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Council of the ICAI has released a draft set of proposed amendments in certain clauses of the Chartered Accountants (CA) Regulations, 1988, for review and comments/ suggestions for taking into consideration before formal finalization thereof, i.e. ‘the Chartered Accountants (2nd Amendment) Regulations, 2022‘.
Key highlights of changes proposed by ICAI are here:
- A person who wishes to take COP must take 1-year post qualification Experience under Practicing FCA to apply for COP. This experience should be in the last 5 years.
- Registration for Foundation can now be done after passing 10th also But needs to register on or before 31-Dec to give exams in May Attempt.
- A candidate who has passed Intermediate Exams of CWA, CS is given exemption from Foundation Examination.
- ATC (Accounting Technician Course) has now been changed to BAA(Business Accounting Associate) Certificate.
- Negative Marking in MCQ-based Questions to include the essence of Competitive Papers (in Both Intermediate & Final).
- Minimum Articleship Stipend increased (Double from current rate).
- Articleship Period reduced from 3 years to 2 years.
- Industrial Training Stipend to be a minimum of Rs 15,000.
- Minimum 50% marks required in Online Self-Paced Modules mandatory for registering in Final Course.
- A member who is residing abroad, may complete his 1-year practical experience training required for COP under other recognized Accounting Bodies Member.
- 12 leaves in a year allowed except for Public Holidays and Sundays during the Articleship.
