ICAI likely to change CA Exam pattern by introducing open book Exam

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Studycafe | Nov 1, 2021 | Views 405465

ICAI likely to change CA Exam pattern by introducing open book Exam

ICAI likely to change CA Exam pattern by introducing open book Exam

In the coming years, the Institute of Chartered Accountants of India (ICAI) intends to incorporate the open book examination concept into the Chartered Accountancy (CA) test. More papers in the CA final exam will be added to the open-book system, according to ICAI president Nihar Jambusariya.

“Currently, only an elective paper is covered under the open-book system, but our committee is reviewing to bring in more papers so that students can have application-based knowledge,” Jambusariya told The Times of India, adding that students could be given situational case studies during exams and asked if they could find a solution by referring to the book.

According to Jambusariya, the committee is still reviewing the possibility of conducting open book exams, and if it is finalized by February 2022, it will be implemented within the next six months to a year.

He also stated that CA placements have increased since the pandemic. “Previously, only 35-40% of CAs were placed, but that ratio has now increased to 70%.” The economy was struggling due to the pandemic, but the need for CAs was recognised in these times because CAs can not only audit but also bring struggling businesses back to life and do financial restructuring,” he added.

ICAI will also provide auditing tools to all firms at no cost in order to improve audit quality. “Many large firms have developed auditing tools, but if all can use these tools, auditing will improve,” he told the news agency. “We plan to provide these tools for two to three years, and then members can buy them.”

Meanwhile, the ICAI has announced that candidates who lost a parent during the Covid-19 pandemic will not be required to pay the CA course fee. Such candidates will be required to submit supporting documentation when registering for the CA course. This scheme will be in effect from April 1, 2020, to March 31, 2023.

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