CHARTERED ACCOUNTANT DAY

CHARTERED ACCOUNTANT DAY OR CA DAY

 

HISTORY OF ICAI

On 1^st July,1949, a statutory body was established under the Chartered Accountants Act, 1949 enacted by the Parliament of India to regulate the profession of Chartered Accountancy in India. This body was named as The Institute of Chartered Accountants of India(ICAI).

 

MOTTO & MISSION

The motto of the ICAI is “Ya Aeshu Suptaeshu Jagruti” in Sanskrit, which literally means a person who is awake in those that sleep. It was given to the ICAI at the time of its formation in 1949 by Sri Aurobindo. He gave the emblem with a Garuda, the mythical eagle.

Apart from its emblem, ICAI also has a separate logo for its members as a part of a brand building exercise. The logo was launched by the then Ministry of Corporate Affairs, Prem Chand Gupta on CA Day in the presence of then ICAI President Sunil Talati.

The mission of the ICAI as stated by it is: “The Indian Chartered Accountancy profession will be the Valued Trustees of World Class Financial Competencies, Good Governance, and Competitiveness”

 

FACTS ABOUT ICAI

1.      2^nd largest professional accounting and finance body in the world.

2.      Only licensing cum regulating body of the financial audit and accountancy profession in India.

3.      3rd largest professional accounting body in the world in terms of membership only to the ACCA and AICPA.

4.      Solely responsible for setting the standards on auditing(SAs) to be followed in the audit of financial statements in India.

5.      Works closely with Government of India(GOI), Reserve Bank of India(RBI), and Securities and Exchange Board of India(SEBI) in formulating and enforcing standards.

6.      Also helps various government agencies like MCA, CAG, IRDA etc.

 

INTERNATIONAL AFFILIATIONS

1.      Founder members of the International Federation of Accountants(IFAC), South Asian Federation of Accountants(SAFA), and Confederation of Asian and Pacific Accountants(CAPA), International Innovation Network(IIN).

2.      Associate member of the Chartered Accountants Worldwide, Member of International Valuation Standards Council(IVSC).

3.      ICAI has MRAs or Membership Recognition Agreements with various globally recognised institutes such as:-

CPA Australia,

CPA Canada,

CPA Ireland,

Institute of Chartered Accountants in England and Wales,

Chartered Accountants Australia and New Zealand,

The South African Institute of Chartered Accountants,

Institute of Certified Public Accountants of Kenya etc.

 

4.      ICAI has signed a MOU(memorandum of understanding) with professional accounting bodies of various countries, such as:-

Accounting and auditing standards board of Bhutan,

The Vietnam Association of Certified Public Accountants

Higher Colleges of Technology, UAE,

College of Banking and Financial Studies, OMAN,

Institute of Chartered Accountants of Nepal

 

EMPOWERING GOVERNMENT

PM MODI ON CA

ICAI actively engages it-self in aiding and advising economic policy formulation, examination of various taxation laws, rules, regulations, circulars, notifications etc. which may be enacted or issued by Government of India from time to time.

The government also takes suggestions of ICAI as expert advice and considers it favourably.

ICAI has submitted its suggestions on the Companies bill, 2009  and Goods and Service Tax(GST) to the Ministry of Finance(MOF). And MOF has suggested that ICAI take a lead and help the government in implementing GST.

DR. A.P.J. ABDUL KALAM(EX- PRESIDENT OF INDIA)  has designated ICAI as a “Partner in Nation Building”.

 

MEMBER AND THEIR MEMBERSHIP

Members of the institute are known as Chartered accountants. Becoming a member requires passing ca examination and three year of practical training(Articleship) .

A member of ICAI can use the title “CA” before his/her name. A member of ICAI may either be an Associate Chartered Accountant(A.C.A.) or a Fellow Chartered Accountant(F.C.A) based on his experience.

As of December 2017, the institute has 2,80,221 members out of which 1,89,707 are Associates and 90,514 are Fellows.

Chartered accountants enjoy a statutory monopoly, i.e.( only a CA can do audit of companies), in audit of financial statements under companies act, 2013, Income Tax Act, 1961 and various other statutes in India.

Some examples of notable members:-

Dhivya Suryadevara, General Motors,CFO

Parvataneni Brahmayya, founder of Brahmayya & Co. 1st CA firm

Radhe Shyam Agarwal, co-founder and Executive Chairman of Emami

Srikanth Balachandran, Global CHRO of Bharti Airtel

Pramod Bhasin, President, CEO, Genpact

Kumar Mangalam Birla, chairman of Aditya Birla Group

Niranjan Hiranandani, real estate businessman, founder of Hiranandini Group

Krish Iyer, CEO of Walmart India

Rakesh Jhunjhunwala, investor

Shekar Kapur, film director

Naina Lal Kidwai, first Indian woman who pursued MBA from Harvard University, 

Aditya Puri, CEO of HDFC Bank

R. S. Lodha, former chairman, Birla Corporation

Girish Paranjpe, venture capitalist

Deepak Parekh, Chairman of HDFC & HDFC Bank

Suresh Prabhakar Prabhu, Incumbent Sherpa of India to G20, Former Minister of commerce, Minister of Railways, Minister for Civil Aviations, Government of India

Piyush Goyal, Incumbent Minister of Commerce & Industry, Minister of Railways, Former Minister of Coal, Former Minister of Finance and Corporate Affairs, Government of India

Aditya Puri, MD of HDFC Bank

Prannoy Roy, chairman of NDTV^[59]

Subhash Runwal, founder and chairman of Runwal Group

Anil R. Dave, Judge of the Supreme Court of India

Buddhadeb Guha, novelist

Vishaka Hari, singer of Harikatha

Bhupen Khakhar, contemporary artist

Gurumurthy, Co-Convenor of the Swadeshi Jagaran Manch, journalist

Bhupen Khakhar, painter

Atul Satya Koushik, Indian theatre director and playwright

Harish Salve, Padma Bhushan, former Solicitor General of India

Narendra Kumar Salve, former Union minister and President of Board of Control for Cricket in India (BCCI)

Sanjay Subrahmanyan, musician

G. Venkateswaran, film producer

Shyam Pathak, Actor

PERSONAL VIEWS

I am also a student of this world class professional course since from 2018. Being a ca student is in itself a very proud thing because of many reasons like, part of a globally recognised course, one of the world’s toughest course, no reservation or quota, social status, recognition in society etc. till now what I experienced and observe in this course although this course curriculum has designed as per the need the of the market but still there is so much to improve in terms theory, training, practice set up, professional links etc. I had gained so much of in-depth knowledge of various subjects, industry, finance, markets, business world which automatically developed and enhance my interest in this field. This degree is not just a degree but it is much more than that for a student as well as member and plays vital role in their life. The kind of hard work, struggle, efforts, and time invested in this degree by a person will be fruitful only if that person will follow that much of efforts, hard work during his whole life, this is what I feel. I have so many respect for the institute, degree, members and students but still there are some situations where I think everyone in his journey as a ca student find himself helpless, lonely just because of wrong guidance or lack of guidance, lack of communication with institute directly and also delay in response by the institute to students. But still we are part of this notable institute and we take pride to tell others while telling them, yes, I am a chartered accountant member or student.

 [SOURCE OF KNOWLEDGE:- WIKIPEDIA]

BEST WISHES

HAPPY CA DAY

NAVAL KISHORE