ICAI has proposed the new scheme of education and various changes in relation to members of the ICAI. Some important changes in relation to such scheme are as under:
Changes in relation to COP:
A member may apply to the Council for a certificate entitling him to practice as a chartered accountant.
Provided that a person who has been admitted as a member at any point of time shall be eligible for certificate of practice on completion of one year of post qualification work experience with a fellow Chartered Accountant in Practice.
Provided further that the requirement of one year post qualification work experience shall not be applicable for a member who has worked for a minimum period of one year with a fellow Chartered Accountant in Practice in the immediately preceding five years before the date of making such application.
Thus, after this new changes a person who wishes to be in practice needs to compulsorily undergo 1 year post qualification training/ work experience with an FCA and then apply for COP.
Admission to Final Examination
[Applicable to candidates appearing in Final Examination under the syllabus approved by the Council under regulation 31(v)]
(1) No candidate shall be admitted to the Final Examination unless he –
(i) is registered for the Final Course and has passed both the Groups of the Intermediate Examination held under regulation 28I; and
(ii) has completed the practical training as required for admission as a member at least six months before the 1st day of the month in which the examination is held; and
(iii) has successfully completed advanced Integrated Course on Information Technology and Soft Skills under regulation 51E; and
(iv) has passed the self paced online modules as per regulation 51F; and
(v) has complied with such other requirements in such manner as may be specified by the Council from time to time.
(2) Notwithstanding anything contained in sub-regulation (1), a candidate who has passed the Professional Education (Examination–II) or the Professional Competence Examination or the Integrated Professional Competence Examination or the Intermediate (Professional Competence) Examination or Intermediate (Integrated Professional Competence) Examination or the Intermediate Examination held under these Regulations or Intermediate Examination under the Chartered Accountants Regulations, 1964 or the Intermediate or the first examination under the Chartered Accountants Regulations, 1949, or was exempted from passing the first examination under those regulations shall be admitted to the Final examination provided that he has completed the practical training as required for admission as a member or has been serving the last six months of practical training, including excess leave, if any, under regulation 50 on the first day of the month in which the examination is held and has complied with other provisions of these regulations.
Explanation. – A candidate who has been admitted to the Final Examination before coming into force of these regulations shall be required to complete the Advanced Integrated Course on Information Technology and Soft Skills under regulation 51E and to pass the self-paced online modules under regulation 51F and has complied with such other requirement in such manner as may be specified by the Council from time to time before applying for membership of the Institute.
In the proposed scheme student needs to have a gap of 6 months between the exam month and completion of articleship. Thus, now all students will automatically get leave of 6 months for their exam preparation.
Articleship Stipend and period:
In regulation 50,-
(i) In clause (ii), for the words “three years”, the words “two years” shall be substituted;
(ii) For the proviso to clause (ii), the following proviso shall be substituted, namely, –
PROVIDED that a candidate who was registered as an articled assistant for a period of three years before coming into force the Chartered Accountants (2nd Amendments) Regulations, 2022 shall be eligible to continue and complete the remaining period of practical training as per the deed of articles executed under these regulations irrespective of any break in the continuity of training.
Thus, although the articleship period has been reduced to 2 years from 3 years however ICAI has still provided stipend for 3 years as there might be students who have already signed agreement for 3 years of articleship and for them this new stipend will be applicable for 3 years.
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The Draft Amendments in the CA Regulations arising out of the proposed scheme of Education and Training have been in principle approved by the Ministry of Corporate Affairs and is exposed to the public for their comments for 30 days and, thereafter, the same will be considered by the Council.
Once the Proposed Scheme and Draft Regulations are approved, the Implementation Scheme, including Transition Provisions for students of the existing Scheme of Education and Training, shall be formulated.
While formulating the Transition Scheme, reasonable care shall be taken to allow exemption to the students in respect of subjects which have cleared under the earlier Scheme. Hence, till such time, students are advised to continue studying regularly as per the existing course curriculum.
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