Wednesday, 1 July 2020

Chartered Accountant's Day is celebrated on July 1

Chartered Accountant's Day is celebrated on July 1 every year across the country. On the same day in 1949, the Institute of Chartered Accountants of India (ICAI) was established by a law of Parliament. CA Day is celebrated every year to honor the Chartered Accountant on the day of establishment of ICAI.

ICAI is the second largest professional accounting and financial body in the world in terms of number of members. Realizing the importance of this day, the Modi government had decided to implement GST across the country on 1 July.

Some special things related to ICAI

  1. ICAI conducts Chartered Accountant course, as well as conducts various examinations. This institution gives license to all chartered accountants.
  2. It is the second largest professional accounting institution in the world after the American Institute of Certified Public Accountants (CPA) in terms of membership. About 2.5 lakh members are registered.
  3. ICAI also supports policy making to government institutions like RBI, SEBI, MCA, CAG, IRDA etc.
  4. Here any person can participate in the prescribed examinations. One can become a member of ICAI after three years of practical training.
  5. The special thing is that there is no reservation here. The election of the office bearers is also held on the condition of reservation.
  6. The first certificate was issued by ICAI to CA Gopaldas Padamse Kapadia. Gopaldas was the first president of the institute.

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