Ahmedabad: The Institute of Chartered Accountants of India (ICAI) will implement its new course structure from May 2024, a statement from ICAI said on Tuesday.
The statement quoting newly elected national president of ICAI, Aniket Talati, said that the institute has also signed 16 memorandums of understanding with various international organizations including the Institute of Chartered Accountants in England and Wales (ICAEW).Under the New Education Policy, students studying in the CA foundation course will have four question papers while those in intermediate and final courses will have six question papers compared to eight papers earlier.
Earlier, CA students had to undertake articleship for a three-year period which has now been reduced to two.The statement said that the new structure has been sent for approval to the Union government and will be implemented from May 2024.The agreement with the ICAEW, which has been approved by the Union Government, will allow members of ICAI to be eligible for membership of ICAEW in the UK once they take two examinations, the statement said.
The institute also entered into an agreement with the Institute of Singapore Chartered Accountants (ISCA) under which ICAI members residing in Singapore for a minimum duration of six months will get te ISCA membership.The statement also said that ICAI has set up the Institute of Social Auditors of India (ISAI) under SEBI’s amendment in regulations. The ISAI will prepare social auditor.
Talalti siad that from April 1, 2023, CA firms auditing banking and insurance firms will have to get their audit quality checked by ICAI-appointed reviewers. The ICAI will also set up career counselling centers and reading facilites in 700 districts across the country to guide students.