The Institute of Chartered Accountants of India is celebrating the 73rd Chartered Accountants Day today.
ICAI, constituted in 1949 July 1st, Is one of the oldest professional institutes in India and the only licenced regulatory body in the accountancy and financial audit profession in the country.
With only around 2.5 lakhs of chartered accountants, ICAI successfully keeps the quality of the profession with rigorous standards in education and in examinations.
ICAI was constituted in 1949, currently the second-largest accounting organization in the world after the American Institute of Certified Public Accountants. The first person who received the ICAI certificate was Gopaldas Padamsey Kapadia, who also became the first precedent of ICAI.
Prior to the formation of ICAI, the British government constituted the Company Act of India and in 1918 a Diploma in Accountancy course was started in Mumbai, giving the designation of an Auditor to those who cleared the course. In 1930, the government started the registry of official accountants and they became known as registered Accountants.
To regulate the profession comprehensively, A Chartered Accountant Act was passed in 1949 followed by the formation of ICAI. Following the English tradition, the name also changed from Registered Accountant to Chartered Accountant.
Since then, the body established a system that produces world standard Chartered Accountants. The examination structure follows strong cut-off criteria along with intense practical training that is needed to qualify for the final exam ensures the quality and compatibility of the learners.