Chartered Accountant (India)

In India, a Chartered Accountant is a qualified accountant of Institute of Chartered Accountants of India. The person clears the Institute conducted examination with prescribed percentage and also completes the required theory and practical trainings conducted by the Institute before being eligible as a registered member with it. As a qualified professional, he can perform the tasks enlisted by the Institute for various organisations to ensure proper accounting, auditing and taxation controls to be followed by them in the running of their business and operations. These policies clears any ambiguities for the organisations in the maintenance of their books of accounts.

History and Objective edit

A Chartered Accountant in India is a person who has qualified the examinations and completed the required practical and theoretical sessions conducted by Institute of Chartered Accountants of India, which was formed as body of registered accountants in 1949.[1] The person is required have sound knowledge in the subject of Accounting, Auditing, Costing and various aspects of Direct and Indirect Taxation.[2]

Education edit

Following are the required educational qualifications:[3][4]

An aspirant can enroll for Chartered Accountant either after completion of 12th or Graduation or Post Graduation.

An aspirant needs to enroll for practical training of 2 years Articleship with a registered Chartered Accountant after passing Intermediate exam in both groups.

After Completing the Articleship, he can appear for CA final exam after six months from the Date of completion.

Before appearing for CA Final Exam he is required to complete 4 papers of Self paced Online module and the four-week mandatory training program of Advanced ICITSS.

Eligibility after 12th edit

1. Eligibility for Foundation course is clearance of 12th board exam conducted by an examining body constituted by law in India or outside India or an examination recognized by the Central Government or the State Government.

The aspirant should enroll for the CA Foundation with ICAI, and after 4 months study period he will be eligible for writing exam.

After clearing CA Foundation Exam, he can register for CA Intermediate Course and should complete the Orientation Program and Information Technology Training (ITT).

The aspirant is required to pass both groups of CA Intermediate to Join for the Articleship, a 2 years practical training program with registered Chartered Accountant or a Chartered Accountancy Firm.

He can register for final course of Chartered Accountancy course after clearing both groups at Intermediate level.

The aspirant can appear CA Final exam after 6 months from the date of completion of Articleship and get qualified after passing both groups with requisite percentage,

The aspirant is eligible to become a member of ICAI, on successful completion of all the necessary courses, required exams and mandatory training specified above.

The aspirant becomes an eligible person to be called as Chartered Accountant, only after he registers with ICAI and obtains membership. CA has got much prevalence in India, due to lot competition for them.

Eligibility after Graduation edit

An aspirant can appear for the CA Intermediate exams directly after completion of 8 months study period from the date of registration and is also exempted from appearing for CA Foundation exam, in case he is a graduate and has cleared the examination with mandatory percentage . He will have eligibility registration for the Final Course of CA and clear the same after passing the CA Intermediate examination.

He will be eligible for ICAI membership, post completion of required examination, training and Articleship period.

He can start practicing as a Chartered Accountant only after getting membership post registering with ICAI.

Commerce Graduates edit

A Commerce graduate can apply directly for CA Intermediate Course in case:

Clears graduation with minimum 55 percentage marks by studying at least any 3 subjects out of Accountancy, Auditing, Direct and Indirect Taxation, Mercantile or Corporate Law, Economics, Management (including Financial Management) Costing, Business Administration or Management Accounting or similar to the title of these papers with different nomenclatures.

Non Commerce Graduates or Post Graduates edit

A person who is a non commerce graduate can aspire for being a Chartered Accountant, if he has completed his graduation from an approved UGC-recognized educational institution with a pass percentage of 60 or more.

He can appear directly for the CA Intermediate exams post completion of 8 months study period from the date of registration and is also exempted from CA Foundation exam. He can register and clear CA Final exam, after completion of CA Intermediate exam.

He will be eligible for ICAI membership, post completion of required examination, trainings and Articleship period.

He can start practicing as a Chartered Accountant only after getting membership post registering with ICAI.

Post qualification of Intermediate Levels in ICSI or ICMAI edit

• Cleared Intermediate level examination from Institute of Company Secretaries of India or The Institute of Cost Accountants of India (ICMAI).

Responsibilities edit

A Chartered Accountant in India performs following activities:[3]

  • Offers advice in financial planning.
  • Planning budget and other financial system.
  • Treasury and tax related advises.
  • Performance of Annual financial audits.
  • Assessing companies financial risk.
  • Preparation of financial statements.
  • Financial planning and forecasting.
  • In case of any discrepancy, liaison with internal and external auditors.

Curriculum edit

Following are the curriculum and eligibility for clearance of each of the stages:[5][3]

Foundation Course edit

Includes four subjects of 100 marks each and duration of exam being 3 hours each.

Paper Numbers 1 & 2 will be subjective type while paper numbers 3 & 4 will be objective type with negative marking.

Paper 1: Accounting

Paper 2: Business Laws

Paper 3: Quantitative Aptitude

Part 1: Business Mathematics (40 Marks)

Part 2: Logical reasoning (20Marks)

Part 3: Statistics (40 Marks)

Paper 4: Business Economics

Qualifying Marks

Examination for Chartered Accountancy Foundation Level are conducted each year in May and November.

An aspirant needs to get 40 percent minimum in each subject and an aggregate of 50 percent in all subjects, to qualify in the foundation examination.

Intermediate Examination edit

The Intermediate Exam consists of 3 papers each in two groups carrying 100 marks each with prescribed time limit of 3 hours during exam.

GROUP 1

Paper 1: Advanced Accounting

Paper 2: Corporate and Other Laws

Part 1: Company Law and Limited Liability Partnership Law (70 marks)

Part 2: Other Laws (30 marks)

Paper 3: Taxation

Section A: Income Tax Law(50 marks)

Section B: Goods and Services Tax (50 marks)

GROUP 2

Paper 4: Cost and Management Accounting

Paper 5: Auditing and Ethics

Paper 6: Financial Management and Strategic Management

Section A: Financial Management (50 marks)

Section B: Strategic Management (50 marks)


Marks needed to Qualify Charted Accountant (CA)

There is a 30 marks MCQ for all Papers with no Negative marking.

Examination for Chartered Accountancy Intermediate Level are conducted each year in May and November.

A candidate can either opt to attempt for single or both groups in examination, however he can aim for All India Rank in the examination only if he attends and clears both groups at a time and is able to secure marks at top 50 candidates level attending from country.

An aspirant needs to get 40 percent minimum in each subject and an aggregate of 50 percent in all subjects, to qualify in the Intermediate examination. If a candidate appears for examination for both groups and if he is able to secure minimum qualified marks in all subjects in either groups or both groups but fails to get aggregate in any group than the same can be set off from the excess marks from other group. However if still the marks are unable to meet the aggregate criteria in required group, than he is considered as fail for the group he is unable to secure the aggregate and needs to attend again.

Final Examination edit

The Final exam in Chartered Accountancy has 6 papers of 100 marks each, which are divided into three subjects in two groups. The exam duration for each subject is 3 hours. Duration of paper 6 is 4 hours.

GROUP 1

Paper 1: Financial Reporting

Paper 2: Advanced Financial Management

Paper 3: Advanced Auditing, Assurance and Professional Ethics

GROUP 2

Paper 4: Direct Tax Laws and International Taxation

Paper 5: Indirect Tax Laws

Part 1: Goods and Services Tax (80 marks)

Part 2: Customs & FTP (30 marks)

Paper 6: Integrated Business Solutions

All papers bear 30 marks of MCQ while Paper 6 has MCQ for 40 Marks.

Qualifying Marks

Examination for Chartered Accountancy Final Level are conducted each year in May and November.

A candidate can either opt to attempt for single or both groups in examination, however he can aim for All India Rank in the examination only if he attends and clears both groups at a time and is able to secure marks at top 50 candidates level attending from country.

Variety of topics like Ind AS, Forex, Derivative, Auditing Standards, Income tax act 1961 and GST Act are the part of CA Final Syllabus.

An aspirant needs to get 40 percent minimum in each subject and an aggregate of 50 percent in all subjects, to qualify in the Final examination. If a candidate appears for examination for both groups and if he is able to secure minimum qualified marks in all subjects in either groups or both groups but fails to get aggregate in any group than the same can be set off from the excess marks from other group. However if still the marks are unable to meet the aggregate criteria in required group, than he is considered as fail for the group he is unable to secure the aggregate and needs to attend again.

The CA Exam registration at all levels remains valid for a specific period, during which the CA student needs to complete his/her required training as well as clear his exams. CA Final Exam registration is valid for 10 years.[6]

Examination edit

The Examination by ICAI at Foundation, Intermediate and Final levels are conducted two times in a year.[7]

Examination Fee edit

The examination fee for foundation course is Rs 1500. For both groups of Intermediate course the fee is Rs 2700, and for one group it is Rs 1500. For applying for Final group, exam fee is Rs 3300 for both groups and Rs 1800 for single group.[8]

Recognition edit

Chartered Accountants are eligible for courses to do Ph.D in universities based in India, National Eligibility Test (NET) conducted by UGC and the award of Fellowship in Junior Research or Assistant Professor as the degree holders of Chartered Accountancy (CA) course are considered equivalent to Post Graduates by the UGC.[9][3]The unemployment rate of CA is 0% so every person who studied CA can be employed in india in MNC's like TATA,Wipro, etc.. and also in the Government Sector.

Related Articles edit

References edit

  1. ^ "CA Day 2021: History, significance, launch of new ICAI app, its features and quotes". India Today. 1 July 2021. Retrieved 5 June 2022.
  2. ^ "Ace your CA exams 2021 with these preparation tips, and dos and don'ts by an expert". India Today. 9 July 2021. Retrieved 5 June 2022.
  3. ^ a b c d "How to become a Chartered Accountant: Two routes to follow after Class XII and UG". telegraphindia.com. 3 November 2021. Retrieved 5 June 2022.
  4. ^ "CAs are now equivalent to Post Graduates: How to become a Chartered Accountant". Hindustan Times. 18 March 2021. Retrieved 5 June 2022.
  5. ^ "How to become a CA: Course details, paper-wise preparation tips". The Indian Express. 9 March 2021. Retrieved 5 June 2022.
  6. ^ https://www.catestseries.org/blogs/ca-final-exam-registration-may-2023--process--fees---last-date
  7. ^ "ICAI CA May Exams 2022: Foundation, Inter, Final course time table released". Hindustan Times. 21 January 2022. Retrieved 5 June 2022.
  8. ^ "ICAI invites applications for May 2022 CA exam; apply at icaiexam.icai". Firstpost. 22 February 2022. Retrieved 5 June 2022.
  9. ^ "Those with certificates in courses such as CA and CS can now pursue PhD, teaching jobs. Here's how". Edex Live. 2 October 2021. Retrieved 5 June 2022.

External links edit