74th Chartered Accountant's Day celebrated
Source: Chronicle News Service

Imphal, July 01 2022: Imphal Continuous Professional Education (CPE) Study Chapter celebrated the 74th Chartered Accountant's Day/Foundation Day of Institute of Chartered Accountants of India (ICAI) at Classic Grande here on Friday.

The celebration was attended by Eastern India Regional Council of ICAI ex-chairman CA Sumantra Guha as chief guest and Imphal CPE Study Chapter senior most member CA Ksh Kunjabi Singh as president while Imphal CPE Study Chapter convenor CA Ch Sanjoy Singh and MIMS Manipur University director Dr Jibon Kumar Sharma were present as guests of honour.

In his speech, Imphal CPE Study Chapter deputy convenor CA L Dhanajoy Sharma said that the 74th Foundation of ICAI, which was formed by an Act of the Parliament is being celebrated across the country to highlight the contributions of chartered accountants (CA).

Speaking on the topic of 'Overview of the CA pro fession today', Sumantra Guha stated that ICAI is the second largest accounting organisation in the world and the first national professional accounting body of India.

It was first established as a statutory body by the Parliament on July 1, 1949.Emphasising on the important role of CA in business organisations including preparation of financial statements, auditing, tax filing and book keeping; Sumantra observed that people firmly believe and trust any financial statement signed by CA.

The Supreme Court has repeatedly ruled that CAs is the sole profession responsible for auditing the financial statement of an entity/organisation.

Furthermore, as per Section 138 of Companies Act, all companies are required to do an internal audit, he conveyed.

While pointing out that presently, around 7/8 lakh students across India do not complete their CA course, he said a recent rule has increased the duration of CA course to 5 years and all those who have successfully become CA, will be known as Certified Professional Accountants from 2028 onwards.

This will bring about a real competition between the current CAs and the newly passed CAs.

Nonetheless, they must learn to accept these challenges without any fear, Sumantra added.

Later, Dr Jibon Kumar Sharma spoke on the topic of 'Happiness and Ways of Life' .

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