Special Examinations for candidates under Mutual Recognition Agreements [MRAs] / Memorandum of Understanding [MoUs] with Foreign Accounting Bodies
1. BACKGROUND
The Institute of Chartered Accountants (ICAI), as a international professional development endeavour, has entered into Mutual Recognition Agreements (MRAs)/Memorandum of Understanding (MoUs) with the following Foreign Accounting Bodies:
(a) The Institute of Chartered Accountants of England & Wales (ICAEW)
(b) The Institute of Chartered Accountants of Australia (ICA Australia)
(c) The Institute of Certified Public Accountants in Australia (CPA Australia)
(d) The Institute of Certified Public Accountants in Ireland (CPA Ireland)
(e) Canadian Institute of Chartered Accountants (CICA)
2. Special Examinations
While the International Affairs Secretariat looks after the overall administration of these MRAs/MoUs, Northern Regional Office of ICAI takes care of the Registration part for the candidates (i.e. members of the aforesaid bodies willing to become members of the ICAI). Board of Studies of ICAI provides specially developed Study Material for the subjects (Papers) in which the candidates have to appear and clear the examinations. Examination Department will be conducting special examinations on the subjects (papers) relevant for each MRAs/MoUs.
(a) ICAEW Members are required to pass the following subjects:
(i) Auditing and Assurance
(ii) Law, Ethics and Communication 2
(iii) Information Technology and Strategic Management
(iv) Taxation
(b) ICA Australia Members are required to pass the following papers:
(i) Indian Law, Taxation and Ethics
(c) Members of CPA Australia are required to pass the following subjects:
(i) Corporate & Allied Laws
(ii) Taxation
(iii) Advanced Auditing and Professional Ethics
(iv) Financial Reporting
(d) CPA Ireland members are required to pass the following subjects:
Compulsory Papers:
(i) Corporate and Allied Laws,
(ii) Direct and Indirect Taxes, and
Optional papers
(i) Strategic Financial Management
(ii) Advanced Auditing & Professional Ethics
(e) CICA members are required to pass the following papers:
(i) Corporate and Allied Laws
(ii) Taxation
3. Details of the Special Examinations
(i) Frequency of Examinations
· The First two Examinations would be conducted in July, 2011 and Jan 2012. (immaterial about the number of these international candidates) for which separate notification(s) will be issued in due course
· In future these special exams will be conducted subject to the availability of minimum 10 international candidates or 3 candidates from any one Institute with whom ICAI has entered into MRA/MOU and depending upon the number of candidates, the frequency would be kept as two testing windows a year. The fixed attempt would be June of every year.
(ii) Examination fees
Examination fee charged would be on quid pro quo basis with respect to the members of relevant accounting bodies for whom the special examinations will be conducted.
(iii) Examination Centres
All special examinations will be conducted only at New Delhi, India. Details with regard to venues would be intimated to the candidates (who have been admitted in the special examinations) in due course
(v) Refund of Fees
The examination fee paid by a candidate who has been admitted to an examination, shall not be refunded under any circumstances.
(vi) Candidates to be supplied with admission tickets
An admission ticket stating the place, dates and times at which the candidate may present himself/herself for the Special Examination shall be sent to each candidate to the address given by him/her in his/her application form not less than twenty one days before the commencement of the examination.
(vii) Passing requirements
A candidate for the Special Examination shall ordinarily be declared to have passed the examination if he/she obtains at one sitting minimum 40 per cent marks in each paper and a minimum of 50 percent of the total of all the papers. Where there is only one subject in any MRA/MOU, the candidate should secure a minimum of 50 percent marks.
(viii) Validation and Declaration of Result
The result could be declared by the Examination Committee as per the procedure being adopted for the C.A. examinations.
(a) A list of candidates declared successful at the Special Examination shall be published.
(b) The names of candidates obtaining distinction in the examination shall be indicated in the list.
(c) Every candidate shall be individually informed of his/her result. He/she shall be furnished free with a statement of marks obtained by him/her in the Examination which he/she has appeared.
(d) The Examination Committee may, in its discretion, revise the marks obtained by all candidates or a section of candidates in any particular paper or papers or in aggregate in such manner as may be considered necessary, for maintaining the standards of pass percentage.
(e) A candidate who possesses at one sitting of the Special examination with seventy per cent of the total marks for all the papers shall be considered to have passed the examination with distinction.
(f) Information as to whether a candidate’s answers in any particular paper or papers of the Special Examination have been examined and marked shall be supplied to the candidate on his submitting within a month of the declaration of the result of the said examination, an application, accompanied by a fee as may be fixed by the Examination Committee which shall not exceed rupees fifty US$ in any case.
(g) A candidate passing the Special Examination shall be granted a certificate to that effect in the Form approved by the Examination Committee.
Not applicable if they had studied Assurance Services & Auditing in CPA Program
Not applicable if they had studied Financial Reporting & Disclosure in CPA Program
Helpline for Special Examinations
Dr. T Paramasivan, Sr. Deputy Director (Exams)
0120-3054822 from 9.45 am – 5.30 pm (IST)
Email: tparamasivan@icai.org
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