Public comments requisition for new training scheme of CA.
The proposed education and training program needs to be modified. The Chartered Accountants Act 1949. Part III of Article 4, dated June 2, 2022, is posted on the ICAI website. The institute is seeking public comment on the changes. Academicians and members can submit comments with personal details through the form. The form records name, gender, age,category, member number, mobile number, email and list of countries.
Competence with other professionals is the missing element in the current education and training system. The blog talks about changes and expected public notices for the CPA course.
The Education and Training Review Board was incorporated in 2021 by the ICAI to review the education system. Open Book Exam has 30 percent MCQs at the Intermediate Level, improving analytical skills at the Final Level Exam is the new way to learn in the public eye. The frequency of CA reviews should be increased two to three times. The two years of article ship training after the intermediate is another topic of discussion.
Another topic of discussion is the international program similar to the international accountancy body. Online course for students of different paces.Introduction of
Module C at your own pace to gain industry domain knowledge. Final level subjects with more emphasis on ethics and advanced level technical knowledge.
BAA certificate to help the student with constraints to pass the school leaving exam years. The recommendation is for targeted training for two years after the intermediate level. After completing the last level and gaining membership, the candidate must work under the guidance of a Chartered Accountant in practice to earn the COP. A “certificate of practice” is only for setting up their own CA practice. Industrial training is intended for those who wish to acquire knowledge in the field of the big four companies. Such a candidate may undergo nine months to one year of industrial training after completion of the articleship training before the final level examination. The requirement for a service-minded CA and an entrepreneurial CA differs.
Thus, both practical trainings are offered with different training options.
Country-specific documents aim to understand national and international challenges. International accounting standards and GAAP present a difference in inventory management, income statement, valuation of fixed assets and capitalization of development costs. The method of financial calculation has an impact on commodity prices, payment process, credit period, depreciation, revaluation and ownership. The international curriculum is useful for country-specific domain knowledge.
The training consists of understanding technology and managerial skills. After the intermediate level, students undergo the first level of training, and before taking the final level exam, students undergo advanced level MCS and ITT training near-completed students makes it possible to identify professional skills.
Assessment at all three levels trains students in problem-solving skills. The basic level is with subjective and objective question types. The intermediate level has a closed book exam, MCQ question types with case studies are for thirty percent, and the rest of seventy percent is for descriptive type questions. The structure of the final level is an open book examination for all articles and 30% per MCQ, and seventy percent for descriptive type questions and multidisciplinary articles. A multidisciplinary case study touches on all the other topics. Students tend to prepare for this topic with model questions and take notes on the important points of the case study. It is to redefine the statement of the problem with the analysis. Locating information makes sense and helps decision-making. Students must complete two case studies within the allotted time of four hours. MCQs, case studies, multidisciplinary case studies, open book exams and closed book exams are the different models that assess the student’s brain. The international exams consist of computer-based MCQ tests and paper-based descriptive question tests. This model is sound because it tests knowledge and the application of knowledge.
It is recommended that students take two years of practical training after completing an intermediate level and soft skills training. Previously, the training period was three
The international program is for students outside India. They have the right to receive practical training from members of accountancy bodies in accordance with IFAC guidelines.
Soft skills training:
Soft skills and computer skills training takes place before article training and during article training. Students take online and offline courses for orientation programs.
A BAA certificate after completing an intermediate level is useful for students to continue their professional career. The differentiation between completed students and
Code of ethics and technological knowledge:
At terminal level, students have a code of ethics and technology-related subjects. Before embarking on professional life, it is essential to keep in mind professional ethics and the evolution of technological needs. This subject is therefore essential for the final level of CA. It prepares students for commercial space.
In a recession, money market and stock market movements are not linear. The market is prone to risk and buyer interest is eroding every day. Inflation, interest rates, crude oil, the logistics market, and the fluctuating performance of technology companies create stress for business owners. Data and statistics predict risk and plans to be implemented. Education must reflect national challenges and international challenges. Changes in education and training impart practical knowledge to students. Chartered accountancy is one of the most difficult training courses in the accounting profession. The ICAI institute limits the number of passages according to demand and supply. It is important to train the best professionals. ICAI’s motto is to increase eminent talent. Open feedback from members and academics helps structure the course based on current challenges.