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proposed scheme of accounting technician course



 
ICAI - Press Release
Proposed Scheme of Accounting Technician Course; ICAI allows training for Chartered Accountancy Course outside India; 3-Months Residential Programme for CA students on Professional Skills Development.
(I) Proposed Scheme of Accounting Technician Course
 
1.  The Institute of Chartered Accountants of India (ICAI) set-up under the Chartered Accountant Act, 1949 to regulate the profession of Chartered Accountancy is one of the largest and prominent accounting body worldwide. It has been taking various proactive measures from time to time, in alignment with the changing facets of the Indian economy, for continuously raising the standards of quality of accounting and financial reporting. The quality of education and the standards of examination of the Institute are acknowledged to be the best in the world.
 
2.  As of now, the ICAI has been focusing on the qualification of ‘Chartered Accountant’, which is accorded after a rigorous curriculum involving theoretical education and the practical training for a period of 3 ½ years. After satisfactory completion of the curriculum Chartered Accountants plays a critical role in the industry whether in employment or in practice, and occupies prominent positions in every aspect of the economic life of the country.
 
3.  Over the last 15 years, the horizon of the Indian economy has been changing. The Indian economy has not only witnessed unprecedented growth but its profile has also changed significantly. This has resulted in to tremendous growth in the demand of the Chartered Accountants. Equally important is the huge demand emerging for accounting personnel at the second tier in large, medium and small sector. The industry, in particular the service sectors like BPO/KPO has been for quite some time expressing the need of persons with accounting and related skills commensurate with the requirements at the operational level. A large number of small enterprises whose accounting needs are limited, also need such persons. The need for such Accounting Technician is expected to go further with increased integration of agriculture and informal sector with the mainstream on economy and reforms.
 
4.  The ICAI has domain expertise in designing and delivering the accounting and the related knowledge. As a part of its larger role, it is also expected and so also endeavouring, to improve quality of accounting and financial reporting in public as well as private sector. In the entire scheme of accounting function and the organisation in any entity, Chartered Accountant(s) employed therein is only one component. The need for a suitably qualified accounting technicians is imminent to ensure that value chain in the accounting process does not suffer. The ICAI has technical resources, infrastructure facilities including its own computer labs throughout the country, and a large membership base in the industry as well as in public practice and is, therefore, most suited to launch the much needed accounting technician curriculum.
 
5.  The Council after considering the need for accounting technician, significance of the role of the Institute in that regard, and international experience in the Indian perspective, has decided to introduce Accounting Technician Course in its meeting 277th held from March 27-29, 2008. The ICAI with the vast experience and expertise available, would be able to ensure high quality education and development of appropriate skills necessary for Accounting Technicians at a uniform and consistent basis throughout the country.
 
6.  The salient features of the proposed Course are as under:-
 
Stage I: Entrance Examination
  A student would be required to register for entrance examination, i.e., Eligibility Test after passing 10th examination, prepare himself and can then appear for the examination after appearing in the Senior Secondary Examination.
Stage II: Completion of Course Curriculum of Accounting Technician
  Those students who have passed eligibility test would be required to register for the Course.
After registration, they would be required to complete studies/attend classes and undergo Information Technology (IT) Training for such period as may be prescribed by the Board of Studies.
After successful completion of the studies and IT Training, students can appear for the examination, any time after nine months of registration.
Stage III: Practical Work Experience and Orientation Programme
  After passing the examination, the students would be required to have practical experience for a period of one year in accounting. He would also be required to undergo orientation programme to be conducted by the Board of Studies.
After successful completion of practical training and orientation programme, the candidates would be issued Accounting Technician Certificate.
 
7.  The course would comprise of following four papers:
  • Accounting
  • Law, General Commercial Knowledge and Business Communication.
  • Cost Accounting and Financial Management.
  • Taxation (Direct and Indirect)
 
8.  Further, details on the proposed course are being worked out. The course is likely to be launched immediately after consequential changes are made in the Regulation with the approval of the Government.
 
(II) ICAI allows training for Chartered Accountancy Course outside India
 
In the recent times, the Chartered Accountancy course is gaining popularity outside India. For admission to the Chartered Accountancy curriculum, citizenship is not a criteria.Persons of Indian nationality/Indian origin settled outside India have shown keen interest for their wards pursuing Chartered Accountancy course outside India.
 
The training for the Chartered Accountancy course, at present, can be undertaken only with the members holding Certificate of Practice or firms of Chartered Accountants registered with the Institute. This is apart from a provision allowing for industrial training in the approved establishment for a maximum period of one year.
 
The Council of the Institute in its meeting held on 27th-29th March, 2008 has allowed training for the Chartered Accountancy course with the members in practice, who have professional address in India, in his own charge or in charge of another member. This would mean that such a member in practice would be entitled to train Chartered Accountancy students, even if they are partner in the local firm outside India. However, in order to ensure the quality of training, other requirements, as applicable for the Chartered Accountancy student pursuing training in India would continue to be applicable.
 
Training in the industry can also be imparted by members of the Institute working abroad in a financial, commercial or industrial undertaking with minimum fixed assets & minimum total turnover or minimum paid up capital as may be specified by the Council or such other organisation or institution approved by the Council.
 
(III) 3-Months Residential Programme for CA students on Professional Skills Development
 
The present day, the economic and business environment has become highly complex and challenging. The Chartered Accountants play a pivotal role in the economic development of the country and the growth of the industry in particular. The Chartered Accountants occupies prominent position in the trade and in the industry. The institute has taken a number of proactive initiatives to align the profession of Chartered Accountancy with the emerging global economic order. One of the major initiatives is periodic revision in the educational and training curriculum. In order to facilitate the new Chartered Accountants to able to face the complex business environment, as another important step, the institute has decided to organise a 3- months residential programme exclusively focusing on development of personality skills and professional skills. The students would be interacting with the best-known expertise in different areas adopting the modern methodology including therein management games, role plays simulation exercises.
 
The 3-months Residential programme aims at CA students particularly who have recently passed the Final examination or are undergoing the Final Course. The programme will help the students in imbibing the professional skills required for effective functioning in business organization and profession. The programme would focus on development of communication skills, personal qualities, inter-personal and team work skills, working within the scope of turbulent environment, problem solving skills and leadership skills. There will also be special campus recruitment for the students joining the programme. The programme is also highly subsidised by the Institute.
 
The programme would be organized by the Institute of Chartered Accountants of India (ICAI) and administered by the National Institute of Financial Management (NIFM), Faridabad.
 
Methodology of Teaching

The methodology of teaching would consist of the following:
  • Class/group Discussion
  • Management Games
  • Role Plays
  • Simulation Exercises
  • Case Studies
  • Project preparation
 
The students would have access to high quality 24×7 computer facility of NIFM
 
The course would consist of the following:
  • Developing personal traits
  • Corporate communications
  • Strategic management
  • Practice development and management
  • Professional business environment
  • Multi-disciplinary case studies
  • The programme would also include extra-curricular activities (study tour/industrial visits, yoga, meditation and cultural activities).
 
The course duration to be considered as part of Articled Training
Under Explanation (2) to Regulation 59 of the Chartered Accountants Regulations, 1988 participation in the Three Months’ Residential Programme on Professional Skills Development will be considered equivalent to undergoing articled training. Thus the period during which the training is undergone will be considered as part of Articled Training.




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Rahul Gupta
on 08 April 2008
Published in Students
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