The Institute of Chartered Accountants of India (ICAI) notified the Articled Assistants to be eligible for Industrial Training after completing a minimum of 18 months of practical training.
The ICAI has notified the Chartered Accountants (Amendment) Regulations, 2021 which seeks to amend the Chartered Accountants Regulations, 1988.
In the Chartered Accountants Regulations, 1988, for regulation 51, was substituted which says that 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 eighteen months of practical training according to these regulations shall be eligible for industrial training.
Regulation 51 further says that an articled assistant may, serve as an industrial trainee for a period specified in sub-regulation (4) 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 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 inform his principal about such industrial training at least three months before the date on which such training is to commence.
The period of industrial training may be between nine months to eighteen months.
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.
Provided that in the case of the Central or State Governments, Central statutory and judicial authorities, regulatory bodies, banking companies and other departments of Central or State Governments, Institution or Organisation, the industrial training shall be imparted by an officer who is also a member of the Institute of that Government, Authority, Body, Bank, Department of Central or State Government, Institution or Organisation, as may be recognised by the Council from time to time.
Provided further that the entitlement of such an officer who is also a member of the Institute to train the industrial trainee shall be determined by the Council from time to time keeping in view the number of years of service and the nature of services being rendered by the department concerned.
An agreement of training shall be entered into in the form approved by the Council.
It is further notified that on completion of the industrial training, the member shall issue a certificate in the form approved by the Council to the trainee and forward a copy of the same to the Secretary.
The period of industrial training referred under this regulation, shall be treated as service under articles for all purposes of these Regulations, provided the certificate referred to in sub-regulation (7) is produced.
Subject to the provisions of sub-regulation (1), an articled assistant may also serve as an industrial trainee for a period from six to eighteen months in any foreign Country under a member of the accountancy body in that country recognized by the International Federation of Accountants in such manner as may be determined by the Council from time to time.
A member may depute a trainee for industrial training upto a period of three months in any foreign Country, in such manner as may be determined by the Council. The industrial trainee shall be paid such a monthly stipend as may be agreed mutually between the industrial trainee and the member imparting the industrial training.”
In regulation 54, in sub-regulation (5), for the words “one year”, the words “eighteen months” shall be substituted.
In regulation 58 in sub-regulation (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; and for the words “last served his articles,” the words “last served his articles and” shall be substituted; (b) sub-regulation (4) shall be omitted.Subscribe Taxscan AdFree to view the Judgment