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.

What are the changes being made in the new CA Curriculum to equip aspiring students for the future?

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:-

• Seamless and focused practical training for two years, which would be an examination – free period. Industrial training for 9 to 12 months can be opted for in the last leg of the practical training period.
• Technology enabled learning through self-paced online modules, which provided the necessary industry orientation.
• Mandatory paper on multidisciplinary case study (with strategic management) at the Final level to assess the integrated application of professional knowledge in different subject areas combined with skills acquired during practical training. This paper is open book and case study based to assess the higher order thinking skills and overall professional competence of aspiring chartered accountants.
• Assessment by way of case scenario/ study based MCQs for 30 marks in every subject at the Intermediate and Final levels to hone the analytical skills of aspiring chartered accountants.
• Impetus on education in ethics and information technology by blending them with select core subjects at Final level.
• Implementation of international curriculum in linc with the government’s objective of internationalisation of higher education.

How is the new CA Curriculum tailored to meet the needs of the young CAs for global careers?

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’.

Which are some of the key digital initiatives undertaken by ICAI for the students?

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.

How can the young CAs be digitally empowered, be it through courses, curriculum and access to online learning materials?

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.