Reetu | May 17, 2023 | Views
ICAI Introducing International Curriculum for Global Competitiveness
The Institute of Chartered Accountants of India(ICAI) is introducing International Curriculum for Global Competitiveness. The statutory body bas constituted DAAB to ensure CAs meet the challenges of the digital era, says ICAI president Aniket Sunil Talati.
The international curriculum envisages meeting the demand for accountancy professionals outside India, particularly in countries where accountancy profession is in the nascent stage.
The objective of the Proposed Scheme of Education and Training is to build global-ready professionals by equipping aspiring CAs with the requisite competencies through enriched learning methodologies, cogent and holistic skill assessment focused practical training industry orientation and multi disciplinary approach. The Proposed Scheme of Education and Training has been formulated considering the best practices of international accountancy bodies, the significant aspects of National Education Policy(NSP) 2020 and the requirements under International Education Standards(IESs) of IFAC. Its salient features are:-
To gain a stronghold in the International Professional Accountancy Education arena, ICAI is introducing its International Curriculum through the Proposed Scheme of Education and Training. The international curriculum of ICAI envisages positioning CA qualification as a global qualification to meet the demand for accountancy professionals outside India, particularly in countries where accountancy profession is in the nascent stages of development. The recognition by UK ENIC’s independent, objective evaluation and benchmarking study of ICAI qualification has also opened up professional opportunities and higher studies in foreign jurisdictions for members of ICAI. Further, this has enhanced global mobility for Indian CAs and facilitated export of accounting and finance services envisaged in the Government’s ‘Action Plan for Champion Sectors and Services’.
The two-level information technology training, which forms part of the existing scheme and proposed scheme, focuses on training students to adapt to date and digitalisation in the CA education and implement the same in pratice. As regards technology enabled learning e-books available on the digital learning hub and the launch of BoS Mobile App are some of the recent digital initiatives of the Board of Studies.
To enable knowledge and skill development of members and students, ICAI launched the Digital Learning Hub (DLH), an integrated Learning Management System (LMS). The platform functions as a central repository of both professional and academic learning material for members and students. It contains publications, guidance notes and courses facilitated by Committees of the ICAI.
In the existing CA curriculum, there is a dedicated subject, Enterprise Information Systems, at the intermediate level whereas in the new course, information technology education is being integrated with select core subjects at the final level.
In the new scheme, Self-paced Online Modules are being introduced for which both the learning and assessment would be online. A student has to qualify four self-paced online modules after passing the intermediate examination. It is a pre-condition for appearing in the Final examination.
Further, ICAI has constituted Digital Accounting and Assurance Board (DAAB) to help build digital competencies and to ensure chartered accountants (CAs) meet the challenges and leverage opportunities of digital era. The board focuses on issues on accounting and assurance arising from the high pace of digitation. In order to skill the chartered accountants about emerging digital technologies such as AI, blockchain, robotics, automation, big data, DAAB conducts various courses. For instance, there are courses on Information System Audit (DISA), Forensic Accounting and Fraud Detection (FAFD), and Blockchain Technology to facilitate the process.
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