July 1 is observed as Chartered Accountants Day in India. It also commemorates the founding of the Institute of Chartered Accountants of India (ICAI), one of the oldest professional bodies in India established by Parliament in 1949. It is the second-largest accounting body in the world after the American Institute of Certified Public Accountants.
Set up by an Act of Parliament, ICAI has a very strict code of ethics. With a symbol of mythical eagle (Garud), 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”.
Becoming a member requires passing the prescribed CA examinations, along with three years of practical training and meeting other requirements under the Act and Regulations. A member of ICAI can use the title CA before his/her name.
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