History
1857
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The
first ever Companies Act in India legislated.
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1866
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Law
relating to maintenance of accounts and audit thereof introduced.
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Formal
qualification as auditor now required.
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1913
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New
Companies Act enacted.
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Books
of accounts to be maintained specified.
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Formal
qualification to act as auditor named. A Certificate from the local
government to be held in order to act as auditor. An unrestricted Certificate
entitled a person to act as auditor throughout British India. A Restricted
Certificate entitled him to act as auditor only within the Province concerned
and in the languages specified in the certificate.
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1918
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Government
Diploma in Accounting (GDA) launched in Bombay. On completion of articleship
of three years under an approved accountant and passing the Qualifying
Examination the candidate would become eligible for the grant of an
Unrestricted Certificate.
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1920
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The
issue of Restricted Certificates discontinued.
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1927
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Society
of Auditors founded in Madras.
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1930
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Register
of Accountants (RA) to be maintained by the Government of India to exercise
control over the members in practice. Those whose names found entry here were
called Registered Accountants (RA).
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1930
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The
Governor General in Council replaced the local government as the statutory
authority to grant certificates to persons entitling them to act as auditors.
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Auditors
allowed to practice throughout India.
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1932
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First
Accountancy Board formed. The Board was to advise the Governor General in
Council on matters relating to accountancy and to assist him in maintaining
standards of qualification and conduct required of auditors.
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1933
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First
examination held by the Indian Accountancy Board. GDAs exempted from taking
the test.
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1935
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The
first Final Examination was held. GDAs exempted from taking the test.
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1943
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GDA
abolished.
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1948
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Expert
Committee formed to examine the scheme of an autonomous association of
accountants in India.
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1949
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The
Chartered Accountants Act, 1949 was passed on 1st May. The term Chartered
Accountant came to be used in place of Indian Registered Accountants.
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Chartered
Accountants Act was brought into effect on 1st July. The Institute of
Chartered Accountants of India is born.
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1999
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ICAI
completed 50 years on 1st July 1999.
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Forms
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