With competition in the accounting and auditing space the ICAI is feeling the heat globally and trying its best to position itself as a global player and in the process trying to leverage through certain compromises.
IFAC has always been advocating experience to bundled with IPD and advocates for mentored industrial training as well as with the practitioners as a basis for breeding professional experience.
ICAEW and other leaders of accounting profession already had started recognising industry experience either through registering training bodies as associates or insisting training under a member either in the industry or in practice.
Recently ICAEW started a course CFAB for professional accountants in business and designated them as full member on completion to address the needs of accountants within the business.
As far as ICAI is concerned until recently it had turned its blind eye towards recognising training within the business as a mode of achieving membership,though its articleship training comprised of partial industrial training.This impediment of working with a CA had restricted studentship as well as created monopoly and inherited business interest that is still continuing.
Now with signing of MOU with ICAEW and CPAA , ICAI has reflected its dual facet,while Indians attempting ICAI will still continue to work under a CA for achieving membership,the counterparts with whom ICAI has Inked an agreement may not have worked in the zone of public practice.!!!
If as a policy ICAI has leveraged its requirement to recognise industrial experience then it should be easier for a MOU with the other accounting body in India that is the ICWAI through a bridging module.Hope the ICAI looks into this aspect and allows seamless portability for the members of ICWAI also.
Regards
RV
CAclubindia
