CA Exam Results - caresults.nic.in.blogspot.com: CA Day

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<b><span style="font-size: large;">CA Day:- 1st July, 1949 - www.icai.org</span></b></div>
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<span style="text-align: justify;">The Institute of Chartered Accountants of India is a 2</span><sup style="text-align: justify;">nd</sup><span style="text-align: justify;">
largest professional accounting body in the world. The ICAI had been formulated
as on 1</span><sup style="text-align: justify;">st</sup><span style="text-align: justify;"> July, 1949 as a body corporate under the Chartered
Accountants Act, 1949 enacted by the Parliament of India. The ICAI prescribe
the prescribes the qualifications for a Chartered Accountant, conducts the
requisite examinations and grants license in the form of Certificate of
Practice. The objective of the establishment of the ICAI is to regulate the
auditing and financial accounting profession in India. The headquarters of the
institute is situated at New Delhi and it has 118 Indian Branches and 12
overseas chapters.</span><br />
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ICAI actively engages itself in aiding and advising economic
policy formulation. For example ICAI has submitted its suggestions on the
proposed Direct Taxes Code Bill, 2010. It also has submitted its suggestions on
the Companies Bill, 2009.</div>
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The ICAI is the only licensing cum regulating body of
financial audit and accountancy profession in India. It provides recommendations
of the accounting standers which are to be followed by the companies and other
body corporate in India.</div>
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The members of the ICAI are known as Chartered Accountants. Chartered
Accountants are subject to a published Code of Ethics and professional
standards, the violation of which is subject to disciplinary action.</div>
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<b>History<o:p></o:p></b></div>
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The Companies Act, 1913 passed in pre-independent India
prescribed various books which had to be maintained by a Company registered
under that Act. It also required the appointment of a formal Auditor with
prescribed qualifications to audit such records. In order to act as an auditor
a person had to acquire a restricted certificate from the local government upon
such conditions as may be prescribed. The holder of a restricted certificate
was allowed to practice only within the province of issue and in the language
specified in the restricted certificate. In 1918 a course called Government
Diploma in Accountancy was launched in Bombay (now known as Mumbai). On passing
this diploma and completion of three years of articled training under an
approved accountant, a person was held eligible for grant of an unrestricted
certificate. This certificate entitled the holder to practice as an auditor
throughout India. Later on the issue of restricted certificates was
discontinued in the year 1920.</div>
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In the year 1930 it was decided that the Government of India
should maintain a register called the Register of Accountants. Any person whose
name was entered in such register was called a Registered Accountant. Later on
a board called the Indian Accountancy Board was established to advise the
Governor General of India on accountancy and the qualifications for auditors.
However it was felt that the accountancy profession was largely unregulated,
and this caused lots of confusion as regards the qualifications of auditors.
Hence in the year 1948, just after independence in 1947, an expert committee
was created to look into the matter. This expert committee recommended that a
separate autonomous association of accountants should be formed to regulate the
profession. The Government of India accepted the recommendation and passed the
Chartered Accountants Act in 1949 even before India became a republic. Under
section 3 of the said Act, ICAI is established as a body corporate with
perpetual succession and a common seal.</div>
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<b><span style="font-size: large;">Role of Chartered
Accountants</span><o:p></o:p></b></div>
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Chartered Accountants enjoy a statutory monopoly in audit of
financial statements under the Companies Act, 1956, Income Tax Act, 1961 and
various other statutes in India. Financial statements audited by a chartered
accountant are presumed to have been prepared according to GAAP in India
(otherwise the audit report should be qualified). However, not all Chartered
Accountants work in audit. Firms of accountants provide varied business
services, and many accountants are employed in commerce and industry. Their
areas of expertise include financial reporting, auditing and assurance,
arbitration, risk management, economics, corporate finance, management
accounting, information systems audit, corporate law, direct tax, indirect tax
and valuation of businesses. The Government of India is now planning to open up
a new field of practice in social audit of government welfare schemes like
MGNREGA and JnNURM. Apart from the field of professional practice, some CAs
work in industry and commerce in financial and general management positions
such as CFO and CEO.</div>
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<b><span style="font-size: large;">Code of Ethics</span><o:p></o:p></b></div>
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The Institute has a detailed code of ethics and actions in
contravention of such code results in disciplinary action against the erring
members. The Institute publishes a Members Hand book containing the Chartered
Accountants Act 1949, Chartered Accountants Regulation 1988, Professional
Opportunities for Members – an Appraisal, Code of Ethics and Manual for
members. These together form the basis of regulation of the profession. The
Council also has a Peer Review Board that ensures that in carrying out their
professional attestation services assignments, the members of the Institute (a)
comply with the Technical Standards laid down by the Institute and (b) have in
place proper systems (including documentation systems) for maintaining the
quality of the attestation services work they perform.</div>
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CA Day:- 1st July, 1949 - www.icai.org

CA Day:- 1st July, 1949 - www.icai.org The Institute of Chartered Accountants of India is a 2 nd largest professional accounting b...

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