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Even though a large number of accounting qualifications are available in the present scenario, none of it compares to the professional qualification offered by Chartered Accountancy. Time and again, the importance and relevance of Chartered Accountants along with their role in nation building is evident to all of us. Hence, as is customary, every year, the entire nation dedicates a whole day to Chartered Accountants’. The National Chartered Accountants’ Day is celebrated on the 1st of July across the country. However, there are certain facts revolving around the National Chartered Accountants’ Day. Keep Reading to know more!
National Chartered Accountant Day 2024
In a land like India where higher education plays a significant role in the life of a person, Chartered Accountancy is considered to be one of the key options. This is primarily because of the wide range of employment opportunities both nationally and internationally.
Our Country celebrates National CA Day 2023 on July 1 this year. This day marks the 75rd founding anniversary of the Institute of Chartered Accountants of India (ICAI). Even though chartered accountants or CA as a profession was widely popular before independence itself, nothing surpasses the significance of the formation of Institute of Chartered Accountants of India (ICAI) followed by passing Chartered Accountants Act in 1949.
History & Origin of National Chartered Accountants Day
1: Who was the first woman President of India?
In spite of the vast population, it is taking us by surprise that only 2.5 lakh Chartered Accountants have been certified by the Institute of Chartered Accountants of India (ICAI) since its formation till date in our country. This clearly shows the level of standard of the organization. One of the major limelight of this profession is that, this is the only vocation that allows monetary audit of any firm across the globe. Also, the Institute of Chartered Accountants of India (ICAI) is the second largest institution in the whole world that offers tuition in finance and accounting. So, every member who qualifies the examination conducted by the ICAI shall be proud of the achievement and is definitely worthy of celebrating the National Chartered Accountants’ Day, other wise called the National CA Day.
ICAI Formation Timeline
As is known to all of us, Chartered Accountancy as a profession existed many years before Independence itself in our country. However, with the formation of the Institute of Chartered Accountants of India (ICAI), there was a great spike in the international segment also. Therefore, let us have an insight into the happenings that lead to the formation of ICAI in 1949.
Compulsory Auditor Appointment in 1913
Just before the beginning of world war II and while India was under the British clutches, in 1913, the British Government passed an important Bill. The Companies Act passed by the British government called for the appointment of an auditor in every company. This was done in order to maintain records and audits related to the company.
Government Diploma in Accountancy Course in 1918
A few years after the mandatory appointment of auditors in every company, the country began to face a shortage of qualified professionals. Therefore, the Government introduced a new course for the people to learn accountancy. This was launched in Mumbai in the year 1918 by the ‘Government Diploma in Accountancy Course’. It was a 3 year course and any one who successfully completes the course could work as an auditor anywhere in the country.
Register of Accountants in 1930
As the accounting profession became widespread, the Government started to maintain a register of Accountants starting from the year 1930. Any candidate who registers himself in this register was given the title ‘ Registered Accountant’.
The Chartered Accountants’ Act in 1949
All of the above mentioned events and occurrences lead the Government to issue and pass a bill entitled ‘the Chartered Accountants’ Act’. This ultimately caused the formation of the Institute of Chartered Accountants of India (ICAI) in 1949. And all the registered accountants eventually became known as Chartered Accountants. This day later became known as National CA Day throughout the country.
National Chartered Accountant Day Activities 2024
Chartered Accountants play a vital role in the growth and development of any organization. Therefore, a special day dedicated exclusively for them would help to show the gratitude that we have towards them. On National Chartered Accountants’ Day, a virtual summit will be held by the ICAI. Moreover, various organizations celebrate it in unique ways to express their appreciation and recognition to the Chartered Accountants.
National Chartered Accountants Day Logo
For celebrating the National Chartered Accountants’ Day, the logo of ICAI is widely used. The major part of the logo is the majestic eagle located at the center. This symbolizes the hardships and difficulties that an aspirant must face in order to be a member of ICAI, just like the eagle that is the mightiest of all the birds. The motto “Ya Aeshu Suptaeshu Jagruti”, is seen embedded in the logo. This is a Sanskrit term from the Upanishad that means “a person who is awake in those that sleep”. Moreover, the logo was originally designed by Sir Aurobindho Ghosh.
Interesting facts about National CA Day
- The ICAI is one such organization that does not entertain any form of reservation to the candidates! The institute has zero tolerance to reservation to any sort of categories. This is great conduct in a reservation-stricken country like ours!
- Shri G. P. Kapadia is known to be the first member of the ICAI(1949).
- R Sivabhogam is the first lady to qualify as Chartered Accountant from ICAI in 1950.
- Nishchal Narayanam is known as the youngest CA in the country. He became a member of the ICAI at the age of 19.
- The first council of ICAI formed in 1949 constituted 15 elected members as well as 5 members nominated by the Government.
National Chartered Accountants’ Day 2024 Quiz
Here’s a quiz about National Chartered Accountants’ Day:
1. When is National Chartered Accountants’ Day celebrated in India?
– A) June 30
– B) July 1
– C) July 2
– D) July 7
2. What is the significance of July 1st for Chartered Accountants in India?
– A) It marks the founding of the Institute of Chartered Accountants of India (ICAI).
– B) It commemorates the birth anniversary of Mahatma Gandhi, a Chartered Accountant.
– C) It celebrates the enactment of the Chartered Accountants Act.
– D) It is the anniversary of the first Chartered Accountant examination in India.
3. Who was the first President of the Institute of Chartered Accountants of India (ICAI)?
– A) Lala Lajpat Rai
– B) G. Ramaswamy
– C) John Mathai
– D) C.A. Patel
4. What is the motto of the Institute of Chartered Accountants of India (ICAI)?
– A) “Truth Alone Triumphs”
– B) “Success Through Integrity”
– C) “Professional Excellence, Personal Integrity”
– D) “Dedication, Skill, Integrity”
5. What is the theme for National Chartered Accountants’ Day 2024?
– A) “Leading with Ethics”
– B) “Financial Guardians of the Nation”
– C) “Building Trust, Ensuring Integrity”
– D) “Strengthening Financial Governance”
Happy National Chartered Accountants’ Day to our readers!
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