India Post had issued a commemorative postage stamp on 1st July to celebrate the 70th Anniversary of the Institute of Chartered Accountants of India. Six lakh stamps of the denomination 22 rupees were printed using Wet Offset Technology at Security Printing Press, Hyderabad.
ICAI was founded on 1st July 1949 as a statutory body under the Chartered Accountants Act, 1949 that was introduced to regulate Chartered Accountancy in India. It is the second largest professional Accounting & Finance body in the world and the only licensing cum regulating body of the financial audit and accountancy profession in India. It sets accounting and auditing standards to be followed by companies in India. It also issues Standards on Internal Audit (SIA), Corporate Affairs Standards (CAS) etc. for Chartered Accountants. These standards are formulated by working with GOI, RBI, Securities and Exchange Board of India.
Chartered Accountants must strictly follow the Code of Ethics and professional standards, or else disciplinary action will be taken. Only a Chartered Accountant can become the statutory auditor of a company under the Companies Act, 2013. To become a member of ICAI, one has to clear extremely tough examinations and undergo three years of practical training.
ICAI is also one of the founder members of the International Federation of Accountants (IFAC), South Asian Federation of Accountants (SAFA), and Confederation of Asian and Pacific Accountants (CAPA).
It’s truly amazing to honour the works of a highly regarded organisation that shoulders so many important responsibilities, with the release of a commemorative stamp! Image Courtesy: India Post