ICAI The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for the regulation of the profession of Chartered Accountants in India. During its 64 years of existence, ICAI has achieved recognition as a premier accounting body not only in the country but also globally. For its contribution in the fields of education, professional development, maintenance of high accounting, auditing and ethical standards.ICAI now is the second largest accounting body in the whole world.
The syllabus and exam criteria for CACPT i.e. Common Proficiency Test which is the entrance to become a Chartered Accountant will be changed this year. The new syllabus will not be part of the June 2016 CACPT Exam.
Previously, the minimum qualification to appear for CA entrance test was that the candidate should be a 10th pass but now the aspirants need to qualify 10+2 examination to make themselves eligible for the Common Proficiency Test. The degree holders can directly enroll themselves for the course.
In the new syllabus, the candidates not only require to be good at Financial Matters but now they need to have equally good Aptitude. Now, ICAI is planning to conduct a Foundation Test for the various candidates aspiring to be a chartered accountant. The ICAI Officials came up with this decision because the candidates appearing for CACPT perform well in the entry level examination. But when they come into next level that is IPCC they find it hard to score well. This is affecting the quality of the candidates since an easy entry level examination enrolls many nonserious students which later on drops out. So in order to enroll capable and deserving candidates in the entrance, these changes have been made.
The exam pattern will also change. According to the new pattern now the entrance exam will carry 400 marks (200 marks for multiple choice questions and 200 for the subject). Two new subjects are:
Now the paper will be descriptive.