National Chartered Accountants Day 2024: Celebrating the Foundation of ICAI

Every year on July 1st, India celebrates National Chartered Accountants Day to commemorate the establishment of the Institute of Chartered Accountants of India (ICAI). This year marks the 76th anniversary of the ICAI’s foundation, established by an Act of Parliament in 1949. The ICAI serves as India’s premier regulatory and licensing body for the accounting profession, overseeing standards and practices in financial audits across the country.

What is the Institute of Chartered Accountants of India (ICAI)?

The ICAI was established under the Chartered Accountants Act of 1949, with administrative oversight from the Ministry of Corporate Affairs. It plays a pivotal role in setting accounting standards and guidelines that are mandatory for entities like the National Financial Reporting Authority (NFRA) and other financial institutions.

PM Modi posted on X:

Prime Minister Narendra Modi and Home Minister Amit Shah extended their wishes on social media, praising Chartered Accountants for their invaluable services to the nation.

History and Significance of Chartered Accountants Day

Before independence, accounting in India was regulated under the British Companies Act, with a diploma program for auditors. The need for a more robust regulatory framework led to the formation of the ICAI, aimed at professionalizing and regulating the accounting profession across the country. 

Quotes on Chartered Accountants

"Chartered Accountants are partners in nation building." – A P J Abdul Kalam.

"The signature of a Chartered Accountant is more important than the signature of the Prime Minister." – Narendra Modi.

"CA is not just a qualification, it’s the pride and dignity of my life." – Kumar Mangalam Birla.

"I decided to do CA in case cricket didn’t work out. After opening my first book I doubled my efforts in Cricket." – Rahul Dravid.

Companies mark CA Day by honoring their accountants with gifts, organizing office parties, and offering special discounts to clients. It’s a day to recognize the pivotal role that Chartered Accountants play in financial management, auditing, taxation, and overall business success.