The Institute of Chartered Accountants of India (ICAI) on Wednesday notified the draft regulation for changing the rules of chartered accountants 1988. This is called as Chartered accountants (Amendment) Regulations, 2020.
The Amendment seeks to amend regulation 51, which concerns industrial training under Chartered Accountants Regulations, 1988.
Under regulation 51 the Institute will substitute sub-regulation (1) that resembles 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 under these regulations shall be eligible for industrial training.
The draft regulation further clarifies that an articled assistant may, at his discretion, serve as an industrial trainee for the period specified in sub-regulation (4) in such 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 organisation 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.
An articled assistant shall intimate to his principal his intention to take such industrial training at
at least 3 months before the date on which such training is to commence.
The period of industrial training may range between nine months and eighteen months.
The notification says, “the industrial training shall be received under a member of the Institute. An Associate who has been a member for a continuous period of at least three years shall be entitled to train one industrial trainee at a time and a fellow shall be entitled to train two industrial trainees at a time, whether such trainees be articled assistants or audit assistants.”
On satisfactory completion of the industrial training, the member training the industrial trainee, shall forthwith issue to the trainee a certificate in the form approved by the Council in respect of the training undergone under him and forward a copy thereof to the Secretary.
In regulation 54 of the said regulations, in sub-regulation (5), for the words “shall not exceed one year”, the words “shall not exceed eighteen months” shall be substituted.
In regulation 58(2), for the words “If the period of the excess leave taken is sought to be served”, the words “The period of excess leave taken shall be served” shall be substituted.
Also In regulation 58(2) For the words “last served his articles,” the words “last served his articles” and shall be substituted and Sub-regulation (4) shall be omitted.
“Any person desiring to make any objection or suggestion in respect of the said draft regulations, may forward the same to the Council of the Institute of Chartered Accountants of India within the period so specified, addressed to the Acting Secretary, the Institute of Chartered Accountants of India, ICAI Bhawan, Indraprastha Marg, New Delhi ,” the ICAI said.Subscribe Taxscan AdFree to view the Judgment