Major Changes proposed in Chartered Accountants (2nd Amendment) Regulations 2022

The Institute of Chartered Accountants of India (ICAI) has notified Draft Regulations of the Chartered Accountants (2nd Amendment) Regulations, 2022.

Let’s break them down in a Thread below:

1. A person who wish to take COP(Certificate of Practice) must take 1 year post qualification Experience under Practicing FCA to apply for COP. This experience should be in the last 5 years.

2. Registration for Foundation can now be done after passing 10th also, But needs to register on or before 31st December to give exams in May Attempt.

3. A candidate who has passed Intermediate Exams of CWA, CS are given exemption from Foundation Examination.

4. ATC (Accounting Technician Course) has now been changed to BAA(Business Accounting Associate) Certificate.

5. Negative Marking in MCQ based Questions to include the essence of Competitive Papers (in Both Intermediate & Final).

6. Minimum Articleship Stipend increased (Double from current rate).

7. Articleship Period reduced from 3 years to 2 years

• Students currently undergoing Articleship, their articleship will also be reduced to 2 years once these regulations are finally notified.

8. Industrial Training Stipend to be minimum of ₹15,000/-.

9. Minimum 50% marks required in Online Self Paced Modules mandatory for registering in Final Course.

10. A member who is residing abroad, may complete his 1 year practical experience training required for COP under other recognized Accounting Bodies Member.

11. 12 leaves in a year allowed except Public Holidays and Sundays during Articleship.

These are a series of Positive changes that has been bought in by Council and we hope a positive results in the years to come and our CA Profession continues its glorification.

These regulations are just draft regulations, nothing is final and are subject to Positive changes.

Source : CA Akhil Pachori Twitter Account