The proposed scheme of education and training requires changes. The chartered accountant’s act, 1949. Part III of section 4, dated 2nd June 2022, is published on the ICAI website. The institute is seeking public comments regarding the changes. Academicians and members can submit feedback with personal details through the form. The form registers the name, gender, age, category, membership number, mobile number, e-mail, and country list. The competence with the other professionals is the element that is missing in the present education and training system. The blog talks about the changes and expected reviews from the public for the chartered accountancy course.
The committee for review of education and training was incorporated in 2021 by ICAI to review the educational system. Open book examination has 30 per cent of MCQ in the intermediate level, enhancing the analytical skills at the final level examination is the new way of learning under the public views. The frequency of CA examinations needs to be increased from two to three times. The two years of article ship training after intermediate is another matter of discussion. Another matter of discussion is the international curriculum similar to the international accounting body. Online course for students from different paces.Introduction of self-paced C module to gain domain knowledge from the industry. The final level subjects with more importance on ethics and advanced-level technical knowledge. BAA certificate to help the student with constraints to complete the final-level examination.
Assessment at the three levels trains the students in problem-solving skills. The foundation level is with the subjective and objective types of questions. The intermediate level has closed book examination, MCQ types of questions with case studies are for thirty per cent, and the balance of seventy per cent is for the descriptive type questions. The final level structure is open book examination for all papers and 30 per cent by MCQs, and seventy per cent for descriptive type questions, and multi-disciplinary papers. A multi-disciplinary case study touch on all the other subjects. Students tend to prepare for this subject with model questions and take notes of important points from the case study. It is redefining the problem statement with analysis. Locating information makes sense and helps in the decision-making process. The students need to complete two case studies within the given time of four hours. MCQ questions, case studies, multi-disciplinary case studies, open-book examinations and closed-book examinations are the different models that assess the brain of the student. International examinations have computer-based MCQ tests and paper-based descriptive questions tests. This model is healthy as it tests the knowledge and application of knowledge.
Article ship training:
The students are recommended to undergo two years of practical training after completing an intermediate level and soft skills training. Previously the training period was three years. The recommendation is for focused training for two years after the intermediate level. After completing the final level, and getting a membership, the candidate needs to work under a Chartered accountant in practice to get COP. A ‘certificate of practice’ is only to start their own CA firm. Industrial training is for those who wish to gain domain knowledge in the Big Four firms. Such a candidate can take nine months to one year of industrial training after the termination of the article ship training before the final level examination. The requirement for CA with a service mind and CA with a business mind differ. So, both practical pieces of training are provided with different training options.
The international curriculum is for students outside India. They are entitled to receive practical training from members of accounting bodies as per the instruction of IFAC. The country-specific papers are to understand the domestic and international challenges. The international accounting standards and GAAP has a difference in the inventory management, income statement, valuation of fixed assets, and development cost capitalisation. The method of financial calculation has an impact on the raw material prices, payment process, credit period, depreciation, revaluation, and ownership. The international curriculum is helpful to the country-specific domain knowledge.
Soft skills training:
The soft skills and IT training are before the article ship training and during the article ship training. The students get classes online and offline for the orientation programs. The training is to understand the technology and managerial skills. After the intermediate level, the students take the first level of training, and before writing the final-level examination, the students undergo advanced level MCS and ITT training.
A BAA certificate after completing an intermediate level is helpful for the students to continue their professional journey. The differentiation between completed students and quasi-completed students helps to identify the professional skills.
Code of ethics and technology knowledge:
During the final level, the students have a code of ethics and technology-related subjects. Before stepping into the professional life, it is essential to bear in mind the professional ethics and changing technology needs. So, this subject is essential for the CA final level. It grooms the students for the commercial space.
In times of recession, the movements in the money market, and stock market are not linear. The market is prone to risk, and buying interest is eroding every day. Inflation, Interest rates, Crude oil, logistic market and technology companies fluctuating performance are creating stress for the business owners. The data and statistics predict the risk and the plans to be implemented. Education needs to reflex the domestic challenges and international challenges. The changes in education and training impart practical knowledge to the students. Chartered accountancy is one of the toughest courses in the accountancy profession. ICAI institute restricts the passing number as per the demand and supply. It is important to produce the best professionals. ICAI has the motto of increasing eminent talents. The open comments from the members and academicians help for structuring the course as per the current challenges.