CA Day 2021: History and its significance

On the occasion of CA Day 2021, the Institute of Chartered Accountants of India (ICAI) will launch a new mobile app for all CA students. Here’s a look at the history and significance of CA Day.

HIGHLIGHTS

• Chartered Accountants Day is celebrated every year on 1 July to commemorate the finding of accounting body ICAI.
• The ICAI is the second largest professional body of Chartered Accountants in the world.
• On CA Day, the ICAI will launch a new mobile app for all CA students.

Every year on July 1st, Chartered Accountants’ (CA) Day commemorates the founding of the Institute of Chartered Accountants of India (ICAI), one of the country’s oldest professional institutes. ICAI is India’s national professional accounting body and was founded in 1949 by the Indian Parliament. It is the world’s second largest accounting and statutory body.

CA Day is observed every year to honour the 2.5 lakh members of the Institute of Chartered Accountants of India (ICAI) and chartered accountants around the world. On the occasion of World CA Day, Prime Minister Narendra Modi and Union Home Minister Amit Shah exchanged greetings.

HISTORY & SIGNIFICANCE OF CA DAY

Under the Companies Act of India, all companies were required to keep a detailed record of their accounts during the British rule. Certified auditors used to audit the books of accounts after completing an accountancy diploma course.

Until 1948, the accounting profession in India was unregulated. The formation of an autonomous body was suggested by an expert committee the same year, and the Chartered Accountant Act was passed in 1949. The ICAI was founded on July 1, 1949, to regulate India’s accounting laws.

Chartered Accountant is regarded as one of the most honoured and noble professions in India. CAs play a very important role in the economic development of our nation. The day is celebrated to honour the Chartered accountants in India.

The Institute of Chartered Accountants of India (ICAI) is the country’s most professional body for accounting regulation. The contribution of India’s most professional and oldest accounting body is recognised and celebrated on CA Day.

ICAI TO LAUNCH MOBILIE APP FOR STUDENTS

On CA Day, the ICAI will launch the ‘ICAI-BOS’ mobile app for CA students preparing for Foundation, Intermediate, and Final courses.

Some key Advantages are:

1. Students can experience interactive learning and coaching at a single platform.
2. The mobile app launching today, on CA Day 2021, will provide the option to the students to learn at anytime and anywhere.
3. Students would be able to access the downloaded files of assignments, faculty notes and any study material without internet connectivity.
4. Students can attempt topic-wise MCQ based online tests to get an idea of their own performance.

Check out: With the first poster, Shilpa Shetty announces the release date for Hungama 2