The Institute of Chartered Accountants of India was founded 74 years ago this year, which is commemorated as Chartered Accountants Day (ICAI).
Every year on July 1st, India celebrates Chartered Accountants’ Day. The Institute of Chartered Accountants of India (ICAI) was founded by an Act of the Parliament on this day 74 years ago, making it a significant historical milestone.
The purpose of the day is to recognise the nation-building role played by chartered accountants. Additionally, it recognises the significant contribution chartered accountants made to the nation’s economic development.
A Parliamentary Act established the ICAI to oversee the nation’s chartered accounting industry. The second-largest professional chartered accountants’ body in the world is the ICAI, which reports to the Ministry of Corporate Affairs of the Government of India.
The ICAI is the only organisation in India responsible for licencing and regulating the accounting and financial auditing professions. Additionally, it is one of the nation’s oldest professional institutions.
The body is managed in by a council comprising 40 members, in accordance with the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988. Thirty two members of the council are elected by the chartered accountants while the remaining eight members are nominated by the central government.
The ICAI is responsible for a variety of tasks in the industry in addition to overseeing the chartered accountancy profession. The development of accounting standards, the prescription of standard auditing methods, the laying down of ethical norms, the exercise of disciplinary jurisdiction, and providing the government with advice on policy issues are a few of these.