author

Why do we celebrate National CA Day on 1st July?

  • July 1 is celebrated as National Chartered Accountant Day in India.
  • The day is observed in order to celebrate the formation of Institute of Chartered Accountants of India (ICAI) on July 1st, 1949.
  • ICAI is the sole licensing and regulatory body for the financial audit and accounting profession in India.
  • ICAI was formed a year before the Constitution of the country was formalized, and counts itself among the oldest professional institutions in the country.
  • Every year, on the day of the establishment of the ICAI, National CA Day is celebrated to honor the Chartered Accountants across the nation.
  • A chartered accountant is a profession that gives direction to the financial condition of any country.
  • While the members of the Institute with less than five years of membership are called Associate Chartered Accountants (ACA)
  • The members with more than five years of membership are called Fellow Chartered Accountants (FCA).
  • ICAI is the second largest accounting body in the world after American Institute of Public Accountants.
  • ICAI has a very strict code of ethics. With a symbol of mythical eagle (Garud), its official motto is a quote from the Upanishad which reads, “Ya esha supteshu jagriti”.
  • It translates as “the one who is awake in those that sleep”.
  • Becoming a member requires passing the prescribed CA examinations, along with three years of practical training and meeting other requirements under the Act and Regulations.
  • A member of ICAI can use the title CA before his/her name.

Don't forget to share this pointer!

View more comments +