Industrial training

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Querist : Anonymous

Querist : Anonymous (Querist)

16 June 2013 can anyone tell me the complete process of Industrial Training in CA course?

Ganeshbabu K

Ganeshbabu K (Expert)
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16 June 2013 1)Industrial training is a training scheme by which a student can undergo practical training with an industrial undertaking having specified amount of fixed assets or turnover or paid-up share capital.

2)Industrial training can be commenced during the last one year of articleship.

3)Industrial training can be performed in financial, commercial, industrial undertakings with minimum fixed assets of Rs.1 crore; or minimum total turnover of Rs. 10 crore; or minimum paid–up share capital of Rs. 50 lakhs; or such other institutions or organization as may be approved by the Council from time to time.

4) The period of industrial training may range between 9 months and one year.

5) The industrial training shall be received under the member of the Institute.

6)An associate who has been a member for a continuous period of at least 3 years shall be entitled to train one industrial trainee at a time and a fellow shall be entitled to train two industrial trainees at a time.

7) There should be an agreement of industrial training in Form No.104.

8)On satisfactory completion of industrial training by an articled/audit assistant, the associate/fellow member under whom the industrial training is received shall issue a certificate in Form No.105 in respect of the training undergone.

9)It is required to maintain details of work undertaken and training received in the prescribed format.

thanks ®ards
ganeshbabu k

Ganeshbabu K

Ganeshbabu K (Expert)
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16 June 2013 USEFUL REFERENCES

https://www.icai.org/post.html?post_id=823

https://www.icai.org/new_post.html?post_id=784

https://www.icai.org/resource_file/15238trai_guide.pdf

REFER ABOVE LINKS FOR MORE

Thanks & regards
Ganesh babu k

Ajay Mishra

Ajay Mishra (Expert)
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16 June 2013 Hi

ELIGIBILITY AND OTHER CONDITIONS FOR UNDERGOING INDUSTRIAL TRAINING

(i) An articled assistant who has passed the Integrated Professional Competence Examination / Professional Competence Examination/ Professional Education (Examination - II) or Intermediate examination can serve as an Industrial trainee in any of the financial, commercial, industrial undertakings as may specified by the Council or such other institution or organization as may be approved by the Council from time to time.
(ii) Articled assistant before proceeding for Industrial Training has to intimate his principal at least three months before the date on which such training has to commence.
(iii) Minimum period of Industrial Training may range between nine months and twelve months during the last year of prescribed period of practical training.
(iv) The Industrial Training shall be received under a member of the Institute. An Associate who has been a member for a continuous period of at least three years is entitled to train one industrial trainee and fellow is entitled train two industrial trainee at a time, whether
such trainees are articled assistants or audit assistants.
(v) An agreement of training is to be entered in the approved form i.e. Form No. 104
(vi) On satisfactory completion of industrial training, the principal has to issue service certificate in the approved form i.e. Form No. 105.
Industrial training also offers an opportunity to the trainees to take part in specialised accounting exercises. Thus, for instance, the closing of accounts provides an opportunity for them to acquire the skills necessary as a concomitant to the theoretical knowledge which they have acquired earlier.
Industrial training may also expose the trainees to management accounting, cost accounting, management information system, EDP, etc. It also provides an opportunity to them to participate in the work relating to corporate laws, taxation and secretarial practice.

Querist : Anonymous

Querist : Anonymous (Querist)

16 June 2013 thank u for the replies

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