Editing Chartered Accountants Day (India) (section)

== The History of Chartered Accountants’ Day ==
The origins of CA Day date back to the pre-independence era when the accounting profession in India lacked formal regulation. In 1913, the British government passed the Companies Act, mandating companies to maintain specific books of accounts and appoint auditors. By 1918, a Government Diploma in Accountancy was introduced in Bombay (now Mumbai). However, many Indian accountants were registered under the Institute of Chartered Accountants in England and Wales (ICAEW) and referred to as Chartered Accountants.

In 1948, an expert committee recommended the creation of an autonomous body to regulate the profession. This led to the passage of the Chartered Accountants Act in 1949, establishing the ICAI on July 1st. The term “Chartered” was retained due to its widespread use, despite initial controversies, and has no relation to the British royal charter post-independence. Today, ICAI is the world’s second-largest accounting body, with over 400,000 members, and is the sole authority for accounting and financial auditing standards in India.