08-13-2010, 08:31 PM
Dear Kamran Bhai,
I learnt a lot from your post. I completely understand your views. But the fact is ICAP is expressing its intention to introduce it.
My personal view (as I said before) is that ICAP will not waive the requirement of training in CA firms. All students will have to go through training in Audit firm. If there were only three years industrial training, I do not think those trainee students deserve to be called prospective chartered accountants.
You are right in saying that a student gets nothing special if he will sit in an engineering company for 3 years to do routine work.
Former President Asad Ali Shah in his Presidentâs Communication dated September 14, 2009 said
âCurrently students are allowed to train only with a firm of chartered accountants that has been designated as Training Organization (TO) by ICAP. Now the Council has decided that specified organizations other than CA firms will be approved by the Institute as Training Organizations. This step would align our policy with the worldwide practice of student training.
However, as several members had expressed concern on the implementation of this decision and the relevant by-laws, the council decided to hold further deliberations with the members through round table conferences, and consequently, the implementation of this decision has been deferred.â
So the concerns expressed by several members must be the same as expressed by you.
These are well-justified concerns.
But there must be a way out. I mean number of CA-inter students are increasing and there are wandering here and there to get training contract. Firms are not recruiting because they cannot afford their stipend. ICAP has to think about them.
ICAP has to create training opportunities. For example, at least two years in a firm and one year in a company. ICAP members in industry have to follow ICAP directions and training regulations in the same manner as followed by members in practice.
I learnt a lot from your post. I completely understand your views. But the fact is ICAP is expressing its intention to introduce it.
My personal view (as I said before) is that ICAP will not waive the requirement of training in CA firms. All students will have to go through training in Audit firm. If there were only three years industrial training, I do not think those trainee students deserve to be called prospective chartered accountants.
You are right in saying that a student gets nothing special if he will sit in an engineering company for 3 years to do routine work.
Former President Asad Ali Shah in his Presidentâs Communication dated September 14, 2009 said
âCurrently students are allowed to train only with a firm of chartered accountants that has been designated as Training Organization (TO) by ICAP. Now the Council has decided that specified organizations other than CA firms will be approved by the Institute as Training Organizations. This step would align our policy with the worldwide practice of student training.
However, as several members had expressed concern on the implementation of this decision and the relevant by-laws, the council decided to hold further deliberations with the members through round table conferences, and consequently, the implementation of this decision has been deferred.â
So the concerns expressed by several members must be the same as expressed by you.
These are well-justified concerns.
But there must be a way out. I mean number of CA-inter students are increasing and there are wandering here and there to get training contract. Firms are not recruiting because they cannot afford their stipend. ICAP has to think about them.
ICAP has to create training opportunities. For example, at least two years in a firm and one year in a company. ICAP members in industry have to follow ICAP directions and training regulations in the same manner as followed by members in practice.
