Chartered Accountant Day 2023: Significance & Theme

Every system has one expert who is well-known for its mechanisms and ready to deal with every glitch. Chartered Accountants are those individuals who have the expertise to work on financial issues and have the ability to boost the economy with certain methodologies. The CA profession has a lot to offer the Indian economy and private businesses. Therefore, as a separate body of Chartered Accountants, an expert committee that was formed in 1948 suggested the formation of an autonomous body to regulate this profession. As a result, the Chartered Accounts Act of 1949 was passed, and the Institute of Indian Chartered Accountants (ICAI) was formed.

Significance

Chartered Accountant Day is celebrated to commemorate the foundation of the ICAI as a body. The Indian economy consists of various business entities in a number of sectors in both the private and public domains, which highlights the requirement for CA professionals. Gradually, the CA profession became a famous career choice for young students, especially commerce stream students. Eventually, an institution was needed to regulate the work of Chartered Accountants and accounting laws in India. July 1 is the day the institution was formed 75 years ago. It is one of the most respected careers in India, and the institution is also known as the backbone of the Indian economy.

Theme

As 1 July, 2023, marked the 75th year of the foundation of ICAI as an institution, the theme for this year is 'Empowering Financial Excellence'. The theme emphasizes the economic growth and financial stability brought about by Chartered Accountants across the country. Until 1948, the CA profession and its work were unregulated. Therefore, celebrating the foundation of ICAI is necessary for the country. The day also needs to be celebrated to applaud the contribution of CAs in nation-building, especially when India is aiming to become the world’s third-largest economy.