parliament. The body was established with an objective of regulating the profession of accountancy in India. It is the national professional accounting body of the country. To commemorate the establishment of ICAI and to honor the chartered accountants, 1 July 1949 is celebrated as the Chartered Accountant Day every year. The ICAI is the sole regulatory and licensing body for the accounting profession and financial audit in India. The recommendations of ICAI are followed by almost all the accounting organizations from National Financial Reporting Authority to Companies and accounting organizations.
The Motto of ICAI:
A strict code of ethics is followed by the ICAI. It’s interesting to note that the institute’s roots are deeply embedded in the Indian culture. The motto of ICAI is derived from the Upanishad which reads “Ya esha supteshu jagriti”, the meaning of which is “the one who is awake in those that sleep”. The motto expects the CAs to be honour-bound to all the regulations set forth by ICAI and they need to be vigilant and compliant day in and day out in all the accounting activities which they carry out. A CA should consider it as his duty to help the citizens of the country to become a responsible taxpayer of the country. Whether a business is small, medium or large, it always needs an expert’s help to flourish in the fast moving globalized era, it is there that a CA comes to rescue.
Some interesting facts to know about ICAI :
- ICAI is the 2nd largest accounting body in the world in terms of its membership strength, it has around 2.5 lakh members which is second highest to american Institute of Certified Public Accounts (CPA).
- There is no reservation in ICAI, it is a body created by the parliament of India still there is no reservation in ICAI. Even office bearers are selected without any reservation criteria and so are the employees of ICAI.
- The ICAI motto was given by Sri Auribindo, they also have their official song.
- The first Chartered accountant of India was Mr. GP Kapadia. The first degree certificate issued to him by ICAI.
- The top ranker of CA is awarded GP Kapadia gold medal in his memory.
In recent years a rapid growth has been seen in the accountancy profession. There are tremendous changes that are being recorded in the country’s economy and therefore, the importance of the role of a CA has been increased multifold. The responsibilities of the profession has also become significant lately.
Tax2win wishes the community of Chartered Accountants on CA day. May these talented professionals play a vital role in shaping the country’s economy and contribute immensely in the nation’s growth. We also wish luck to the young minds aspiring to become Chartered Accountants.