ICAI cautions its members regarding Demonetisation

Demonetisation Policy announced by Government of India- An Advisory for Members

As you may be aware, the ICAI has always been supportive of the bold initiatives taken by the Government in strengthening the economic growth of our country and also in its efforts to weed out black money and corruption from our country. The recent move of Government of India to demonetize the high value denomination currency as announced by the Hon’ble Prime Minister Shri Narendra Modi is a welcome step which has given a definitive boost to the economic growth and dealt a lethal blow to the parallel economy that has cast its ugly shadow on the nation’s economy for long. This move, it is believed, will not only eliminate black money, but will also choke the activities of anti-nationals from across the border financed by fake currency, ensuring inclusive growth and national security in one go. However, it is a matter of grave concern and distress to our profession when certain news reports/video clippings have come in the public eye depicting certain Chartered Accountants indulging in such acts of illegality which goes against the efforts of the Government in eradicating the corruption and black money from business and commercial transactions. Needless to mention that ICAI is unsparing in its efforts to discipline such erring members. It may be mentioned that immediate steps have been

Revised CA course details

The ICAI is planning to introduce revised syllabus and course applicable from November 2016 if it is approved from the Ministries at the earliest. The Final details of the Revised Scheme of Education and Training for Chartered Accountancy Course are as follows :

CPT WILL BE NOW KNOWN AS 'FOUNDATION' COURSE:

No marks for extra questioned attempted in CA examinations

It is seen that in CA examinations, sometimes, candidates answer more questions or sub parts of a question, than are required in terms of the instructions given in the question paper.

In this connection, it is hereby informed that candidates are required to answer the requisite number of questions as per instructions printed on each question paper. In case any candidate answers extra questions/sub questions over and above the required number, then the requisite number of questions first answered in the answer book shall be valued and subsequent questions answered extra will be ignored.

Candidates are requested to take note of the above.
Examination Department

Manner in which Chartered Accountants should sign Certificates

Manner of Signing of Certificates by Chartered Accountants

 

1 The Council of the Institute of Chartered Accountants of India (ICAI), at its 349th meeting held on 17th and 18th January, 2016 considered an issue relating to manner of signing of certificates by Chartered Accountants. The Council noted that presently different practices were in vogue in respect of the manner of signing of various certificates issued by the members of the ICAI.
 
2 On a consideration of the matter, the Council, with a view to bring uniformity in the manner of signing of certificates, has decided to require the members of the ICAI to include (in addition to any other requirements in this regard prescribed by the relevant law or regulation under which the certificate is being issued) the following details in their “Signatures” on the certificates issued by them:

 Name of the CA firm*

 Firm Registration Number (FRN)*

 Name of the member

 Designation (Partner/Proprietor)

 Membership Number

* Where applicable/so allotted by ICAI.

ICAI President parting message February 2016

Dear Friends,

I started my journey in the active service of profession in the year 1991 as an office bearer of Indore Branch of CIRC of ICAI. I am happy that after 24 years, the profession gave me the opportunity to serve as the 63rd President of the ICAI, in the year 2015. Earlier, I was elevated as Vice- President in the year 2014. Throughout my journey, I had a dream to take the profession to higher glory the way our forefathers had visualised. Through various initiatives and measures, we collectively made sincere efforts to take our alma mater’s status onto a higher pedestal. Credit for all this goes to my colleagues in Central Council, Regional councils, Branches, foreign chapters, and employees of the Institute, since they have worked all the way inexhaustibly with a neverending enthusiasm.
President, ICAI

ICAI CA Final and CPT Results for Nov / Dec 2015 date declared: 17.01.2016

Discontinuation of ranks in Common Proficiency Test (CPT) - (11-01-2016)

8th January 2016 Discontinuation of ranks in Common Proficiency Test (CPT) It is hereby informed that in terms of decision taken by the Examination  Committee, declaration of ranks in respect of Common Proficiency Test(CPT),  has been discontinued with effect from CPT held in December, 2015 onwards. Candidates are requested to take note of the above. Examination Department

Test Series for CA CPT Students for Statistics

Please find below link to download 30 questions for CA CPT Statistics Test Series for following Chapters:
1. Introduction to Statistics
2. Measures of Central Tendency
3. Correlation and Regression
4. Index Numbers

Kindly attempt the questions in exam kind situation.

Download Test Series 1

Complaint lodged against arrogant Service Tax Officer in Akurdi, Pune

ICAI President Communique for March 2015

Dear Friends,

Nothing can bring you peace but yourself. Nothing can bring you peace but the triumph of principles, writes Ralph W. Emerson. I too believe in the power of self and principles, which we respect and stand for in our life. For me, this is all the more important as I have been entrusted with the responsibility of a leader. I consider it an absolute honour to serve my profession while joining the strong lineage of its leadership. Albert Einstein quite beautifully links human endeavours and excellence: We have to do the best we can. This is our sacred human responsibility. And I promise to do justice to my responsibilities in that sense too. It is indeed a privilege to communicate as 63rd President of The Institute of Chartered Accountants of India and welcome and express my gratitude to all its stakeholders. I wish to record my gratitude to all my Council colleagues for demonstrating trust in my leadership-for my election as Vice-President in 2014 and now as President in 2015. I wish to thank my fraternity for extending their help and support on all coveted instances.

I also wish to thank my predecessor-in-office CA. K. Raghu, who has guided and supported me during my tenure as Vice-President of the Institute. The Institute has certainly benefitted from his penchant for IT aspects of the profession. Associating with him has added to my professional understanding. I am fortunate to receive his continued support in our quest for holistic professional growth.

Practise or Service? Ultimate speech for Chartered Accountants by a Chartered Accountant

The below is the speech of past president of Institute of Chartered Accountant of India, Late Shri P Brahmaya, which was delivered to the members of South India Regional Council at Madras on 25.02.1976.
The speech was regarding considerations to be made while deciding which path to take, Practise or Job? by a newly qualified Chartered Accountant. The contents of the speech are still relevant today!!

Problem of new entrants-Practice or Service:
A person who qualifies, as a Chartered accountant has to take a
decision, a difficult one at that, whether he would be best suited for
practice or employment. The factors that weigh in his decision
making include aptitude, financial stability etc.
We are reproducing here the speech of our revered past President
of The Institute of Chartered Accountants of India, Late Shri. P.
Brahmaya, a doyen among members of our profession delivered
to the members of the Southern India Regional Council at Madras
on 25th February 1976. The newly qualified Chartered Accountants
will be immensely benefited in their decision making whether to
enter practice or to take employment.

Proposed Changes in CA course of ICAI

ICAI has released the draft of the New Course and has added new subjects in the CA Curriculum. Brief Highlights of the same are as follows:-

Changes in CA Foundation

Name changed from CPT to CA FoundationDuration increased to 9 months

Changes in CA Intermediate

Cost Accounting and Financial Management to be 2 different subjectsDuration of Intermediate Course increased from 9 months to 12 monthsSubject Removed:- Information Technology and Strategic Management

Changes in CA Final

New subject introduced: Capital Markets and Financial ServicesSubject Removed: Information System and Control AuditEligibility to appear for CA Final only after completion of full period of Articleship.

CA articles stipend doubled!

In regulation 48, in sub-regulation (1), for the Table, the following Table shall
be substituted, namely:-

Students have been one of the topmost priorities of ICAI with a vision for sustained
and future-oriented growth of our profession. In a latest move to serve the cause of
our students, the Institute has decided with immediate effect (i.e. 23 January 2015)
to double the stipend rates for each of the year payable to the articled assistants
pursuing Chartered Accountancy course.
                                                                    “ Table"

Classification of the normal place of service of the articled assistant	During the first year of training	During the second year of training	During the remaining period of training
(1)	(2)	(3)	(4)
(i) Cities/towns having a population of twenty lakhs and above	Rs.2000/-	Rs.2500/-	Rs.3000/-
(ii) Cities/towns having a population of four lakhs and above but less than twenty lakhs	Rs.1500/-	Rs.2000/-	Rs.2500/-
(iii)Cities/towns having a population of less than four lakhs	Rs.1000/-	Rs.1500/-	Rs.2000/-

CA CPT June 2015 exams to be held on 14th June 2015

In pursuance of Regulation 22 of the Chartered Accountants
Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Common Proficiency Test will be held on Sunday, 14th June, 2015 in two sessions as below, at the following centres provided that sufficient number of candidates offer themselves to appear from each centre.

[This Common Proficiency Test will be conducted as per provisions of Regulation 25 D (3) of the Chartered Accountants Regulations, 1988.]

First Session
(i.e. Morning Session)
10.30 AM to 12.30 PM (IST)
Section - A Fundamentals of Accounting
Section - B Mercantile Laws

Second Session
(i.e. Afternoon Session)
2.00 PM to 4.00 PM (IST)
Section - C General Economics
Section - D Quantitative Aptitude


Applications for admission to Common Proficiency Test is required to be made in the relevant
prescribed form as contained in the Information Brochure, which may be obtained from the
Deputy Secretary (Examinations), The Institute of Chartered Accountants of India, ICAI Bhawan,
Indraprastha Marg, New Delhi – 110002 on payment of ` 1500/- (` 500/- towards examination fee and
` 1000/- towards cost of application form and Information brochure) per application form. The fee for
candidates opting for Abu Dhabi and Dubai, centres will be US $170 (US $ 150 towards examination fee and US $ 20 towards cost of application form and information brochure) or its equivalent Indian Currency.

The fee for the candidates opting for Kathmandu centre are required to remit INR.1850/-(INR 850/- towards examination fee and INR 1000/- towards the cost of application form and information brochure) or its equivalent foreign Currency. Since the cost of Information brochure containing Common Proficiency Test application form includes the examination fee, no separate fee is required to be remitted at the time of submitting the filled in application form. The Information brochure containing Common Proficiency Test application form will also be available in the Regional and Branch Offices of the Institute and can be obtained there from on cash payment on or from 7th April, 2015.

Common Proficiency Test application forms duly filled in may be sent so as to reach the
Deputy Secretary (Examinations) at New Delhi not later than 28th April, 2015. Applications received
after 28th April, 2015 shall not be entertained under any circumstances. Applications duly filled in will be received by hand delivery at the office of Institute at New Delhi and at the Decentralised Offices of the Institute at Mumbai, Chennai, Kolkata, Kanpur, Delhi, Ahmedabad, Bangalore, Ernakulam, Hyderabad, Indore, Jaipur, Nagpur, Pune, Surat, Thane and Vadodara upto 28th April, 2015. Candidates residing in these cities are advised to take advantage of this facility. It may be noted that there is no provision for acceptance of application forms after 28th April, 2015 with late fee.

The candidates who fill up the examination application form online at http://icaiexam.icai.org from
7th April, 2015 (10.00 hrs) to 28th April, 2015 (17.30 hrs) and remit the fee online by using either VISA or MASTER Credit / Debit Card shall not be charged ` 1000/- (i.e. cost of application form fee).

The aforesaid Common Proficiency Test (CPT) is open only to students registered with the
Institute of Chartered Accountants of India for the Common Proficiency Course on or before
1st April, 2015 and fulfill the requisite eligibility conditions.

QUESTION PAPER BOOKLET LANGUAGE:
Common Proficiency Test is an objective type multiple choice questions based examination.
Candidates will be allowed to opt for Hindi medium Question Paper Booklet for answering the questions.
Detailed information will be found given in the Information brochure.

Constitution of Group Pursuant to C&AG’s Report `Performance Audit on Appreciation of Third Party (Chartered Accountants) - Reporting in Assessment Proceedings

Council Affairs/M-626/2015 24th January, 2015

ALL MEMBERS OF THE COUNCIL

Dear Sir, Pursuant to C&AG’s Report `Performance Audit on Appreciation of Third Party (Chartered Accountants) - Reporting in Assessment Proceedings’ for the year ended March, 2014, the President, in terms of the authority given to him by the Council at its 331st meeting held in February, 2014, has constituted a Group comprising of the following members:- CA. Sanjiv Kumar Chaudhary, Convenor CA. G. Sekar CA. Shiwaji Bhikaji Zaware CA. Sumantra Guha CA. Shyam Lal Agarwal CA. Aakanksha Khanna Kapoor, Deputy Director would act as Secretary to the aforesaid Group.

CA Final CA CPT Nov 2014 / Dec 2014 result statistics / analysis, pass percentage

Results of CA Final and CA CPT for Nov/Dec 2014 have been declared.

The pass percentage for both the examinations are as below : 

CA Final

Both  groups               8.23%
group I                        23.41%
group II                      10.26%



CPT                            14.74 %

Results can be seen on caresults.nic.in

Congratulations those who cleared the exams!!

Result of the Information Systems Audit [ISA] Assessment Test held on 27th December, 2014 is likely to be declared on 19th January, 2015

Result of the Information Systems Audit [ISA] Assessment Test held on 27th December, 2014 is likely to be declared on 19th January, 2015. - (14-01-2015)

---

13th January, 2015

IMPORTANT ANNOUNCEMENT

The result of the Information Systems Audit [ISA] Assessment Test held on 27th December, 2014 is likely to be declared on 19th January, 2015 around 2.00 PM at the Institute’s office at New Delhi. The result of the above Assessment Test will be available on the Institute’s website www.icai.org

CA Final CA CPT Results to be declared on 19th Jan 2015 : ICAI

The result of the Chartered Accountants Final Examination held in November, 2014 and Common Proficiency Test (CPT) held in December, 2014 are likely to be declared on Monday, the 19th January, 2015 around 2.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank in the case of Final Examination and candidates securing a minimum of 60% and above marks and upto the maximum of 10th Rank in the case of Common Proficiency Test and in accordance with the decision of the Examination Committee) on all  India basis will be available on the following website:

http://www.caresults.nic.in

Arrangements have also been made for the students of Final Examination and Common Proficiency Test (CPT) desirous of having results on their e-mail addresses to register their requests at the above website, i.e., http://www.caresults.nic.in from 14th January, 2015.  All those registering their requests will be provided their results through e-mail on the e-mail addresses registered as above immediately after the declaration of the result.

In addition to above, it may be noted that for accessing the result at the above website i.e. http://www.caresults.nic.in the student shall have to enter his registration no. and/or PIN no. alongwith his roll number. Further, facilities have been made for students of Final Examination and Common Proficiency Test (CPT) held in November/December, 2014 desirous of knowing their results with marks on SMS. The service will be available through India Times.
For getting results through SMS, students should type:
 i) for Final Examination result the following CAFNL(space)XXXXXX (Where XXXXXX is the six digit Final examination roll number of the candidate) e.g. CAFNL 000028

ii) for Common Proficiency Test result the following CACPT(Space)XXXXXX (Where XXXXXX  is the six digit Common Proficiency Test roll number of the candidate

e.g. CACPT 000171 and send the message to: 58888 - for all mobile services - India Times

(G. SOMASEKHAR) ADDITIONAL SECRETARY (EXAMS.)

CA Final Nov 2014 Results and News

Important Announcements made by CA K. Raghu, President ICAI at National Convention for CA Students held at Mumbai

CA Final Result date- 19 Jan
IPCC result Date- Feb 1st week

 ISCA paper to be dropped from CA final syllabus and council is planning to add subjects related to IFRS and Transfer Pricing.

Official confirmation regarding above mentioned announcements is awaited.

Announcement on Grant of Fellow Membership on the basis of service. - (11-12-2014) ICAI

Regulation 5 (3) of the Chartered Accountants Regulations, 1988 provides for eligibility to become a fellow member of the Institute on the basis of service in specified industries and organizations An associate member is eligible for admission as a Fellow Member if he/she satisfies the eligibility conditions laid down under Regulation 5(3) of the Chartered Accountants Regulations, 1988 as under; For the purpose of sub-section (3) of section 5, an associate shall be deemed to have acquired the experience normally acquired as a result of continuous practice for a period of five years as a chartered accountant, if he:- (i) being in government service or being employed in an educational institution approved by the Council or being employed in a private or government, industrial, commercial or trading undertaking, is ordinarily holding or has ordinarily held for a continuous period of not less than 5 years, any one or more posts carrying duties relating to accounts, costs accounts, audit, finance, taxation, company law and or secretarial work; (ii) being employed under a statutory autho

Lucknow HC decision to not permit non-lawyers repealed

Announcement on Court Verdict Modifying The Stay Order Dated 6 August 2014, By The Lucknow Bench of The Allahabad High Court on VAT. - (20-08-2014)

ATTENTION OF MEMBERS

ANNOUNCEMENT ON COURT VERDICT MODIFYING THE STAY ORDER DATED 6 AUGUST 2014, BY THE LUCKNOW BENCH OF THE ALLAHABAD HIGH COURT ON VAT
This is with reference to the order passed by the Lucknow Bench of the Allahabad High Court in the matter of Tax Lawyers Association & Anr. v/s State of U.P. & Ors. whereby only registered advocates were permitted to appear before the Authority under the VAT Act in the State of U.P.

On applications filed by the Institute for impleadment and vacation of stay, the Hon’ble Lucknow Bench of Allahbad High Court has modified its order dated 6th August, 2014 and consequently Chartered Accountants would continue to be permitted to appear before the Authority under the VAT Act in the State of U.P.