Breaking: One year of Work Experience under FCA in Practice Required to take COP: ICAI Draft Regulations

The Institute of Chartered Accountants of India (ICAI) has released Draft Regulations to amend the Chartered Accountants Regulations 1988. There are Many Changes suggested in the Draft Regulations. In the Draft Regulations, Changes are suggested for Students and Members. One of the Changes for Chartered Accountant Who wants to Start Practice after Qualifying CA Exam is that they have to undergo one year of training under Chartered Accountant in Practice before taking COP.

Below is the extract from the draft:

A member may apply to the Council for a certificate entitling him to practice as a chartered accountant.

Provided that a person who has been admitted as a member at any point of time shall be eligible for a certificate of practice on completion of one year of post-qualification work experience with a fellow Chartered Accountant in Practice.

Provided further that the requirement of one-year post qualification work experience shall not be applicable for a member who has worked for a minimum period of one year with a fellow Chartered Accountant in Practice in the immediately preceding five years before the date of making such application.