First of all, students shall note that ICAI Industrial Training is not a mandatory part of Chartered Accountancy course like articleship training. The motto behind ICAI to implement industrial training in CA curriculum is to provide industries, members with adequate knowledge and background of Industrial functioning.
ICAI Industrial Training gives an opportunity to the articles to develop a problem-solving attitude and also have an insight into the functioning of the accounts department in an industrial/commercial or financial environment.
It gives them a practical experience and makes them capable to work in a team and also correlate with the members of some other professions and disciplines.
The candidates who wish to pursue their career in industries can be beneficial with such training. Let’s understand the procedure and eligibility criteria of ICAI Industrial Training in Chartered Accountancy course
Eligibility for ICAI Industrial Training
- A candidate who has passed the CA Intermediate or CA IPCC Examination (both groups) is eligible to serve as an Industrial trainee in any of the financial, commercial, industrial undertakings as may be specified by the council or such other institution or organization as may be approved by the council from time to time.
- An article can serve as an Industrial Trainee amid the last year of Practical Training.
- The candidate must intimate his principal at least three months before the date of commencement of ICAI Industrial Training.
Period of Industrial Training
As per the ICAI guidelines, the period of ICAI Industrial Training may range between a minimum of nine months to the maximum of twelve months.
Under Whom Article can Pursue Industrial Training –
- Industrial Training shall only be received under a member of the Institute of Chartered Accountants of India.
- As per the ICAI Guidelines, an associate member who has been a member of ICAI for a continuous period of at least three years is entitled to train one trainee while the fellow member is entitled to train two trainees at a time, whether such trainees are articles assistants or audit assistants.
Procedure for Industrial Training –
The candidates who wish to pursue ICAI Industrial Training shall fill the Form No. 104 to register himself for the Industrial Training.
Once the candidate completes his tenure as an Industrial Trainee, the principal has to issue a service certificate in the approved form i.e. Form No. 105.
Working Hours of an Articled Assistant –
The working hours of an articled assistant shall be 35 hours per week to be regulated by the principal from time to time.
Hundreds of candidates choose to go for Industrial Training as it gives them an opportunity to take part in specialized accounting exercises. It may also expose trainees to management accounting, cost accounting, management Information system, EDP etc.
Through such training, candidates get an opportunity to participate in the work relating to corporate laws, taxation and secretarial practice.
Conclusion – In the above article, we have discussed that Industrial training is an optional part in Chartered Accountancy course for the trainees who wish to build their career in industries. Thereafter we have shared with you its objectives, eligibility, procedure, tenure and all other relevant information related to such training.
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