National CA Day 2020: History, Significance, Wishes and Key Facts
National CA Day 2020: The Institute of Chartered Accountants of India (ICAI) is India's national professional accounting body. It was established on 1 July, 1949 by the Parliament of India. The day is celebrated to honour the Chartered Accountant.
Why we celebrate CA Day?
An act of Parliament on 1 July, 1949 gave birth to the Institute of Chartered Accountants of India (ICAI). It was founded a year before the Constitution of the country was formalised. The ICAI counts itself among the oldest professional institutions n the country. Let us brief you that the ICAI is the sole licensing and regulatory body for the financial audit and accounting profession in India. Its recommendations are followed by everyone from the National Financial Reporting Authority (NFRA) to companies and accounting organisations. It is a prestigious honour to be a part of the ICAI's member list as a bona fide Chartered Accountant. Therefore, it is celebrated every year on 1 July as the ICAI Foundation Day or the Chartered Accountants Day.
Institute of Chartered Accountants of India (ICAI): History
From the pre-independence days, the genesis of the CA profession can be traced back. The British government in India passed the Companies Act in 1913. It had a prescribed list of books that every company registered under the Act had to maintain. Also, the Act provided for the appointment of an Auditor who had the power to audit these books. In Bombay (present-day Mumbai) after five years that is in 1918, the Government Diploma in Accountancy course was launched with three year training period. After the completion of the course, they can practice as an Auditor throughout India.
The decision to maintain a register of accountants was taken by the Government of India in 1930. And Registered Accountants are those accountants whose name was entered into this roster. But with all these practices also, the profession of accountancy was remained unregulated until an expert committee was created in 1948. It suggested that an autonomous body should be formed, for enhanced regulation. By then, several Indians had already become members of the Institute of Chartered Accountants in England and Wales (ICAEW) and were known by the term Chartered Accountants.
The ICAI came into existence when the Chartered Accounts Act of 1949 was passed. The term Chartered Accountant became the preferred title instead of the previously used Registered Accountant. Since then, 1 July is acknowledged as the ICAI Foundation Day or CA Day in India.
Note: For Indian accountants, the word 'Chartered' when used has no relation to the royal charter of the British, unlike in other Commonwealth countries.
What is the Motto of ICAI and its meaning?
It has a very strict code of ethics. The official motto is a quote that is taken from the Upanishad “Ya esha supteshu jagarti”. It's meaning is “the one who is awake in those that sleep”. A CA follows the regulations of ICAI and always be compliant and vigilant. It is the duty of the CA to help people or clients in becoming better tax-paying citizens of the country. CA always help in small or large business when needed. National CA Day acknowledges the importance of the profession to the country's economy.
National CA Day 2020: Wishes
1. On CA Day, let us honour all the Chartered Accountants who put their heart, soul, and sweat into their studies to become a CA. Happy National CA Day 2020!
2. Chartered Accountants are the ones who create economies, create finances to rely on, create opportunities to grow. Best wishes to CAs on National CA Day 2020.
3. On CA Day 2020, I am sending best wishes to the hard-working, inspiring Chartered Accountants who make every penny count.
4. Chartered Accountants are the backbone of businesses, industries, and economy of the nation; Wishes Happy CA Day 2020.
5. Nothing good comes easy and life and therefore, it is not easy to become a CA. Best wishes on National CA Day!