The Institute of Chartered Accountants of India (ICAI) has notified Draft Notification of the Chartered Accountants (2nd Amendment) Regulations, 2022.
Apart from the new regulations for CA exams, the regulations also provide for the rules for articleship as well.
As per the amended regulations, a person who has completed his practical training under regulation 54AA shall not be entitled to have his name entered in the register of Member until and unless he has fulfilled the additional eligibility criteria as specified by the Council from time to time.
It stated that a member may apply to the Council for a certificate entitling him to practise as a chartered accountant.
“Provided that a person who has been admitted as a member at any point of time shall be eligible for a certificate of practice on completion of one year of post-qualification work experience with a fellow Chartered Accountant in Practice. Provided further that the requirement of one-year post qualification work experience shall not be applicable for a member who has worked for a minimum period of one year with a fellow Chartered Accountant in Practice in the immediately preceding five years before the date of making such application,” it said.
The regulations also provide for the Registration for the Foundation Course, the Registration for Intermediate Course and Fees, and Registration for Final Course and fees.
For articleship, the amended regulations provided that in the first year of such training, the articles so engaged may, by agreement between the articled assistant and his principal, be terminated. 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.
Subscribe Taxscan Premium to view the JudgmentSupport our journalism by subscribing to Taxscan AdFree. Follow us on Telegram for quick updates.
