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New Scheme of Education & Training for Chartered Accountancy
The Council of the Institute conducts a periodic review of the system of education and training to keep professional education relevant and useful to the changing times and to safeguard the value of Chartered Accountancy qualification. The new scheme of Education, Training and Examinations based on the recommendations of the Committee for Review of Education and Training (CRET) and as approved by the Council has been submitted to the Government and after Government’s approval, the same will be brought into force by issue of a Final Notification in this regard. The Council has proposed to implement the new scheme effective from October, 2001.
Salient Features of the Proposed Scheme
Minimum qualification for entry requirements will continue to be a pass in 10+2 Examination or its equivalent.
A Professional Education (PE) course of about 2 years duration will be introduced, in two parts : Professional Education-I (PE-I) and Professional Education-II (PE-II). Students will be required to complete the course successfully prior to commencement of Practical Training.
PE-I will be compulsory for 10+2 passed candidates and graduates who have secured less than specified marks. Other graduates and those who have passed Final ICWAI/ICSI examination will be exempt from PE-I.
PE-II will be compulsory for all.
A system of provisional registration has been proposed for PE-I as well as PE-II.
Successful completion of a computer training program as may be specified from time to time by the Council prior to practical training.
Period of practical training will continue to be 3 years.
Appearance in Final Examination during the last six months of Practical Training or thereafter.
Test Paper Scheme to be made applicable to students of PE-I, PE-II and Final courses.
Restriction on the number of attempts of PE-I and PE-II examinations. A student should pass PE-I and PE-II Examinations within five consecutive attempts from the Examination in which he is first eligible to appear. Non-appearance in an eligible chance to be reckoned as an attempt for this purpose. There will be no restriction on the maximum number of attempts for the Final examination.
Attendance in a compulsory course on General Management and Communication Skills or any other course as may be specified by the Council, before applying for membership of the Institute by articled/audit clerks who have completed practical training.
There are transitional provisions to take care of the students who are currently registered for Foundation, or as articled clerks for practical training as well as those who have passed either of the groups or both groups of Inter/Final Examination, on the switch over to new Scheme.
Proposed Implementation Schedule
Introduction of New Scheme 1st October, 2001
Registration starts for PE-I 1st October, 2001
Registration starts for PE-II 1st October, 2001
Last Foundation Examination May, 2003
First PE-I Examination November, 2002
First PE-II Examination November, 2002
Results of First PE-I and PE-II Examinations January, 2003
Last Intermediate Exam under current syllabus November, 2002
Last Final Examination under current syllabus May, 2002
Implications
There will be two parallel Foundation and PE-I Examinations (in November, 2002, and May 2003) and one parallel Intermediate and PE-II Examination (in November, 2002) and no parallel exam in the case of Final.
Students registered for Foundation from 1st July 2001 to 30th September 2001 will get two chances to appear in Foundation Exam.
Students whose articles are registered up to 30th September, 2001 are eligible to appear in Intermediate Exam under the current syllabus in November, 2002 or earlier depending on fulfilment of other applicable provisions. Such a student may also be given an option to appear for the first time in PE-II Exam in November 2002 subject to other conditions.
The Council may allow time up to, 31st December 2003 to candidates who have passed Foundation Examination to register themselves as articled clerks (under the proposed proviso to Regulation 45[1]) so that such candidates who come out successful in the last Foundation exams to be held upto May 2003 may register as articled clerks. Such candidates will have to register and appear for PE-II exam during training period subject to other conditions and may be allowed to appear for Final after 2 ½ years of practical training.
However, after 1st October 2001 all graduates with specified marks will have to register for PE-II course and pass PE-II Examination and then only will be entitled to commence the articles. If graduates do not have specified marks, they have to first pass PE-I followed by PE-II Examinations. Further, after the cut off date of 31st December 2003 even the Foundation qualified students would have to pass PE-II examination before the commencement of articles.
Subjects Covered
Professional Education (Examination-I)
Paper 1: Fundamentals of Accounting
Paper 2: Mathematics and Statistics
Paper 3: Economics
Paper 4: Business Communication and Organisation and Management
Professional Education (Examination-II)
Group I
Paper 1 : Accounting
Paper 2: Auditing
Paper 3: Business and Corporate Laws
Group II
Paper 4: Fundamentals of Financial Management and Costing
Paper 5: Income Tax and Central Sales Tax
Paper 6: Information Technology
Final Examination
Group I
Paper 1: Advanced Accounting
Paper 2: Advanced Financial Management
Paper 3: Advanced Auditing
Paper 4: Corporate Laws and Secretarial Practice
Group II
Paper 5: Cost Management
Paper 6: Management Information and Control Systems
Paper 7: Direct Taxes
Paper 8: Indirect Taxes
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