Pls get my facts correct&guide me. regarding transfer&period

IPCC 793 views 5 replies

Amrin

Chartered Accountant

215 Points Joined February 2010

Hey to all fellow articles and regards to all seniors!! I need some help. Please guide me with respect to the latest provisions. 1) i passed ipce grp1 in nov 2010 exam and started my articles started on 18.3.2011. My princi put down a period of 3.5years in agreement. Is that ryt? Or shoukd it be 3 years? I cleres grp2 in nov 2011. ( as per agreement my article ending on 30.9.2014 2)i have now finished my 1.5 years of articles and thinking to join industrial training after i cmplete 2 years. Can you guys pls tell me the procedure? Please let me know. Counting on you all :)

Replies (5)

CA Srikanth Yadav

Chartered Accountant

3162 Points Joined February 2012

Your Articleship period should be 3 years. Even if you have filled it as 3.5 years in the Forms, I guess ICAI will take it as 3 years only (you can check your articleship status including the date on which your articleship will be completed, online https://220.225.242.179/student_details.asp?SRN=WROXXXXXX (type your SRN in the place of WROXXXXXX). However, if even in the status with ICAI shows your articleship period as 3.5 years, then put a query in this regard to the Institute at www.icai.org/help.

You are eligible for Industrial Training during the last one year of your Articleship i.e., after completion of 2 years (subject to excess leave, if any). You need to submit Form 104 (link: https://220.227.161.86/7508form104_std.pdf) for Industrial Training after submitting Form 109 for Transfer of Articleship from your Existing Principal (also you need to obtain prior permission from the institute for transfer of your articleship). For more details regarding Industrial Training, see below.

Good luck!

51. Industrial - Training

An articled clerk who has passed the Professional Education (Examination - II) or the Intermediate examination under these regulations may, at his discretion, serve as an industrial trainee for the period specified in sub-regulation (2) in any of the financial, commercial, industrial undertakings with minimum fixed assets of Rs. 1 crore; or minimum total turnover of Rs. 10 crores; or minimum paid-up share chapital Rs. 50 lakhs; or such other Institute or organisation as may be approved by the Council from time to time:

Provided that the articled clerk has intimated to his Principal his intention to take such industrial training at least three months before the date on which such training is to commence.";
The period of industrial training may range between nine months and twelve months during the last year of the prescribed period of practical training.
The industrial training shall be received under a member of the Institute. An Associate who has been a member for continuous period of at least three 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, whether such trainees be articled clerks or audit clerks.
An agreement of training shall be entered into in the form approved by the Council.
On satisfactory completion of the Industrial training, the member training the industrial trainee, shall forthwith issue to the trainee a certificate in the form** approved by the Council in respect of the training undergone under him and forward a copy thereof to the Secretary.
The period of industrial training referred to under this regulation, should be treated as service under articles for all purposes of these regulations, provided the certificate referred to in sub-regulation (5) is provided.

Amrin

Chartered Accountant

215 Points Joined February 2010

Wow. Yea my articles ending on 15.03.2014 Thank you so much sir!!!. Anothrr query i have is how is industrial training? And another thing i have to first tell my princi abt transfer? So incase if i hv excess leave then he will make me work more ?

Amrin

Chartered Accountant

215 Points Joined February 2010

Also do i hv to give application to the instute before signibg form no. 109??

CA Srikanth Yadav

Chartered Accountant

3162 Points Joined February 2012

In form 109, you need to mention the no. of days you were on leave during the articleship period served. So if the leaves exceeds 1/6th of (the period served minus leave availed), the excess leave period should be deducted from the period of Articlship for arriving at the period actually served. So after deducting that excess period, the articleship period actually served turns out to be less than 2 years, you will not be eligilble for industrial training. But if you maintain good relationship with your principal, it will not be a problem as you can put some no. in the leave availed column in form 109.

And yes, you need to put an application to to the Institute and obtain permission before you can send form 109 (as you have already completed one year of articleship). Also that application needs to be signed by your principal.