Page 19 - Quick Insights Book 2022

Chap. 1 – History of Accountancy

24th Annual Meeting of the Council of the Institute on 14th In this sequel Volume-III, we landscape the next phase of the
September 1973. Hon’ble Shri H. R. Gokhale, the then Minister glorious history of the Institute of Chartered Accountants of
of Law, was the Chief Guest at this function. The Volume I India post-1999, incorporating the select milestones, significant
captured the real insight into the emergence of accountancy decisions and remarkable events that have helped shape the
profession in India and it can be stated that the era from 1949- Chartered Accountancy profession in India.
1972 were the formative years for the Institute. The country was
also on a path of resurrecting the economy with foundation of Decisions and events reflecting the incisive astuteness of the
a socialist democratic republic post independence era. During successive Councils have been instrumental in building a strong
this period, the membership of the Institute had increased from foundation and preserving the autonomy of the accountancy
1,685 to over 12,000. The student population had also grown profession in India bestowed on it by Indian Parliament.
from about 250 to over 4,000. Ever since Parliament and the founding fathers of the nation
bestowed their trust on Indian Chartered Accountants in a
Volume II broader national interest, the accountancy profession has
constantly been evolving and so has been the Parliamentary
History of Accountancy Profession in India – Volume II, being Act governing the profession. Keeping the national and social
the sequel to the first edition namely Volume I continued and interests in mind in tune with the times, the Act has further
captured from what has been stated in the first volume, picking undergone changes many a time, after careful deliberations and
up the thread from the pre-1972 developments. Volume II debates in Parliament.
dealt with all major events that took place during the period One of the epithets applied to the Institute of Chartered
1973- 1999. The period from 1973 to 1999, was the epoch of Accountants of India is Partner-in-Nation-Building. This is an
financial reforms and economic diversification starting in nineties exceptional depiction of the contribution of the profession of
era and was considered as the time during which the activities accountancy to the world. Regarded as the backbone of Indian
of the Institute expanded in line with changing expectations. financial system, ICAI continues to grow pan India and across
The changing world trade scenario and increasing globalization the globe; number of members and students apart, the real
imposed much more responsibility on the professionals and stature has been its role as the key player in sustaining the
raised the bar of rectitude and professional excellence. The economic momentum and vibrancy.
membership crossed the figure of 95,000 and the students
serving articles/ audit clerks to about 70,000. The Institute has also played a momentous role in providing
policy inputs to the Government in the areas of fiscal reforms,
Indian accountancy profession constantly evolved according to financial sector reforms, public finance and economic and
the changing needs of the dynamic environment. The Institute commercial laws. The Institute continues to enjoy a laudable
has always ensured and continues to ensure that the education repute with various Government and regulatory authorities and
and training of students was corresponding with the national as is time and again called upon to share its expertise, experience
well as global requirements. During this period, the entire effort and expectations on the matters arising out of fiscal prudence,
of the Institute was to ensure that its members professional governance and alike. Also, noteworthy is that on most of
work commands due recognition in the society. Today, a such occasions, the Institute’s viewpoints have not only been
member of the institute is able to command respect in the appreciated, but have also been largely accepted.
society because his motto is “Pride of Service in preference to
Personal Gain”. He is expected to place public good above his As part of our drive to continue to benchmark ourselves against
personal gains and act in public interest. the best available global practices, we have converged to
global standards while keeping the Indian interests in picture.
POST-1999 The Institute has also made extensive development in its core
purpose as guardian of transparency and integrity in financial
Volume III reporting and highest accounting and auditing standards.

The Institute forayed in post-1999 era with a metamorphic The Institute has also constituted a Sustainability Reporting
history of achievements in the field of education, professional Standards Board (SRSB) to formulate globally comparable
development, maintenance of high accounting and auditing. standards for measuring and disclosing non-financial
information.

6 Quick Insights on Professional Opportunities for Chartered Accountants