Chartered Accountants: Pillars of Financial Integrity and Aspiration
A chartered Accountant (CA) is a highly skilled professional accountant. It is one of the most desired professions among students of Commerce. Chartered Accountants play a crucial role in the modern Financial and Economic sector of a country. Many students aspire to become a CA. They go through rigorous training before becoming a CA. The most important task of a CA is to adhere to the financial regulations and promote transparency in financial reporting.
History of this day
Each Year on July 1st National Chartered Accountant Day is celebrated to re-emphasize the importance of Chartered Accountants in accounting and financial auditing. It is celebrated in the memory of the foundation of one of the best accounting institutes of India, the Institute of Chartered Accountants of India (ICAI). It is a statutory body established under the Chartered Accountant Act 1949 to regulate chartered accounting in India.
ICAI History:
- 1913:- Appointment of Auditor (Auditor of East India Commission’s account book)
- 1918:- Course started named as Government Diploma in Accountancy
- 1930:- Proper Registered Accountant were listed down
- 1949:- Chartered Accountant Act and ICAI was established.
This way it becomes the oldest professional body established right after Independence. ICAI is one of the biggest accounting organizations in the world.
Importance of this day and its role
It reminds us of the important role CA’s play in the Financial and Economic realms. This day also reminds the accountants of their responsibility to uphold the highest professional and ethical standards.
The Chartered Accountants are experts in their domains, like auditing, taxation, accounting, financial analysis, risk management, and corporate laws. They deal with Debt management, loans, insurance, taxation, saving, donation, balance sheet etc. They provide valuable insights and advices on these matters to companies and government. It provides input on policy matters to the government. Therefore they are trusted advisors who are instrumental in shaping business strategies.
How do I become a chartered Accountant?
To become a chartered Accountant is an uphill task. But with a lot of hard work and dedication, it can be made possible. An entry level test is conducted by the ICAI for Chartered Accountancy.
Eligibility: – Students can register for CA Foundation after passing class 10th and appear in the foundation exam after qualifying class 12th exam.
Course Duration: The chartered Accountancy is a 4½ year course via the foundation route after passing 12th class or approx., 3 years via direct entry after graduation.
It has three stages – Foundation, Intermediate and Final. These stages have the following exams:
- CA Foundation Exam
- CA Intermediate Exam
- CA Final Exam.
Chartered Accountant if work professionally and ethically can undoubtedly elevate the country’s financial health and stability. The demand for Chartered Accountants in India is growing, thanks to the growing trend of the corporate sectors. India is also becoming a global economic player, its vision to become the third largest economy in the world by year 2047, makes the scope of Chartered Accountants even larger.
Written by: Aijaz Hussain
