ICAI had made changes to receive the certificate of practice. After completing CA, a student needs to work under an FCA. If the experience is before the application for the certificate, it is not considered. What is a post-qualification experience? Is this the question that cracks the member’s mind? Post qualification is after the completion of the course. The candidates get membership after the completion. ICAI has also mentioned the accounting technician course. The course is awarded to the candidate who has passed the intermediate level and completed the soft skills training. The course title is now named business accounting associate course. The institute has mentioned the article ship training also. The articled assistant is allowed to take leave for 12 days in a year. The institute also has plans to increase the stipend amount. Secondment regulation 54 states that the articled assistant can take training from different industries if the knowledge is not sufficient. The member in practice can provide the domain knowledge. The problem-solving attitude in crucial areas is possible only with industrial training.
Certificate of practice:
The member of the institute needs to get the certificate of practice after working for one year with a practising chartered accountant. Post qualification work experience is mandatory for COP now. The part-time COP is not eligible for attestation. The certificate ensures practical knowledge. The accounting services are provided only after getting the certificate of practice. Doctors work under experienced doctors for gaining specialised knowledge. Similarly after completing the course experience is necessary for domain knowledge and business knowledge.
Difference between article ship training and industrial training:
• Article ship period is for three years under an experienced chartered accountant.
• If the student wishes to have domain knowledge, he is eligible for industrial training for one year during the last year.
• The student needs to submit the form for taking industrial training.
• The student gets a certificate for the article ship training and industrial training towards the end.
• ICAI had listed the approved organisations for industrial training in five regions. The western region, southern region, central region, eastern region, and northern region are the places where students get industrial training.
• Hindustan Unilever Limited, Tata capital, Cipla, Wels pun, Colgate, Yes securities, KPMG, HDFC, Amazon, HSBC bank, Godrej group, Merck Ltd., Flipkart, and ITC are the popular companies for industrial training.
• There is a difference in the experience between article ship training and industrial training.
• The corporate culture and deadlines of deliverables make the student more responsible.
• Students get a better stipend and also chances of getting a job in the same company.
• The article ship training and industrial training make the resume professional.
• Having industrial training increase the worth of the student.
Difference between CA in practice and CA in service:
• If the chartered accountant in practice work in a company he needs to inform the institute. The certificate of practice becomes a partial certificate of practice.
• Chartered accountants practising auditing have the freedom to choose their goals.
• Member of the institute has eligibility to practice certain occupations. The practising chartered accountant is not eligible to engage in certain occupations. This control is to understand the conflict of interest between auditor and client.
• The chartered accountants can practice in the subject of high interest such as corporate, tax, finance, and management consultancy.
• Chartered accountants doing independent practice also get opportunities in foreign countries.
• Chartered accountants in practice get opportunities in the government departments. Government departments conduct audits, reporting, financial management, taxation, business recovery, accountancy and insolvency work with an experienced chartered accountant.
• Chartered accountants working in Big Four firms get opportunities through campus interviews and old contacts from the coaching centre.
• Chartered accountants get good salaries and perks.
• A chartered accountant with employment experience has no eligibility to train an articled assistant.
• A chartered accountant working in a multi-national company gets exposure to international accounting practices.
• The responsibilities of a chartered accountant in service are managing budgets, analysing risk, conducting a financial audit, tax planning, maintaining accounting records, counselling, checking internal and external auditing processes, preparing financial statements, preparing monthly and annual accounts, invoicing, managing junior-level accounting staffs, and negotiating terms with suppliers.
• Auditors give trustworthy information about the financial position of the company.
Details of the proposed changes by ICAI in the CA course are explained in this blog post. Chartered accountants with a certificate of practice involve themselves in client acquisition and understanding the dynamic market conditions. They gain business knowledge in practical terms which helps in understanding the accounting process. Technical knowledge, managerial skills, domain knowledge, and human resource management are the points that improve independent CA firms. The practical knowledge improves the quality of auditing in India. One year of experience with FCA in practice is essential for starting your firm. One year of practical experience helped for understanding the complexities of practising chartered accountancy with an independent firm.