Every year, on July 1st, India celebrates National Chartered Accountants’ Day. The Institute of Chartered Accountants of India (ICAI) organizes the event and commemorates the founding
day of the second-largest Accounting body in the world.
ICAI has the distinction of being one of the oldest professional institutes in India as it came into being even before the Constitution of India was officially adopted. It is India’s sole licensing and regulatory body for the accounting profession and financial adulting.
Every accounting and finance body is required to follow the accounting standards recommendations made by ICAI, including the National Financial Reporting Authority (NFRA).
On the foundation day of ICAI and National CA Day, Prime Minister Narendra Modi greeted the community. “Greetings to all Chartered Accountants on CA Day. This community has a vital role in India's progress. I call upon all CAs to keep the focus on excellence so that Indian firms emerge as one of the best globally.”
National CA Day 2021: History
Before ICAI, prior to independence, the British Government in India required firms to keep track of their finances under the Companies Act of India. After that, the British government established an accountancy diploma programme for auditors. Individuals who finished this training were qualified to operate as auditors throughout India.
Until 1948, when an expert group committee suggested the formation of an autonomous body to oversee the accounting profession, it remained unregulated.
Finally, on July 1, 1949, the Institute of Chartered Accountants of India (ICAI) was founded.
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National CA Day 2021: Significance
Chartered Accountants play a critical part in our country’s development. Not only this, ICAI is the most professional institute in India that regulates accounting standards.
On National CA Day, the foundation day of ICAI is celebrated and Chartered accountants are honoured.
ICAI App
On the occasion of National CA Day, ICAI is to launch a mobile app for students of Foundation, Intermediate and Final courses. Students can get the app through Google Play for Android users. In the second phase, the mobile app "ICAI-BOS" will be expanded with more student services and a student portal at regular intervals.
An official notice unveiling the same read, “The widespread adoption and use of mobile technologies have the potential to provides next-generation interactive learning and innovative ways to improve quality services to the students while establishing a strong connection with them. It will establish a connection with the student fraternity as well. With this objective, the Board of Studies (Academic) is launching its Mobile App, namely, "ICAI-BOS" for CA students.”