Industrial trainning

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Sangeeta Bist (Querist)
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20 February 2012 What is the requirement of Industrial Trainning of CA??
And Co's listed with ICAI can only provide Industrial Trainning??

Ajay Mishra

Ajay Mishra (Expert)
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20 February 2012 Hi

Please take into account the following points about Industrial Training:

What is industrial training?
It is a training scheme by which a student can undergo practical training within an approved industrial undertaking having specified amount of fixed assets or turnover or paid – up share capital.
What are the objectives of industrial training?
•Training in an industrial / commercial / financial environment provides the trainees with the opportunity to develop a problem solving attitude and to have an insight into the functioning of the accounts department.
•It also diversifies their practical experience and helps them in developing the attributes of team work and correlation with members of other professions and disciplines.
•It is intended to provide the trainees with a new dimension to their experience.
•This would necessarily involve exposure of trainees to the entire gamut of activities of industrial establishments in a phased and systematic manner.
•An exposure to the working environment of a large commercial organization will give them an integrated view of its operations.
•It is essential that the member imparting training in industrial including commercial and financial enterprises, recognizes that perception of the overall business environment is the prime objective of such training.
When can an articled assistant commence industrial training?
An articled assistant after passing PCE can undergo industrial training during last 9-12 months of articled training.
Is it required to take prior permission of the MIT / Principal for joining an industrial training?
Yes. An articled assistant shall intimate to the MIT / Principal about his intention to undergo industrial training at least 3 months before the date on which such training is to commence.
What is the specified size of the organization where in industrial training can be performed?
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.
What is the duration of the industrial training?
The period of industrial training may range between 9 months to 12 months.
Should industrial training be received under the member of the Institute?
Yes. 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.
Is there any agreement of industrial training just like Deed of Articles (standard format of which is available in Form No.102)?
Yes. It is Form No.104. Refer to Training Guide for a specimen copy of this Form.
Is there any industrial training completion of certificate?
Yes. 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. Refer to Training Guide for a specimen copy of this Form.

Is it required to maintain any industrial training record?
Yes. It is required to maintain details of work undertaken and training received in the prescribed format. Refer to Annexure VII of the Training Guide. Record of the industrial training should be signed by the Principal (the associate / fellow member under which the industrial training is received) in all circumstances.

Sangeeta Bist

Sangeeta Bist (Querist)
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21 February 2012 Pls can Tell me Is Jaypee Group (Cement Manf.) is in the list for Industrial Trainning ??

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