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THE CHARTERED ACCOUNTANT
75 Years of Empowering Trust;
Enabling Excellence
I
n the realm of professional accounting, trust is the
cornerstone that upholds the integrity and
credibility of the entire financial system. As we
celebrate this 75th CA Day, it is imperative to reflect
upon the indomitable spirit and unwavering
commitment of ICAI in upholding professional ethics
and ensuring public confidence in the accounting
profession.
Trust is cultivated by demonstrating a steadfast
dedication to surpass or meet expectations under all
circumstances, whether favourable or unfavourable,
and delivering on promises or anticipated outcomes.
ICAI has created an environment where trust in the
accounting profession thrives. This approach has not
only protected the interests of businesses and investors
but has also contributed significantly to the growth and
stability of India’s financial sector. Let us see what the
expectation of Mr. K.C Neogy, the then Minister for
Commerce, was at the first meeting of the first Council
held at New Delhi on 15th August 1949 in which he said
that, “it was appropriate that a great and important
profession in the country was launching upon a career
of autonomy on Independence Day” and he hoped that
the “Council would maintain a level of professional
conduct and professional standards which would bring
resounding glory not only to the profession but to the
country as well.” Today, we can confidently assert that
we have successfully met the expectations placed
upon us as a dynamic catalyst for socio-economic
progress and a fundamental pillar of financial integrity
in our nation. The trust bestowed upon the accounting
profession by legislators decades ago has yielded
substantial benefits for the country throughout the
years, and this phenomenon persists even in the
present time.
Established in 1949 under the Chartered Accountants
Act, ICAI has been instrumental in shaping the
accounting landscape in India. During the initial stages
of the Institute of Chartered Accountants of India (ICAI),
our first President, CA. G.P. Kapadia, emphasized the
importance of careful organization and mindful actions.
He acknowledged the natural inclination to rush and
accomplish everything swiftly when a new institution is
formed. However, he believed that instead of attempting
to undertake all the activities that well-established
institutions have been doing for several decades, a new
institution should follow a gradual approach. The focus
should be on establishing effective operational
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procedures, adhering to regulatory frameworks,
maintaining ambitious standards for examinations,
and upholding disciplinary protocols. ICAI has
consistently strived to maintain the highest levels of
professional competence, ensuring that its
members adhere to ethical guidelines and remain
at the forefront of emerging accounting practices.
Responsibility accompanies trust, and along with
responsibility, arises a sense of awareness. This
heightened awareness prompts constant vigilance
for what lies ahead. It is this awareness that
motivates the ICAI to strive for excellence in every
conceivable manner. Dr. A.P.J. Abdul Kalam, the
visionary former President of India, eloquently
captured the profound importance, impact, and
potential of the Chartered Accountant fraternity in
our nation when he referred to Chartered
EDITORIAL
Accountants as Partner in Nation Building. His
words of appreciation and acknowledgement
beautifully highlight the significant role played by
ICAI and Chartered Accountants in shaping the
progress and development of our country.
Chartered Accountants have undergone a
remarkable transformation from their traditional role
and has evolved into versatile professionals
capable of providing comprehensive business
solutions as “information and decision specialists.”
The responsibilities of Chartered Accountants have
shifted from the confines of the backroom to the
prestigious boardroom. They have transcended
their statistical roots and embraced a new identity
as strategic decision maker.
The 75-year journey of ICAI till now has been
characterized by a steadfast commitment to trust,
integrity, and professionalism. Through its tireless
efforts, ICAI has built a solid foundation of ethical
conduct, quality education, and unwavering
advocacy for the public interest. As we celebrate
this milestone, let us recognize and applaud the
contributions of ICAI in fostering trust, maintaining
transparency, and upholding the highest standards
of the accounting profession. With a legacy of trust
behind it, ICAI is well-poised to navigate the
challenges of the future, driving excellence in the
accounting profession for generations to come.
-Editorial Board ICAI: Partner in Nation Building
JULY 2023 3