Page 18 - Quick Insights Book 2022

History of Accountancy 1

HISTORY OF ACCOUNTANCY PROFESSION
Chartered Accountancy is the hallmark of the excellence,
precision, quality and commitment. Chartered Accountants
have evolved as a professional group with new concepts and
procedures to meet the varied demand made by society on
their skills. It is imperative for us to broaden our ambit and keep
ourselves well acquaint with various developments. But, before
we move ahead to explore the world of uncountable emerging
opportunities, let’s know our roots, i.e., how the Institute, our
alma mater came into existence and its journey and service of
past 72 years to the nation.

1999
The origin of accountancy can be traced to the pre-Vedic
period. The existence of accountancy dates back to 1857
when the first Company legislation came into existence in pre-
independent India, thereafter the gestation period was followed
by the establishment of Indian Accountancy Board.

The Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949)
provided for the incorporation of the Institute of Chartered
Accountants of India (ICAI) for regulation of the profession of
Chartered Accountants. The affairs of ICAI are managed by
a Council in accordance with the provisions of the Chartered
Accountants Act, 1949 and the Chartered Accountants
Regulations, framed therein under. “This Act received the assent
of the Governor-General on 1st May, 1949 and was published
in Part IV of the Gazette of India Extraordinary dated 3rd May,
1949 and further amended by –
 The Chartered Accountants (Amendment) Act, 1959 (No.
15 of 1959) published in the Gazette of India dated 7th
May, 1960;
History of  The Chartered Accountants (Amendment) Act, 2006 (No.

Accountancy 9 of 2006) which received the assent of the President
on the 22nd March, 2006 and was published in Part II
Section I of the Gazette of India, Extraordinary dated
23rd March, 2006;
 The Chartered Accountants (Amendment) Act, 2011 (No.
3 of 2012) which received the assent of the President
on the 8th January, 2012, and was published in Part II
Section I of the Gazette of India Extraordinary dated 9th
January, 2012;

 The Chartered Accountants Regulations, 1988.
Volume I

The History of the Accountancy Profession in India, – Volume
I authored by Shri Gopaldas P. Kapadia, the father of the
Chartered Accountancy profession was released at the

Quick Insights on Professional Opportunities for Chartered Accountants 5