V Professional Education (Course-II) & (Examination-II)

Q.25 Who are entitled to register for PE (Course-II)?

Ans. The following are entitled to register for PE (Course-II):-

• A candidate who has qualified in PE Examination-I.
  
  
• A commerce graduate with atleast 50% marks in the aggregate.
  
  
• A non-commerce graduate with Maths as one of the subjects and with atleast- 60% marks in the aggregate.
  
  
• Any other graduate without Maths with 55% marks in the aggregate.
  
  
• A candidate who has passed the Entrance or Foundation Examination under C.A. Regulations 1988.
  
  
• A candidate who has passed the Final Examination of ICWAI or ICSI
  

Q.26 Who are exempt from PE (Course-II)?

Ans. PE (Course-II) is compulsory for all. No one is exempt from PE (Course-II).

Q.27 What is the duration of PE (Course-II)?

Ans. The minimum duration of PE (Course-II) is 10 months.

Q.28 Are there any cut off dates for registration for PE (Course-II)?

Ans. The cut-off dates applicable are the same as in the case of PE (Course-I). Please see Question No. 8.

Q.29 What is the Registration and Tuition fee for PE Course-II?

Ans. The Registration and Tuition fee for Professional Education Course II is Rs. 2650. The fee payable by Foreign Students registering for Professional Education Course II is US $130.

Provisional Registration

Q.30 What is provisional registration?

Ans. Provisional registration is a scheme which helps prospective students in effective utilisation of time available to them immediately after conclusion of their entry qualification examination, which in turn helps them to complete the Chartered Accountancy course at their earliest.

Q.31 Can a candidate register provisionally for Professional Education (Course-II)?

Ans. Yes, the following categories of persons can register provisionally:-

• A candidate who has appeared in Professional Education (Examination-I) and is awaiting result.
  
  
• A candidate who has appeared in Final Examination of ICWAI/ICSI and is awaiting result.
  
  
• A candidate who has passed the second year graduation examination and is eligible to appear in the final year graduation examination within six months. In the case of such students pursuing third year graduation the candidate will have to give a declaration of his intention to appear in the final year graduation examination within the aforesaid period of six months.

Q.32 When the provisional registration will be confirmed?

Ans. The provisional registration will be confirmed only on submission of proof of passing the concerned examinations within the following time limits:-

• In the case of candidates who have appeared for PE (Examination-I) or final ICWAI/ICSI Examinations, within 3 months of appearing in such examinations.



• In the case of final year graduation examination, within six months of appearing in such final examination.



• In the case of graduation examination, the provisional registration will be confirmed only if the student passes the final year graduation examination with the minimum marks as specified earlier. If the candidate fails to secure the prescribed minimum marks, then he/she will not be eligible for exemption from PE (Course-I).

Q.33 What will happen if a provisionally enrolled candidate of PE-II fails to submit proof of passing PE I or final year graduation with specified minimum marks or ICWAI/ICSI final examinations within the specified time?

Ans. Failure to submit proof of passing PE (course-I)/Graduation with specified marks/ICWAI/ICSI final year examination within the prescribed time will result in:-

• cancellation of provisional registration;
  
  
• no refund of tuition fee or registration fee;.
  
  
• no credit for the theoretical education undergone and eligibility test passed.

Theoretical education scheme

Q.34 What are the subjects for study in PE (Course-II)?

Ans. In PE (Course-II) a candidate has to study the following subjects:-

Group - I

• Accounting
  
  
• Auditing.
  
  
• Business and Corporate Laws

Group - II

• Cost Accounting and Financial Management.
  
  
• Income-Tax and Central Sales Tax.
  
  
• Information Technology

Q.35 What are the requirements of Theoretical Education Scheme?

Ans. The requirements of Theoretical Education Scheme will be similar to those applicable for Professional Education (Course I), as explained earlier.

However in the case of PE-II students, Sunday Tests will be conducted at Regional head quarters and other selected cities like Ahmedabad, Bangalore, Coimbatore, Hyderabad, Salem, Ernakulam, Pune, Hubli, Faridabad. In other places, the students will be governed by Postal Test Scheme. Students governed by both the scheme are required to clear 10 papers choosing atleast 1 paper in each of the 8 subjects and two additional papers of their choice. For this purpose, Business Laws, Corporate Law, Cost Accounting and Financial Management will be treated as separate subjects.

The candidate will have to obtain Eligibility Certificate for appearing in the Examination in both groups by satisfying the requirements of Test Paper Scheme or by attending classes in accredited institutions and satisfying the relevant conditions. The Eligibility Certificate will not be issued group-wise but for both groups together. However a candidate can appear in the examination either for both groups together or in one group at a time.

EXAMINATION

Q.36 What are the requirements for passing the Professional Education (Examination-II)?

Ans.

• A candidate can appear either in both groups simultaneously or.
  
  
• one group in one examination and in the other group at any subsequent examination.
  
  
• A candidate will be declared to have passed in Professional Education (Examination-II) only if he passes in both the groups.
  
  
• A candidate will be declared to have passed in both groups simultaneously if he secures at one sitting-
  
  
  1. a minimum of 40% marks in each paper of each of the group and an aggregate of 50% of all the papers of each of the group

     OR

  2. a minimum of 40% in each paper of both the groups and 50% in the aggregate of all the papers of both groups taken together.
     
     
• A candidate will be declared to have passed in one group if he secures at one attempt a minimum of 40% in each paper and 50% in the aggregate.

Q.37 Whether a candidate who fails in one or more papers comprised in a group but secures a minimum of 60% marks in any paper or papers of that group will get any exemption under the new scheme?

Ans. Yes, a candidate who fails in one or more papers in a group but secures a minimum of 60% marks in any paper or papers of that group will be eligible to appear in any one or more of the immediately next three following examinations in the paper or papers in which he had secured less than 60% marks and will be required to secure at one attempt a minimum of 40% marks in each such paper or papers and a minimum of 50% of the total marks of all the papers of that group including the paper in which he had secured a minimum of 60% marks in the earlier examination, in order to be declared to have passed in that group. Such a benefit would be available only if he was present in all the papers of that group and has already exhausted earlier exemption if any, granted to him in that group.

Restriction on the number of attempts

Q.38 Is there any restriction on the number of attempts in the PE Examination-II)?

Ans. Yes, as in the case of PE (Examination-I), in the case of PE (Examination-II) also, a student will have to pass Professional Education(Examination-II) within 5 consecutive attempts from the examination in which he is eligible to appear after receipt of eligibility certificate by satisfying the requirements of Theoretical Education Scheme. For the purpose of calculating the number of 5 attempts, non appearance in an eligible attempt will also be reckoned as an attempt.

Transitional Provisions-Effect on students already registered as articled clerks

Q.39 What will be the position of articled clerks registered upto 30^th September, 2001?

Ans. Candidates who are already registered as articled clerks but not completed the practical training fully can continue and complete their practical training and appear for Intermediate Examination till November, 2002 in case they have not already passed Intermediate Examination.

In case they have already completed practical training but not passed the intermediate examination, they can appear for Intermediate Examination till its discontinuance and if they do not qualify, they will be required to pass PE (Examination-II) there after.

This will apply to those who have to clear both the groups as well as either of the groups. The eligibility certificate issued earlier will be valid for that purpose.

Q.40 Will the above position apply to an articled clerk who has had a break in practical training?

Ans. Yes, even if there is a break in practical training, the person can continue and complete his practical training and appear for the examination as above.

Q.41 What will be the position of the candidates who have passed in one of the groups in Intermediate Examination under the present syllabus?

Ans. Such candidates will be entitled to exemption, which may be granted by the Council as per the relevant guidelines framed by it for this purpose, in the corresponding group or paper under the new syllabus and will be required to pass in the remaining group/papers .

Q.42 What will be the position of candidates who are entitled to appear as a unit candidate in the Intermediate Examination under the current scheme?

Ans. If a candidate fails to pass the respective unit to which he belongs before the discontinuance of the examination under the current syllabus, his entitlement to appear as a ‘unit’ candidate will cease and such candidates will be required to appear in all the papers of both the groups to pass the Professional Education (Examination-II). The last opportunity for such candidates to pass the respective unit will be in November, 2002 Intermediate Examination under the current syllabus.

Q.43 What about the benefit of paper-wise exemption secured by a candidate by virtue of securing 60% marks under the earlier scheme?

Ans. The benefit could be availed in the unexpired chances in respect of the corresponding paper under the new scheme.

Option to appear for PE (Examination-II)

Q.44 Does a student registered as an articled clerk during 2nd May, 2001 - 30^th September, 2001 have an option to appear for the Professional Education (Examination-II) in November, 2002?

Ans. Yes, an articled clerk registered during 2^nd May, 2001-30^th September has an option to appear for the first time in Professional Education (Examination-II) in November, 2002 subject to other requirements. Such an option has to be exercised before 31^st January,2002 by writing to the concerned decentralised office of the Board of Studies.

VI Compulsory Computer Training

Q. 45 Can a student switchover to Professional Education (Examination II) in November, 2002 in case he does not qualify in November, 2001/May 2002, either in both groups or in one group of Intermediate?

Ans. A student can exercise the option to switchover to Professional Education (Examination II) in case he does not qualify in Intermediate in November 2001/May 2002. Alternatively, he may continue to sit for Intermediate Examination till November, 2002, which will be the last Intermediate Examination.

Q.46 What is the new scheme of Computer Training?

Ans. Under the new scheme a student will be required to attend and successfully complete at least 250 hours of computer training with hands on experience as per the scheme prescribed by the Board of Studies prior to commencement of practical training of three years. One can undergo such a training along with his Professional Education (Course-I) and or (Course-II).

Q.47 Who will impart such computer training?

Ans. The Computer Training Centres of the Institute located at Regional Offices and Branches and other institutions accredited for this purpose will impart such training in accordance with guidelines issued by the Board of Studies in this regard. Details will be announced separately.

VII Final (Course & Examination) New Scheme

Q.48 What are the admission requirements for enrolment as a student of Final Course under the new scheme?

• Minimum 18 years of age
  
  
• Passing the Professional Education (Examination II)
  
  
• successful completion of Computer Training Programme
  
  
• Registration as an articled clerk for practical training for a period of 3 years under a Chartered Accountant, entitled to train such articled clerks
  
  
• In addition, candidates who have passed Intermediate Examination under earlier schemes will also be eligible for enrolment as students of Final under the new scheme.

Theoretical Education Scheme

Q.49 What subjects are to be studied in C.A. Final?

Ans. A candidate is required to study the following subjects:

Group - I

• Advanced Accounting
  
  
• Management Accounting and Financial Analysis
  
  
• Advanced Auditing
  
  
• Corporate Laws & Secretarial Practices

Group - II

• Cost Management
  
  
• Management Information & Control System
  
  
• Direct Taxes
  
  
• Indirect Taxes

Q.50 What are the requirements of Theoretical Education Scheme for Final?

Ans. Students registering as articled clerks after passing PE I / PE II and pursuing Final Course will be required to satisfy the requirements of Test Paper Scheme in order to get eligibility for appearing in the Final Examination under the new syllabus. Alternatively they may attend classes in the accredited institutions and satisfy the relevant requirements. The accreditation scheme will be extended to Final also.

Q.51 Will the requirements of Theoretical Education scheme be applicable to students registered under the current scheme ?

Ans. A candidate already admitted to the Final Examination prior to commencement of new scheme will not be required to comply with requirements of theoretical education scheme for securing Eligibility Certificate. The new requirements will apply only to those students of Final course registering as articled clerks after passing PE (Examination-II).

Q.52 Who will be eligible for admission to Final Examination under the new scheme?

Ans. The following will be eligible for admission to Final examination.

(i) A candidate

• Who has passed the PE II Examination and
  
  
• Who has completed the practical training of three years or is serving the last six months of practical training on first day of the month in which examination is scheduled to be held and
  
  
• Who has successfully complied with the requirements of the theoretical education scheme and produces a certificate from head of coaching organisation to that effect.

(ii) A candidate who has passed the Intermediate examination under C.A. regulations 1988 or the C.A. Regulations 1964, or the Intermediate or the First Examination under the C.A. Regulations, 1949 or was exempted from passing the first examination under that regulations shall also be admitted to the final examination provided he has completed the practical training as is required for admission as a member or has been serving the last six months of practical training including excess leave if any, on the first day of the month in which the examination is scheduled to be held.

(iii) A candidate already admitted to the final examination prior to commencement of new scheme shall not be required to comply with requirements of theoretical education scheme for securing Eligibility Certificate for applying in the Final examination.

Q.53 Are there any restrictions on the number of attempts for the Final examination?

Ans. No, there are no restrictions on the maximum number of attempts for the Final examination.

Q.54 What will be the position of a candidate who has passed one of the groups of the Final Examination under the current syllabus or any of the earlier scheme.

Ans. He will be eligible for exemption, which may be granted by the Council as per the relevant guidelines framed by it for this purpose in the corresponding group or paper(s) under the new syllabus and will be required to pass in the remaining group/papers

Q.55 What will be the entitlement of a unit candidate on commencement of new scheme?

Ans. The position will be the same as in the case of Intermediate students. Entitlement of a candidate covered under earlier schemes to appear in “unit” will cease on the discontinuance of examination under the current syllabus and such students will be required to appear in and qualify in both groups of the final under the new scheme. Thus the last opportunity for such candidates to pass the respective unit will be in November, 2002 Final examination under the current syllabus.

Q.56 What will be the position of a candidate who has completed Practical Training already but not passed Final examination?

Ans. A candidate who has completed his Practical Training but not passed Final examination may appear for Final Examination under the existing syllabus till its discontinuance i.e. November, 2002 and thereafter in the Final Examination under the new syllabus.

Q.57 Will there be parallel Final examination under the current syllabus and the new syllabus after the commencement of new scheme ?

Ans. There will be one parallel Final examination in November 2002, under the current syllabus as well as new syllabus.

Q.58 What are the requirements for passing the Final examination under the new scheme?

Ans. The passing requirements for Final are similar to those applicable for Professional Education (Examination II) as explained earlier. Please refer to questions 37.

Additional course of study along with PE (Course-I)/II/Final

Q.59 Can a student pursue along with PE (Course-I)/PE (Course-II) any other course of study?

Ans. A student pursuing PE Course-I/II, may pursue alongwith it his study for any approved graduation course, Computer Training Course as per the requirements of the Institute or any other course

Q.60 Can a registered articled trainee pursue along with his articleship, any other additional course of study?

Ans. A student registering as articled clerk after passing his + 2 and Professional Education Examination II can continue to pursue his studies, if any, for graduation course. Till he completes his graduation course he should not take up any other additional course of study. Even after completing his graduation study, he may take up only one of the approved courses of study in addition to his practical training and study for CA Course.

In the case of an articled clerk who is already a graduate, one additional course of study out of the list of approved courses is permitted.

VIII PRACTICAL TRAINING

Q.61 What are the kinds of practical training?

Ans.Practical training experience refers to knowledge and skills acquired by a student by participation in activities performed by Chartered Accountants. The period of practical training is

• 3 years for an articled clerk; or
• 4 years for an audit clerk.

An articled trainee who has passed the Professional Education (Examination II) or the erstwhile Intermediate Examination may at his/ her discretion serve as an Industrial Trainee for a period which may range between nine months to twelve months during the last year of the Practical Training in any of the financial, commercial, industrial undertakings with minimum fixed assets of Rs. 1 crore or minimum total turnover of Rs. 10 crores or a minimum paid up share capital of Rs. 50 lakhs or in any other institution or organisation approved by the Council for this purpose.

Q.62 Is there any restriction in undergoing other courses of study along with practical training?

Ans.An articled/audit clerk pursuing graduation course concurrently with the CA course shall not be permitted to join any other course until he / she completes his/her graduation course. For pursuing any other course of study the previous permission of the council shall have to be obtained by the articled/audit clerks

Q.63 Who is entitled to train articled clerks under the New Regulation 43?

Ans. Under the New Regulation 43, which will be effective from 1^st October, 2001, a member shall be entitled to engage or train an articled clerk only if he is in continuous practice and such practice is in the opinion of the Council is his main occupation. Only such a member who is practicing in his individual name or in a trade name as sole proprietor or in a partnership shall be entitled to train articled clerks. A member who is in salaried employment under a chartered accountant in practice or a firm of such chartered accountants shall not be eligible to train articled clerks.

In ascertaining the number of years for which a member was in continuous practice, only the number of years in respect of which the member’s practice was his main occupation will be considered. For this purpose the Council may condone any break in the continuity of practice for a period not exceeding 182 days in the aggregate.

Q.64 What is the entitlement of a member to train articled clerks?

Ans. A member shall be entitled to train number of articled clerks as specified here under:-

Q.65 What will be the position in respect of an articled clerk presently serving under a member who is in salaried employment under a CA in practice or a firm of CAs?

Ans. The concerned member, will be entitled to continue to train articled clerk(s) serving under him on the date of coming into force of the new regulations till such time the articled clerk/s already serving under him complete his/their articles training. Thereafter he will not be entitled to train any articled clerk.

Q.66 What will be the position of articled clerks serving under a member who discontinues his practice or resigns from his partnership/employment in a firm?

Ans. Such articled clerk(s) would continue to serve the balance period of his/their articleship in the firm, even though all other remaining partners are already training upto their maximum employment. Such a member would not be entitled to train articled clerks till the expiry of the balance period of training of the articled clerk(s) previously registered under him.

Q.67 What is the position of a member who is a partner in more than one firm and/or is proprietor in his individual name?

Ans. In all the above cases, the number of articled clerks who can be trained by such a member will not exceed his entitlement as specified in Regulation 43(1) explained above (See Q. No.59)

Q.68 What will be the position of a member who sets up practice as his main occupation after having been in employment?

Ans. A member who sets up practice, with practice as his main occupation, after having been in employment for a minimum period of six years in one or more financial, commercial industrial undertaking (approved under Regulation 51 and 72) shall be deemed to have been in continuous practice for 3 years for this purpose.

Q.69 Is there any other criteria/basis for training articled clerks?

Ans. The entitlement of a member to train articled clerks under Regulation 43 shall be subject to the decisions of the Council under Regulation 67.

The Council may also relax any provisions of Regulation 43, subject to such terms and conditions as it may deem fit, in any particular case.

In addition to the specified number of articled clerks, on the basis of efflux of time, as given earlier, the Council may permit a member practising in individual name or in a trade name as a proprietor or a firm of Chartered Accountants to engage additional articled clerks on such basis and such terms and conditions as may be specified by the Council from time to time.

Stipend

Q.70 Will a candidate get stipend during his practical training under new scheme?

Ans. Yes, a candidate will get stipend during his practical training as per the rates specified in the Chartered Accountants Regulations, from time to time.

Additional Stipend

Q.71 Who will be entitled to additional stipend? What is its quantum?

Ans. An articled clerk who passes his Intermediate examination or the Professional Education (Examination-II) during his articleship will be entitled to an additional stipend of Rs.300 per month from the first day of the month following the date of declaration of his result. However, such an additional stipend will not be paid to an articled clerk registering after passing the Professional Education [Examination-II].

IX Industrial Training

Q.72 Is there a provision for Industrial Training in new scheme?

Ans. Yes, The provision for industrial training finds a place in the new scheme also. An articled clerk who has passed the Professional Education (Examination II) or the Intermediate Examination may at his discretion serve as an Industrial Trainee for a period which may range between nine months and twelve months during the last year of his Practical Training in any of the financial, commercial, industrial undertakings with minimum fixed assets of Rs 1 crore or minimum total turnover of Rs. 10 crores or a minimum paid up share capital of Rs. 50 lakhs or in any other institution or organisation approved by the Council for this purpose.

X Course on General Management & Communication Skills

Q.73 Can you throw some light on the compulsory Course on General Management and Communication Skills? Who has to attend the same?

Ans. Under the new scheme all articled/audit clerks who have completed the practical training as provided in the Regulations and passed Final Examination, before applying for membership of the Institute, will be required to attend a course on General Management and Communication Skills or any other course, as may be specified by the Council from time to time and in the manner so specified. Such a course will be conducted by the Regional Councils/and their Branches. This requirement will apply only to a person who has passed the Final Examination under the new syllabus.