Industrial training

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Querist : Anonymous

Querist : Anonymous (Querist)

11 November 2013 i have been undergoing articleship from last 7 months and want to take transfer with the intention to do industrial training. So do i need to first tell the principal, of new firm, before joining it.

Ajay Mishra

Ajay Mishra (Expert)
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11 November 2013 ELIGIBILITY AND OTHER CONDITIONS FOR UNDERGOING INDUSTRIAL TRAINING

(i) An articled assistant who has passed the Integrated Professional Competence Examination / Professional Competence Examination/ Professional Education (Examination - II) or Intermediate examination can serve as an Industrial trainee in any of the financial, commercial, industrial undertakings as may specified by the Council or such other institution or organization as may be approved by the Council from time to time.
(ii) Articled assistant before proceeding for Industrial Training has to intimate his principal at least three months before the date on which such training has to commence.
(iii) Minimum period of Industrial Training may range between nine months and twelve months during the last year of prescribed period of practical training.
(iv) The Industrial Training shall be received under a member of the Institute. An Associate who has been a member for a continuous period of at least three years is entitled to train one industrial trainee and fellow is entitled train two industrial trainee at a time, whether
such trainees are articled assistants or audit assistants.
(v) An agreement of training is to be entered in the approved form i.e. Form No. 104
(vi) On satisfactory completion of industrial training, the principal has to issue service certificate in the approved form i.e. Form No. 105.
(vii) The form-104, in duplicate, should be sent so as to reach the office of the Institute within 30 days from the date of commencement of Industrial Training.

Industrial training also offers an opportunity to the trainees to take part in specialised accounting exercises. Thus, for instance, the closing of accounts provides an opportunity for them to acquire the skills necessary as a concomitant to the theoretical knowledge which they have acquired earlier.

Industrial training may also expose the trainees to management accounting, cost accounting, management information system, EDP, etc. It also provides an opportunity to them to participate in the work relating to corporate laws, taxation and secretarial practice.

Ajay Mishra

Ajay Mishra (Expert)
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11 November 2013 You are free to take transfer during first year of article ship without any reason. So no need to give the reason of Industrial training.

You only submit Form-109 signed by your principal with Institute and re join with other principal.

No need to wait prior approval for taking tansfer.

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Querist : Anonymous

Querist : Anonymous (Querist)

11 November 2013 but when i will join new firm do i need to intimate the concerned before joining his firm

Ajay Mishra

Ajay Mishra (Expert)
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11 November 2013 You can join after 3 months after giving intimation to your principal on Industrial training.

Querist : Anonymous

Querist : Anonymous (Querist)

11 November 2013 and what if he doesn't allow?

Ajay Mishra

Ajay Mishra (Expert)
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