The Institute of Chartered Accountants of India (ICAI), India’s premier and world’s second largest accounting body, has entered its 65th year of existence. The Institute celebrated its 64th Foundation Day here yesterday as the ‘CA Day’. Today, ICAI has over 2 lakh members and more than 11 lakh students; and is well on its way to set newer benchmarks while taking accountancy beyond professional footprints.

Shri Subodh Kumar Agrawal, President, ICAI, has said that the Institute since its inception has grown in size and stature by leaps and bounds. The phenomenal growth in the membership base is a reflection of the confidence and trust which the industry and public at large has in this glorious profession and it is that trust which motivates more and more people to be a part of this wonderful family. Role of the accounting profession in evolving and lending credibility to financial systems has been very critical, and, so recognized worldwide. ICAI firmly believes that having a strong accounting profession is a key to having a strong financial infrastructure in a country and it directly reflects the ability of the country and of individual companies.

Minister of Corporate Affairs, Shri Sachin Pilot, has also emphasized the importance and the role of ICAI. He has said the the accounting profession has a long and distinguished history of guarding the integrity of a company’s financial statements. They must live up to their history to remain inquisitive, skeptical and rigorous in their application of highest standards. Shri Pilot has further said that the accounting profession is concerned with adding value to economies and in particular creating an investment climate of trust. The profession has moved much beyond merely performing an accountants role to the corporate and is contributing to the Government and various regulators in its committees, be it the capital markets, the reforms in the government accounting or issues of emerging paradigm and is truly adding value to the process of economic and social development in country.

The Institute has reiterated to uphold the pride of this noble profession and is well poised to take on the challenges of the future.

KKP

(Release ID :96973)

Accounting profession standards drive stronger financial integrity and institutional engagement, promoting trust and public value. ICAI commits to raising professional benchmarks and extending accountancy's role to strengthen financial infrastructure, relying on an expanded membership to enhance credibility of financial reporting. The Institute and government emphasise rigorous, sceptical application of high professional standards and recognise the profession's advisory engagement with regulators and government on capital markets, government accounting reforms and emerging issues to promote public trust and economic development.