The Institute Of Chartered Accountants Of India has revised its syllabus, course structure, admission process, and practical training modules to align with the international standard of education and with National Education Policy 2020. The draft regulation of the Chartered Accountants (Amendment) Regulations was in public view since June 2, 2022, and took suggestions from various stakeholders. It was on July 1, when President Droupadi Murmu revealed the new curriculum on a day marking the 75th Chartered Accountants Day. This article aims to simplify the Chartered Accountants (Amendment) Regulations 2023.
ICAI CA Foundation Course
The foremost change the law made is to allow candidates outside of India to enroll and pay the fees as may be fixed by the Council from time to time. As a respite to the students who have already registered themselves for the Common Proficiency Course, on or before the commencement of the Chartered Accountants (Amendment) Regulations, 2023, shall be eligible for conversion to the Foundation course but subject to conditions. For the novice, Foundation Course is the entry level course for the students enrolled in ICAI.
ICAI CA Intermediary Course & Eligibilities
It is worth noting that the registration for the Foundation course will be valid for four years from the date of the first eligible attempt. Further, the amendment 2023 divides the Intermediary course into two groups, Group 1 and Group 2. The regulation mandates that no candidate will be registered in the course without passing the foundation course and 10+2 examination conducted by any recognised board of India or outside of India.
Further, candidates who have qualified for the entrance examination or Foundation Examination or Professional Education (Examination – I) or the Common Proficiency Test, on or before the Chartered Accountants (Amendment) Regulations, 2023, will be eligible for registration to the intermediate course under this regulation but subject to such conditions. Any candidates who have qualified for the Intermediate Examination conducted by the Institute of Cost Accountants of India or by the Institute of Company Secretaries of India shall also be eligible for registration to the intermediate course.
The amendment gives leniency for the students with commerce stream in graduation or post-graduation from recognised board to pursue intermediate course only if they have scored 55% in the examination with at least three subjects of commerce like accounting, auditing, mercantile laws, corporate laws, economics, management (including financial management), taxation (including Direct Tax Laws and Indirect Tax Laws), costing, business administration or management accounting. Students can also pursue the intermediate courses in commerce stream with 60% marks of the total marks or its equivalent grade in the examination conducted by any recognised university (including Open University)
A candidate with the last year of graduation or post-graduation will be eligible for provisional registration to the Intermediate Course. The registration will be confirmed only when the results are out. The shortlisted candidates have to share the mark sheet, and application form with a sum amount to be decided by the Council. To quote the regulation, “A candidate for registration for the Intermediate Course shall pay such fees as may be fixed by the Council which shall not exceed twenty-five thousand rupees along with his application in the form as may be approved by the Council.”
For admission into an intermediary course, a candidate will only be admitted when she/he is registered with the Board of Studies of the Institute and produces a certificate to the effect that he has undergone a study course with duration and mark sheets of the examination.
ICAI CA Final Course & Eligibilities
The candidate who wants to apply for the final course should qualify for the intermediary course with practical training and completion of the advanced Integrated Course on Information Technology and Soft Skills. Passing both Group 1 and Group 2 is a must for candidates who wants to pursue the final course. The candidate has to secure at one sitting a minimum of 40% marks in each paper of each of the groups or units and a minimum of 55%. Candidates who passed Group 1 examination and failed in Group 2 examination have to first qualify for the second paper to sit for the final course.
Other than the routine course, this revised ICAI syllabus has included other certificate courses as well. For instance, a business accounting associate certificate, and an advanced integrated course on information technology and soft skills,
ICAI CA Business Accounting Associate Certificate & Eligibilities
Candidates interested in the business accounting associate certificate must have:
(a) Passed both Group 1st and Group 2nd of the Intermediate Examination
(b) Successfully completes Integrated Course on Information Technology and Soft Skills
(c) Completes the practical training as provided in these regulations
(d) Successfully completes the self-paced online modules as provided in these regulations.
ICAI CA Advanced Integrated Course on Information Technology & Soft Skills
The duration of the course is still not decided by the board. Practical training will also be given to the registered candidates. A candidate who has passed the final examination but has not completed the course on general management and communication skills will be required to complete the advanced integrated course on information technology and soft skills. For the international students, their practical training will be conducted by any member or other accounting institutions or bodies outside India recognised by the International Federation of Accountants as determined by the council.
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