National Chartered Accountants Day, CA Day, is observed on July 1. The Institute of Chartered Accountants of India (ICAI) celebrates the anniversary of the formation of this Institute.

The day recognises the contribution of India’s oldest and most professional financial and accounting organisation - the ICAI. This year ICAI celebrates its 75th year of existence.

The ICAI is India’s exclusive licensing and regulatory authority for the accounting profession and financial auditing.

Every accounting and finance organisation, including the National Financial Reporting Authority (NFRA), is required to adopt the accounting standards guidelines issued by them.

Brief History

Prior to the formation of the ICAI, the British Government in India kept accounts under the Companies Act. Following that, the British Government developed an accountancy diploma programme for auditors. People who completed this course qualified to serve as auditors throughout India. On July 1, 1949, the Institute of Chartered Accountants of India (ICAI) was established.