National Chartered Accountant Day 2021: Know Date, History And Significance of The Day Celebrated to Honour CAs Across The Nation

National Chartered Accountant Day is well known yearly on July 1. National Chartered Accountant Day is noticed to have fun the formation of the Institute of Chartered Accountants of India (ICAI). The establishment was shaped on July 1, 1949, a yr earlier than the formalisation of the Indian Structure. Members of the Institute are often called Chartered Accountants. The day can be celebrated to honour Chartered Accountants.

ICAI the nationwide skilled accounting physique of India. The statutory physique was shaped the Chartered Accountants Act, 1949 enacted by Parliament. ICAI is the second largest skilled Accounting & Finance physique on the earth. A member of ICAI can use the title CA earlier than his/her title. In accordance to the Firm Act, 2013, solely a member of ICAI might be appointed as statutory auditor of an organization. CA Exams 2021: Supreme Courtroom Directs ICAI to Problem Contemporary Tips, ‘Opting Out’ to Stay Lively Until Final Paper.

An individual can change into a member of ICAI by taking prescribed examinations and present process three years of sensible coaching. ICAI is one of the founder members of the Worldwide Federation of Accountants (IFAC), South Asian Federation of Accountants (SAFA), and Confederation of Asian and Pacific Accountants (CAPA).

The institute has an in depth code of ethics and actions in contravention of such code ends in disciplinary motion in opposition to the erring members. ICAI has 5 areas: Japanese, Western, Northern, Southern and Central. ICAI’s first president was CA G.P. Kapadia (1949 to 1952). CA Atul Ok Gupta is the present president of the statutory physique.