ICAI (Institute of Charted Accountants of India) has recommended a slew of strategic reforms to strengthen its education system and regulate malpractices. In the recent council meeting, ICAI has come up with major reforms in the CA education. ICAI pointed out that CA education is completely dependent upon the 1949 Charted Accountant Act. As per the 1949 Act, there is no provision of re-evaluation in any given exam. Therefore, ICAI has recommended the introduction of re-evaluation for CA exams by amending the CA Act 1949.
ICAI has interacted with the officials of MHRD, Ministry of Corporate Affairs, and UGC (University Grants Commission) to discuss on best practices that are being followed by universities across the country. ICAI’s idea is to incorporate these best practices in CA education and a slew of amendments are necessary for the existing CA Act for the same.
ICAI President, Mr. Naveen Gupta pointed out that there is step-wise evaluation process in CA exams, and if any question is not evaluated by the evaluator step-wise, the concerned question would be marked as ‘not evaluated’ and such question would be subjected to ‘fresh evaluation’. Earlier, CA students did not have an option to raise such queries due to CA Act guidelines. These guidelines have completely restricted re-evaluation process in CA exams, he added.
During the meeting, the ICAI Council has approved changes recommended in the syllabus at CA Foundation, Intermediate, and Final levels. The updated syllabus will be soon available on the official website of ICAI.
For precise digital evaluation, ICAI collaborated with TCS (Tata Consultancy Services) and adopted SaaS (Software as a Service) model for initiating the digital evaluation. The analytical reports generated by the SaaS model will help the exam committee to undertake prompt quality control checks.
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Applicants shortlisted for the inclusion as examiners and existing examines must undergo an online crash course in the concerned subject before undertaking the responsibility of evaluation.
Live virtual classes, which were earlier available only at regional branch offices of ICAI are now available to students through ‘Direct to Students’ approach. As a part of this initiative, students can access live virtual classes on their mobile phones, laptops etc on a moderate fee. Easy access to study material will reduce the dependency of students on coaching centres.
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