Industrial Training pointed to the practical training in the firm or an industrial environment that supports the students in building the needed skills which would assist them in becoming a professional of the future.
ICAI industrial training secures to equip the candidates who want to make a career in the industry with the needed practical environment and appreciation for the operation of the finance department in the industrial exposure. The same maintains a problem-solving posture among the upcoming chartered accountants and makes them work in subsequent times.
The article mentioned all the essential elements of the industrial training in the Chartered accountancy course.
FAQ Articleships and Industrial Trainings Platform
Q:1 I am a student enrolled with ICAI. How do I access this portal?
There is no requirement to enroll on this portal, as your information will be imitated from the SSP portal and auto-fill your profile. Your information will be seen by the CA firms and companies for shortlisting relied on the eligibility.
Q:2 When would I start the practical training, if I am on the foundation or CPT route?
Post to passing either or both of the groups of intermediate examination or IPCC and successfully finishing four weeks of the integrated course on the Information Technology and Soft Skills (ICITSS) / ITT & OC, you can start Practical Training.
Q:3 when could I start the practical training, if I have entitled to the intermediate level examination of the Institute of Company Secretaries of India or the Institute of Cost Accountants of India?
Post to passing either or both of the groups of the intermediate examination/ IPCC and successfully finishing the Four weeks integrated course on the information technology and soft skills (ICITSS)/ ITT and OC, you would start practical training.
Q:4 What is the time period of Practical Training?
Q: 5 I am in the first year of Practical Training, can I take a transfer?
Yes. an individual might avail of transfer in the first year of Practical Training.
Q:6 What is the entitlement of a firm/ member to teach articled assistants?
Regulation 43 furnish that for each term and condition as the official may consider fit to levy on the grounds, the member designated as an associate or a fellow, who has been in practice constantly if in India or at some other place or an associate or a fellow, who is deemed to be in practice in the terms of explanation to sub-section (2) of section 2 of the act, will only be qualified to employ an articled assistant or assistants. An associate or a fellow will be qualified to train these number of articled assistant or assistants, beneath these terms and conditions which is mentioned in Tables I and ii mentioned after it:
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Q:7 I am in 2 nd / 3 rd year of Practical Training, what are the rules for transfer?
The transfer or termination of the articleship post to the finish of the first year of the articled training is possible on satisfying any one or exceeding the conditions as mentioned below:
- The medical basis needs to halt the articles for the minimum duration of 3 months (on the production of a Medical Certificate issued by a Government Hospital).
- Transfer of parent(s) to another city.
- Misconduct involving moral turpitude.
- Additional justifiable causes:
i. Provisions already permitted in the Chartered Accountants Regulations, 1988(on submission of requisite proof of the act warranting transfer/termination of articleship):
- Industrial Training (Regulation 51)
- Secondment of articles (Regulation 54)
- Death of Principal [Regulation 57(1)(c)]
- Ceasing of practice by the Principal [Regulation 57(1)(a)]
- Removal of the name of the Principal from the Register of Member due to any reason [Regulation 57(1)(b)]
ii. Marriage grounds (when there is relocation to another city involving a distance of 50kms or exceeding).
iii. Irregular payment or nonpayment of stipend with reference to Regulation 67.
iv. Articled assistant wants to furnish a balance duration of training outside India.
v. Transferring via Principal to another city involving a distance exceeding 50 km.
The articled assistant is needed to obtain permission from the institute prior to obtaining Form 109 signed via the principal in their own interest.
The request, on anyone or exceeding of the mentioned basis, of the articled assistant on the plain paper engaging the suggestion or consent of the principal for the transfer or termination of the articleship accompanied proof (self-attested by the articled assistant) to the performed for the institute’s satisfaction. Urge towards the shift not accompanied by the permission of the Principal will not be accepted.
Q: 8 I want to do industrial training, when would I start that?
If you secure a qualified intermediate/IIPC examination then you could do the industrial training in the former year of the mentioned practical training in industrial organizations which is accredited by ICAI. training might be of 9 to 12 months by notifying the norms about your preference to do the industrial training at least three months before the date on which such training is to begin.
Q:9 Does the industrial training period get covered within three years of practical training?
TABLE – I
(subjected to members practicing the profession of chartered accountants in his individual name or as proprietor or a partner)
|Period of Continuous Practice
|Entitlement of article assistant or assistants
|An associate or fellow in ongoing practice for a duration up to 3 years
|An associate or fellow in ongoing practice towards any duration from 3 years to 5 years
|An associate or fellow in ongoing practice for any course from 5 years to 10 years
|An associate or fellow in continuous practice for any period from 10 years
TABLE – II
Subjected to the members who are in full-time salaried employment beneath the chartered accountant in practice or a company of these chartered accountants
|Number of full time salaried employees– irrespective of whether associate or fellow
|Entitlement of article assistant or assistants
|1 per employee
|Between 101 and 500
|100 + 50% of the number of such employees above 100 (i.e., a maximum of 300)
|From 501 or more
|300 + 20% of the number of such employees above 500
For the above thing, it might be reported that the member in full-time employment with a company of chartered accountants will be qualified to teach one article assistant mentioned that he has been in employment via a similar company for the successive duration of 3 years.
Q.10 Beneath whom can a student perform the industrial training?
The industrial training will be obtained beneath the member of the institute employed in the industrial unit or member in the industry. An associate who is a member of the successive duration of at least 3 years will be qualified to teach one industrial trainee during the time and a fellow will be qualified to teach the two industrial trainees during a time if these trainees are article assistants or audit assistants.
Q.11 What is the method that a company could enroll itself for impacting industrial training?
Under Regulation 51 of CA Regulations,1988-(Revised 2013), mentioned below is the need for the enrollment of the company who wants to impact the industrial training to the article assistants:
1. Any of the Financial, Commercial, Industrial undertakings with minimum fixed assets of Rs. 1 crore; or minimum turnover of Rs. 10 Crore; or minimum paid-up share capital of Rs. 50 Lakhs; or the same Institution or company might be approved by the authorities with time may apply for enrollment.
2. A copy of the printed and published, audited balance sheet of the immediate former year showing the minimum total turnover of the Company for Rs. 10 crores ought to be sent as proof engaging the specified application for its registration.
3. If industrial training registration is done by a company out of the country then the member or company however qualified to impart Industrial Training under CA Regulation 51 though is incapable to submit an Annual Report / Balance sheet of the Company as a self-declaration towards the financial details might be furnished by the Company/ member along with the application for registration.
4. The company must have working chartered accountants who are associate or fellow members of the Institute for the successive duration of at least 3 years and exceeds will qualify to teach the Industrial Trainee and an Associate member would be qualified to teach an individual along with a fellow member would qualify to teach 2 Industrial Trainees during the time, if these trainees are articles assistants or audit assistants.
- The employment of members has a purpose to furnish the industrial training which should be in record of the institute to find out the members association with the firm and duration in it. If in case it has already been mentioned in the institute’s record then the firm or company must furnish a written intimation to ICAI to note the joining date, designation, and details of the job profile of the related member.
- Every principal who is involved in the industrial trainee will furnish every month a minimum monthly stipend with reference to CA regulation 1998.
Check more official: https://app.icai.org/faq