The structure of the Chartered Accountancy course is akin to the basic structure of Indian Constitution. Any amendment that destroys the basic structure of the constitution is invalid as laid down in Kesawananda Bharati v. State of Kerala (1973). The empirical model is the basic structure of the course, which is supreme over other institutions in the country and keeping its members competent globally.
The revised scheme of education and training for chartered accountancy course provides two routes. Route 1 is akin to the one modelled a decade ago. Route 2 fulfils the dreams of a university commerce graduate too to become a chartered accountant which was snatched a decade ago.
The aspirants of the course shall know that they are not meant to study between four walls as required in the case of an academic course. During the practical training with a Chartered Accountant, a student slowly accumulates the relevant work experience and demonstrates the same before the clients of his principal. If the principal finds any issues of his trainee relating to behaviour, knowledge, skills, promptness of response, etc. the same will be corrected by him simultaneously during the practical training period. Hence, before completing the course itself, the trainee possesses all relevant professional exposure sufficient to stand independently.
On the other hand, the aspirants who balances more on theory are deprived of practical skills. Such folks on the job mocked heavily by their peers.
The Indian Chartered Accountants enjoys global recognition for their unmatched practical skills they possessed. This empirical model of training and education is pinnacle of the course which places the institute to stand at the acme. This should never be modified under any circumstances though the council is empowered with unfettered powers to approve any new course as per the Chartered Accountants Act, 1949.
The revised scheme of education and training is intended to deliver a great deal of transformation in the field of financial management including taxation, accountancy and audit. This is course akin to the basic structure of original chartered accountancy course covering present-day technological developments. It is contemporary to the present-day business requirements.
Thanks to the president, ICAI for his pioneering insights into the field of business and finance including allied areas. The students are greatly benefited on completion of the course both nationally as well as globally.