Chartered Accountants’ Day

Miscellaneous

Why in news?

Chartered Accountants’ Day (CA Day) is celebrated every year on July 1st by the Institute of Chartered Accountants of India (ICAI) to mark its founding and to honour the vital role of CAs in shaping India’s financial system.

About Chartered Accountants’ Day

In India, the accounting profession was unregulated until 1948.
Following the recommendation of an expert committee in 1949, the Chartered Accountants Act was enacted, leading to the establishment of ICAI on 1st July 1949 as an autonomous body.
In 2025, the Institute of Chartered Accountants of India (ICAI) will commemorate its 77th anniversary with grand celebrations organized in New Delhi.

Institute of Chartered Accountants of India (ICAI)

ICAI is a statutory body established under the Chartered Accountants Act, 1949 to regulate the Chartered Accountancy profession in India.
It operates under the Ministry of Corporate Affairs, Government of India and is headquartered in New Delhi.
ICAI is the second largest professional body of Chartered Accountants in the world.
Its functioning is governed by a Council, as per the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988.
The Council has 40 members - 32 elected by Chartered Accountants and 8 nominated by the Central Government, representing key institutions like the CAG, SEBI, Ministry of Corporate Affairs and Ministry of Finance.

Q. Chartered Accountants’ Day is observed every year on which date?

(1) 30th June
(2) 1st July
(3) 15th August
(4) 10th July

Answer: (2) 1st July