Happy Chartered Accountant’s Day of 2021

Happy Chartered Accountant’s Day of 2021

Happy Chartered Accountant’s Day of 2021

Chartered accountants are the economy soldiers for our nation.We feel proud of our professionals contribution in the economy engine of India.On July 1, 1949, an act of Parliament gave birth to the Institute of Chartered Accountants of India (ICAI). Established a year before the country's Constitution was adopted, ICAI ranks among the oldest technical institutions in the country. It is the second largest technology and financial organization in the world in terms of members, with a current list of 2.5 lakhs. ICAI is the only licensed and regulatory body of financial and accounting firms in India, and its recommendations are followed by everyone - from the National Financial Reporting Authority (NFRA) to companies and accounting firms. Being part of the ICAI membership list as a bona fide Chartered Accountant is a very prestigious honor - celebrated every 1 July, such as ICAI Foundation Day or Chartered Accountants Day.

ICAI: The History and Vision

The type of CA technology can be traced back to the days before independence. Back in 1913, the British government in India passed the Companies Act, which contained a list of documents for all companies registered under the Act that had to be kept. The Act also provides for the appointment of an Auditor-General who has the authority to audit these books. Five years later, Government Diploma courses in Accountancy were presented in Bombay (now Mumbai). The study had a pattern similar to today’s CA course, perfect for a three-year training period. Graduates can do so as an Auditor throughout India. In 1930, the Government of India at that time decided to maintain a register of accountants and to give the title of Registered Accountant to those listed by name. However, despite all these practices, the work of financial technology was not regulated until a committee of experts formed in 1948 recommended that an independent body be formed, in order to improve the law. At that time, however, many Indians were already members of the Institute of Chartered Accountants in England and Wales (ICAEW) and were known as Chartered Accountants. Despite the controversy surrounding the term, it was preserved as it was already widely used. Therefore, when the Chartered Accounts Act of 1949 was passed and the ICAI came into force, the term Chartered Accountant became a popular topic instead of the previously used Registered Accountant. Since then, July 1 is commemorated as ICAI Foundation Day or CA Day in India. Clearly, unlike in other Commonwealth countries, the word 'Chartered' when used by Indian accountants, has nothing to do with British royal law (since India is a republic)!

The ICAI Motto and What It Means

ICAI has a very strict code of conduct. Its official motto is a quote from Upanishad that says "Ya esha supteshu jagriti". It translates as "he who is awake from sleep". The CA is obliged to follow the rules of ICAI and to remain obedient and vigilant. Even if the client is negligent about their taxes, it is the responsibility of the CA to help them become better citizens who pay the country's taxes. Small and large businesses need professional help, and the CA is always willing to help. It is rooted in their DNA, and CA Day is just a ploy to celebrate and acknowledge the importance of the sector to the world economy.

Wishes From Zumosun Group: -

1.Intellectual Property Owner:- Zumosun Soft Group*,

2.Product Research & Invention Director:-Scientist, Engineers, Advocates, Financers, Economist, Chartered Accountants, Company Secretary, Professionals Team**

3.Technology & Intelligence Director :- Eng. Devendra Chaudhary***

4.Technical Knowledge Director:- ACA Jayesh Sharma**** 

5.Technical Knowledge Officer:- ACS Neetu Sharma*****

6.Marketing & Sales Director:-  Prakash Chand Sharma******

Founders, Designated Partners & Associate of Zumosun Group

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