National Chartered Accountant Day is celebrated every year on July 1. National Chartered Accountant Day is observed to celebrate the formation of the Institute of Chartered Accountants of India (ICAI). The institution was formed on July 1, 1949, a year before the formalisation of the Indian Constitution. Members of the Institute are known as Chartered Accountants. The day is also celebrated to honour Chartered Accountants.

ICAI the national professional accounting body of India. The statutory body was formed the Chartered Accountants Act, 1949 enacted by Parliament. ICAI is the second largest professional Accounting & Finance body in the world. A member of ICAI can use the title CA before his/her name. According to the Company Act, 2013, only a member of ICAI can be appointed as statutory auditor of a company. CA Exams 2020: Supreme Court Directs ICAI to Issue Fresh Guidelines, 'Opting Out' to Remain Active Till Last Paper.

A person can become a member of ICAI by taking prescribed examinations and undergoing three years of practical training. ICAI is one of the founder members of the International Federation of Accountants (IFAC), South Asian Federation of Accountants (SAFA), and Confederation of Asian and Pacific Accountants (CAPA).

The institute has a detailed code of ethics and actions in contravention of such code results in disciplinary action against the erring members. ICAI has five regions: Eastern, Western, Northern, Southern and Central. ICAI's first president was CA G.P. Kapadia (1949 to 1952). CA Atul K Gupta is the current president of the statutory body.

(The above story first appeared on LatestLY on Jun 30, 2020 07:17 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website