Member (Account Deleted)
( Expert )
05 January 2012
Leave to An Articled / Audit Clerk
(Regulation 59 & 74)
During the period of training, an articled / audit clerk is entitled for leave earned @ one-seventh of the actual period served, excluding from such period, the period for which he has been on leave. Following conditions may be noted:
1. Resonable notice is required to be given by the articled / audit clerk to the Principal.
2. For the purpose of preparing for the examination of the Institute leave shall be granted for two months, or to the extent due as per his entitlement whichever is less provided an application for leave is made at least 15 days in advance.
3. Leave not earned may also be granted under Regulation 59(5) / 74 (5).
4. The Institute's examination days, (including intervening holidays), or days for attending a course at an Academy of Accounting conducted by the Institute shall not be treated as leave.
5. The period of attendance, with the consent of the Principal, at a conference, course or seminar organised by the Institute including a Regional Council, for the benefit of articled / audit clerks, will also be treated as period actually served under articles / audit service and not leave.
(Regulation 46, 57 & 58)
Leave taken in excess of the period of leave to which he is entitled under Regulation 59 shall be treated as excess leave. The articled clerk is required to undergo articles for further training equivalent to the period of excess leve taken by him during the period of three years of training. Period of excess leave can be served with the same Principal by executing deed in Form No. 107. However the excess leave can also be served under a new Principal as per Regulation 46.
1. In case articles training is served with the same Principal and in continuation of previous training without any break:
a. Submit Form 108 for the previousn period of Practical Training alongwith training report as specified in the Training Guide.
b. Execute a supplementary deed of articles for the period equivalent to the excess leave period in Form 107 on a 'Non-judicial Stamp Paper; or affix ' Special Adhesive Stamp' of appropriate value.
c. The deed of supplementary articles must be submitted in original alongwith a copy so as to reach the Institute's Office within 60 days from the date of commencement of training.
2. In case articles training is served with a new Principal, execute a fresh deed of articles in Form 102 and submit Form 103 so as to reach the Institute's office within 30 days from the date of commencement of fresh articles.
3. For condonation of delay in submission of Form 107, Please see Chapter 25 on condonation.