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 Parliament.

The day aims to recognize the contribution of chartered accountants to nation building. It also honors the crucial role played by chartered accountants in the country’s economic growth.

What is ICAI?

The ICAI was established by an Act of Parliament to regulate the profession of public accountants in the country. The ICAI, under the Ministry of Corporate Affairs, Government of India, is the second largest body of professional accountants in the world.

In India, the ICAI is the sole body responsible for licensing and regulating the financial auditing and accounting profession in India. It is also one of the oldest professional institutes in the country.

The organization is managed by a board of 40 members, in accordance with the provisions of the Chartered Accountants Act 1949 and the Chartered Accountants Regulations 1988. Thirty-two members of the board are elected by the chartered accountants while the other eight members are appointed by the central government.

Functions

In addition to the regulation of the accounting profession, the ICAI carries out other missions in the field. These include the teaching and examination of the public accountancy course, the formulation of accounting standards, the prescription of standard auditing procedures, the establishment of ethical standards, the exercise disciplinary competence and contribution to government on political matters.