July 1 is celebrated as National Chartered Accountant Day in India. The day is observed in order to celebrate the formation of Institute of Chartered Accountants of India (ICAI) on July 1st, 1949. ICAI is the sole licensing and regulatory body for the financial audit and accounting profession in India. ICAI was formed a year before the Constitution of the country was formalized, and counts itself among the oldest professional institutions in the country.
Every year, on the day of the establishment of the ICAI, National CA Day is celebrated to honor the Chartered Accountants across the nation. A chartered accountant is a profession that gives direction to the financial condition of any country.
While the members of the Institute with less than five years of membership are called Associate Chartered Accountants (ACA), the members with more than five years of membership are called Fellow Chartered Accountants (FCA).
ICAI is the second largest accounting body in the world after American Institute of Public Accountants. Set up by an Act of Parliament, ICAI has a very strict code of ethics. With a symbol of mythical eagle (Garud), its official motto is a quote from the Upanishad which reads, “Ya esha supteshu jagriti”. It translates as “the one who is awake in those that sleep”.
Becoming a member requires passing the prescribed CA examinations, along with three years of practical training and meeting other requirements under the Act and Regulations. A member of ICAI can use the title CA before his/her name.
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