Advanced ITT Course is compulsory as per Regulation 29(D). ICAI CA Final eligibility Criteria 2021 consist of completing the Advanced ITT Course as mandatory. The virtual classes for MCS and ITT courses for intermediate students and final students would be in practice till March 2021. The Institute will review the challenges of the students after that for attending the soft skills and IT training to decide on the same. The fee for the MCS course and ITT Course is 7000 to 5000 and 7500 to 5500. This course is for CA final students, and after this course, the students get a membership certificate.
Chartered accountancy students appearing this November 2021 exams for finals have a FAQ on ICAI Advanced ICITSS-Test. Previously the orientation program was physical, and now it is available through the virtual model from 2020 June. From the year 2020, the online education of these Management skills, communication skills and information technology skills benefited the students amidst the Covid-19 crisis. What are the advantages of this MCS and ITT course? This blog highlights the skill gap with the CA final students and the resolution of the same with the MCS and ITT course.
Importance of soft skills in accounting
Soft skill training is essential in the Accountancy profession as it is a people-oriented skill. Soft skill eases the communication gap and helps for maintaining focus towards the process of work. As Chartered accountants deal with clients from different industries, they need to know the thought process of people and get the work done as per the workforce. Auditing is the process of checking the documents. They also check the process behind the documents for matching the industry standards. In every profession, there are points where past knowledge is put to use. And learning skills are also used. Soft skills are the way to learn something new or acquire the information that is needed. To handle the problems with unhappy clients, it is essential to solving the problem in a positive and friendly manner which comes by soft skills training.
The academic programs are designed with a belief the students are trained in all aspects, trained with correct methodologies, and the assessment model is with the best system. When learning the advanced level professional courses, students make use of knowledge, skills, and conceptual understanding. And also get some misconceptions. So, prior knowledge teaches professionals about insights and mistakes. When dealing with errors, it is essential to create an integrated knowledge structure.
Information technology skills of chartered accountants
Recently ICAI has provided CA final passed students with access to the digital audit tools. ICAI Computer-based tests help for the efficient usage of digital audit tools. There is no exemption from AICTSS Course for CA Final students. Chartered accountants have the potential and requirement to know about the programming of computers. Excel, Word, Windows, Automation, ERP, SAP, SQL and Python are some of the systems which drove the finance professional to know about the software functions as they use it.
Globally, CISA is the certification course offered by the USA for auditors. The auditor needs to control, assess and monitor the information technology if the auditor gets into a systems audit. Corresponding to that course, ICAI offers a DISA certification course for chartered accountants who take care of bank audits. The plethora of data in the banking sector emphasizes system knowledge and automation knowledge. When dealing with a big project or foreign bank audit, or private bank audit, it is essential to have IT knowledge. So, ITT Course is a mandatory subject for an auditor before entering into the profession. The video lectures and soft copy study material makes the ITT course a virtual mode classroom. All this information are available on the ICAI website. CA Advanced ITT Course has the syllabus of ERP, MS-Access, SQL, and Advance Excel.
Communication tools
Excel, Word and PowerPoint are the communication tools that the co-workers use. So, to coordinate with the team technical knowledge helps for the chartered accountants. If the fundamentals knowledge of standard technologies is understood, then the auditor finds it easy to know about complex software systems.
ERP
ERP knowledge is essential for understanding different departments of manufacturing companies like Logistics, production, Accounting, finance, and human resources. Auditors rely genuinely on the report generated from the ERP systems. But it is vital to understand the risk associated with this system where intense knowledge about the software is crucial. SAP, Oracle, Tally and PeopleSoft are the software systems with ERP functions. If the basic concept of ERP is understood, then it is easy to understand the logic behind these software systems. The data in the system is from a branch office, different departments and sales outlets. So, the phase at which the data gets captured can be automated or manual. The auditor needs to understand the primary data and secondary data to match the accuracy with the systems. Thus, ERP knowledge is helpful for auditors to prepare perfect auditor reports.
SQL
SQL is the language that helps to communicate or fetch data from the database. So, handling relational database query language is essential for an auditor. Python is the language that helps with administration work. Auditors can outsmart with python knowledge as it matches the expectations and provides the results. Other software products like Tableau and QlikView are easy to understand if the student understands the SQL database language. These tools help for showing the data with visualization that explains the financial results better.
Final words
In the years 2020 and 2021, students have managed the learning difficulties with virtual classes. CA intermediate students need to undertake the integrated course on information technology, and CA final level students need to undertake the Advanced integrated Course on information technology. Before article ship training, it is essential to complete the course through virtual mode.
