On July 1, 1949, the Institute of Chartered Accountants in India was established. Here is the history of ICAI and the day, celebrated as CA Day. It is the second largest financial and accounting body in the world in terms of members, with a current list of 250 thousand. ICAI is the only licensed and regulatory body of financial and accounting firms in India. Dharmraj is the biggest auditor of sinful and virtuous deeds and accordingly a soul gets the next birth and the soul keeps roaming in 8.4 million life forms. Only SatGuru Rampal Ji’s Naam Diksha (Initiation) can destroy sinful deeds to attain Salvation.
ICAI Foundation Day (CA Day) Highlights
- ICAI celebrates 73rd Foundation Day on July 1
- July 1 every year is widely celebrated as Chartered Accountants Day (CA Day)
- The CA Day remembers past successes and plans for the future to contribute in economic growth
- ICAI plans to contribute to 17 goals UN SDGs and to Green accounting
- ICAI is second largest financial and accounting body in the world with its 250 thousand members
- The word ‘Chartered’ when used by Indian accountants, has nothing to do with British royal law
- ICAI official motto is “Ya esha supteshu jagriti” or “He Who is Awake From Sleep”
Why CA Day Is Celebrated
On July 1, 1949, the Institute of Chartered Accountants of India (ICAI) was founded by passing an act of Parliament. ICAI was established a year before the country’s Constitution was adopted. ICAI is one among the oldest institutions in the country. It is the second largest financial and accounting body in the world in terms of members, with a current list of 250 thousand.
ICAI is the only licensed and regulatory body of financial and accounting firms in India. Its recommendations are followed by everyone – from the National Financial Reporting Authority (NFRA) to companies and accounting firms. Being part of the ICAI membership list as a bona-fide Chartered Accountant is truly a prestigious honor. Celebrated every year on 1 July, such as ICAI Foundation Day or Chartered Accountants Day.
ICAI History: What Type of CA Were Before Independence?
- The British government in India passed the Companies Act in 1913. The Act contained a list of documents for all companies registered under the Act that had to be kept. The Act also provides for the appointment of an Auditor-General who has the authority to audit these books.
- Five years later, Government Diploma courses in Accountancy were presented in Bombay (now Mumbai).
- The study had a pattern like today’s CA course, perfect for a three-year training period. Graduates can do so as an Auditor throughout India. In 1930, the Government of India at that time decided to maintain a register of accountants and to give the title of Registered Accountant to those listed by name.
- The work of financial professionals was not regulated until a committee of experts formed in 1948 recommended that an independent body be formed, to improve the law.
- At that time however, many Indians were already members of the Institute of Chartered Accountants in England and Wales (ICAEW) and were known as Chartered Accountants. Despite the controversy surrounding the term, it was preserved as it was already widely used.
- Therefore, when the Chartered Accounts Act of 1949 was passed and the ICAI came into force, the term Chartered Accountant became a popular topic instead of the previously used Registered Accountant. Since then, July 1 is commemorated as ICAI Foundation Day or CA Day in India.
- Clearly, unlike in other Commonwealth countries, the word ‘Chartered’ when used by Indian accountants, has nothing to do with British royal law (since India is a republic).
What Is the ICAI Motto?
ICAI has a strict code of conduct. Its official motto is a quote from Upanishad that says “Ya esha supteshu jagriti”. It translates as “He Who is Awake From Sleep”. The CA is obliged to follow the rules of ICAI and to remain subservient and vigilant. Even if the client is negligent about their taxes, it is the responsibility of the CA to help them become better citizens who pay the country’s taxes. Small and large businesses need professional help, and a CA is always willing to help. It is rooted in their DNA, and CA Day is just a ploy to celebrate and acknowledge the importance of the sector to the world economy.
CA. Nihar N. Jambusaria, President, ICAI Presidential Message
Institute of Chartered Accountants of India President CA. Nihar N. Jambusaria spoke that ICAI has successfully completed 72 years of good and good work – made possible by the co-operation shown by our Past Managers, ICAI Council, Regional Office Managers, Branches, overseas chapters and Offices Representatives, staff, CA members and all our aspiring students over the years. The Government and other stakeholders continued to support ICAI activities. ICAI has come far away from where it started, all its stakeholders have played an important role in deepening the roots of ICAI, strengthening its foundation, and expanding its reach.
Significance of the ICAI Foundation Day
This CA Day also provides an opportunity to not only remember the achievements of the past, but also to better plan so that the accounting work can continue to contribute to sectoral and economic growth. The modern era of fast technology, automation and robotics has revolutionized business management and accounting processes. The incorporation of new technologies into all future planning and the design of highly effective audit procedures is essential to stay in tune with the dynamic environment and maintain the competitive edge of ICAI.
The Role of ICAI in 17 UN SDGs for 2030 Agenda and Green Accounting
There is an urgent need to see the role that green accounting can play in redefining the contribution of businesses to sustainable development and rebuilding the natural balance. The Institute of Chartered Accountants in India believes that auditing work could play a key role in linking the sector’s actions to the 17 goals adopted by the United Nations in its 2030 Agenda for Sustainable Development.
These SDGs hold the promise of not only a clean and healthy future, but also equal development. Green accounting, by allowing a more accurate estimate of the costs associated with environmental protection and the costs required to compensate for the negative effects of economic growth, effectively integrates resource accounts and financial statements and ensures the immediate fulfillment of the SDGs.
ICAI Waives Course Fees for Who Lost Parents due to Covid-19
ICAI, through a tweet, gave big relaxation to COVID-19 victims. It said, “On its 73rd Foundation Day, today on 1st July 2021, The Institute of Chartered Accountants of India waives course fees of those Foundation, Intermediate and Final CA students who lost any of their parents due to #Covid19. Detailed notification will be issued regarding this.”
Know Accounting of Dharmraj at Time of Death
When a human being dies, her/his account books of sinful and virtuous deeds are tallied by Kaal Brahm’s judge Dharmraj. He, according to Karma, assigns punishment, rewards and next birth in 8.4 million species.
Therefore, the soul keeps roaming from one body to another till the time of next birth in the human body. Know the secret why it happens and how to get rid of this vicious cycle in SatGuru Rampal Ji’s sacred book “Gyan Ganga”.
National CA 2021 Day Quotes
- Becoming CA is a Herculean task. Becoming an Eternal Devotee is much easier that achieves the real purpose of human birth.
- CAs are trained professionals that help to understand accounts better, similarly learn Sat-Bhakti to audit human life.
- Constant hard work, determination, focus, and dedication are needed to be a Chartered Accountant, put the same efforts to attain Salvation.
- Chartered Accountants come with hard work and dedication. Similar passion can make us cross the Materialistic World to Ocean of Happiness.
- CAs have a magic wand to keep the economy healthy and prosperous. SatGuru can provide happiness and joyful life, take Naam Diksha (Initiation) from Him.