1. Proposed Scheme of Education and Training (An Invitation to Comment) The Institute of Chartered Accountants of India

2. Broad Agenda  Present Scheme: Route 1- CPT (Common Proficiency Test) Route  Present Scheme: Route II- Direct Entry Scheme  Proposed Scheme : Route 1- Foundation Course Route  Proposed Scheme : Route 1I- Direct Entry Route  Proposed Scheme – Some Highlights  Number and Title of Papers  Issues for Consideration

3. Present Scheme Route 1- CPT (Common Proficiency Test) Route Enrollment after passing class 10 examination. Appear and pass in CPT after completion of 60 days from the date of registration and after appearing in 10+2 examination. Enrollment for Group I or for both Groups of Intermediate (IPC) Course. (IIPCC) Complete Orientation Course of one week spanning 35 hours and 100 hours Information Technology Training (ITT) before joining Practical Training. Appear in Intermediate (IPC) Examination on completion of eight months of study course. Join Practical Training after passing at least Group I of IIPCC. Complete First General Management and Communication Skills (GMCS) I course (15 days) during the first year of practical training.

4. Present Scheme Route 1- CPT (Common Proficiency Test) Route Cont. Complete GMCS II course (15 days) between 19-36 months of practical training. Complete Advanced IT during the third year of practical training but before appearing in the Final Examination. Complete Practical Training of three years. Appear and pass Final examination while serving last six months of Practical Training. Enrol as a member of the ICAI and be designated as “Chartered Accountant”. Note: Candidates who have passed Intermediate level examination of the Institute of Company Secretaries of India and the Institute of Cost Accountants of India are exempt from CPT.

5. Present Scheme Route-II Direct Entry Route for Commerce Graduates/Post- Graduates (55%) or Other Graduates/Post-Graduates (60%) Enroll with the Institute for Intermediate (IPC) Course for both groups. Complete 35 hours Orientation Course spanning one week and 100 hours ITT before joining Practical Training. Register for Practical Training of three years. Complete GMCS - I Course during first year of practical training Appear in IIPCC examination after nine months of Practical Training. Appear and pass in both groups of IIPCC. Complete GMCS I (15 days) course during 19-36 of practical training. Complete Advance ITT during the third year of practical training but before appearing in the Final Examination. Complete three years period of Practical Training. Appear and pass the Final Examination while serving last six months of practical training. Enroll as a member of ICAI and be designated as “Chartered Accountant”. Candidates who have passed Intermediate level examination of the Institute of Company Secretaries of India and the Institut e of Cost Accountants of India are exempt from CP T

6. Foundation Course registration after Class X Foundation exam. appearance after Class XII appearance and after a minimum time period of 9 months from registration. Intermediate Course registration on clearing Foundation. A study period of 12 months for appearance in Intermediate. Complete Three Weeks Integrated Course on Information Technology and Soft Skills (ICITSS) before commencement of practical training. Appear and Pass at least Group I of Intermediate Exams. Register for Practical Training of Three years on passing at least Group I. Register for Final Course after clearing both groups of Intermediate. Complete Three Weeks Advanced ICITSS during the last two years of Practical Training. Complete Practical Training of three years. Appear in Final exams after completion of practical training. Become a Member. Note: Candidates who have passed Intermediate level examination of the ICSI and the Institute of Cost Accountants of India are exempt from Foundation. Proposed Scheme: Route 1: Foundation Course Route

7. Direct Entry to the Intermediate course to the Commerce Graduates/Post-Graduates (55%) or Other Graduates/Post- Graduates (60%). Successfully complete Three Weeks Integrated Course on Information Technology and Soft Skills (ICITSS). Register for Practical Training of Three years. Appear and pass in Intermediate Examination after twelve months of Practical Training. Register for CA Final Course. Complete Three weeks AICITSS during the last two years of Practical Training. Complete three years period of Practical Training. Appear in the Final Examination after completion of Practical Training. Enrol as a member of ICAI. Proposed Scheme: Route II: Direct Entry Route

8. Proposed Scheme – Some Highlights Three tier structure: Foundation, Intermediate and Final Foundation Course  Examination: Partly Descriptive and Partly Objective  Inclusion of new paper – General English and Business Communication Intermediate Course  Eight papers instead of the present Seven papers.  Paper on Information Technology and Strategic Management dropped.  Financial Management, Cost Accounting, Direct Taxes and Indirect Taxes made full papers of 100 each.

9. Proposed Scheme – Some Highlights Cont. Final Course  Paper on Information Systems Control and Audit (ISCA) dropped.  Papers on Financial Services and Capital Markets (100 marks) and International Taxation (40 marks) included. Practical Training  Three Years Practical Training to start after passing Group I of the Intermediate Course but to be completed before one writes the Final examination. Two Integrated Courses of three weeks each on Information Technology and Soft Skills  First one to be completed before starting practical training.  Advanced one to be completed during last two years of practical training.

10. Number and Title of Papers Present Scheme Proposed Scheme CPTFoundation Session – I (100 Marks ) Section A – Fundamentals of Accounting (60 marks) Section B – Mercantile Law (40 Marks). Paper 1: Fundamentals of Accounting (100 marks) Session – II (100 Marks) Section C – General Economics (50 marks) Section D – Quantitative Aptitude (50 Marks). Paper 2: Quantitative Aptitude (100 marks) Paper 3A: Mercantile Law (60 marks) Paper 3B: General Economics (40 marks) Paper 4A: General English (50 marks) Paper 4B: Business Communication (50 marks

11. IIPCC - Group-IIntermediate Group-I Paper - 1:Accounting (100 marks) Paper - 2:Business Law, Ethics and Communication (100 marks) Part - I:Law (60 marks) -Business Laws (30 marks) & Company Law (30 marks) Part – II:Ethics (20 marks) Part - III:Communication (20 marks) Paper - 2:Company Law, Other Laws and Ethics (100 marks) Part – I: Company Law (60 marks) Part – II: Other Laws (20 marks) Part - III: Ethics (20 marks) Paper - 3:Cost Accounting and Financial Management (100 marks) Part -I:Cost Accounting (50 marks) Part - II:Financial Management (50 marks) Paper - 3:Cost Accounting (100 marks) Paper - 4:Taxation (100 marks) Part - I:Income Tax (50 marks) Part -II:Service Tax (25 marks) and VAT (25 marks). Paper - 4:Direct Taxes (100 marks)

12. IIPCC Group- IIIntermediate Group- II Paper - 5:Advanced Accounting (100 marks) Paper - 6:Auditing and Assurance (100 marks) Paper - 7:Information Technology and Strategic Management (100 marks) Part - I:Information Technology (50 marks) Part - II:Strategic Management (50 marks). Paper - 7: Financial Management (100 marks) Paper - 8:Indirect Taxes (100 marks)

13. Final Course (Group- I ) Paper - 1:Financial Reporting (100 Marks) Paper - 2:Strategic Financial Management (100 Marks) Paper - 3:Advanced Auditing and Professional Ethics (100 Marks) Paper - 4:Corporate and Allied Laws (100 Marks) Section A: Company Law (70 Marks) Section B: Allied Laws (30 Marks). Paper - 4:Corporate Laws and other Economic Laws (100 Marks)

14. Final Course (Group- II) Paper - 5:Advanced Management Accounting (100 Marks) Paper - 6:Information Systems Control and Audit (100 Marks) Paper - 6:Financial Services and Capital Markets (100 Marks) Paper - 7:Direct Tax Laws (100 Marks) Paper - 7:Advanced Tax Management (60 Marks) and International Taxation (40 Marks) Paper - 8:Indirect Tax Laws (100 Marks) Section A: Central Excise (40 Marks) Section B: Service Tax & VAT (40 Marks) Section C: Customs (20 Marks). Paper - 8:Indirect Tax Laws (100 Marks)

15. Issues for Consideration: Overall Scheme Entry Routes: Foundation and Direct Entry. Admission to Foundation Course: Registration after Class X or after appearing in Class XII. Foundation Examination: After appearing in Class XII examination or after qualifying Class XII examination. Direct Entry: When should the Practical Training start for direct entrants, i.e. after qualifying Group-I of Intermediate as in the case of Foundation Route.

16. Issues for Consideration: Foundation Course Study Period of 9 months Whether to have all four papers a mix of Objective and Subjective Questions or to have two papers Subjective and Two Papers Objective types? If papers are to be a mix of Objective and Subjective Questions, then what should be the mix - 50-50, 60-40, or any other? If two papers are to be Subjective and two Papers are to be Objective, which papers should be Subjective and which papers should be Objective type? ◦ Paper 1: Fundamentals of Accounting (100 marks) ◦ Paper 2: Quantitative Aptitude (100 marks) ◦ Paper 3A: Mercantile Law (60 marks) ◦ Paper 3B: General Economics (40 marks) ◦ Paper 4A: General English (50 marks) ◦ Paper 4B: Business Communication (50 marks) Suggest addition/deletion of papers.

17. Issues for Consideration: Intermediate Course Study Period of 12 months Increasing the number of Papers to Eight from Seven Raising the level of following papers to 100 marks ◦ Financial Management ◦ Cost Accounting ◦ Direct Taxes ◦ Indirect Taxes Removal of paper on Information Technology and Strategic Management Removal of Communication paper (20 marks) and Business Laws (30 marks) Raising allocation of marks for Company Law to 60 marks and 20 marks for Allied Laws Suggest addition/deletion of papers.

18. Issues for Consideration: Final Course Inclusion of International Taxation for 40 marks Removal of the paper Information Systems Control and Audit (ISCA) Inclusion of a new paper ‘Financial Services and Capital Markets’ Whether specialization is to be introduced? Suggest addition/deletion of papers.

19. Issues for Consideration: Practical Training What should be the duration of practical training? When should the training start? When should the student sit for Final examination : at the end of training or during training? How should the training be monitored? Whether entitlement to train articles be based on Efflux of Time and/or Work Quantum.

20. Issues for Consideration: Three Weeks Integrated Advance Course on Information Technology and Soft Skills (ICITSS) Integration of Orientation Course, General Management and Communication Course and Information Training Duration of Course : Three weeks or less or more When to do: Before Practical Training or During Practical Training? Assessment : ◦ How to be done? ◦ Whether marks to be given or grades to be given? ◦ Whether marks/grades to be shown in mark sheet or separate records be maintained?

21. Thank You