Why CA Day is celebrated on 1st July : Rise of Avengers of Professional World
CA Day: Rise of Avengers of Professional World As our nation got independence from the colonial rule, a vibrant wave of nation building swept the entire country. While plans to revive the economy were being drafted, accounting and finance professionals were conspicuous by their absence. With the aim to fill this void of professionals in the country, ICAI was founded on 1st of July in 1949. As ICAI was founded on 1st of July 1949 the entire fraternity observes this day as CA day every year. It’s interesting to know that Doctors day also falls on the same day.
History Behind Chartered Accountants
Earlier Government of India used to maintain a register known as Register of Accountants. Any person whose name was entered in such register would be called as Registered Accountant. After few years a board called the Indian Accountancy Board (IAB) was established to advise the Governor General of India on accountancy and the qualifications for auditors. However it was felt that the accountancy profession was largely unregulated and need to be regularised, and this caused lots of confusion as regards the qualifications of auditors. Hence in the year 1948, just after our nation got independence from the colonial, an expert Committee was created to look into this matter. This Expert Committee strongly recommended that a separate autonomous association of accountants should be formed to regulate the profession. The Government of India accepted the report and passed the Chartered Accountants Act in 1949 even before India became a republic. Under section 3 of the said Act, ICAI is established as a body corporate with perpetual succession and a Common Seal. And in this way ICAI, the nurturer and caretaker of the finest professionals came into existence.
Hope you got ample idea from this article about significance of Chartered Accountant Day and answer to your question that why CA Day is celebrated on 1st July .
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