

The concept of Industrial
Training was introduced by ICAI to develop a problem-solving attitude amongst
future CA’s and to give an insight into what the role of a Chartered Accountant
is, in the industry. This inclusion of industrial training to the CA curriculum
is meant to provide industries with candidates who are adaptable to the
industrial setups and are compatible with their peculiar working structure.
This subsequently also helps those candidates who wish to pursue their careers
in industrial backgrounds.
In this article, we discuss
all about the CA Industrial Training including its eligibility criteria,
duration, procedure, and recent updates about the same.
Eligibility Criteria
In order to receive industrial
training, a candidate must pass certain eligibility criteria, which are
discussed below.
1. According to the
Chartered Accountant regulation of 1988, a candidate who has passed the CA
intermediate or IPCC examination (both groups) is eligible to serve as an
industrial trainee in any of the financial, commercial, industrial undertakings
as may be specified by the council or such other institutions or organizations
as may be appeared by the Council from time to time.
2. An article can only serve
as an industrial trainee if he/she has completed 18 months of their practical
training.
3. It is mandatory for the
candidate to intimate their principal at least 3 months before the commencement
of the ICAI training.
Duration
The period of industrial
training may range between nine months and twelve months during the last year
of the prescribed period of practical training.
Procedure
The candidate is required to
fill the form number 104 to register themselves for the industrial training.
This form can be downloaded here. On the successful filing of the form,
the same is to be submitted to the Council of ICAI in the following manner:
Checklist for
Form No. 104 for CA Industrial Training:
• The Company imparting
Industrial Training is to be approved by the Institute. The list of such
approved companies can be accessed here.
• The student must inform
his/her Principal at least three months prior to the date on which training is
to commence, his/her intention to undertake such Industrial Training.
• Form 104 is to be
submitted on a non-judicial stamp paper or affix ‘Special Adhesive Stamp’ as
per the rates applicable in the respective Cities/States in duplicate and
submit the same to the Institute within 30 days from the date of commencement
of such training.
• Articled Assistants should
have passed Both Groups of Intermediate Examination/PE-II Examination/PCC
Examination.
• The period of registration
as Industrial Trainee should not be less than nine months and more than twelve
months including the period of excess leave taken and the training can be
during the last year of Practical Training.
• Industrial Training can be
received only under a member of the Institute and under the Organisation
approved by the Institute. The employment details of the members must be
updated in our database.
Chartered Accountants
(Amendment) Regulations 2020
The Institute of Chartered
Accountants of India, on 23rd September 2020 issued a draft regulation for
further amending the Chartered Accountants Regulations, 1988. These regulations
may be called the Chartered Accountants (Amendment) regulations 2020. Read the
amended regulations here.
Important points highlighted
in the Chartered Accountants (Amendment) Regulations 2020:
• The industrial training
shall be received under a member of the Institute of Chartered Accountants of
India. However, it is required of the person to be a member of ICAI for at
least 3 years continuously to undertake a trainee at a time and the fellow
shall be entitled to train two industrial trainees at a time, whether such
trainees be articled, assistants or audit assistants.
-Provided
that in the case of the Central or State Governments, Central statutory and
judicial authorities, regulatory bodies, banking companies, and other
departments of central or state governments, institution or organization, if no
member of the Institute referred to in this sub-regulation is available, the
industrial training can be imparted by such an officer of that Government,
Authority, Body, Bank, department of central or state government, institution
or organization, as may be recognized by the Council from time to time.
-The
entitlement of such an officer shall be determined by the council from time to
time based on the number of years of service and the nature of services being
rendered by the department concerned.
• An article assistant can
also serve as an industrial trainee for a period ranging from six months to
eighteen months in a foreign country under a member of the accountancy body in
that country recognized by the International Federation of Accountants.
• A member or officer
related to ICAI, with the consent of their trainee can also depute their
trainee for industrial training for a period of three months to any foreign
country, in a manner determined by the council.
• The training must include a stipend as
agreed mutually between the industrial trainee and the member of ICAI.
• As discussed in the
Chartered Accountants regulation 2020, the working hours of an articled
assistant shall be 35 hours per week which is to be regulated by the principal
from time to time.
• On satisfactory completion
of the industrial training, the member who was training the industrial trainee
shall forthwith issue to their trainee a certificate in the form approved by
the Council in respect of the training provided by him and forward a copy
thereof to the Secretary. The approved form for which is Form no. 105.
Unlike articleship,
industrial training is not compulsory for the curriculum of CA. However, as per
the ever-growing and perpetually changing nature of the industrial economy,
industrial knowledge provides an edge to the overall knowledge of financial
planning and its application. Albeit not mandatory, applying for industrial
training is a wise choice in the current circumstances.
This year a total of four
thousand four hundred and five firms/companies have issued vacancies for
articleship training and industrial training. However there are only sixty-six
vacancies specifically for the position of an industrial trainee. Every year
the significance of industrial training is rising and with that vacancies are
also increasing. It is wise to apply for such training to develop an
understanding of the production processes to create an edge over other
candidates and improve the prospects of acquiring the sought job position.
(shahyar husain ) _
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