The National Chartered Accountants (CA) Day is a Remembrance Day, not an observance day.
This is Remembrance Day, as July 1st is remembered for establishing the Institute of Chartered Accountants of India on July 1, 1949.
CA
Day is restricted to India only and is not a UN Observance / Remembrance Day.
Other
countries may celebrate CA Day as per local traditions.
The National Chartered Accountants (CA) Day
is observed annually on July 1.
CA Day celebrates the foundation of the Institute of
Chartered Accountants of India (ICAI).
This year’s celebrations mark the
76th anniversary of the ICAI’s foundation by an Act of Parliament.
Q: What is the Institute of
Chartered Accountants of India (ICAI)?
Ans: The ICAI is a statutory body
formed by an Act of Parliament, the Chartered Accountants Act of 1949, to
regulate the profession of Chartered Accountancy in the country. The institute
is overseen administratively by the Ministry of Corporate Affairs.
The ICAI is India’s only
licencing and regulatory body for financial audits and the accounting
profession. The National Financial Reporting Authority (NFRA) and all other
accounting and finance organisations must implement the accounting standards
guidelines released by ICAI.
Chartered
Accountants Day 2024: Why Is July 1 Celebrated As CA Day?
Before independence, the British
Government in India kept accounts under the Companies Act. Subsequently, the
British Government created a diploma programme in accounting for auditors.
After completing this course, students were eligible to work as auditors all
over India.
Later in 1930, it was determined
that the Government of India should keep a register named the Register of
Accountants. Under that arrangement, everyone whose name appeared in the
registry was referred to be a Registered Accountant.
However, due to a lack of
effective norms and regulations, the accounting profession was perceived to be
mostly unregulated.
To address this, an expert
committee was established in 1948 to investigate the situation.
This expert committee advised
that a separate autonomous accounting society be founded to regulate the
profession.
The Chartered Accountants Act was
passed by the Indian government in 1949, after the advice.
After much wait and discussion,
the Institute of Chartered Accountants of India was established on July 1,
1949.
National Chartered
Accountants Day 2024: Significance
The day is set aside to
commemorate the role of accountants in the country’s financial progress.
Chartered accountants work in all
aspects of business and finance, such as auditing, taxation, and financial and
general management.
Celebrating National Chartered Accountants Day is a way to acknowledge the invaluable
contributions of CAs and accounting professionals to the financial and economic
growth of the country.
This day holds immense
significance for the accounting and finance community in India, as it
recognises the crucial role that chartered accountants play in shaping the
economic and financial ecosystem.
Celebrating its 76th year,
ICAI—the exclusive licensing and regulatory authority for accounting and
financial auditing in India—holds one of the prestigious positions of India’s
oldest and most respected financial and accounting organisation. Here is all
you need to know about the day.
Notably, the ICAI holds the
honour of being the world’s second-largest professional organisation for
chartered accountants, with a strong tradition of service to the Indian economy
in the public interest.
Safe and Stylish: Unveiling World Safe ePay Day and Blouse Day Delights
The need for observing World
SafeePay Day and World Blouse Day arises from the absence of dedicated global
celebrations for these concepts.
World Safe ePay Day aims to
celebrate the joy of safe electronic payments in all financial transactions,
representing an abstract celebration that highlights the significance of secure
and efficient digital financial interactions.
As the world increasingly relies
on electronic payment systems, having a designated day for Safe ePay emphasizes the importance of secure
and reliable digital financial transactions.
Integrating National Chartered Accountants Day with World
Safe ePay Day and Blouse Day
The convergence of National Chartered Accountants Day with the
conceptual World Safe ePay Day and
World Blouse Day offers a unique opportunity to celebrate financial security,
professional integrity, and vibrant cultural expressions.
National Chartered
Accountants Day emphasizes the crucial role of accountants in
ensuring financial transparency and economic growth.
This aligns perfectly with World Safe ePay Day, which underscores the
importance of secure digital financial transactions.
Chartered accountants are often
at the forefront of implementing and advocating for safe ePayment systems,
making their role pivotal in the transition to a more secure digital economy.
Simultaneously, World Blouse Day
introduces a colorful and joyous celebration of fashion and cultural
expression. The visual feast of millions wearing themed blouses can be a
vibrant counterpoint to the abstract concept of digital security, reminding us that
while we strive for security in our digital transactions, we also celebrate the
diverse and creative expressions that make our global community unique.
By celebrating these days
together, we highlight the interconnectedness of financial security,
professional integrity, and cultural unity.
By intertwining these
celebrations, we not only promote awareness about secure financial transactions
and celebrate the contributions of chartered accountants but also bring joy and
unity through the vibrant display of blouse-themed events.
Disclaimer: These
are my thoughts only. The only bliss is
spreading the Joy of Safe ePayments. One such medium is the World Safe ePay
Day.
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