ICAI Latest updates and  comparison in the old and new schemes

ICAI Latest updates and  comparison

In the world of finance and accountancy we have to always stay up to date on latest changes and updates crucial for professionals , especially for chartered accounts. The field of chartered accountant significant development over the years as per demands and according to the need of changing the  world demands work profiles .In this blog ICAI Latest updates and  comparison we will explore the latest updates and difference between old schemes and new schemes

Revised Audit Standards:

The auditor’s job profile is to analyze spreadsheet data , examine the company accounts , financial control systems, gauging the financial risk within the organization and ensuring procedures , policies , legislation and regulations are correctly followed by the organization. Auditors check the company financial records to identify if the company is genuine or not. The auditing standards have undergone significant changes to align international standards. CAs must now provide high-quality audit services that match today’s standards.

Digital transforming:

As we all know the world revolves around digitally . The accounting landscape also has been revolutionized by technology . CA’s are expected to use digital tools and platforms to take their work  digitally . it enhances efficiency , and provides data-driven insights to clients. It will really help to analyze each client’s records and make it easy to maintain the financial statements.

 GST(goods and service tax):

The introduction of GST in various countries has transformed the indirect tax regime. CAs need to stay updated on GST laws and regulations to help businesses comply and optimize their tax strategies. 

Ethical standards:

the importance of ethics in accounting cannot be overstated. There is a growing emphasis on ethical conduct and integrity among CAs to maintain public trust in the profession

Table of content :

What are ICAI’s new schemes on education?

The ICAI has devised a New Scheme of Education to streamline the CA course as per the New Education Policy, 2020 (NEP) and international education standards. ICAI’s new scheme was notified on 22nd June, 2023 in the Gazette of India would become applicable from July 1, 2023 impacting anyone who wants to pursue the dream of becoming a CA. The last CA Foundation exam under the existing scheme would be conducted in December, 2023 and the last CA Inter and CA Final exam under the existing scheme would be conducted in November, 2023.

Activity Current scheme  New scheme
Registration for Foundation / appear for 10+2 After Class 10 After Class 10
Registration for Foundation / appear for 10+2 After Class 10 After Class 10
Appear for Foundation Examination After 4 months study period After 4 months study period
Study for Intermediate Examination 8 months 8 months
Articleship 36 month 24 months
Study for Final Examination 6 months
Total period to become ICAI member 48 months 42 months
Business Accounting Certificate (Optional) After clearing CA Inter and self paced learning modules and completion of PT and Integrated Co

use on Information Technology and Soft Skills

 

New Scheme of ICAI: Important Dates

Last Intermediate and Final Examination under Existing Scheme November, 2023
Last Foundation Examination under Existing Scheme December, 2023
First Intermediate and Final Exam under New Scheme May, 2024
First Foundation Exam under New Scheme June, 2024

 

Now let’s compare ICAI Latest updates and  comparison the old and new schemes in chartered accountancy education and practises.

 CA course structure :

Under the old scheme the students who are pursuing CAs Had to go through a three level of examination : CPT(common proficiency test , ) IPCC (Integrated professional competence course ), and final CA.

Article-ship:

Article-ship, a mandatory training program, lasted for three years. CAs Gain hands-on experience during this period. 

Subjective Examination:

The examination pattern was subjective , with written papers and lengthy descriptive answers

New scheme:

Ca Course structure ; The new scheme introduced a revised curse structure with fewer exams .Aspiring CAs must pass the foundation course , intermediate course , CA final to qualify.

Practical training:

Articleship has been replaced with practical training , which allows candidates to choose from a range of opportunities , including internships, apprenticeships and industrial training.

Objective examination:

The examination pattern has shifted towards a more objective format, including multiple choice questions and case studies to asses practical knowledge and application.

The ICAI Latest updates and  comparison  lays out the steps to becoming a CA. The CA course consists of three levels namely.

  • CA Foundation level,
  • CA Intermediate level
  • CA Final

Candidates who have completed 12th grade can register themselves for the CA Foundation exam. On the other hand, graduates can directly register themselves for the CA Intermediate level. The intermediate course is referred to as the study course of Chartered Accountancy.

Let’s look at the eligibility criteria and other details for each level of the CA course that will act as a reference guide to become a CA.

CA Foundation Course

A candidate should register with the Board of Studies in order to register for the CA course. One can do so after clearing the 10th Std examination. However, in order to appear for the CA foundation course, a candidate must have completed 4 months of study period and also appeared for the 12th std examination. The candidates will then become eligible to appear for the June or December session of the CA foundation exam.

CA Foundation New Syllabus

ICAI has notified the new syllabus for CA Foundation course on July, 1 2023.

The ICAI Latest updates and  comparison new syllabus has the following papers:

Paper 1 Accounting
Paper 2 Business Laws
Paper 3 Quantitative Aptitude

Part A: Business Mathematics

Part B: Logical Reasoning

Part C: Statistics

Paper 4 Business Economics

  

The present syllabus of Ca foundation exam consists of four papers

Paper 1 Principles and Practice of Accounting
Paper 2 Business Laws and Business Correspondence and Reporting
Paper 3 Business Mathematics, Logical Reasoning and Statistics
Paper 4 Business Economics and Business and Commercial Knowledge

Once candidates clear the 12th examination and the foundation exam, they become eligible to register for the intermediate course. As per the new scheme, to clear the CA Foundation exam a candidate must score a minimum 40% marks in each paper and an aggregate of 50% in all four papers

Direct Route

Another route to become eligible for registration for the intermediate course is the direct route which one can opt after graduation or after clearing the Intermediate level exam of the Institute of Cost Accountants of India or Institute of Company Secretaries of India.

Direct Entry Route Eligibility Overview

1. Commerce Graduate/ Post-Graduate with minimum of 50% marks. Graduate/ Post-Graduate Other than Commerce with minimum of 60% marks
2. Passed the Intermediate level Examination of Institute of Cost Accountants of India / Institute of Company Secretaries of India
3. Under- Graduate / Post- Graduate in the last year of their Graduation / Post- Graduation can also apply provided that they produce their qualifying certificate with the prescribed minimum marks before registering to appear for the CA Intermediate exam.

CA Intermediate Course

The second step in the CA exam is the CA Inter program.

CA Intermediate New Syllabus

As per the new CA intermediate syllabus released on July 1, 2023 by ICAI, the following 6 papers are included in it

ICAI Latest updates and  comparison in syllabus

Paper 1 Advanced Accounting
Paper 2 Corporate and Other Laws

Part 1: Company Law and Limited Liability Partnership Law

Part 2: Other Laws

Paper 3 Taxation

Section A: Income Tax Law

Section B: Goods and Services Tax

Paper 4 Cost and Management Accounting
Paper 5 Auditing and Ethics
Paper 6 Financial Management and Strategic Management

Section A: Financial Management

Section B: Strategic Management

The present intermediate exam syllabus of CA comprises of eight papers divided into two groups

Group 1 Group 2
Paper 1: Accounting Paper 5: Advanced Accounting
Paper 2: Corporate and Other Laws Paper 6: Auditing and Assurance
Paper 3: Cost and Management Accounting Paper 7: Enterprise Information Systems and Strategic Management
Paper 4: Taxation Paper 8: Financial Management and Economics for Finance

The new CA scheme specifies that candidates can appear for the CA Intermediate Exam if they satisfy the following requirements:

  • Candidates have to register themselves with the Board of Studies. Candidates who joined through the CA Foundation route are already registered with BOS so they can skip this condition
  • Candidates have to complete a study period of 8 months and produce a certificate in that regard as stipulated by the ICAI council.

On fulfilment of the above conditions, a candidate can appear for the exam. The registration for the intermediate course is valid for a period of 10 years after which the candidate needs to revalidate the registration for another period of 10 years. Presently, the CA Intermediate exam is held twice a year – May/June and November/December.

ICAI Latest updates and  comparison – The candidate would have passed the CA Intermediate exam on fulfilling the conditions mentioned below:

  • Candidate clears all the papers from Group 1 and Group 2 in one sitting with a minimum score of 40% in each of the papers and 50% in aggregate of all the papers.

CA Final Course

Once candidates clear the second level of the CA course, they can register for the CA final level.

Before appearing for the CA Final exam, candidates have to fulfil the following conditions.

  • Complete Integrated Course on Information Technology and Soft Skills (ICITSS) after registration for Intermediate course but before commencement of Practical Training (PT)
  • Undergo a practical training (PT) of two years as per Regulation 50 of the Chartered Accountants (Amendment) Regulations, 2023. Earlier this training period was of three years which has been reduced under the new scheme.
  • After completion of the practical training but before appearing for the CA final examination, candidates also have to undergo an Advanced Integrated Course on Information Technology and Soft Skills for such duration as specified by the ICAI Council.
  • Also, a candidate needs to complete the self-paced online learning modules with a minimum of 50% marks after completing the CA Intermediate exam but before appearing for the CA Final exam.

The self paced learning modules consists of the following.

Sets Paper Name
Set A (Compulsory) Corporate and Economic Laws
Set B (Compulsory) Strategic Cost and Performance Management
Set C (Any One) Risk Management

Sustainable Development & Sustainability Reporting

Public Finance & Government Accounting

The Insolvency and Bankruptcy Code, 2016

International Taxation

The Arbitration and Conciliation Act, 1996

Forensic Accounting

Valuation

Financial Service and Capital Markets

Forex and Treasury Management

Set D (AnyOne) The Constitution of India and Art of Advocacy

Psychology and Philosophy

Entrepreneurship and Startup Ecosystem

Digital Ecosystem and Controls

Candidates can appear in the CA Final exam six months after completion of the Practical Training. Presently, the CA Final exam is held twice a year – May/June and November/December.

CA Final New Syllabus

As per the new syllabus notified on July 1, 2023 the new CA Final syllabus comprises of the following papers:

Paper 1 Financial Reporting
Paper 2 Advanced Financial Management
Paper 3 Advanced Auditing, Assurance and Professional Ethics
Paper 4 Direct Tax Laws and International Taxation
Paper 5 Indirect Tax Laws:

Part I: Goods and Services Tax

Part II: Customs and FTP

The current syllabus of ca final exam consists of the following papers:

Paper 1- Financial Accounting Paper 6C- International Taxation
Paper 2- Strategic Financial Management Paper 6 D- Economic laws (100 Marks)
Paper 3- Advanced Auditing and Professional Ethics Paper 6E- Global Financial Reporting Standards
Paper 4- Corporate and Economic Laws Paper 6F- Multidisciplinary Case Study
Paper 5- Strategic Cost Management and Performance Evaluation Paper 7- Direct Tax laws and International taxation
Paper 6A- Risk Management Paper 8- Indirect Tax Laws
Paper 6 B- Financial Services and Capital Markets

Once the candidate clears all the papers with a minimum of 40% marks in individual papers and scores 50% in aggregate, they will be said to have passed the CA Final examination. They can apply for membership with the Institute of Chartered Accountants of India and qualify to become a Chartered Accountant.

Business Accounting Certificate (BAC)

Additionally, before appearing for the CA Final exam, a candidate can also apply for a Business Accounting Certificate (BAC) if they meet the following conditions:

  • Clear both Group 1 and Group 2 exams of the CA Inter level
  • Complete the Integrated Course on Information Technology and Soft Skills
  • Completes the practical training as laid down in the CA regulations
  • Completes the self paced learning modules

Conclusion: ICAI Latest updates and  comparison read all new schemes carefully ,The field of chartered accountant is evolving rapidly , driven course by changing regulations , technology advancements and  growing their demand for ethical practises. CAs must adapt themselves continuously updating their skills and knowledge in their particular field .The shift from old and new schemes in CA education reflects the profession commitment to staying relevant and providing professionals with more diversified and practical learning experience. CA and coaching must updates the technology and take their services online to showcase their services on online platform

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