INDIAN chartered accountants aspiring to become members of the Institute of Chartered Accountants in England and Wales (ICAEW) have a cause to cheer. The ICAEW has agreed to credit five exemptions towards the Professional Accountancy Stage of the ICAEW qualification for candidates possessing a qualification from the Institute of Chartered Accountants of India (ICAI).
The Professional Accountancy Stage confirms that the student has a professional knowledge and understanding of the basic skills to start a career in any of the mainstream of accountancy in public practice, commercial organisations and the public sector of the economy. A candidate is eligible for Professional Accountancy Certificate (PAC) of ICAEW after passing the professional stage. Subsequently, the candidates shall appear in the Advanced Stage, which is the final assessment on the route to ACA qualification of ICAEW.
The Professional stage comprises six papers including devolved assessments in Company Law and Commercial Law. Exemption to ICAI members will be in Accounting; Audit and Assurance; Business finance; Financial reporting; Taxation, says a press release issued by the ICAI.