Amendments in Regulations 51, 54 and 58 of Chartered Accountants Regulations, 1988
Board of Studies
The Institute of Chartered Accountants of India
13th August, 2021Announcement
Sub: Amendments in Regulations 51, 54 and 58 of Chartered Accountants Regulations, 1988
The Ministry of Corporate Affairs (MCA) has conveyed the approval of the Competent Authority on the amendments in Regulations 51, 54 and 58 of Chartered Accountants Regulations, 1988 and accordingly, the Notification (in Hindi & English versions) has been notified in the Gazette on 22nd June, 2021. The copy of notification is webhosted at Institute’s website under the link https://resource.cdn.icai.org/65365council52693.pdf
Since the framing of guidelines for undergoing the Industrial Training under the officers in the Government Organizations and outside India as per above notification is under preparation, therefore, the Institute as of now has implemented sub regulations (1), (3), (4), (6), (7), (8) and (11) of Regulation 51 and sub regulation (5) of Regulation 54 of the Chartered Accountants (Amendment) Regulations, 2021 which are reproduced below:-
- (1) An articled assistant who has passed the Intermediate (Professional Competence) Examination or Professional Education (Examination-II) or Intermediate examination and has completed a minimum of eighteen months of practical training according to these regulations shall be eligible for industrial training.
- (3) An articled assistant shall inform to his principal about such industrial training at least three months before the date on which such training is to commence.
- (4) The period of industrial training may be between nine months to eighteen months.
- (6) An agreement of training shall be entered into in the form approved by the Council.
- (7) On completion of the industrial training, the member shall issue a certificate in the form approved by the Council to the trainee and forward a copy of the same to the Secretary.
- (8) The period of industrial training referred under this regulation, shall be treated as service under articles for all purposes of these Regulations, provided the certificate referred to in sub-regulation (7) is produced.
- (11) The industrial trainee shall be paid such monthly stipend as may be agreed mutually between the industrial trainee and the member imparting the industrial training.
- (5) Where an articled assistant is seconded to a member in industry, the total period spent in industry by the articled assistant, including the period of industrial training under these regulations, shall not exceed eighteen months.
As regards, implementation of Regulation 58 of the Chartered Accountants (Amendment) Regulations, 2021 is concerned, a separate announcement will be issued shortly.
For any query with respect to Industrial Training, you may write at firstname.lastname@example.org
Board of Studies, ICAI