ICAI releases Exposure Draft on proposed Consequential provisions for non-compliance with CPE hours

The Institute of Chartered Accountants of India (ICAI) has released an Exposure Draft on proposed Consequential provisions for non-compliance with CPE hours.

The ICAI’s Continuing Professional Education (CPE) Committee has been at the forefront of providing sufficient chances for Chartered Accountants to equip themselves with the changes that are occurring as a result of globalization and increasing commercial and professional difficulties. To help Chartered Accountants keep up with the changing needs of business and the economy, the ICAI works hard to provide timely education and training to its members that is relevant in today’s professional environment.

In today’s ever-changing and competitive economy, continuous and constant professional growth is critical. It assists members in expanding their professional base, abilities, and competence, among other things, beyond their educational qualifications. It also helps them to investigate new opportunities in their professional field/working environment.

Continuing Professional Education (CPE) is a vital medium for professionals to improve their skills and increase their knowledge, as well as develop inter-personal skills to carry out their professional tasks with zeal. The ICAI’s Continuing Professional Education Committee (CPEC) has always worked with a constructive thought process and empowers members proactively through training and programs with a highly complete CPE schedule.

Further, point 6.2 & 8.2 of Statement on Continuing Professional Education state that:

6.2 “all members of the Institute are required to meet the CPE credit hours requirement(s) as specified by the Council from time to time” and;

8.2 “The Council may, however, take any other action in accordance with the provisions of the Chartered Accountants Act 1949 and The Chartered Accountants Regulations, 1988 and modifications made thereunder from time to time.”

As a result, as decided by the Council at its 426th meeting, members are asked to provide feedback/suggestions on the Exposure draft of the proposed guidelines “Consequential Provisions for Non-Compliance with CPE Hours Requirement on a Yearly Basis” from Calendar Year 2024 onwards, and to be operational as of 1/1/2025 for non-compliances arising from Calendar Year 2024.

The Exposure draft uses 2024 as the base year/ start year for the applicability of consequential provisions for non-compliance with CPE hours. Similarly, for non-compliance with the CPE hours requirement in subsequent years, same consequences would apply.

In this context, the Continuing Professional Education (CPE) Committee welcomes comments/ opinions on the following Exposure Draft, with a deadline of January 2, 2024 for submission. Comments will be useful if they include a clear rationale and, if applicable, input(s).

Comments should be submitted using one of the following methods, so as to be received no later than January 2, 2024:

1. Electronically:

Click on the Google form link available at the Official ICAI website to submit comments online (Preferred method).

2. Email to:

[email protected] with the subject line “Comment on consequential provisions for non-compliance with CPE hours requirement on a yearly basis from calendar year 2024 onwards”

3. Postal:

Secretary, CPE Committee of ICAI,
Hostel Block, 2nd Floor,
The Institute of Chartered Accountants of India,
ICAI Bhawan, A-29, Sector-62
Noida 201309

Further clarifications on the Exposure Draft may be sought by e-mail to [email protected].

To Read Exposure Draft Download PDF Given Below: