CA Final

CA Final Examination is the last and final level of Chartered Accountancy Examinations. It is considered as one of the toughest exams in the world. Any person who has passed both the groups of IPCC, during the last six months of articles can take the Final Examination. This exam consists of two groups of four subjects each.

Group I:

Paper 1 : Financial Reporting,
Paper 2 : Strategic Financial Management,
Paper 3 : Advanced Auditing and Professional Ethics,
Paper 4 : Corporate and Allied Laws,

Group II:

Paper 5 : Advanced Management Accounting,
Paper 6 : Information Systems Control and Audit,
Paper 7 : Direct Tax Laws
Paper 8 : Indirect Tax Laws.

ICAI conducts CPT exams in June and December, IPCC and Final examinations in May and November each year. Examinations are conducted in major cities in India and other countries such as Abu Dhabi (U.A.E.), Dubai (U.A.E.) and Kathmandu (Nepal). ICAI updates the content and format of examinations periodically keeping in view the technical progress and changes in the practice of the profession. The ICAI last revised its training course for membership in 2008.

Article and Industrial Training

After passing Group – I of IPCC, a candidate must undergo a rigorous 3-year training as article or audit assistant, article ship. Only members in practice are entitled to engage such assistants. The Institute strictly governs through Regulations. the stipends, working hours and working conditions of such assistance. Articles provide CA firms a steady supply of motivated assistants while providing the students with invaluable training. Audits are normally conducted by partnering senior and junior assistants with a supervising partner of the firm. This provides the steady increase in the depth and variety of experience to the Articled Assistants. During the last year of article ship, a student may opt for industrial training instead. Industrial training can be for a period of 9 to 12 months and has to be completed under the supervision of an existing CA member employee of a financial, commercial or industrial organization. Over the years several cases of abuse of the system such as articles being made to work long hours, work without pay/delayed payments, or being made to perform personal tasks for their Principals, some faking their training (also called dummy articles, i.e. not going to the office but spending time studying at home or in coaching classes) led the institute to start enforcement of rules and regulations in the interest of the profession. Chartered Accountants may not provide coaching classes during working hours, as students are expected to apply themselves wholly to practical training in that time. An article may complain to the Disciplinary Committee against a member or firm for non-compliance with regulations.

GMCS

General Management and Communication Skills Course or GMCS is a 15-day mandatory course and was introduced in 2002 to improve business communication, presentation, and interpersonal skills of Chartered Accountants. Completion of the course is a pre-requisite for obtaining membership and can be taken during the last 12 months of Articleship,[16] after completing the IPCC examinations.

Earlier a student was required to complete only one 15 Day GMCS Session to be eligible to apply for membership of ICAI but, after April 2012, 2 GMCS courses of 15 days each have been made mandatory. The 1st 15-day GMCS Course is required to be completed in the 1st year of articles and the 2nd 15-day GMCS Course is required to be completed after completion of 18 months of articleship but before the completion of Articleship Training.

For the students who have joined the articles training on or after 1 May 2012 have to be successfully complete GMCS I within the first year of the training. They will be eligible for GMCS II from the completion of one and half-year of training period but before completion of the 3 years training period......

Advanced ITT

Advanced Information Technology Training should be done during the third year of articles but before appearing in Final Examination. Applicable for students registered on or after February 1, 2013 (initially August 1, 2012 but postponed). Hence, students who commenced their articleship on or after February 1, 2013, and are eligible to appear in November 2015 Examination have to undergo this training. Students who have already taken orientation program (op) and joined article from 2014 will not be needed to take gmcs 1.

CPT Exemption for Graduates

With effect from 1 August 2012 onward, CPT is exempted for the following class of Individuals
  1. Commerce Graduates with more than 55% marks from a recognized university
  2. Non-Commerce Graduates with more than 60% Marks and who has passed the Intermediate Exam conducted by the Institute of Cost Accountants of India or by the Institute of Company Secretaries of India
Those Candidates who are exempted from clearing CPT Exam can also directly register for articleship without clearing IPCC Group 1 as is the case with those candidates who have registered for the CA Course through the CPT Route.

Other Qualifications and Certifications

With the introduction of IPCC scheme of exams, ICAI also introduced the accounting technician course. Any person who passes Group-I of IPCC and completes one year of practical training under a member can apply for an Accounting Technician Certification. After obtaining the certificate the person can designate himself as an Accounting Technician. This Certification was introduced to help a large number of students who were unable to complete the CA Final Examinations and obtain membership.

ICAI has entered into agreements with various universities such as the Indira Gandhi National Open University, Bharathiar University, and Netaji Subhas Open University to help CA students acquire a Bachelor of Commerce (B.Com) degree, writing a few papers to supplement the IPCC.

Mutual Recognition Agreements

The second method of obtaining membership is through mutual recognition agreements or MRAs. ICAI has entered into MRAs with several institutes globally, of equivalent standing, to enable members of those institutes to acquire membership of ICAI and to enable the members of ICAI to gain membership of its counterpart in another country.This is done by granting some exemptions in the regular scheme of examination and training.

ICAI currently has MRAs with following professional accounting bodies:

  • Institute of Chartered Accountants in England and Wales (since 20 November 2008)
  • Institute of Chartered Accountants in Australia (since 2009)
  • The New Zealand Institute of Chartered Accountants
  • CPA Australia(originally signed in February 2009 and re-signed in September 2014)
  • Institute of Chartered Accountants of Nepal
  • Institute of Certified Public Accountants in Ireland (since October 010)
  • Canadian Institute of Chartered Accountants (since 2011)
  • ICAI is also in process of negotiating MRAs with Hong Kong Institute of Certified Public Accountants and Certified General Accountants Association of Canada.

Memorandum of Understanding

The Institute of Chartered Accountants of India (ICAI) has signed Memorandum of Understanding (MOU) with professional accounting bodies of various countries. These MOUs aim at establishing mutual co-operation between the two institutions for the advancement of accounting knowledge, professional and intellectual development, advancing the interests of their respective members and positively contributing to the development of the accounting profession.

Currently, ICAI has MOUs with following professional accounting bodies:
  • Accounting and Auditing Standards Board of Bhutan, Bhutan (signed on 22 November 2013)
  • The Vietnam Association of Certified Public Accountants, Vietnam
  • Saudi Organization for Certified Public Accountants (SOCPA), Saudi Arabia (since 2014 for a period of 3 years)
  • Higher Colleges of Technology, UAE (signed on 4 January 2011)
  • College of Banking and Financial Studies, Oman
Courses for Members

ICAI provides various professional certifications for its members. Some of them are as follows:

Certificate Courses on Enterprise risk management, Corporate governance, International taxation, Forensic accounting & Fraud detection using IT & CAATs, International Financial Reporting Standards, Forex and Treasury Management, Derivatives, Valuation and Arbitration.

Post Qualification Courses such as Diploma Information Systems Audit (ISA), CPE Course on Computer Accounting and Auditing Techniques (CAAT), Trade Laws & World Trade Organisation (ITL & WTO), ERP Courses on SAP FA & MA Module, Microsoft Dynamics NAV.

Placement

The Institute maintains a placement portal on its website for qualified members and partially qualified students. This is supplemented with campus placement events and advertising through its professional journals and website.

Reference

https://en.wikipedia.org/wiki/Indian_Chartered_Accountancy_Course

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