2019 – Posted in: Daily News – Tags: Institute of Chartered Accountants of India

Chartered Accountants’ Day

Chartered Accountants’ Day is celebrated on 1st July every year to commemorate the finding of the Institute of Chartered Accountants of India (ICAI).

A chartered accountant is a profession that gives direction to the financial condition of any country.
It was established on 1 July 1949 as a statutory body under the Chartered Accountants Act, 1949 enacted by the Parliament (acting as the provisional Parliament of India) to regulate the profession of Chartered Accountancy in India.
ICAI is the sole licensing and regulatory body for the financial audit and accounting profession in India.
Members of the Institute are known as Chartered Accountants (either Fellow or Associate).
ICAI is also the second biggest accounting organization in the world.
ICAI recommends the accounting standards to be followed by companies in India to National Advisory Committee on Accounting Standards (NACAS). and sets the accounting standards to be followed by other types of organisations.
It works closely with the Government of India, Reserve Bank of India and the Securities and Exchange Board of India in formulating and enforcing such standards.

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