01 July 2021
If you’re a Chartered Accountant or know one, you are aware of ICAI’s existence and its arduous exams, but do you really know your institute?
Read on to acquaint yourself with some interesting facts about the Institute of Chartered Accountants of India (ICAI) - every CA’s brainery, the reason for recognizing Chartered Accountants Day and to know about some notable business icons who are its members!
ICAI was established on July 01, 1949 as a body corporate under The Chartered Accountants Act, 1949 enacted by the Parliament to regulate the accountancy profession in India.
ICAI is the second largest accounting body in the world after Association of International Certified Professional Accountants (USA) in terms of membership
ICAI is the sole licensing and regulatory body for the financial audit and accounting profession in India.
There are no reservations in ICAI or age barriers for pursuing the Chartered Accountancy course & entering this profession.
ICAI emblem, the Garuda, was conceptualized by Sri Aurobindo Ghosh in 1949. Its official motto is a quote from the Upanishad which reads “Ya esha supteshu jagriti”. It translates as “the one who is awake in those that sleep”.
Mr. Gopaldas Padamsey Kapadia was the first member of ICAI and also its first and longest serving President.
ICAI has entered into MRAs with several institutes globally, of equivalent standing, (including CPA Canada, CPA Australia Institute of Chartered Accountants in England and Wales, etc.) to enable members of those institutes to acquire membership of ICAI and to enable the members of ICAI to gain membership of its counterpart in other countries. This is done by granting some exemptions in the regular scheme of examination and training.
Nishchal Narayanam altered the history of CA by becoming the youngest CA of the country at the age of 19, in 2015. However he could only be enrolled as a member of ICAI on turning 21.
While every CA is a success story in themselves, there are some who have made their presence known quite prominently in this world - Kumar Mangalam Birla, Piyush Goyal, Niranjan Hiranandani, Rakesh Jhunjhunwala, Naina Lal Kidwai, Motilal Oswal among many others.
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