Industrial training.
This query is : Resolved
17 October 2013
Hi, can we do articleship just in a company approved by ICAI or other companies as well which satisfies the criteria?
I know a company which is listed, has fixed assets greater than 10 crores, paid-up share capital also greater than 50 lakhs and revenues greater than 15 crores. But it's name doesn't appear in the ICAI approved list. Can I do my industrial training there?
I know a company which is listed, has fixed assets greater than 10 crores, paid-up share capital also greater than 50 lakhs and revenues greater than 15 crores. But it's name doesn't appear in the ICAI approved list. Can I do my industrial training there?
17 October 2013
Hi
Industrial training is a training scheme by which a student can undergo practical training within an industrial undertaking having specified amount of fixed assets or turnover or paid-up share capital. Industrial training can be commenced during the last one year of articleship. 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. The period of industrial training may range between 9 months and one year. The industrial training shall be received under the member of the Institute. 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. There should be an agreement of industrial training in Form No.104. 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. It is required to maintain details of work undertaken and training received in the prescribed format.
Industrial training is a training scheme by which a student can undergo practical training within an industrial undertaking having specified amount of fixed assets or turnover or paid-up share capital. Industrial training can be commenced during the last one year of articleship. 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. The period of industrial training may range between 9 months and one year. The industrial training shall be received under the member of the Institute. 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. There should be an agreement of industrial training in Form No.104. 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. It is required to maintain details of work undertaken and training received in the prescribed format.
17 October 2013
Yes sir, I know of the conditions. The company satisfies all the criteria but it's name doesn't appear in the list of companies approved on the ICAI website. My doubt is regarding that.
17 October 2013
Then firstly register such company with Institute for IT. Because The Institute has no record of that company.
17 October 2013
Yes without the name being in list of companies meant to part with industrial training icai will not allow you to validly undergo industrial training as per above rules.
ALL the best.
ALL the best.
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