What kind of image comes to our mind when we think of a Chartered Accountant?
Perhaps a person in a coat suit and tie sitting on an armchair with lots of files and documents on the table with his face looking scrunched up in tension, making phone calls, and loosening his tie.
Well, this is mostly inaccurate as that’s not how real-life CAs are(at least a majority of them). Though they indeed occupy the most responsible positions where a minor mistake could cost a lot.
Still, some facts are not known to many people about the world of chartered accountants.
And we are here to bring them all to you.
Things you Might not know about CAs.
If you are a CA or a CA aspirant? Then knowing about these facts might save you from some future embarrassment!
How the CA Day come to be?
ICAI is the humble abode of all CAs(not exactly!). The story behind the formation of ICAI is an interesting one.
Following independence, they believed that CAs were a necessity, and the CA Regulations Act 1949 was the first act of parliament to establish a professional accounting institute.
The ICAI was founded on July 1, 1949, which is why that day is also known as the CA day.
Say no to reservations
This can be a topic for a healthy, harmonious debate. (TV anchors on news channels screaming!)
However many people (or a lot of people belonging to one particular community) are against reservation.
However, the good news for those people is that there exist no reservations when it comes to ICAI. The process of becoming a chartered accountant, and the access to career opportunities afterward are equal for everyone.
There is also no age limit for doing CA which is a remarkable feature giving meaning to the saying “ Age is just a number”
Who is the first?
This is a good tagline, isn’t it? People always love to know who did it first. (Everyone knows about Neil Armstrong, but no one knows about Buzz Aldrin, the second guy who stepped on the moon).
Well, here are some ‘firsts’ for the CA domain:
- GP Kapadia was the first member of the Institute of Chartered Accountants of India. He was not only the first member of the ICAI but also the longest-serving president in ICAI history. He served from 1949 to 1952.
- The first council of the ICAI at the time of formation on 1 July 1949 had just a few members as there were only 20 members out of which 15 were elected and the government nominated 5.
- Though it was formed on 1 July the first meeting was held on 15 August 1949 more than one month later.
- The very first lady to have qualified as CA was R. Sivabhogam who was born on 23 July 1907. She created history by becoming the first woman Indian accountant in 1933. She went for articleship training under CS Shastri and she started independent practice in 1937. When ICAI was founded she enrolled and got a membership on 17 June 1950.
- The initiative for women in CA was started by R. Sivabhogam but it did not stop there. The first woman to top the CA final was Ms. Nandita Das in 1983.
- Miss Priya Bhansali is the first lady to be elected to the council of ICAI from 1995 to 1998.
The Story of the Pass-out Percentage
The pass-out percentage is the most epic thing you will ever hear about the CA course. The current trend is in the single digits. Expect a range of 3 to 9 percent every time. As a result of being one of the 3% who make it, CAs are EPIC.
CA Final New Course Pass Percentage December 2021
CA Final Old Course Pass Percentage December 2021
It is all about the Trust
This one is not technically an unknown fact, but it still needs to be addressed.
CAs are formally one of the most trusted professionals in the industry. This can be exemplified by the fact, that in an address, Prime Minister Narendra Modi himself uttered the following words, “The signature of a CA is far more powerful than the signature of even a prime minister”.
When we consider the entire stakeholder base of large and mid-cap company investors who are waiting for the audited results to invest their money, we feel trusted, and thus the responsibility of a CA is immense.
Also Read, Career Options for CA Dropouts
And the study goes on
You should be aware of new treatments and treatment methods in the medical field. You can't work in engineering if your technology is out of date. In law, you must make note of constantly changing statutes as well as historical court precedents.
Similarly, once you become a CA, you cannot put yourself in a box and give up. You must stay on top of any new policies, laws, or regulations enacted by the government.
Furthermore, India has a vibrant economy, and tax policies are constantly changing. The GST was only recently implemented and is still in its early stages. These laws will continue to change over time, and you must continue to learn to stay current.
It started with ICAI and let us finish with a masterstroke or master fact about ICAI. After all, this is where the CAs are made. I am going to tell you the story of the Logo.
What is the story of the Logo?
The ICAI's motto is Ya Aeshu Suptaeshu Jagruti (Sanskrit), which translates as "a person who is awake in those who sleep." It's a quote from the Upanishads (Kathopanishad).
Sri Aurobindo gave it to the ICAI as part of its emblem when it was founded in 1949. The Garuda, which Shri Aurobindo suggested to the ICAI in 1949, appears in the ICAI Emblem as an important symbol striking similarity in attributes of a garuda and a chartered accountant.
Thanks for Reading!
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