They can take up internship directly from current year

Commerce and non-commerce graduates with high marks have been exempted from writing Competency Professional Test (CPT), Institute of Chartered Accountants of India (ICAI) president G. Ramaswamy said on Sunday.

Talking to reporters, he said bright students [commerce graduates with 55 per cent and above marks and non-commerce graduates with 60 per cent and above marks] are exempted from appearing for CPT conducted by ICAI and they could take up internship directly from the current year. The Central Council had approved the proposal, which has been sent to the Union Government for approval.

“Hereafter, existing Chartered Accountant (CA) firms can convert themselves into Limited Liability Partnership firms without losing their seniority. This would enable CAs to increase the number of partners from 20 to unlimited numbers. They can also do attestations. A group has been constituted for this purpose and the rules will be notified by July. We expect several CA firms to make use of this opportunity,” he said.

Welcoming the move by the Centre to constitute a committee to bring back black money, he said that the ICAI would provide all the necessary inputs and cooperation to the committee to draft a suitable scheme.

As per the request from the Centre, the ICAI will come out with proper guidelines on disclosure of expenditure incurred out of the MPs' Local Area Development funds.

The Institute has requested the Reserve Bank of India to recognise the Diploma in Information System Audit as equivalent to Certified Information System Auditor of ISACA. The matter is still pending with the RBI.

The ICAI will be entering into a Memorandum of Understanding with University of Madras to provide opportunity to the members and students to pursue courses such as PhD, Masters and Bachelors in Commerce and Management to be awarded by the latter. The ICAI has also proposed that research scholars conducting research under Accounting Research Foundation should also be able to pursue PhD programme, he said.

From July 9 onwards, the ICAI will commence a certificate course on Indirect Taxes. The first course is being organised at Bangalore to be followed by other major cities.

According to Mr. Ramaswamy, the Institute will be conducting Global Commerce Education Summit on July 15 in New Delhi, which would be attended by the Vice-Chancellors, Heads of Commerce, management department of various universities. July 1 will be celebrated as Chartered Accountants Day with the hoisting of flag by ICAI Southern India Region Council Chairman K. Shanmuka Sundaram followed by blood donation camp, branch level elocution and quiz contest, he said.