Government auditor can become CA by passing only final examination, given exemption from CPT/IPC
Dec 22, 2009 ICAI
The nation’s accounting standard-setting body, the Institute of Chartered Accountants of India (ICAI), has changed some rules to allow both new and serving officers of the Indian Audit and Accounts Service (IA&AS) to acquire the qualification of a chartered accountant (CA).
This is thought of as the first of a series of moves towards a synergy between the accounting and auditing practices of the country’s apex government auditor, the Comptroller and Auditor General of India (CAG) and the ICAI. The CAG is staffed by the IA&AS, and is the latter’s cadre-controlling authority.
The rule change has happened even as India prepares to align its accounting practices with over 100 countries by adopting the International Financial Reporting Standards by 2011.
The ICAI Council took the decision on December 17, to permit IA&AS officers to take the final phase of the CA exams and skip the intermediate stage of qualification.
Those who want to acquire the CA qualification will be required to write all the papers prescribed for ICAI’s Common Proficiency Test and Integrated Professional Competence Course, along with the CA Final course. On the practical training for three years prescribed under the Chartered Accountants Regulations, 1988, work experience of the IA&AS officers would be recognized as eligible for a set-off of the prescribed period; some rules apply.
“The decision will allow ICAI to closely coordinate with CAG and monitor the nation’s financial affairs in a more systematic and comprehensive manner,” Uttam Prakash Agarwal, president of ICAI, informed.
The IA&AS cadre are deployed by CAG for all government and public sector audits. They are also deputed abroad. “The IA&AS officers who are often deputed abroad for audit of internationally aided institutions would be able to bring together their experience as departmental auditors, along with the high professional knowledge accrued through the chartered accountancy course,” Agarwal said.
Tags: accountancy course, accounting standard, CAG, Chartered Accountant, chartered accountants of india, Common Proficiency Test, competence course, Comptroller and Auditor General, comptroller and auditor general of india, controlling authority, government auditor, institute of chartered accountants, institute of chartered accountants of india, intermediate stage, INTERNATIONAL FINANCIAL REPORTING STANDARDS, ipc, practical training, professional competence, professional knowledge
December 22nd, 2009 at 5:40 am
Please note that ICAI is not the accounting standard setting body… this is grossly false and misleading information. there is a separate National accounting and assurance standard board set up by the GOI for setting such standards, please correct your mistake.
December 22nd, 2009 at 5:47 am
This decision is wrong in its totality because the world will derecognise the qaulified CAs even who worked hard for so many years. It is just to please the office of CAG to get work.
December 22nd, 2009 at 7:08 am
Please read the sentence carefully. There is comma between The nation’s accounting standard-setting body and the Institute of Chartered Accountants of India (ICAI),
December 22nd, 2009 at 1:51 pm
i m agree with ashok
December 22nd, 2009 at 7:42 pm
Experience should be equated with Experience and
Education should be equated with Education…
The most rational decision would be to grant articleship training exemption to Group-B officers especially those who are working the Commercial Audit wing of IA&AD and doing all sort audits including supplementary audit as per Companies Act, 1956.
Interestingly, the decision to grant articleship training exemption only to IA&AS officers recruited through UPSC negate the very logic of equating experience against experience.
Another interesting thing is about excluding IA&AS officers those promoted departmentally but not by UPSC exam. This also speaks of one sided allowance with narrow focus. The logic is not at all applied here also.
If the CAG is interested in equipping the Indian Audit & Accounts Department with professionally equipped personnel, the right decision would be seek CA articleship training exemption to all personnel with certain years of service in Commercial Audit Wing not just restricting to Group-A officers recruited through UPSC.
To safeguard the public exchequer it is better to equip the government auditors (not just Group-A recruited by UPSC) with CA qualification by granting articleship training exemption.
But in India, powerful people only get what they want leaving the interest of the society/common.
December 23rd, 2009 at 5:42 am
Don’t worry, they will not be able to pass even the final exam so easily, so derecognisation of CA qualification will not come in picture. Even if you give exemptions in final CA, still some subjects will suffice to do away with weak candidates. So don’t worry.
One more suggestion to ICAI is that they should publish the results of such direct appearing candidates along with results of general category candidates. So that we come to know how much is their passing percentage.