D. Siri Vennela

Admin & Accounts

MS Agarwal & Co

Hyderabad: India celebrating 73^rd Chartered Accountants Day on July 1^st, 2021. Every year the Chartered Accountants Days celebrates on July 1^st from 1949 to commemorate the findings of the Institute of Chartered Accountants of India (ICAI), after Parliament enacting the Law.

• ICAI having 2. 5 lakhs members and it is deemed as the second biggest accounting organization in the world. The only licensing and regulatory body for the financial audit and accounting profession in India.

Prime Minister Narendra Modi on Sunday in his radio address ‘Mann Ki Baat’ mentioned that Chartered Accountants Day is celebrated on July 1 and reminded them about a gift he sought from them.

A few years back, I had asked chartered accountants of the country for a gift of Indian audit firms of global level. Today, I want to remind them of this. Chartered accountants can play a very good and positive role in bringing transparency to the economy. I extend my best wishes to all chartered accountants and their family members, Modi said.

 History and Significance of National Chartered Accountants Day:

Before India’s Independence, the British government had established a rule that expected firms to keep track of their accounts under the Companies Act of India. An auditor was also appointed to audit these books.

After Independence in the year 1948, an expert committee recommended that a separate autonomous association of accountants should be set up to regulate the profession of accountants in the country. The Indian government adhered to the recommendation and passed an act in the Parliament that gave birth to a statutory body named The Institute of Chartered Accountants of India (ICAI).