CA Day 2022 and its Significance

OV Digital Desk
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CA Day 2022

Chartered Accountants, CA Day 2022 is observed to mark the foundation day of the Institute of Chartered Accountants of India, ICAI. CA Day is celebrated annually to honor around 2.5 lakh members of ICAI and chartered accountants across the globe.

History of the Chartered Accountants, CA day

During the British regime, all companies used to keep a firm record of their accounts under the Companies Act of India. Certified auditors, who completed a course on accountancy diploma, used to audit the books of accounts.

In India, the accounting profession remained unregulated till 1948. In the same year, an expert committee suggested the formation of an autonomous body and the Chartered Accountant Act in 1949. The ICAI was established on 1 July 1949 to regulate the accounting laws in India.

CA Day Significance

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

The ICAI is the most professional institute in the country for enhanced regulation of the accounting profession in India. CA Day is observed to acknowledge and celebrate the contribution of India’s most professional and oldest accounting body.

What Does a CA Do?

Everyone needs money in today’s fast-paced world. Your CA is solely responsible for handling money and taxes. Thus, being a CA requires a lot of analytical and critical thinking. Every company, from a small start-up to a multinational, requires an accountant to handle their monetary affairs. It is therefore essential to value the profession and the institution for the honorable work they perform.

A chartered accountant audits and advises clients on financial matters. Their responsibilities include “financial reporting, taxation, auditing, forensic accounting, corporate finance, business recovery, and insolvency, or accounting systems and processes.”

If the client does not pay taxes, it is the accountant’s responsibility to make sure they do so and be a responsible citizen, since all Indian accountants are members of the ICAI. Tax evasion and other unethical activities are frowned upon by the institution.

Read More: 1 July in Indian and World History

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