Chartered Accountants Day, July 1
On July 1st, 1949, an act of Indian Parliament gave birth to
the Institute of
Chartered Accountants of India (ICAI).
Founded a year before the Constitution of the
country was formalized, the ICAI counts itself among the oldest professional
institutions in the country.
It is the 2-nd largest professional accounting
and finance body in the world in terms of members, with a current roster of nearly
2.5 lakhs members.
The ICAI is the sole licensing and regulatory
body for the financial audit and accounting profession in India, and its
recommendations are followed by everyone – from the National Financial Reporting
Authority (NFRA) to companies and accounting organizations.
To be a part of the ICAI’s member list as a bonafide Chartered Accountant is a prestigious honor indeed – one that is celebrated every 1st of July, as the ICAI Foundation Day or, the Chartered Accountants Day.
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