prpri CA Amendment Regulations 2021: Key Highlights CA Amendment Regulations 2021: Key Highlights

The Institute of Chartered Accountants (CA) of India, with the approval of the Central Government, vide notification no. No. 1-CA(7)/196/2021 dated 22.06.2021 , made amendment to the Chartered Accountants Regulations, 1988 vide Chartered Accountants (Amendment) Regulations, 2021.

♦ Applicability:

With effect from the date of their publication in the Official Gazette i.e. 22.06.2021.

♦ Key Highlights:

1. Regulation 51 revised which deals with Industrial Training Provisions:

  • 51(1) Eligibility Criteria for industrial training.

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 regulation.

  • 51(2):

(a) An articled assistant may, serve as an industrial trainee for a period (n nine months to eighteen months) in theoffices 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 Organizationas may be decided by the Council from time to time; or

(b) in any of the financial, commercial, industrial undertakings with minimum fixed assets or minimumtotal turnover or minimum paid-up share capital as may be approved by the Council from time to time.

  • 51 (3):Intimation regarding commencement of training must be share with the principal with 3 months the date on which such training is to commence.
  • 51(4): Period of Industrial Training: between 9 to 18 months.
  • 51 (5): Who can Impart Training:

– Member of the Institute “ICAI”.

– ACA: who is member of ICAI for a Minimum period of 3 continuous year

– FCA: Entitled to train two industrial trainees at a time.

  • 51 (6): Training Agreement shall be entered into in the form approved by the Council, as amended from time to time.
  • 51(7): Post completion of Industrial Training, the member (Trainer) shall issue a certificate in the form approved by the Council to the trainee and forward a copy of the same to the Secretary of ICAI.
  • 51(8):The period of industrial training shall be treated as service under articles for all purposes of these Regulations.
  • 51(9):An articled assistant may also serve as an industrial trainee for a period from 6 to 18 months in any foreign Country under a member of the accountancy body.
  • 51(10):A member (Trainer) may depute a trainee for industrial training upto a period of 3 months in any foreign Country.
  • 51(11): monthly stipend: as may be agreed mutually between the industrial trainee and the member imparting the industrial training.”

2. Amendment in Reg. 54 (5): Secondment of articled assistants

Previous Provision New Provision (amended)
Where an articled assistant is seconded to a member inindustry, the total period spent in industry by the articled assistant,including the period of industrial training under these regulations, shall notexceed 1 year. Where an articled assistant is seconded to a member inindustry, the total period spent in industry by the articled assistant,including the period of industrial training under these regulations, shall not exceed 18 months.

3. Amendment in Reg. 58: Supplementary Articles

Previous Provision New Provision (amended)
(2) If 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. (2) 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.
(4) 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 nofee shall be charged for registration of articles under the said regulation. Omitted

Source: https://taxguru.in/chartered-accountant/icai-notifies-changes-related-training-articled-assistant.html

Disclaimer:

Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

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