ICAI announces Major Changes in Examination System shaping the Future of Accountancy Profession

Kolkata, 12 March 2024: The Institute of Chartered Accountants of India (ICAI) is hosting an All India Managing Committee Members Meet (AIMCMM 2024) under the theme ‘DRISHTI’ – the vision for the Profession’ on 9-10th March, 2024 in Kolkata. More than 1200 members from over 180 cities are expected to converge for over 2-day enlightening session aimed at aligning the activities of its Regional Councils, Branches, Study Circles & Chapters with the overarching vision of ICAI.

On this occasion, thePresident of the Institute of Chartered Accountants of India (ICAI) CA. Ranjeet Kumar Agarwal, interacted with the media and shared major highlights. In a historic decision taken by ICAI, Intermediate & Foundation course examinations will now be held thrice a year, in the month of January, May/June and September. Earlier both the examinations were held twice in a year. Meanwhile, the CA Final exam will continue to follow the traditional biannual format.

In a landmark move by ICAI, Intermediate & Foundation course examinations will now be held thrice annually in January, May/June, and September, as opposed to the previous schedule of twice a year. Meanwhile, the CA Final exam will continue to follow the traditional biannual format.

CA. Ranjeet Kumar Agarwal, President, ICAI said, “The decision taken by the ICAI will benefit the students who had completed their study period to appear in the exam without waiting for 2 months. Globally frequency of examination is more so that Students can get more opportunities to sit in the exam. Considering this, ICAI has aligned itself with Global best practices. I am sure that this decision, would be a great step forward towards encouraging the young aspirants who wish to pursue their dream of becoming a Chartered Accountant.

He further added, “Since the launch of new scheme of education and training on July 1st 2023, there has been substantial increase in student registrations. For the May / June, 2024, almost 4, 36, 500 students have enrolled, which is highest so far.”

In anothersignificant move ICAI collaborated with Comptroller and Auditor General of India to jointly conduct a Certificate Course for Accountants of Panchayats and Municipal Bodies. The course is developed to make available skilled & trained accountants at grassroots level to improve the accounting of Local-self Government in India. To make the course inclusive, the eligibility is 12th Pass and can be completed in 4 Months. The online course will create pool of qualified accountants and provide opportunities to work as accountants in the panchayats and municipal bodies.

In line with the Prime Minister’s vision of establishing of big Indian accounting firms, ICAI has constituted a Committee for Aggregation of CA Firms. The Committee will be making concerted efforts in reviewing and revising guidelines pertaining to firms, viz., domestic and overseas networking guidelines, merger and demerger rule and guidelines, MDP guidelines, on Management consultancy Service (MCS) in corporate form guidelines incognizance with the dynamic operating environment, towards fostering collaboration within the professional community to increase global professional opportunities.

The Institute has also formed a committee on “AI in ICAI” to explore how AI can be leveraged for the professional development of students, member and employees.

ICAI, in its endeavour to make its regulatory and disciplinary mechanism more robust and responsive, has made Peer Review process mandatory for certain categories of Audit Firms rendering attestation services and having specified number of partners in a phased manner before accepting any statutory audit. This pro-active move of ICAI will further boost the quality of attestation services and enhance trust of stakeholders on the profession.

These decisions mark ICAI’s commitment towards nurturing talent, fosteringprofessional skilland supporting the economic growth of the country and as a true partners-in-nation-building.