ICAI – Modification in the Council Guidelines No. 1-CA(7)/02/2008 dated 8th August, 2008....

Announcement

Modification in the Council Guidelines No. 1-CA(7)/02/2008 dated 8th August, 2008 as contained in Appendix No. (34) to the Chartered Accountants Act, 1949

The Council of the Institute at its 331st meeting held in February, 2014 decided to increase the specified number of tax audits from 45 to 60 and an Announcement dated 11.2.2014 in this regard was hosted on the website of the Institute. The Council subsequently at its 333rd meeting held in May, 2014 decided that the specified limit of 60 would relate to an assessment year as against the existing stipulation of a financial year.

In view of the aforesaid decisions of the Council, the existing Para 6 of Chapter VI of the Council Guidelines No. 1-CA(7)/02/2008 dated 8th August, 2008 as contained in Appendix No. (34) to the Chartered Accountants Act, 1949 stands modified as under:-

1. In para 6.1 (a) and (b), the figure “45” pertaining to specified number of tax audit assignment has been substituted by the figure “60”.

2. In para 6.0 and 6.1, the words “in a financial year” have been substituted by the words “relating to an assessment year”.

3. In para 6.1.6, the words “in each financial year” have been substituted by the words “relating to each assessment year”.

As already announced the revised limit of 60 tax audits would be applicable w.e.f. 1st April, 2014. The above announcement is published for information of the members at large.

Source:The Institute of Chartered Accountants of India.

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ICAI - Penal provisions for the members of the Institute who had not complied with their CPE Hours requirements

For kind information of the Members

Penal provisions for the members of the Institute who had not complied with their CPE Hours requirements for the block period of 3 years (1-1-2011 to 31-12-2013)

In order to function the system of mandatory CPE effective, the Council of the Institute of Chartered Accountants of India has decided that the members who fail to comply with their CPE Hours requirement for the current block of 3 years (1-1-2011 to 31-12-2013) are appropriately sanctioned. Therefore, the Council of the Institute has decided as under:

• All the members are required to complete their CPE hours requirements for the block period of 3 years (1-1-2011 to 31-12-2013) by 31st December, 2013.
• Any shortfall in the CPE credit for the calendar years 2011, 2012 and 2013 should be met by the members by 31st December, 2013.
• The names of the members who fail to comply with their CPE hours Requirements for the block period of 3 years by 31st December, 2013 would be hosted on the website of the ICAI for information of public at large.
• Further, the ICAI will not be responsible in any way for any action taken by any of the regulatory authorities on the basis of the names hosted on the website for allotting the professional work to them as sole proprietor or to their partnership firm.
•  To strike out the name/s from the list so hosted on the website, the member/s shall have to make up any shortfall in their CPE credit hours for the above block period of 3 years by obtaining twice of the amount of the shortfall. Such addition shall be in addition to the regular CPE hours requirement for the particular Calendar year in which they are making up the shortfall.

The members are requested to note the above. The members are also requested to comply with the CPE Hours requirements for the current year by 31st December, 2013.

Source: The Institute of Chartered Accountants of India.

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Extension of time period to complete ITT and Orientation Course by Students registered under Direct Entry Scheme

It has been brought to the notice of the Council that some students of the Direct Entry Scheme, who were registered between 01.08.2012 and 31.01.2013 for the Intermediate (Integrated Professional Competence) Course and were required to complete ITT and Orientation Course by 31.05.2013, could not complete the same for some reason or the other.

With a view to mitigate the hardship of such students (namely those registered between 01.08.2012 and 31.01.2013 under Direct Entry Scheme), the Council of the Institute as a special case has decided to extend the date for completion of ITT and Orientation Course upto 31.12.2013.

Such students are therefore required to complete ITT and Orientation Course latest by 31.12.2013 and submit relevant certificate/s to the concerned regional office of ICAI where they are registered with.

Source: The Institute of Chartered Accountants of India.

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Applicability of SA 700 on Tax Audit Report u/s 44AB of The Income-Tax Act, 1961- Clarification

Clarification regarding Applicability of SA 700 on Tax Audit Report under Section 44AB of The Income-Tax Act, 1961

As the members are aware that all audit reports in respect of audits of financial statements for period beginning on or after 1st April 2012 are to be issued in accordance with the requirements of SA 700 (Revised) - Forming an Opinion and Reporting on Financial Statements. In this regard, ICAI has been receiving mails seeking clarification regarding applicability of SA 700 on tax audit reports, i.e. Form No. 3CA/3CB.

Considering the fact that all tax audit reports are now mandatorily required to be filed online and that the format of tax audit report is prescribed by the Central Government, the Council in its 325th meeting held from 1^st June to 3^rd June, 2013 decided to defer the applicability of SA-700 (Revised) on the tax audit report under section 44AB of the Income-tax Act,1961 by one year i.e. the requirements of SA-700 (Revised) are not applicable for tax audit reports filed up to 31st March, 2014.

ICAI is further taking up the matter with the appropriate authorities so that suitable changes can be brought in the forms relating to tax audit.

Source: The Institute of Chartered Accountants of India.

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December 2013 CA CPT Examination Details (Dates, Fees etc.)

Notification dated 5th July, 2013

No.13-CA (EXAM)/CPT/December/2013: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Common Proficiency Test will be held on Sunday, 15th December, 2013 in two sessions as below.

[This Common Proficiency Test will be conducted as per provisions of Regulation 25 D (3) of the Chartered Accountants Regulations, 1988 and the syllabus as published in the pages 291-293 of the Journal ‘The Chartered Accountant’ August 2006 issue and pages 12-13 of Chartered Accountants Students’ Newsletter August 2006 issue.]

First Session (i.e. Morning Session)	10.30 AM to 12.30 PM (IST) Section - A Fundamentals of Accounting Section - B Mercantile Laws
Second Session (i.e. Afternoon Session)	2.00 PM to 4.00 PM (IST) Section - C General Economics Section - D Quantitative Aptitude

Applications for admission to Common Proficiency Test is required to be made in the relevant prescribed form as contained in the Information Brochure, which may be obtained from the Additional Secretary (Examinations), The Institute of Chartered Accountants of India, ICAI Bhawan, Indraprastha Marg, New Delhi – 110002 on payment of Rs. 1000/- (Rs. 500/- towards examination fee and Rs. 500/- towards cost of application form and Information brochure) per application form. The fee for candidates opting for Abu Dhabi, Dubai, Doha and Bahrain centres will be US $160 (US $ 150 towards examination fee and US $ 10 towards cost of application form and information brochure) or its equivalent Indian Currency. The fee for the candidates opting for Kathmandu centre are required to remit INR 1350/-(INR 850/- towards examination fee and INR 500/- towards the cost of application form and information brochure) or its equivalent foreign Currency. Since the cost of Information brochure containing Common Proficiency Test application form includes the examination fee, no separate fee is required to be remitted at the time of submitting the filled in application form. The Information brochure containing Common Proficiency Test application form will also be available in the Regional and Branch Offices of the Institute and can be obtained there from on cash payment on or from 7^th October, 2013.

Common Proficiency Test application forms duly filled in may be sent so as to reach the Additional Secretary (Examinations) at New Delhi not later than 28th October, 2013. Applications received after 28^th October, 2013 shall not be entertained under any circumstances. Applications duly filled in will be received by hand delivery at the offices of Institute at New Delhi and at the Decentralised Offices of the Institute at Mumbai, Chennai, Kolkata, Kanpur, Ahmedabad, Bangalore, Hyderabad, Jaipur and Pune upto 28^th October, 2013. Candidates residing in these cities are advised to take advantage of this facility. It may be noted that there is no provision for acceptance of application forms after 28th October, 2013 with late fee.

The candidates who fill up the examination application form online at http://icaiexam.icai.org from 7th October, 2013 (10.00 hrs) to 28th October, 2013 (17.30 hrs) and remit the fee online by using either VISA or MASTER Credit/ Debit Card shall not be charged Rs. 500/- (i.e. cost of application form fee).

The aforesaid Common Proficiency Test (CPT) is open only to students registered with the Institute of Chartered Accountants of India for the Common Proficiency Course on or before 1^st October, 2013 and fulfill the requisite eligibility conditions.

QUESTION PAPER BOOKLET LANGUAGE:

Common Proficiency Test is an objective type multiple choice questions based examination. Candidates will be allowed to opt for Hindi medium Question Paper Booklet for answering the questions. Detailed information will be found given in the Information brochure.

Click here to download the complete text of the above Notification in PDF Format.

Source: The Institute of Chartered Accountants of India.

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CA IPC & CA Final - November 2013 Examination Details (Dates, Fees etc.)

Notification dated 5^th July, 2013

No. 13-CA (EXAM)/N/2013: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Intermediate (IPC) and Final examinations will be held on the dates given below.

INTERMEDIATE (IPC) EXAMINATION

[As per syllabus contained in the scheme notified by the Council under Regulation 28 E (3) of the Chartered Accountants Regulations, 1988]

Group-I:	6th, 8th, 10th & 12th November 2013
Group-II:	15th, 18th & 20th November 2013

(Afternoon Session: 2.00 PM to 5.00 PM) (IST)

FINAL EXAMINATION

[As per syllabus contained in the scheme notified by the Council under Regulation 31 (iii) of the Chartered Accountants Regulations, 1988]

Group-I:	5th, 7th, 9th & 11th November 2013
Group-II:	13th, 16th, 19th & 21st November 2013

(Afternoon Session: 2.00 PM to 5.00 PM) (IST)

Payment of fees for the examinations should be made by Demand Draft only. The Demand Drafts may be of any Scheduled Bank and should be drawn in favour of The Secretary, The Institute of Chartered Accountants of India, payable at New Delhi only.

The Council reserves the right to withdraw any centre at any stage without assigning any reason.

Applications for admission to these examinations are required to be made either online at http://icaiexam.icai.org free of cost (i.e. Rs. 500/- for Intermediate (IPC) & Final candidates for the cost of application form shall not be charged if applications are filled in online) or in the relevant prescribed form, copies of which may be obtained from the Additional Secretary (Examinations), The Institute of Chartered Accountants of India, ‘ICAI BHAWAN’, Indraprastha Marg, New Delhi – 110002 on payment of Rs. 500/- per application form in respect of Intermediate (IPC) and Final Examination candidates.

The forms shall also be made available in the Regional and Branch Offices of the Institute and can be obtained there from on cash payment on or from 5th August, 2013.

Applications together with the prescribed fee by Demand Draft of any Scheduled Bank may be sent so as to reach the Additional Secretary (Examinations) at New Delhi not later than 26^th August, 2013. However, applications will also be received at Delhi Office after 26th August, 2013 and upto 2^nd September, 2013 with late fee of Rs. 500/-. Applications for the students’ examinations only duly filled in will also be received by hand delivery at the office of Institute at New Delhi and at the Decentralised Offices of the Institute at Mumbai, Chennai, Kolkata, Kanpur, Delhi, Ahmedabad, Bangalore, Hyderabad, Jaipur and Pune upto 2nd September, 2013. Candidates residing in these cities are advised to take advantage of this facility. Applications received after 2nd September, 2013 shall not be entertained under any circumstances.

The candidates who apply online at http://icaiexam.icai.org from 5th August, 2013 to 26th August, 2013 and remit the fee online by using either VISA or MASTER Credit/ Debit Card shall not be charged Rs. 500/- in case of Intermediate (IPC) & Final examination (i.e. cost of application form fee). They shall however, be required to remit additional Rs. 500/- towards late fee in case the application online is made after 26th August 2013 and upto 2^nd September, 2013.

The fees payable for the various examinations are as under:

INTERMEDIATE (IPC)
For Both the Groups / Unit - 9	Rs. 1600/-
For one of the Groups / Unit 1 to 8	Rs. 1000/-

FINAL EXAMINATION
For Both the Groups	Rs. 2250/-
For one of the Groups	Rs. 1250/-

Candidates of Intermediate (IPC) and Final examination opting for Dubai /Abu Dhabi / Muscat are required to remit, US$ 350 and US$ 400 respectively or their equivalent Indian Currency irrespective of whether a candidates appears in a group or in both the groups or in a unit .

Candidates of Intermediate (IPC) and Final Examinations opting for Examination Centre at Kathmandu are required to remit Indian Rs. 2250/- and Indian Rs. 3000/- respectively or their equivalent relevant foreign currency irrespective of whether the candidates appear in a group or in both the groups or in a unit.

OPTION TO ANSWER PAPERS IN HINDI:

Candidates of Intermediate (IPC) and Final Examinations will be allowed to opt for Hindi medium for answering papers. Detailed information will be found printed in the Information Sheets attached to the relevant application form.

Click here to download the complete text of the above Notification in PDF Format.

Source: The Institute of Chartered Accountants of India.

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