Thread by @VarunShenoy17

It is a day of pride for every Chartered Accountant and Student associated with this profession. It is the day of Joy and celebration for every CA and student in the country. Happy CA Day to All the CAs and CA Aspirants. Proud to be associated with this profession. #CADay2021

Today as the Institute of Chartered Accountants of India marks 72 years, here's a short thread on the history of 'Chartered Accountants Day' and the Profession.

In 1913, before independence, the British Government passed the Companies Act in India that prescribed a list of books that every firm registered under the Act had to maintain. An auditor was also appointed by the same act which had the power to audit these books.

To work as an auditor, one had to acquire a certificate after fulfilling some conditions. The certificate holder was allowed to exercise and practice only within the province and in the local language mentioned in the certificate provided.a

After couple of years, in 1918 a course known as Government Diploma in Accountancy was launched in Bombay. After completion of this course along with three year training period, the person was eligible to work as an auditor in India. This was discontinued later.

In 1930, the government decided to maintain a register known as Register of Accountants. A person registered would be called as Registered Accountant. Soon Indian Accountancy Board was established. This board advised the Governor-general of India on Accountancy and qualification

On scrutinizing this suggestion, after independence, a committee was set up to analyse the issue in the year 1948. The committee recommended that a separate autonomous association of a should be set up to regulate the profession.

This suggestion was accepted by the Indian Government and passed Chartered Accountants Act in 1949 even before India became a republic.

Under the section 3 of this mentioned Act, Institute of Chartered Accountants of India was set up as a body corporate with perpetual succession and common seal.

Today the country celebrates the CA Day to commensurate the Findings of the Institute of Chartered Accountants of India by the Parliament in 1949. #CADay2021 #ICAI #CharteredAccountant