The Chartered Accountants' Day is celebrated on July 1 every year in India. This year, the day marks the 74th anniversary of the establishment of the Institute of Chartered Accountants of India (ICAI) by an Act of the Parliament.
The day is aimed at acknowledging the contribution of chartered accountants in nation-building. It also honours the crucial role played by chartered accountants in the economic growth of the country.
What is ICAI?
The ICAI was set up by an Act of the Parliament to regulate the profession of chartered accountancy in the country. ICAI, which functions under the Ministry of Corporate Affairs, Government of India, is the second-largest professional chartered accountants' body in the world.
In India, the ICAI is the sole body for the licensing and regulation of the financial audits and accounting profession in India. It is also one of the oldest professional institutes in the country.
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.
Besides regulating the chartered accountancy profession, the ICAI carries out other duties in the field. These include education and examination of chartered accountancy course, formulation of accounting standards, prescribing standard auditing procedures, laying down ethical standards, exercising disciplinary jurisdiction, and giving inputs on policy matters to the government.