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TRAINING GUIDE BOARD OF STUDIES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

TRAINING GUIDE BOARD OF STUDIES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior permission, in writing, from the publisher. Information given in this Training Guide as per position as on May 14, 2007. Students are advised to visit the website of the Institute at www.icai.org from time to time for updation. © 2007 The Institute of Chartered Accountants of India Website: www.icai.org E-mail: bosnoida@icai.org Training Guide Revised – May, 2007 Price : Rs.80 Published by Dr. T.P. Ghosh, Director of Studies, The Institute of Chartered Accountants of India, C-1, Sector 1, Noida – 201301. Typeset and designed at Board of Studies, The Institute of Chartered Accountants of India. Printed at VPS Engineering Impex Pvt. Ltd., Noida, May 2007, ( 50,000 Copies) FOREWORD Practical Training is an integral part of chartered accountancy curriculum. As per the present system, a student has to undergo three and a half years of articleship training which is linked to theoretical education. Neither stand alone theoretical education nor exclusive practical training would produce a Chartered Accountant capable of discharging professional roles. Blending theories with practical training is the uniqueness of chartered accountancy curriculum. Quality training organized by the members of the Institute is key to producing high caliber chartered accountants competent to encounter challenges of the professional role. Training Guide Booklet clarifies procedural aspects of practical training as well as the training programme. In this regard, the Institute has a great responsibility in ensuring that the experience gained by the chartered accountancy student is adequate, useful and mutually beneficial to both the student and his Principal. Need for proper monitoring of the training is also a pre-requisite for the successful implementation of any training programme. The Training Guide seeks to contribute in the attainment of these objectives. In view of the implementation of the New Scheme of Education and Training, the Training Guide is required to be changed. Accordingly, it has been revised incorporating relevant changes in the Chartered Accountants (Amendment) Act, 2006 and Chartered Accountants (Amendment) Regulations, 2006. This revised Training Guide would ensure a balanced exposure to trainees to the regular work connected with the professional practice of the Principals as also the additional features of in-house theoretical training. It includes the latest decisions of the Council relating to the training scheme. I wish that all members engaged in imparting training and students undergoing training read the underlying principles thoroughly. I am sure that the Training Guide would prove to be very useful while planning and implementing practical training effectively. New Delhi CA. Sunil Talati May, 2007 President PREFACE Practical Training of Chartered Accountancy is a unique learning scheme in which a student gets exposure to professional activities. This helps him to understand the intricacies involved in various fields wherein chartered accountants are engaged in practice or service. Theoretical education supports to achieve excellence in practical training. I strongly believe that every successful chartered accountant has at his backdrop checkered history of successful and dedicated practical training. I wish all students to undergo articled/audit training with apt and dedication. The Board of Studies has been playing a crucial role in the whole process. In addition to imparting theoretical education to its students by providing a variety of educational inputs, it has also been making efforts to improve the Practical Training Programme, which is a unique requirement of our system. In view of recent Council decisions, certain parameters for imparting training have been changed requiring updation of the Training Guide. This Training Guide also recognizes that all firms may not have adequate facilities to provide a comprehensive and ideal scheme of training as outlined in the booklet and, therefore, it has been suggested that wherever necessary, two or more firms may join together to formulate such a scheme of training. In view of the New Scheme of Education and Training, the necessary changes are carried out in the Training Guide. Also various paragraphs are recodified for proper sequencing. I am sure that this revised Training Guide will help the Principal and the trainees to understand various procedural aspects of training. I also hope that members of the profession imparting practical training would play their role effectively to attain objectives of the practical training. New Delhi CA. Jaydeep Narendra Shah May, 2007 Chairman, Board of Studies C O N T E N T S CHAPTER 1 - INTRODUCTION 1.1 The Chartered Accountancy Course ...................................................................1 1.1.1 Different Stages in Chartered Accountancy Course .............................................2 1.1.2 Common Proficiency Test . .................................................................................2 1.1.3 Professional Competence Course (PCC) ............................................................3 1.1.4 100 Hours Information Technology (ITT).............................................................4 1.1.5 Final (New) Course ............................................................................................4 1.2 Practical Training ...............................................................................................5 1.3 Scope and Purpose of the Training Guide...........................................................6 1.4 Important Forms.................................................................................................7 CHAPTER 2 – PRACTICAL TRAINING 2.1 Qualification for joining Articled/Audit Training ....................................................8 2.2 Eligibility of a Member to Impart training.............................................................9 2.3 Procedure for Registration of Articled/Audit Trainees ........................................10 2.3.1 Procedure for Registration.................................................................................11 2.4 Eligibility of a Member to Impart Industrial Training ...........................................13 2.5 Period of Training........................................................................................... 13 2.6 Leave ............................................................................................................ 14 2.7 Working Hours ............................................................................................... 15 2.7.1 Council’s Guidlines on Working Hours ............................................................. 15 2.8 Permission to Pursue any Course or to Engage in any other Occupation or Business ............................................................... 16 2.9 Stipend .......................................................................................................... 18 2.10 Deed of Articles.............................................................................................. 19 2.11 Secondment / Exchange ................................................................................. 20 2.12 Action in Case of Misconduct .......................................................................... 20 2 2.13 Need for Effective Training.............................................................................. 20 2.14 Member-In-Charge of Training (MIT) / Principal ............................................... 21 2.15 Condonation of Breach of Regulations............................................................. 22 CHAPTER 3 – TRAINING PROGRAMME 3.1 Objectives of Training Programme................................................................... 23 3.2 Design of Training Programme ........................................................................ 25 3.2.1 Components of Training Programme................................................................ 25 3.3 Categories of Work Experience ....................................................................... 26 3.4 Providing Effective Work Experience ............................................................... 29 3.5 In-House Theoretical Training ......................................................................... 30 3.5.1 Contents of Theoretical Training...................................................................... 30 3.6 Developing Professional Attitude..................................................................... 31 3.7 Phasing of Training Programme ...................................................................... 31 3.8 Prescribing Areas of Work Experience............................................................. 32 3.8.1 CRET Report 1978 ......................................................................................... 32 3.8.2 CRET Report 1998 ......................................................................................... 32 3.9 IES 5 Practical Experience Requirements ........................................................ 34 CHAPTER 4 – MONITORING PRACTICAL TRAINING 4.1 Need for Monitoring Practical Training............................................................. 35 4.2 Report to the Council...................................................................................... 35 4.3 Students’ Training Records ............................................................................. 36 4.4 Submission of Reports of Practical Training..................................................... 36 4.5 Monitoring by MIT/ Principal............................................................................ 38 4.6 Monitoring by the Institute............................................................................... 38 CHAPTER 5 – INDUSTRIAL TRAINING 5.1 Objectives of Industrial Training ...................................................................... 39 5.2 Nature of Industrial Training............................................................................ 39 5.3 Outline of Industrial Training ........................................................................... 40 5.4 Training Report .............................................................................................. 40 3 ANNEXURES I Scheme for Entry to C.A. Profession ............................................................... 41 II Illustrative cases of computation of leave......................................................... 42 III Suggested Format of Diary ............................................................................. 44 IV An Integrated Training Programme .................................................................. 47 V Practical Training Record................................................................................ 54 VI An Industrial Training Programme ................................................................... 56 VII Record of Industrial Training ........................................................................... 60 APPENDICES I Regulations 45 and 69: Admission to articleship.............................................. 62 II Council’s Guidelines regarding Entitlement to train Articled/Audit Assistants.......................................................................... 65 III Council’s Guidelines regarding Entitlement to train Articled/Audit Assistants ..... 73 IV Regulations 46 and 69: Procedures for registration of Articled and Audit Assistants ....................................................................................... 77 V Regulations 50 and 71: Period of Practical Training ........................................ 80 VI Regulations 51and 72: Industrial Training ........................................................ 82 VII Regulations 59 and 74: Leave ......................................................................... 84 VIII Stipend to Articled Assistants.......................................................................... 86 IX Condonation of delay in submitting forms ........................................................ 88 FORMS 1. Form 102 ....................................................................................................... 90 2. General Instructions Regarding Registration of Articled Assistants ................... 93 3 Form 103 ....................................................................................................... 99 4. Form 104 ..................................................................................................... 111 5. Form 105 ..................................................................................................... 114 6. Report of Industrial Training (prior to 1st January 2003) ................................. 115 7. Report of Industrial Training (on or after 1st January 2003) ............................ 116 8. Form 106 ..................................................................................................... 118 9. Form 107 ..................................................................................................... 120 10. Form 108 ..................................................................................................... 122 4 11. Report of Practical Training (prior to 1st January 2003) .................................. 123 12. Report of Practical Training (on or after 1st January 2003) ............................. 124 13. Form 109 ..................................................................................................... 126 14. Form 110 ..................................................................................................... 128 15. Form 111 ..................................................................................................... 129 16. Form 112 ..................................................................................................... 130 17. Form 113 ..................................................................................................... 134 18. Form 114 ..................................................................................................... 139 19. Form 115 ..................................................................................................... 140 20. Form 116 ..................................................................................................... 141 21 Important Provisions of the Chartered Accountants Regulations relevant for Students.................................................................. 142 5 1 INTRODUCTION THE CHARTERED ACCOUNTANCY COURSE 1.1 The Chartered Accountancy Course was introduced in 1949 with the enactment of the Chartered Accountants Act, 1949. The Institute of Chartered Accountants of India (hereinafter referred to as the ‘Institute’) was set up in that year as a statutory body to regulate the profession of chartered accountants. The Institute is governed by a Council in accordance with provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988 as amended by the Chartered Accountants (Amendment) Regulations, 2006. The Council consists of 32 elected members from among the members of the Institute and 8 members nominated by the Government of India. The Institute has its uploads/Voyage/ 15238trai-guide.pdf