Chartering new horizons
THIS ONE is for all wannabe Chartered Accountants. Be aware that several changes are being mooted keeping in mind the era of communication and information technology.
The total duration of the course is proposed to be shortened to four years against the current five years and three-month duration. The second one is emphasising increased practical training with the theoretical education.
Common Proficiency Test
The Common Proficiency Test (CPT) is mandatory for those who want to enrol. Students can join after they have passed Standard X but will be eligible to take the examination only after they have written their Standard XII exams.
The CPT varies from the Professional Education I exam that is part of the current curriculum. The new test is more on the lines of a common admission test and will have objective-type questions. It can be taken before the results of the Standard XII exams. Registration at this stage is provisional and will be confirmed once the candidate actually passes the exam.
Training
After qualifying in the CPT, a student shall have to undergo practical training for three-and-a-half years, as against the three years currently applicable. During this period, the student will have to pass the Professional Competence Exam after 18 months of practical training and the Final Exam during the last six months of practical training. The new scheme will also require a minimum of 100 hours (currently 250 hours) of information technology training and attendance at a General Management and Communication Skills (GMCS) course. This would involve activities such as participation in study circles for specific industry segments. As of now, CPE is mandatory for practising members but from January 1, 2006 it is proposed to make this mandatory for all members of the Institute. In a financial year, members will need to earn 25 CPE points which would be revised to 40 points next year. Attending seminars, contributing articles to the CA journal and conducting seminars would be the way to accumulate these points.
E-learning
This is still in the initial stages of conception. ICAI has launched a virtual classroom initiative. The faculty taking the class is at one place and the students are in another.
Online placement portal
This portal works two ways — companies which want to hire chartered accountants can register here as well as CAs who are looking out for jobs. You can check http://www.placements-icai.org/.
The proposed amendments in the Chartered Accountant's Regulations, 1988 shall be forwarded to the Ministry of Company Affairs for approval. For further details, contact P.S. Srinath, Assistant Secretary, ICAI, Bangalore Chapter. Email: icaiblr@vsnl.com. Ph: 22252546.
Bindu Gopal Rao
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