The Institute of Chartered Accountants of India(ICAI), with the approval of the Central Government, made an amendment to the Chartered Accountants Regulations, 1988 vide Chartered Accountants (Amendment) Regulations, 2021.
The ICAI revised the Regulation 51 which deals with Industrial Training Provisions.
An articled assistant who has passed the Intermediate (Professional Competence) Examination or Professional Education (Examination-II) or Intermediate examination and has completed a minimum of 18 months of practical training according to these regulations.
An articled assistant may serve as an industrial trainee for a period (n nine months to eighteen months) in the offices of the Central or State Governments, Central statutory and judicial authorities, regulatory bodies, banking companies, and such other departments of Central or State Governments, Institution or Organization as may be decided by the Council from time to time; or in any of the financial, commercial, industrial undertakings with minimum fixed assets or minimum total turnover or minimum paid-up share capital as may be approved by the Council from time to time.
Intimation regarding commencement of training must be shared with the principal within 3 months the date on which such training is to commence. The period of Industrial Training will be between 9 to 18 months.
Member of the ICAI, ACA who is a member of ICAI for a Minimum Period of 3 continuous years, FCA Entitled to train two industrial trainees at a time can impart the training as per Regulation 51(5).
The ICAI further notified the amendment in Regulation 54 (5) which deals with the Secondment of articled assistants.
Earlier, where an articled assistant is seconded to a member industry, the total period spent in the industry by the articled assistant, including the period of industrial training under these regulations, shall not exceed 1 year.
However, now Where an articled assistant is seconded to a member in the industry, the total period spent in the industry by the articled assistant, including the period of industrial training under these regulations, shall not exceed 18 months.
The ICAI further notified the amendment in Regulation 58 which deals with the Supplementary Articles.
As per the previous provision the period of the excess leave taken is sought to be served under the principal with whom such articled assistant last served his articles, a supplementary deed of articles in the form*approved by the Council shall be executed in continuation of the previous articles.
Now, the period of excess leave taken shall be served under the principal with whom such articled assistant last served his articles and a supplementary deed of articles in the form approved by the Council shall be executed in continuation of the previous articles.
Moreover, the provision stating that if the articled assistant chooses to serve under any other member entitled to engage articled assistants under Regulation 43, the provisions of Regulation 46 shall apply ‘mutatis mutandis’ except that no fee shall be charged for registration of articles under the said regulation, has now been omitted
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