Charted Accountant Day
When it is celebrated and history behind its celebration
On every 1ST July, we celebrate national chartered accountants' day, which is celebrated every year to mark the finding of the institute of chartered accountants of India (ICAI) by the parliament of India in 1949. Chartered accountant day is celebrated on the day of the establishment of ICAI to honour the chartered accountant.
ICAI is the national professional accounting body, also known as the second biggest accounting & financial body in the world.
It was established on the passing of charted accountant act in the parliament on 1 July 1949. It has a total of 2.5 lakh member headcounts. ICAI is uniquely a licensing and regulatory body for the financial audit and accounting profession in India. The recommendations give by ICAI are followed by everyone beginning from the national financial reporting authority (NFRA) to the accounting organization and companies.
A chartered accountant is a profession which could be found before the independence also, in 1919 a diploma course for accountancy was started in Mumbai by the government which was quite similar to the present course of CA along with a training period of three years. The one who clears the course was eligible to be appointed as an auditor throughout the country.
In 1930 the government started to maintain a register of accountants, and they were called registered accountants. Until the year 1948, when a suggestion to create a self-governing body was made by the expert's committee, for the regulation of the accountant and their practices, all the accountants were registered under the institute of chartered accountants in England and Wales ( ICAEW) and were considered chartered accountants under the institute.
There were many controversies on using the word chartered instead of registered but chartered was already in use hence, it was retained when the institute of chartered accountants in India was incorporated under the chartered accountant's act 1949.
Hence 1 July is celebrated as the national chartered accountant day.
Role of a chartered accountant
From local to an international business chartered accountant is needed in every business organization. A chartered accountant is responsible for tax planning, financial reporting, accounts auditing, capital budgeting, etc.
Ca is the foundation base for the economy, and utilizing financial expertise helps to enhance the decaying Indian economy with industrial growth.
Dr APJ Abdul Kalam well said once that chartered accountants are partners in nation-building.
Chartered accountancy is one of the sturdy and professional courses in India. It could be termed as the management of finances, accounting, and taxation for any business company or organization. The institute of chartered accountancy of India (ICAI) provides a three-level program for the one who aspires to become a chartered accountant the course comprises of foundation, intermediate and final level. also to be certified in chartered accounting, one needs to complete the CA course in INDIA which is of 5 years. It has four main levels i.e., CA Foundation or CPT, CA IPCC, Article ship Training and CA Final.
Top 5 chartered accountants of India:-
1.Kumar Mangalam Birla
He is a billionaire and well known for his chairmanship of the Aditya Birla group. Kumar Mangalam Birla also holds the chancellorship of the Birla Institute of Technology & Science. At the age of 28, He took over the chairmanship of the group after the untimely demise of his father. The group has built up well under the 27-year long leadership of Mr Birla. Mr Kumar Mangalam Birla had completed his CA degree and MBA before he joined the Aditya Birla Group and helped it grow more. MR. Birla also had credited the CA degree to be highly important for his journey through the company in many of his interviews.
Mr Suresh Prabhu is currently the Minister of Commerce & Industry and Civil Aviation of the Government of India. He had the experience to handle several ministries in the past, from Railways to Environment, Power, and Heavy Industries. He is also known as a man of action. Mr Prabhu has shown intense dedication through his works in the field of political leadership and philanthropy. He has had a versatile career from being Director of Saraswat Co-Operative Bank to being the vice-president of the Table Tennis Federation of India. Mr Prabhu was a rank holder in the Inter CA exam after completion of his CA degree, he was appointed as the chairman of Saraswat Co-Operative Bank and later promoted to its Director.
He is Also known as the ‘Warren Buffet of India’, the stock market legend Rakesh Jhunjhunwala is one of the wealthiest individuals in India. He has been a known icon in the stock market and is often considered a guru in trading. He had completed his CA degree in 1985 from Sydenham College of Commerce and Economics. He credits his CA degree as a security cushion while he was learning to ride the waves of the stock market.
4.Naina Lal Kidwai Madam
Naina Lal Kidwai was honoured by Padam Shri in 2007 for her contribution to trade and industry. At present, she is the country head and Group General Manager of HSBC India. She acquired her Bachelor’s degree in Economics from Delhi University, and after graduating later on she completed her MBA from Harvard Business School. The other key role played by Ms Kidwai is that apart from graduating with a CA degree, she has also served as the President of the Federation of Indian Chambers of Commerce and Industry (FICCI). She also holds reputable positions as executive director and a non-executive member of the board. She was also working on the board of Audit Advisory board of the comptroller and the Auditor General of India.
Mr Aroon Purie the founding chairman and Editor-in-chief of India’s Today Group. He is the head of one of India’s largest media conglomerates. He was declared and granted the Padma Bhushan in 2001. Having graduated from the London School of Economics, he also acquired a degree as Chartered Accountant. At present, he is holding the position of Chairman of the Board of the International Federation of the Periodical Press(FIPP).
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