All posts by CA Alkit Jain

I am a newly qualified Chartered Accountant always ready to help others

All You Need To know About Chartered Accountancy Course


All You Need To Know About CA

CA is an excellent career options considering the fact that not financial and accounting management have taken hot seat in the overall operation, management and development of any organization. Unlimited scope and one of the most regarded and respected professions. A CA is today involves in each and every financial transaction of any organisation and has the responsibility not only of generating resources but also to manage and spend prudently.

Levels :

Level 1

  • Session I – i) Fundamentals of Accounting & ii) Mercentile Laws
  • Session II – i) General Economics & ii) Quantitative Aptitude
  • Passing Percentage – 50% of Total marks are required to qualify the CPT. It has a flexible scheme of negative marking to the extent of 25% of incorrect answers.

Level 2
Professional Competence Course (IPCC) and Practical Training

ICAI believes in regular updation of the C.A. course to suit the fast changing environment. As part of this effort the Level Two of the course has been changed and re-christened IPCC. The details of IPCC are:

  • Eligibility Criteria: A student who has passed the CPT and 12th standard examination may join the Integrated Professional Competence Course
  • Practical Training: After passing group-I of the course, a student must join a practicing Chartered Accountant for practical training (Articleship). Articleship shall be of 3 years duration (36 months).
  • Additionally: In addition to artcileship a student must complete 100 hours of Information Technology Training (ITT) and 35 hours of ‘Orientation Programme’ ITT is to be started after a student registers for IPCC and completed before appearing in Group-I and Group-II of IPCE or Group I / ATE. Orientation Programme is of 4 sessions per day for 35 hours with an ICAI accredited institute.

Roles Of A Chartered Accountants

Practical experience is gained in the workplace where candidates draw on their knowledge, skills, values and ethics to face real-life situations. To do this successfully, they need the guidance of an experienced Chartered Accountant.

As their mentor you will:

  • Share your knowledge and experience
  • Help your candidate to identify and plan to meet the gaps in their knowledge
  • Meet with your candidate face-to-face at least quarterly to plan and focus on demonstrating how their daily work meets the areas of competency
  • Submit a Mentor’s Final Report confirming that your candidate has developed technical and non-technical competence to the levels required.

Your commitment

Candidates are required to work with a mentor for the entire period they are completing the Practical Experience component of the Chartered Accountants Program, to be eligible to apply for membership.

The amount of time you allocate to your mentoring role is dependent on the level of involvement you have agreed to with your candidate. It is recommended that you meet with your candidate face-to-face at least quarterly to plan and focus on demonstrating how their work meets the areas of technical and non-technical competency. Candidates will need to have updated their Candidate Practical Experience Logbook, and you will be asked to sign off on competencies achieved to date.

If you are unable to continue mentoring your candidate for any reason, you should provide them with as much notice as possible to support them with finding a replacement, for example, continue as their mentor until the end of their current Program module.

At the end of the Practical Experience component and your when your candidate is eligible for membership, you are required to submit a Mentor’s Final Report. It is recommended that you keep your meeting records until you are advised that your candidate has been admitted into membership.

If you and your candidate work in a large organisation, or you are mentoring your candidate from outside their organisation, your candidate will also require the support of a line manager. The line manager will provide day-to-day exposure to relevant activities and tasks needed to develop required competence, whereas your role is to provide high-level workplace support and guidance to your candidate.

Further information

For further information on the roles and responsibilities of candidates, line managers and mentors, refer to the Mentor Practical Experience Guidelines.

How To Become A Chartered Accountant

casteps

Registration for CPT:

The candidate needs to register with the Institute of Chartered Accountants of India (ICAI) for the Common Proficiency Test (CPT) after passing the Standard X examination.

Passing the CPT examination:

The CPT examination is held twice in a year – in June, and in December. The candidate can appear for the CPT examination after appearing for the standard XII examination, and after the completion of a period of a minimum of 60 days from the date of registration for CPT with the ICAI, as on the first day of the month in which examination is to be held, i.e. candidates registered on or before 1st April / 1st October are eligible to appear in June / December examination respectively.

Registration for IPCC:

In order to register for the Integrated Professional Competence Course (IPCC), the candidate should pass both CPT and 10+2. Registration for the IPCC should be done 9 months prior to the first day of the month in which examination is held. IPCC comprises of a total of 7 papers. Group I consists of 4 papers and Group II consists of 3 papers. For pursuing Articleship, passing Group I is essential.

Orientation and ITT:

The orientation course is one week long, spanning 35 hours and covers topics such as communication skills, personality development, office procedure general commercial knowledge etc. Information Technology Training (ITT) orientation is spans 100 hours and must be completed in order to register for Articleship.

Appearing and passing IPCC Group I Exam:

The candidate can appear and pass Group I or both groups of Integrated Professional Competence Examination (IPCE).

Registration for Articleship:

After passing either Group I or both IPCE Groups, the candidate can register as Articled Assistant for a period of 3 years Practicing Chartered Accountant.

Appearing and passing IPCC Group II Exam:

If the candidate has not already passed Group II of the Integrated Professional Competence Examination (IPCE), this can be done during the Articleship.

Registration for CA Final Course:

The candidate may register for the CA Final Course on passing the two groups of IPCC.

Appearing and Passing CA Final Course:

The candidate can appear for the CA final examination during the last 6 months of 3 years of articled training.

Complete Articleship:

Complete 3 years period of articled training.

GMCS:

Successfully complete the course on General Management and Communication Skills over a period of 15 days.

Membership:

Enroll as a member of ICAI and designate as “Chartered Accountant”.

Procedures To become CA 

Chartered accountancy is different from other courses in the sense that one does not need to go to any institute and attend classes to be able to become a chartered accountant.
The chartered accountancy course is done via the correspondence route, and the applicants are required to study by themselves and then give the examinations on the dates set by the Institute of Chartered Accountants of India (ICAI).After completing +2 following steps have to be completed in becoming a chartered accountant

The steps involved in becoming a chartered accountant are as follows:

Step 1. Taking up the foundation course for chartered accountancy: Students have to get registered for the foundation course at the Indian Chartered Accountants Institute before embarking on their studies to become a chartered accountant. This foundation course is usually of a one-year duration, and the course material is provide to the student, who then has to study it in preparation for an examination at the end of the one-year period.

Step 2. Completing the foundation course and preparing for the intermediate examination: After clearing the foundation exam for chartered accountancy, students then have to start their practical training. They have to complete 18 months of practical training with a chartered accountant before sitting for the intermediate examination. The students are tested on two groups of three papers each during this examination.

Step 3. Qualifying in the intermediate examination and appearing for the final examination: Students can start studying for the final exam only after dealing the intermediate examination. They then have to undergo two more years of practical training before they can sit for the final examination, in which the students are tested on two groups of four papers each.

Step 4. Enroll as a member of the ICAI and choose to either join employment or set up own practice: After successful completion of the final exam, the aspiring CA can apply for membership of the ICAI. All members are deemed associate members of the institute. Associate members who have been in practice for a minimum of five years and possess the experience prescribed by the council for this purpose are entitled to apply for Fellowship.

 

Marrying a Chartered Accountant : FUN STORY


Must read .. m sure its worth sharing 

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   Marrying a Chartered Accountant 

When I told my mom that I wanted a professional woman as my wife, she got me one; a Chartered Accountant.

She uses LIFO method while taking out the refrigerated food.

She thinks I am no good at figure work. Fine with me, for now she handles the budget of the house.

Initially she used to send me a bill at the month end, but when I told her that I am not her client but her husband, she asks for the money in advance.

The expenses had been rising steadily over the months, so one day I snooped into the papers maintained in a current file.

No wonder! She was charging conveyance and overtime to the house budget. She is crazy, I tell her but she corrects me.

“No my darling, I am the auditor.”

I fail to see the light. Every scrap of the paper in our house is filed.

She tells me as per some Ordinance she must keep a copy of every thing for at least ten years before destroying it.

I am worried. The other day we had an hour-long fight. Later, I got to know that she had charged that hour to a client of hers, in the time sheet. My time was put down as unoccupied.

She says that she loves me and I tell her that I love her too. However, she never believes me.

She says that there is susceptibility of it being a misstatement. Duh! She wants my representation on this & Expert opinion of some Expert!

Not a long time back my brother’s wedding was to be solemnized. Wedding cards had been sent. After some time I started receiving a steady trickle of letters.

I was puzzled until my wife explained that external evidence was more reliable.

She had called for confirmations from all those to whom cards were sent. When she cooks, my wife at times does not go by recipe.

Where the recipe says add half-teaspoon vinegar, one tsp black salt or one teacup of water, she ignores them.

She says that they are not material when taken in context of whole meal being prepared. She is crazy, I tell you.
Charteredbook
Surprisingly everybody calls her an auditor, instead. I checked the dictionary and it did not state that auditor is a synonym for crazy.

The dictionary must be outdated. When we got married, she had given me an Engagement Letter and I Had said how cute-how sweet.

Now she gives it to me every year saying that her standards state that it must be sent anew if there is any indication that I have misunderstood the objective and scope of engagement.

Huh! Apart from sending me the engagement letter once again she says I can’t get rid off her just like that.

She says that she has the right of being heard before I appoint some one else.

It seems I must keep reading one local and another English newspaper published and circulated in the vicinity of our house for more details.

Phew! For a minute, I thought that we had jeopardized our going concern status.

Duh! Dare I say so?? I am told by one of my female colleagues who is married to a CA that the scenario is even worse when the guy is a CA.

Apparently he capitalised the wedding expenses as preliminary expenses and is writing it off every year.

Also the time he spent dating his wife before marrying her is still under consideration for valuation under AS-26…valuation of intangible assets.

So guys please think twice….should u really marry a CA? And yes please discount it by the appropriate rate to arrive at the present value of the risk of doing so !!!

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