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ganesh (student)     04 July 2017

Exemption from practical training icwa

Hi Friends,

I have registered under the new syllabus 2016 CMA final recently. I am working in Accenture for the past one year. I would like to appear one group in december 2017. Shall I show my Accenture work experience for the industrial training exemption? Can someone clarify this. Thank you. smiley



 2 Replies

Karan Batra

Karan Batra (Creator: TheProTalks)     05 July 2017

Just to clarify what you are asking, are asking about exemption from practical training required by ICAI or ICMAI if you are asking for ICMAI then please provide in which field were you working at Accenture, as only following organisations and following fields are exempted as mentioned in Appendix A and B respectively.

APPENDIX A

Organizations recognized for Practical Training

A Cost Trainee shall undergo practical training under (1) Practicing Cost Accountant or (2) a firm of Cost Accountants or (3) in any of the following organizations.

  • Central/State Government / Semi-Government / Public Utilities.
  • Banks/Insurance/ other Financial Institution
  • Public Sector Unit
  • Universities, Management Institutes and any other recognized educational institute
  • Co-operative societies engaged in Banking, Manufacturing.
  • Any other organization with a turnover of Rs. 50 Lakhs in case service sector or Rs. 1 crore in case of other than service sector.
  • If the firm of Chartered Accountants/ Company Secretaries has separate Management Consultancy Division and if the applicant has exclusively worked in that division, credence to such service is given on percentage basis depending on the nature of job related with cost/ management accounting/ financial accounting/ taxation/ MIS or of similar nature, size of the firm, nature of duties handled by the applicant, size of the client companies etc.
  • Management Consultant in individual capacity depending on the size of the firm, nature of duties handled by the applicant related with cost/ management accounting/ financial accounting/ taxation/ MIS or of similar nature, size of the client companies etc.
  • Note: Practicing Chartered Accountants/Company Secretaries are exempted from the Practical Training Scheme and they will have to seek exemption after duly following the procedures on payment of exemption fee as prescribed.
  • Any other institution as approved by the Council

 

APPENDIX B

Recognized areas for Training

  • Management Accounting
  • Cost Accounting
  • Financial Accounting
  • Financial Management
  • Auditing
  • Regulatory compliances
  • Direct Taxation
  • Indirect taxation
  • Corporate Laws, Industrial Laws, Commercial Laws
  • Systems Analysis, Information Technology (including ERP system)
  • Project Management
  • Banking Operation
  • Insurance
  • Valuation
  • Financial Services
  • Teaching in Finance, Accounts, Costing, Taxation and Management.
  • Management Consultancy Services as defined in appendix 6 under Regulation 111 of CWA Regulation, 1959.
  • Engineering Services involved in production of power or any manufacturing activities, Project Planning & Management, Quality Assessment, and Supply Chain Management.
  • Any other areas approved by the Council.

 

1 Like
SkDash

SkDash (CS (Member) CWA (Final))     18 October 2017

Agree with Mr Karan


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