ICAI to implement New Course from May 2024

The Institute of Chartered Accountant India (ICAI) will implement its new course structure from May 2024, a statement from ICAI said on Tuesday.

The statement quoting newly elected national president of ICAI, Aniket Talati said that the institute has also signed 16 memorandums of understanding with various international organizations including the Institute of Chartered Accountants in England and Wales(ICAEW).

Under the New Education Policy, students studying in the CA foundation course will have four question papers while those in intermediate and final courses will have six question papers compared to eight papers earlier:

Earlier CA students had to undertake articleship for a three-year period which has now been reduced to two.

The statement said that the new structure has been sent for approval to the Union government and will be implemented from May 2021.

The agreement with ICAEW which has been approved by the Union government, will allow members of ICAI to be eligible for membership of ICAEW in the UK once they take two examinations, the statement said.

The Institute also entered into an agreement with the Institute of Singapore Chartered Accountants(ISCA) under which ICAI members residing in Singapore for a minimum duration or six months will get the ISCA membership.

The statement said that ICAI has set up the Institute or Social Auditors or India (ISAI) under SEBI’s amendment in regulations. The ISAI will prepare social auditors.

Talalti said that from April 1, 2023, “CA firms auditing banking and insurance firms will have to get their audit quality checked by ICAI appointed reveiwers.”

The ICAI will also set up career counselling centres and rending facilities in 700 districts across the country to guide students.