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(The Gist of PIB) Chartered Accountants Day

[July-2020]

Prime Minister Modi greeted Chartered Accountants on Chartered Accountants’ Day.

July 1 is celebrated as National Chartered Accountant Day in India. The day is observed in order to celebrate the formation of Institute of Chartered Accountants of India (ICAI) on July 1st, 1949.
The Institute of Chartered Accountants of India (ICAI) is the national professional accounting body of India.
It was established on 1 July 1949 as a statutory body under the Chartered Accountants Act, 1949 to regulate the profession of Chartered Accountancy in India.
ICAI is the only licensing cum regulating body of the financial audit and accountancy profession in India. It recommends the accounting standards to be followed by companies in India to National Financial Reporting Authority
Only a member of ICAI can be appointed as statutory auditor of a company under the Companies Act, 2013.