New Examination Pattern Launch from Mid 2016

The Institute of Chartered Accountants of India (ICAI) revamps its Chartered Accountancy course every 10 to 12 years to absorb changes in tax laws and also new global trends in accountancy and auditing fields. It is now in the process of launching new revamped courses in mid-2016, revealed the president of ICAI, Manoj Fadnis here on Wednesday. Addressing media persons, Fadnis also revealed that ICAI may also start Open Book Examination System, means allowing students to write answers in examination papers looking into the book from mid 2017. He also revealed that every year, nearly 2.50 lakh students appear for intermediate and 1.25 lakh students appear for final CA examinations. Of them 15,000 to 20,000 clear the examinations, he also revealed. Fadnis also disclosed that central government has made compulsory for companies to maintain account books according to the ICAI”s Indian Accounting Standards from April 1, 2016. ICAI has formed these standards based on international accounting standards. The Indian Railways also have embarked on Accounting Reforms after Suresh Prabhu assumed the charge of Railway ministry, and very soon it will launch outcome analysis for expenditure, Fadnis revealed. Replying to questions, Fadnis said that ICAI may consider setting a Centre of Excellence at Nagpur provided government land is available here. At present it was setting up after that it will set up one more at Kolkata. After that perhaps, ICAI may consider setting up such a facility in Nagpur, he also said. In reply to question, Fadnis also said that every year ICAI receives around 200 to 250 complaints against its members and every year it disqualifies 15 to 20 chartered Accountants after finding them guilty of professional misconduct. In the Satyam Scam, ICAI has disqualified all six CAs found involved in doctoring account books and other malpractices, he also revealed. He also said that GST was a modern forward looking tax system and ICAI was eagerly awaiting its enforcement in the country, but refused to predict when it will come into effect. To a question, he also said that at present ICAI does not have plans to bifurcate Western India Regional Council to create a separate Regional Council for Mumbai city which has almost 45,000 CAs out of WIRC”s total membership of 83,000. The chairperson of Nagpur branch of ICAI, Ms Kirti Agrawal, Chairman of Western India Regional Council (WIRC) of ICAI, Sunil Patodia, and secretary of ICAI Nagpur branch, Swapnil Ghate also were present on the occasion.