The Chartered Accountants Regulations, 1988 have been amended by the Institute of Chartered Accountants of India (ICAI) through notification No. 1-CA(7)/201/2023, which was published on June 23, 2023. The changes concern the requirements for passing the final examination, the registration requirements and fees for the intermediate course, and the admission requirements, fees, and syllabus for the intermediate examination.
The regulations are drafted from the objections and suggestions invited from the public. These regulations may be called the Chartered Accountants (Amendment) Regulations, 2023.
The amendment has omitted regulations 25C and 25D. Also, made some insertions in the regulations of 25E and 25F. The ICAI has omitted Regulations 28D, 28E , 29B,29C, 36A, 37C, 38B and 38C.
It was notified that a candidate who was already registered for the Common Proficiency Course under regulation 25C or Foundation Course, on or before the commencement of the Chartered Accountants (Amendment) Regulations, 2023, shall be eligible for conversion to the Foundation Course subject to such conditions as may be specified by the Council.
Further, the registration for the Foundation Course shall be valid only for a period of four years from the date of first eligible attempt in the Foundation Examination under regulation 25F after the commencement of the Chartered Accountants (Amendment) Regulations, 2023.
The new amendment has substituted the regulations 28F and 28G which states about the Registration of the Intermediate Course and fees and the Admission to Intermediate Examination, Fees and Syllabus respectively.
The ICAI has notified the substitution of the Regulation 38D which states about the Requirements for passing Final Examination. Also, substituted regulation 51E which included the Advanced Integrated Course on Information Technology and Soft Skills.
Additionally, the ICAI has shortened the articleship years from three to two. But it was also stated that a candidate who had already been registered as an articled assistant for a period of three years on or before the start of this amendment would be qualified to continue and complete the remaining period of practical training as per the deed of articles executed under these regulations regardless of any break in the continuity of training.
This new amendment sets a minimum stipend of Rs. 15,000 per month for the industrial training. An article assistant is also entitled to 12 days of leave for each year of the practical training.
The new amendment also inserted the regulation 51F which mentions self-paced online modules. According to 51F, “A candidate who has passed both the Groups of the Intermediate Examination shall be required to undergo and pass self-paced online modules consisting of such number of modules and in such manner as may be specified by the Council from time to time.”
Also, “A candidate shall be declared to have passed in the self-paced modules if he obtains a minimum of fifty per cent. marks in each module.”
A new regulation 54AA has been inserted after 54A which mentions about the Practical Training of a candidate residing outside India.
Also according to the new changes, in the first year of training mention under regulation 56 , the articles so engaged may, by agreement between the articled assistant and his principal, be terminated and during the second year of training, the termination of articles shall be permitted if the articled assistant opts for industrial training or under such exceptional circumstances or conditions, as may be decided by the Council.
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