ICAI’s Proposed changes in Syllabus and Exam Pattern for Revised Scheme of CA Education and Training
ICAI is planning to revise the syllabus and exam pattern of CA course by including new subjects, to help create better global Auditors, Accountants, Finance Executives and CFOs in India to keep pace with the effect of changing times and complexities of financial world concerning professionals.
In other words, ICAI is planning to further change a decade old CA Course, the toughest professional course in India, to produce refined professionals who can stand test of times. For the purpose, the ICAI has already approached the Ministry of Corporate Affairs (MCA) for revision in the curriculum, introduction of new subjects, electives, select open book tests, etc. after considering suggestions and comments from the stakeholders.
Proposed changes in CA Course
i) Entry level exam, i.e. Foundation Exam, to be more tough as the exam pattern to be based on Subjective questions as well as objective type questions
ii) Introduction of two new subjects ‘Business Correspondence & Reporting and Business & Commercial Knowledge’ at Foundation level.
iii) Introduction of a new subject “Economics for Finance” at Intermediate level
iv) Introduction of a new subject ‘Electives’ as the eighth paper at CA Finals level. This subject will include ‘Risk Management, International Taxation, Financial Services and Capital Markets, Global Financial Reporting Standards, Economic Laws and Multi-Disciplinary Case) and the students will appear for an open-book exam to handle questions based on case studies.
v) Students can register for three years practical training on passing either or both groups of Intermediate exam, whereas in present system eligibility depends on passing Group One or Both Groups.
vi) Students joining through Foundation Course route will take about 4.5 years to qualify as CA while those who are eligible for direct admission will qualify as CA in about 3.5 years
vii) Renaming of subject ‘Information System Control and Audit’ as ‘Information System Risk Management and Audit’
viii) Students of Class 12 can register after appearing in exam
ICAI Notification inviting public comments on the draft amendments in the Chartered Accountants Regulations, 1988 arising out of Revised Scheme of CA Education and Training (dt. 21 April, 2016)
In line with GoI approval to the draft amendments in the Chartered Accountants Regulations, 1988 pertaining to Revised Scheme of Chartered Accountancy (CA) Education and Training, the notification containing draft amendments had been published by ICAI in Part III Section 4 of the Gazette of India, Extraordinary, dated 18th April, 2016 seeking comments from the persons likely to be affected thereby, in terms of the requirement of sub-section (3) of Section 30 of the Chartered Accountants Act, 1949.
The stakeholders were supposed to send their suggestions / comments / objections in regard to the aforesaid draft amendments within 45 days from the date of Notification for the consideration of the Council.