ICAI’s Clarification on 29 FAQs relating to Existing CA Courses (Foundation/ Intermediate/ Final/ ICITSS/ AICITSS)

ICAI has issued a set of 29 FAQs to clarify the queries of students on the existing scheme of CA Course (Foundation/ Intermediate/ Final/ ICITSS/ AICITSS) implemented from 01/07/2017.

It may be noted that Common Proficiency Course (CPC) is now known as Foundation Course and Integrated Proficiency Competence (IPCC) is now known as Intermediate course.

Q1: What is the nomenclature for all the three levels under the existing Scheme of Education and Training?

Ans: The three levels are called as Foundation Course, Intermediate Course and Final Course.

Q2: When can I register for Foundation Course?

Ans: Please refer to the FAQs on Provisional Registration given at post dated 13/10/2020. Provisional admission to Foundation Course is being allowed to students who have cleared Class 10th Examination. They can register for Foundation Course before 1st January/ 1st July so as to appear in May/ November Foundation Examination.

Q3: I have just appeared in Class 12th Examination and results are still awaited, when can I join the Course?

Ans: You can register in Foundation Course till 1st July so as to appear in November/ December Foundation Examination.

Q4: When are the Foundation Examinations held and what is the cut-off date of registration in Foundation Course?

Ans: The Foundation Examinations are held in the month of May/ June and November/ December every year. 1st January/ 1st July is the cut-off date of registration for being eligible to appear in May/ June and November/ December examinations respectively covering a study period of four months.

Q5: How many papers are there in Foundation Course?

Ans: There are 4 papers in Foundation Course.

Q6: What is the examination pattern in Foundation Course?

Ans: Out of 4 papers, 2 papers are subjective type (Paper 1 & 2) and rest of the 2 papers are objective type (Paper 3 & 4).

Q7: Is there negative marking in Foundation Examination?

Ans: Yes. Negative marking is for Papers 3 & 4 only and not for subjective papers, i.e. Papers 1 & 2.

Q8: What are the papers in Foundation Course?

Ans: There are 4 papers in Foundation Course which are as under:

Paper 1: Principles and Practice of Accounting (100 Marks)

Paper 2: Business Laws & Business Correspondence and Reporting (100 Marks) | Section A: Business Laws (60 Marks) | Section B: Business Correspondence and Reporting (40 Marks)

Paper 3: Business Mathematics and Logical Reasoning & Statistics (100 Marks) | Part I: Business Mathematics and Logical Reasoning (60 Marks) | Part II: Statistics (40 Marks)

Paper 4: Business Economics & Business and Commercial Knowledge (100 Marks) | Part I: Business Economics (60 Marks) | Part II: Business and Commercial Knowledge (40 Marks)

Q9: How can I qualify Foundation Examination?

Ans: You can qualify Foundation Examination by securing 50% in aggregate and 40% in each subject individually.

Q10: When can I register for Intermediate Course?

Ans: A student can register in Intermediate Course after qualifying Foundation examination or through Direct Entry Route after qualifying graduation/ post-graduation with requisite marks. Students can also register in Intermediate Course through provisional registration under Direct Entry Scheme who are in the last year of their graduation.

Q11: If I qualify Foundation May examination, when will I be eligible to appear for Intermediate Examination?

Ans: For appearing in Intermediate Examination, a study period of eight months is required. Accordingly, you have to register latest by 1st September/ 1st March in Intermediate Course for being eligible to appear in succeeding May/ November Intermediate Examination respectively.

Q12: When are the Intermediate Examinations held and what is the cut-off date of registration in Intermediate Course?

Ans: The Intermediate Examinations are held in the month of May and November every year. 1st September and 1st March is the cut-off date for registration for being eligible to appear in May and November Intermediate examinations respectively under the Foundation Route.

Q13: I wish to join CA Course through Direct Entry Route. When can I join the course so as to be eligible for May examinations?

Ans: You have to register in Intermediate Course by 1st July and complete Four Weeks Integrated Course on Information Technology and Soft Skills (ICITSS) and commence the Practical Training latest by 1st August to be eligible to appear for the next May examination. Through Direct Entry Route, a student can appear in Intermediate Examination after completion of 9 months of Practical Training. Under Direct Entry Route, a student has to commence the practical training latest by 1st August/ 1st February for being eligible to appear in ensuing May/ November examinations respectively.

Q14: I am through Foundation Route, when can I commence Practical Training?

Ans: After passing either or both groups of Intermediate Examination and successfully completing Four Weeks Integrated Course on Information Technology and Soft Skills (ICITSS), you can commence Practical Training.

Q15: I am through Direct Entry Route, when can I commence Practical Training?

Ans: Immediately after registering for Intermediate Course and successful completion of Four Weeks Integrated Course on Information Technology and Soft Skills (ICITSS), you can commence Practical Training.

Q16: I have qualified Intermediate level examination of Institute of Company Secretaries of India or Institute of Cost Accountants of India, when can I commence Practical Training?

Ans: After passing either or both groups of Intermediate Examination and successfully completing Four Weeks Integrated Course on Information Technology and Soft Skills (ICITSS), you can commence Practical Training.

Q17: What are the papers in Intermediate Course?

Ans: There are 8 papers in Intermediate Course which are as under:

Group I:
Paper 1: Accounting (100 Marks)
Paper 2: Corporate and Other Laws (100 Marks) | Part I: Company Law (60 Marks) | Part II: Other Laws (40 Marks)
Paper 3: Cost and Management Accounting (100 Marks)
Paper 4: Taxation (100 Marks) | Section A: Income-tax Law (60 Marks) | Section B: Indirect Taxes (40 Marks)

Group II
Paper 5: Advanced Accounting (100 Marks)
Paper 6: Auditing and Assurance (100 Marks)
Paper 7: Enterprise Information Systems and Strategic Management (100 Marks) | Section A: Enterprise Information Systems (50 Marks) | Section B: Strategic Management (50 Marks)
Paper 8: Financial Management and Economics for Finance (100 Marks) | Section A: Financial Management (60 Marks) | Section B: Economics for Finance (40 Marks)

Q 18: What are the papers at the Final level?

Ans: Number of Papers at Final level are 8 which are as under:

Group I
Paper 1: Financial Reporting (100 Marks)
Paper 2: Strategic Financial Management (100 Marks)
Paper 3: Advanced Auditing and Professional Ethics (100 Marks)
Paper 4: Corporate and Economic Laws (100 Marks) | Part I: Corporate Laws (70 Marks) | Part II: Economic Laws (30 Marks)

Group II
Paper 5: Strategic Cost Management and Performance Evaluation (100 Marks)
Paper 6: Elective Paper (100 Marks) [One to be chosen from the list of Elective Papers, i.e. i) Risk Management ii) Financial Services and Capital Markets iii) International Taxation iv) Economic Laws v) Global Financial Reporting Standards vi) Multidisciplinary Case Study]
Paper 7: Direct Tax Laws and International Taxation (100 Marks) | Part I: Direct Tax Laws (70 Marks) | Part II: International Taxation (30 Marks)
Paper 8: Indirect Tax Laws (100 Marks)  Part I: Goods and Services Tax (75 Marks) | Part II: Customs and FTP (25 Marks)

Q19: When can I register for the Final Course?

Ans: One can register for the Final Course any time after passing both groups of Intermediate Examination.

Q20: When can I appear for the Final Examination?

Ans: You can appear for the Final Examination during the last six months of Practical Training and after successfully completing Four Weeks Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) along with qualifying Advanced IT examination.

Q21: What is the duration of Practical Training?

Ans: Three years.

Q22: I have registered for the CPT/ Intermediate (IPC)/ Final Course under the old scheme. What should I do to continue CA Course now?

Ans: You would have been automatically converted to the corresponding course under the new scheme applicable from 01/07/2017. Since you have not been charged the conversion fee, you are required to pay Rs.1,000/- for ordering the study material from the Centralized Distribution System (CDS) Portal.

Q23: What is Integrated Course on Information Technology and Soft Skills (ICITSS) and Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS)?

Ans: ICITSS (OC & ITT) is a combination of Orientation Course (OC) and Information Technology Training (ITT). Advanced ICITSS (MCS & Adv. ITT) is a combination of Management and Communication Skills (MCS) and Advanced Information Technology Training (Advanced ITT). ICITSS and Advanced ICITSS are of 4 weeks each.

Q24: I have undergone OC & ITT/ MCS & Advanced ITT under old scheme, do I need to undergo ICITSS/ Advanced ICITSS again?

Ans: No, a student who has already undergone OC & ITT/ MCS & Advanced ITT will not be required to undergo that course again.

Q25: I have undergone only one i.e. either OC or ITT or MCS or Advanced ITT under old scheme, do I need to undergo complete ICITSS (OC & ITT)/ Advanced ICITSS (MCS & Adv. ITT) after automatic conversion?

Ans: Student who has already undergone only one i.e. either OC or ITT or MCS or Advanced ITT has to undergo only the remaining course i.e. ICITSS (ITT) or ICITSS (OC) or Advanced ICITSS (Adv. ITT) or Advanced ICITSS (MCS). They are not required to undergo ICITSS (OC & ITT)/ Advanced ICITSS (MCS & Adv. ITT) in entirety.

Q26: When is ICITSS to be undergone?

Ans: ICITSS is to be completed before commencing Practical Training.

Q27: When is Advanced ICITSS to be undergone?

Ans: Anytime during last 2 years of Practical Training but, compulsorily before appearing for Final Examination.

Q28: I have appeared for Final examination under the old scheme and now, I have converted to the new scheme. Do I need to undergo Advanced ICITSS before appearing in the Final examination now?

Ans: Since you have appeared for the Final examination at least once, you may undergo Advanced ICITSS after qualifying Final examination but before applying for the membership of the Institute.

Q29: I am a student under old scheme and have not undergone OC and ITT. Do I need to undergo ICITSS?

Ans: Yes. You need to undergo ICITSS before commencement of practical training

ICAI’s FAQs on Existing CA Courses (Foundation/ Intermediate/ Final)

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