National Chartered Accountants Day 2022: The Support System Of Economy

Annually on 1 July, the Institute of Chartered Accountants of India (ICAI) celebrates CA Day in memory of the findings of parliament regarding the Institute of Chartered Accountants of India (ICAI) in 1949.

It is the only organisation in India that licences and regulates the professions of accounting and financial auditing. The National Financial Reporting Authority (NFRA) and every other financial and accounting organisation are required to abide by the accounting standards they specify.

Not only do they deal with debit or credit card accounts but also play an important role in nation building. They form the foundational basis of the economy by utilising the financial expertise that they have and also direct the nation to take steps in the financial and economic sectors that will enhance the country's GDP and industrial growth.

Chartered Accountants have become a major part of the tax planning, capital budgeting and budget forecasting processes for GST implementation. They have become a key player in the running economy of the country.

As APJ Abdul Kalam has rightly put it, “Chartered Accountants are the partners in nation building.” Not just in leveraging the economy, but they also minimise corruption by educating people and preventing them from engaging in corrupt practices.

In the globalised world, every business and nation tries to collaborate with foreign companies. Charter Accountants can help them with the laws of Foreign Exchange Management or even conduct business on an international level that will influence the outflow of foreign currency.

A CA will have all of the possible answers to financial issues and will share his or her knowledge and expertise in the fields of finance, taxation, and corporate law, among other things.

Commencement Of The Day

Companies Act records show that the British government in India kept accounts before the country became independent. Auditors appointed for this task were originally certified, but over time, the designation has transformed into a number of degrees where the field is largely unregulated and creates chaos regarding auditor qualifications.

A committee of experts recommended in 1948 that India should have a separate organisation for accounting professionals. A statutory body known as the Institute of Chartered Accountants of India (ICAI) was established in India after the Indian government accepted the recommendations.

Why Does ICAI Stand Out In A Crowd?

• The statutory body is the second largest accounting in the world and it is one of the oldest professional bodies in India which is recognised by the centre.

• Unlike any course, it's an unbiased course, which does not impart any kind of reservations to the students. The admission is completely based upon the entrance examination and talent of the candidates.

• CA Gopaldas P. Kapadia was the first person who received the membership of ICAI and became the first President of the institute.

• The motto of the institute is "Ya Aeshu Suptaeshu Jagruti," which is taken from the Upanishad, a Vedic text which means that a person who is awake in those that sleep.