Accounting regulator Institute of Chartered Accountants of India (ICAI) has allowed Indian students of chartered accountancy to undergo their mandatory three-year training programme outside India. This means that even ICAI members working with a local firm outside India would be entitled to train chartered accountancy students. Earlier, CA students had to undertake the training programme within India. This also posed a problem for students settled abroad.
ICAI president Uttam Prakash Agarwal told FE, “ICAI has allowed training for the chartered accountancy course with the members in practice, who have professional address in India, in his own charge or in charge of another member. This would mean that such a member in practice would be entitled to train chartered accountancy students, even if they are partner in the local firm outside India”.
Agarwal added, “In the recent times, the chartered accountancy course is gaining popularity outside India. For admission to the chartered accountancy curriculum, citizenship is not a criteria. People of Indian nationality and those of Indian origin settled outside India have shown keen interest for pursuing chartered accountancy course outside India”.
At present, the chartered accountancy course training can be undertaken only with the members holding certificate of practice or firms of chartered accountants registered with the institute. ICAI has also signed an MoU with the Institute of Chartered Accountants in Australia to expand the Indian CAs horizon and boost Indian accountancy profession globally.
“A joint declaration was also signed with the Certified General Accountants Association of Canada to augment and strengthen bilateral co-operation. A joint declaration was also signed with Bahrain,” said Agarwal.
Apart from this, ICAI has established a chapter in Singapore and the process of formation of Ireland and Thailand chapters of ICAI is in advanced stage. ICAI has also proposed to set up chapters in Switzerland, South Africa and New Zealand.