AUBSP Description

CA Intermediate (IPC) Nov, 2013 Exam Under Direct Entry Scheme

Exemption from CPT for graduates students studying any 3 commerce papers carrying 50 marks per semester/ year and 100 marks in entire course duration.

Exemption from CA CPT
In addition to the Intermediate level Examination passed students of The Institute of Cost Accountants of India (ICAI) and The Institute of Company Secretaries of India (ICSI), any graduates with good marks may get direct entry to the Intermediate (Integrated Professional Competence) course of The Institute of Chartered Accounts of India (ICAI) to become a Chartered Accountant.

In other words, all Applicants who fulfil the requirements, as given below, will be exempted from the entrance exam of ICAI i.e. Common Proficiency Test (CPT), an objective type test with negative marking.

This Direct Entry Scheme was announced by ICAI vide BoS/Announcement/227/12 (1) dated 16th August, 2012 issued in pursuant to Notification No. 1-CA(7)/145/2012 dated 1st August, 2012 published in the Gazette of India notifying amendments made to the Chartered Accountants (CA) Regulations, 1988.


As per the amended scheme all eligible candidates may register for the Intermediate (IPC) Course of CA Institute by downloading “Registration Form for admission to the Intermediate (Integrated Professional Competence) Course under Direct Entry Scheme” by submitting the filled-in applications to respective Offices of the ICAI as mentioned in the Application Form.

This amendment has been effective from 1st August, 2012 after issuing the Notification No. 1-CA(7)/145/2012 in exercise of the powers conferred by sub-section (3) of section 30 of the Chartered Accountants Act, 1949.

In exercise of the powers conferred by section 30(1) of the said Act, the Council of ICAI, with the approval of the Central Government (CG) hereby amended the CA Regulations, 1988 and henceforth to be called as the Chartered Accountants (Amendment) Regulations, 2012.

The following categories of students shall be exempted from passing the CA CPT Examination:-

Exemption to Graduate or Post Graduate (Category-A):


As per the newly inserted sub-regulation (1A) of regulation 25D read with regulations 28E and 50 of the Chartered Accountants (Amendment) Regulations, 2012, the following Commerce/ Non-Commerce graduates or post graduate are eligible to get direct entry in CA Intermediate (IPC) Course:

1) Commerce graduates or post graduate:

If you are a graduate or post graduate in commerce and you had secured a minimum 55% marks in aggregate then you shall be exempted from passing the Common Proficiency Test (CPT) of ICAI.

The above exemption will also be granted to those who secured the equivalent grade in the examination conducted by any recognised University (including Open University) by studying any three papers carrying a minimum of 50 marks in a semester/ year and cumulatively 100 marks or more marks over the entire duration of the concerned course out of the following subjects:

i) Accounting,
ii) Auditing,
iii) Mercantile Laws,
iv) Corporate Laws,
v) Management (including Financial Management),
vi) Economics,
vii) Taxation (including Direct Tax Laws and Indirect Tax Laws),
viii) Costing,
ix) Business Administration
x) Management Accounting
xi) or similar to the title of these (i to x) papers with different nomenclatures.

Therefore, you may say that you will get exemption from CPT under Direct Entry Scheme to CA IPC Course if you are a commerce graduate or post graduate and you had secured:
a) Either a minimum 55% marks in aggregate or the equivalent grade
b) by studying any three commerce papers (stated above) carrying
   i) a minimum of 50 marks in a semester/ year; and
   ii) cumulatively 100 marks or more marks over the entire duration of the concerned course.

The above amendment has been made with retrospective effect vide ICAI BoS/ Announcement/ 227/2013 dated June 7, 2013 by passing a resolution under Regulation 205 of the Chartered Accountants Regulations, 1988.

Thus this updated regulation is effective with from the date of the commencement of practical training, provided the registration and other related papers together with prescribed fee had been received in the office on or after 1st day of August, 2012 and such students are also continuing their articles.

2) Non- Commerce graduates or post graduate:

In case you are a non-Commerce graduate and secured at least 60% marks in aggregate of the total marks or its equivalent grade in the examination conducted by any recognised University (including Open University) then there would be no need to appear for CPT.

In other words, any graduate or post graduate other than those referred to point (A) above will be exempt from CPT if and only if he has passed his graduation examination with minimum of 60% marks in aggregate.

Explanation:

(a) For calculating the percentage of marks, the marks secured in subjects in which a person is required by the University (including Open University) to obtain only pass marks and for which no special credit is given for higher marks, shall be ignored; and

(b) Any fraction of half or more shall be rounded up to the next whole Number.

Exemption to the students of ICAI and ICSI (Category-B):


As per the newly inserted sub-regulation (1B) of regulation 25D of the Chartered Accountants (Amendment) Regulations, 2012, candidates who have passed the Intermediate level examination or its equivalent examination by whatever name called conducted by the institute of Cost Accountants or Company Secretaries are eligible to get direct entry in CA Intermediate Course:

3) Students of the Institute of Cost Accountants of India (ICAI):

If you have cleared the Intermediate level examination conducted by ICAI set up under the Cost and Works Accountants Act, 1959 shall be exempted from passing the CPT.

4) Students of the Institute of Company Secretaries of India (ICSI):

If you have cleared the Intermediate level examination conducted by ICSI set up under the Company Secretaries Act, 1980 shall be exempted from passing the CPT.

Direct entry to Practical/ Articleship Training


Students covered under Category (A) above:

Any graduate or post graduate who has been exempted from CPT shall be eligible for admission to 3 years articled training, on completion of-

(a) Information Technology Training (ITT); and
(b) Orientation Course.

Students covered under Category (B) above:

Those who have passed Intermediate level examination of The Institute of Cost Accountants of India or The Institute of Company Secretaries of India shall be eligible for admission to three years articled training on-

(a) Passing of 1st Group or Both Groups of Intermediate (IPC) Examination;
Or
Accounting Technician level Examination;
(b) Completion of Information Technology Training; and
(c) Completion of Orientation Course.

NOTE: A member in full time employment with a firm of chartered accountants shall be entitled to train 1 articled assistant provided he has been in employment with the same firm for a continuous period of 3 years. [Newly inserted sub-regulation 2A of Regulation 43]

In other words, the period of employment of a paid assistant with the same firm of Chartered Accountants for the purpose of engagement of articled assistants has been increased from 12 months to 3 years w.e.f. August 1, 2012.

Eligibility to appear in the CA Intermediate Examination


Aplicable for students falling under Category (A) above:

A candidate shall be eligible for admission to the Intermediate (Integrated Professional Competence) Examination if he-

(a) is registered for the Intermediate (IPC) Course; and
(b) has completed 9 months of practical training (including study course for a period of 8 months which shall commence from the date of registration to the Course).

Applicable for students falling under Category (B) above:

A candidate shall be eligible for admission to the Intermediate (Integrated Professional Competence) Examination if he-

(a) is registered for the Intermediate (IPC) Course; and
(b) has undergone a study course for a period of eight months commencing from the date of registration to the Course.

Requirement for passing Common Proficiency Test


As per the amended Regulation 36A of the Chartered Accountants (Amendment) Regulations, 2012:

A candidate for the Common Proficiency Test (CPT) shall ordinarily be declared to have passed the test if he obtains at one sitting a minimum of 30% marks in each section and a minimum of 50% marks in the aggregate of all the sections, subject to the principle of negative marking, in such manner as may be determined by the Council, from time to time.

Provisional admission to Integrated Professional Competence (IPC) Course


As per the newly inserted sub-regulation (2A) of Regulation 28D of the Chartered Accountants (Amendment) Regulations, 2012:

If you are pursuing the final year of graduation course and provisionally registered to IPCC then your registration shall be confirmed only on submission of satisfactory proof of having passed the graduation examination with the minimum marks as provided in sub-regulation (1A) of regulation 25D (already discussed above in point A and B) within such period not exceeding 6 months as may be decided by the Council of ICAI, from the date of appearance in the final year graduation examination.

However, if you fail to produce the proof within the aforesaid period (6 months), your provisional registration shall be cancelled and the registration fee or the tuition fee, as the case may be, paid by you shall not be refunded and for the purpose of these regulations no credit shall be given for the theoretical education undergone.

For any further information/clarification, candidates can contact Examination Help Desk at 0120-3054 851, 3054 852, 3054 853 and 3054 835.

CA Intermediate (IPC) Nov, 2013 Exam Under Direct Entry Scheme


Students who have registered for the Intermediate (IPC) Course under Direct Entry Scheme on or after 1st October, 2012 and commenced practical training on or before 31st January, 2013 are eligible to appear in the CA IPC Examination to be held in November, 2013 subject to completion of the below mentioned requirements.

A) Relaxation in Completion of ITT and Orientation Course:

In order to mitigate the hardships being faced by the students registering under Direct Entry Scheme to Chartered Accountancy Course, the council of ICAI has given the relaxation in eligibility criteria for CA Intermediate (IPC) Examination to be held in Nov, 2013 vide BoS/Announcement/227/13 dated 15th January, 2013.

Accordingly, all students who have registered for the CA Intermediate (IPC) Course under Direct Entry Scheme on or after 1st October, 2012 and fulfil the prescribed percentage criteria can commence practical training on completion of Orientation Course and shall also be eligible to appear in the Intermediate (IPC) Examination to be held in November, 2013.

However, such students shall be required to complete:

a) Information Technology Training (ITT) and Orientation Course latest by 31.12.2013; and
b) 9 months practical training and 8 months of study course concurrently.

NOTE: ICAI extended the date for completion of ITT and Orientation Course upto 31st December, 2013 vide announcement dated 29th July, 2013.


In other words, you are therefore required to complete your ITT and Orientation Course before the end of this year 2013 and submit relevant certificate/s to the concerned regional office of ICAI where you are registered with.

B) Registration of Articled/ Audit Assistants within the stipulated period: 

The CA institute has further announced vide BoS/Announcement/227/13 dated February 15, 2013 that those students who have completed Orientation Programme and 100 hours ITT and joined for the practical training under Regulation 46 (Registration of Articled Assistants) /69 (Registration of Audit Assistants) of the Chartered Accountants Regulations, 1988 under Direct Entry Scheme are advised to complete the registration of article/ audit assistants in the approved From 103/ 113 (Deed of Articles and Registration Form) as the case may be with the Institute within the stipulated period of 30 days as specified under Regulation 46(2)/ 69(2) of the Chartered Accountants Regulations, 1988.

NOTE: You have to buy Form 102 [See Regulations 46 (1) 56 (3), 57 (4) and 58 (4)] from the Regional Office and ICAI Branch Offices on payment of Rs. 50/- only. However, you may click here to download the same for the reference purpose.

It is further advised by the Board of Studies (BoS) of ICAI that Form 103/ 113 together with documentary evidence of complying the requirements of referred regulations should reach the concerned Regional Office within the stipulated period i.e. 30 days.

Thus, if you have already commenced your practical training on or before 1st February, 2013 you should have to submit the relevant papers within 30 days to the concerned Regional Office so as to appear in November, 2013.

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