ICAI revises Eligibility Criteria for Empanelment to Impart Industrial Training

Eligibility Criteria

Any financial, commercial or industrial undertaking shall be eligible for empanelment if it fulfils any one of the following:

• Fixed assets of Rs. 10 crore, or
• Total turnover of Rs. 50 crore, or
• Paid-up share capital of Rs. 1 crore and net worth of Rs. 5 crore (to be fulfilled jointly)
  and
• Minimum two full-time working Chartered Accountants, each being a member of ICAI for a continuous period of at least three years.

Entitlement of Industrial Trainees

Associate Member: An Associate who has been a member for a continuous period of at least three years shall be entitled to train one industrial trainee at a time.

Fellow Member: A Fellow shall be entitled to train two industrial trainees at a time.

Validity and Renewal

• Empanelment shall be valid for five years, after which renewal will be mandatory, subject to the eligibility criteria prevailing at the time of renewal. Organisations that have completed five years of empanelment are required to renew to continue engaging Industrial Trainees.
• Eligible organisations are advised to ensure timely compliance to avoid any disruption in Industrial Training engagement.
• Other conditions will be as per Regulation 51 of the Chartered Accountants Regulation, 1988.

For any queries related to Industrial Training, please write to [email protected]