The Institute of Chartered Accountants of India has proposed to introduce aNew Scheme of Education and Training. The students who are undergoingeducation and training under the existing scheme are offered the TransitionScheme as given below.Proposed Transition Scheme for Professional Education (Course-I)StudentsAn existing student of Professional Education (Course-I) has two options:! To continue with the Professional Education (Course-I) till the lastProfessional Education (Examination-I) is held in November 2007; or! To switch over to Common Proficiency Test (CPT) at any time till thelast Professional Education (Examination-I) is held in November 2007.All students of Professional Education (Course-I) can switch over to CPT.They have to apply in the prescribed format to the appropriate office of theInstitute. They have to deposit Rs.100 in the form of Demand Draft/PayOrder drawn in favour of ‘The Secretary, The Institute of CharteredAccountants of India’ payable at the respective cities, along with the filledin application form. The Board of Studies will send them study package forCPT free of cost. All such students are entitled to appear in the first CPTexamination proposed to be held in November, 2006 in case they register 30days before the first day of November, 2006.There will be a facility for online application and remittance of fees as well.Proposed Transition Scheme for Professional Education (Course-II)StudentsStudents of the Professional Education (Course-II) would fall under thefollowing broad categories:(a) ! Students who have passed one of the Groups of ProfessionalEducation (Examination-II);! Students who have appeared in Professional Education(Examination-II), but not passed any of the Groups; and! Students who have registered for Professional Education (Course-II) and eligible to appear in Professional Education(Examination-II), but not yet appeared.(b) Students who are registered, provisionally or otherwise, for ProfessionalEducation (Course-II), but ineligible to appear in Professional Education(Examination-II).Proposed transition scheme for the categories of candidates falling under (a)above is as under:(i) Register for Professional Competence Course (PCC) , Articled / Audittraining and 100 Hours Information Technology Training;Join articles thereafter for 3½ years / equivalent period of audit training(56 months) ;Complete 100 hours Information Technology Training;Appear in Professional Competence Examination (PCE) in May 2008or thereafter, without the requirement of completion of minimum 18months of practical training; or(ii) Continue with Professional Education (Examination-II) till the lastProfessional Education (Examination-II) to be held in May 2008.Proposed transition scheme for the categories of students falling under (b)above is as under: -(i) Register for Professional Competence Course (PCC), Articled / Audittraining and 100 Hours Information Technology Training;Join articles thereafter for 3½ years / equivalent period of audit training( 56 months) ;Complete 100 hours Information Technology Training;Appear in Professional Competence Examination (PCE) in May 2008or thereafter, without the requirement of completion of minimum 18months of practical training; or(iI) Continue with Professional Education (Course-II)/Examination till theTransition SchemeChart 1: Transition Scheme for Professional Education(Course-I) students at a glanceSwitch over to CPT oncethe course is announcedand appear in November2006 examination.Pay only Rs. 100 accountof registration fee.Free study package will besent to the students.Existing students of Professional Education (Course –I):Provisionally registered or having regular registrationAppear CPT on fulfilmentof the specified periodfrom the date ofregistration which hasbeen fixed as 30 days forNovember 2006examination.Provisionally registered student cansubmit pass certificate of 10+2 andobtain regular registration andcontinue with Professional Education(Course –I)Students having regular registrationmay also continue with ProfessionalEducation (Course-I).Appear Professional Education(Examination-I) to be held inNovember 2006, May 2007 andNovember 2007ORSwitch over to CPT at any stage beforeappearing in Professional Education(Examination-I) to be held inNovember 2007.Students who will fail to qualify inProfessional Education (Examination-I) to be held in November 2007 willhave the choice to join back CPT.last Professional Education (Examination-II) to be held in May 2008.In addition, students who have passed Professional Education (Examination-II) either at the time of commencement of the proposed Scheme or later, butnot joined articles due to various reasons, are proposed to be allowed to joinarticles up to May 2009. They can join articles thereafter for a period of 3years.Proposed Transition Scheme for Final StudentsThe proposed transition scheme for the Final Course students, who havepassed Professional Education (Examination-II), and are under articles, isas under:! On completion of 2 years of training, such students are eligible toappear in the Final Examination, so long as the same is held under theexisting syllabus i.e., upto November 2009.In the event of a candidate not being eligible to appear till the last FinalExamination to be held in November 2009 under the existing syllabus, willbe required to appear in the Final Examination under the proposed syllabus,but only during the last six months of articles (articles period being 3 yearsonly).Proposed Transition Scheme for the students who passed ProfessionalEducation (Examination-I) or Foundation Examination but not takenadmission to Professional Education (Course-II)A student falling under this category will be admitted only in ProfessionalCompetence Course (PCC) after the commencement of the proposed scheme.Proposed Implementation Schedule of the New Education andTraining Scheme and Examinations thereunderCommencement of New Scheme September 1, 2006Registration commences for CPT September 1, 2006E D U C A T I O N A N D T R A I N I N GLast Date for Registration of PE-I August 31, 2006Last PE-I Examination November, 2007Last Date for Registration for the first CPTexamination October 1, 2006Last Date for Depositing ExaminationApplication Form for November, 2006 CPT October 1, 2006First CPT Examination November, 2006Declaration of Result of First CPT Examination Within one monthLast Date for Registration for PE II course August 31, 2006Registration commences for Articlesunder New Scheme (Applicable to PE-I/Foundation Pass Students) September 1, 2006Last PE-II Examination May, 2008First Professional Competence Examinationfor students joining Professional CompetenceCourse after passing Professional Education(Examination –I) / Foundation Examination May, 2008First Professional Competence Examinationfor students joining Professional CompetenceCourse after passing CPT November, 2008Last date for Registration of Articles of 3years duration for PE-II qualified students 31st May, 2009Last Final Examination (Old) November, 2009First Final Examination (New) November, 2008First batch of students under CPT eligiblefor Final Examination May, 2010Chart 2: Transition Scheme for Professional Education(Course-II) students at a glanceStudents of Professional Education (Course-II)Category A:! Students who have passed oneof the Groups of ProfessionalEducation (Examination-II);! Students who have appeared inProfessional Education(Examination-II), but not passedany of the Groups; and! Students who have registeredfor Professional Education (Course-II) and eligible to appear inProfessional Education(Examination-II), but not yetappeared.Category B:! Students who areregistered, provisionally orotherwise, for ProfessionalEducation (Course-II), butineligible to appear inProfessional Education(Examination-II).! Register for ProfessionalCompetence Course (PCC) ,Articled / Audit training and 100Hours Information TechnologyTraining ;Join articles thereafter for 3½years / equivalent period of audittraining (56 months) ;Complete 100 hours InformationTechnology TrainingAppear in ProfessionalCompetence Examination (PCE) inMay 2008 or thereafter, withoutthe requirement of completion ofminimum 18 months of practicaltraining; or! Continue with ProfessionalEducation (Examination-II) tillthe last Professional Education(Examination-II) to be held inMay 2008.! Register forProfessional CompetenceCourse (PCC) , Articled /Audit training and 100Hours InformationTechnology Training ;Join articles thereafter for3½ years / equivalentperiod of audit training(56 months) ;Complete 100 hoursInformation TechnologyTrainingAppear in ProfessionalCompetence Examination(PCE) in May 2008 orthereafter, without therequirement of completionof minimum 18 months ofpractical training; or! Continue withProfessional Education(Course-II)/Examinationtill the last ProfessionalEducation (Examination-II) to be held in May 2008.E D U C A T I O N A N D T R A I N I N GA Professional Education (Course-II) student who has been granted anexemption under Regulation 37A(7) in one or more papers shall continueto enjoy the said exemption in the corresponding paper(s) under PCC asgiven below in the Table1:Table 1: Subject-wise Exemption for PE-II ExaminationExisting NewProfessional Education (Course-II) Professional Competence CourseGroup I Group IPaper 1: Accounting Advanced Accounting (100 Marks)Paper 2: Auditing Auditing and Assurance (100 Marks)Paper 3: Business and Corporate Laws Law, Ethics and CommunicationSection A: Business Law (60 marks) Part I: Law (60 Marks)Section B: Corporate Laws (40 marks) Business Laws (30 Marks)Company Law (30 Marks)Part II: Business Ethics (20 Marks)Part III: Business Communication(20 Marks)Group II Group IIPaper 4: Cost Accounting and Cost Accounting and FinancialFinancial Management ManagementSection A: Cost Accounting (60 marks) Part I: Cost Accounting (50 Marks)Section B: Financial Management Part II: Financial Management(40 marks) (50 Marks)Paper 5: Income-tax and Central TaxationSales Tax Part I: Income-tax (75 Marks)Section A: Income Tax (75 marks) Part II: Service Tax and VAT (25Section B: Central Sales Tax Marks)(25 marks)Paper 6: Information Technology Information Technology and StrategicManagementSection A: Information Technology(50 Marks)Section B: Strategic Management(50Marks)A Final student who has been granted an exemption under Regulation38A(7) in one or more papers under the existing Final Examination shallcontinue to enjoy the said exemption until its expiry in the correspondingpaper(s) under New Final Course for the purpose of passing New FinalExamination as given below in Table 2.Table 2 : Subject-wise Exemption for Final ExaminationFinal Course Final New Course*Group I Group IPaper 1: Advanced Accounting Financial Reporting (100 Marks)Paper 2: Management Accounting Strategic Financial Management (100and Financial Analysis Marks)Paper 3: Advanced Auditing Advanced Auditing and ProfessionalEthics (100 Marks)Paper 4: Corporate Laws and Secretarial Corporate and Allied LawsPractice Section A: Company Law (50 Marks)Section B: Allied Laws (30 Marks)Group II Group IIPaper 5: Cost Management Advanced Management Accounting (100Marks)Paper 6: Management Information Information Systems Control &and Control Systems Quantitative TechniquesSection A: Information SystemsControl (70 Marks)Section B: Quantitative Techniques(30 Marks)Paper 7: Direct Taxes Direct Tax Laws (100 Marks)Paper 8: Indirect Taxes Indirect Tax LawsSection A: Central Excise (40 Marks)Section B: Service Tax (40 Marks)Section C: Customs (20 Marks)*Nomenclature of various papers is subject to the approval of the Council.
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