ICAI announces dates for a special examination for members of foreign accounting bodies. ICAI will send the admit card to the students. The candidate cannot expect a refund of the exam fee. This examination creates unity between Indian and global students. The examination date in 2022 falls from June 13th to 17th, 2022. The students sending the application through registered post or speed post may use the envelope attached to the exam form. The last date of the submission is the 23, February. The Examination – Members – ICAI is only for students who have completed the registration process. This blog talks about the special examination subjects of the ICAI and how these subjects help students understand the Indian system.
What are the special subjects declared by ICAI?
Special examination – members of foreign accounting bodies includes distinct certification courses. Students from CPA Ireland write the special exam for four subjects. Corporate and allied laws, direct and indirect taxes, strategic financial management, advanced auditing and professional ethics are the four subjects. Students hailing from CPA Canada write special exams for corporate and allied laws and taxation. SAICA members write Company law, information systems control and audit, and taxation. ICAEW members write auditing and assurance, law, ethics and communication, information technology and strategic management. Indirect tax laws, and direct tax laws. ICAN students write about corporate laws and other economic laws, advanced indirect tax laws, direct tax laws and international taxation. MICPA members write about corporate and allied laws, taxation. CAANZ members write about Indian law, ethics and taxation. The examination happens at Noida. The core accounting subjects in foreign countries and India is similar to fundamentals. The students need to ensure the exam starts from the basics and explore the Indian system with ICAI subjects.
What is the difference between foreign education and Indian education?
The expectation of Indian business and foreign business is different. The following subjects lay the difference in education: Direct and indirect taxes, strategic financial management, corporate allied laws, advanced auditing and professional ethics, Company law, taxation, audit, information systems control, auditing and assurance, law, ethics and communication, strategic management, information technology, economic laws, indirect taxation, and Indian law. Law subjects are changing in India on yearly basis. Information technology is the subject that confronts frequent changes. Auditing and strategic management differ in production, distribution, administration, marketing and sales. Let us shed light on the foreign and Indian systems with some examples to understand better. The illusion of many students shows that they think that the system in foreign is comparatively most difficult than the Indian system. The reality is that the Indian system is more complex than the foreign system and business process. The following points explain the subjects better.
• Information technology in India:
Information technology is a growing industry in India. The software industry supplies back end processes to the different sectors. In 2021, India stood in third place for the cloud experts working in India. The Union budget prepared in 2021 gave the fund allotment of 53,108 crores to the IT and telecom sectors. India is the top exporter of software. The top five IT providers around the globe are from India. Wipro, Infosys, TCS, HCL and Tech Mahindra supply software to the Indian Industries. The syllabus of Chartered accountancy has a fundamental knowledge of analytics, big data, advanced excel and digital audit tools. Students complete ICITSS and AICITSS courses after intermediate and after article ship training.
• Company law in India:
Companies Act 1956 has a long way of history from 1866. Based on the English Companies Act, 1862, the Companies act, 1866 explains about incorporation, winding-up and regulation of training and industries in India. After independence India set up a committee to develop the 1956 act. Later as the Indian economy is developing to the global standards, the Companies Act, 2013 attributed corporate social responsibility, one-person Company and e-governance. The changes are made as per the evolving Industries and financial processes. In the UK, the guideline for the meeting is to conduct the board meeting for six months during the financial year. In Australia, the meeting rule is to conduct one time a year. In India, the guideline for the meeting is to conduct the meeting every one hundred and twenty days. The first meeting is after 30 days of incorporation, and four meetings are mandatory for a year. The meeting is to prepare the financial statements, reports and issues to discuss with the shareholders. The competition, economic fluctuations, and legal changes demand the restructuring of the business processes. Foreign country students need to understand the high competition and challenges in the Indian Companies to work in India. So, they learn Company law, Indian law and ethics in detail before joining a chartered accountancy course.
• Tax laws in India:
Indian Companies pay cross border tax and transfer prices for dealings in a foreign country. Foreign residents also pay tax in India under the deemed provision. If the business income, property income, capital gains, Government salary, salary, dividend, interest, fees, and royalty comes from India, it is added to the income tax. Tax percentage and calculation differ as per the production, sales, profit and income. The direct and indirect tax laws in India create interest to the students from foreign universities. TDS, Capital gains, and DTAA come under international taxation subject. The transparency of tax laws helps avoid double taxation and promote business opportunities.
• Strategic management:
The management strategies depend upon the SWOT analysis. The strength, weaknesses, opportunities and threats are confined to the business and country. Geo-economics is the subject that is gaining focus in recent days. The combination of economics and geography is referred to as geo-economics. Strategic management depends upon the raw material, production, sales, pricing, administration, and marketing. Geopolitics play a vital role in the production and pricing decisions. Foreign students need to study Indian strategic management to understand the vision of Indian companies.
Chartered accountancy is a long-term accounting course approved by the Indian parliament. The changes to the syllabus of chartered accountancy happen because of environmental issues. Internationally, there are many sought after courses. Indian chartered accountancy course is the most-difficult course among all the other accounting certifications. So, by learning the Indian course, one gain skills to apply the knowledge in complex scenarios.