Industrial training
This query is : Resolved
18 November 2013
Please help me out on all rules & regulations related to Industrial Training Programme
Thank you.
Thank you.
18 November 2013
Hi
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.
Industrial Training Vacancies:
http://www.icai.org/post.html?post_id=823
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.
Industrial Training Vacancies:
http://www.icai.org/post.html?post_id=823
18 November 2013
What is industrial training?
It is a training scheme by which a student can undergo practical training within an approved industrial undertaking having specified amount of fixed assets or turnover or paid – up share capital.
What are the objectives of industrial training?
•Training in an industrial / commercial / financial environment provides the trainees with the opportunity to develop a problem solving attitude and to have an insight into the functioning of the accounts department.
•It also diversifies their practical experience and helps them in developing the attributes of team work and correlation with members of other professions and disciplines.
•It is intended to provide the trainees with a new dimension to their experience.
•This would necessarily involve exposure of trainees to the entire gamut of activities of industrial establishments in a phased and systematic manner.
•An exposure to the working environment of a large commercial organization will give them an integrated view of its operations.
•It is essential that the member imparting training in industrial including commercial and financial enterprises, recognizes that perception of the overall business environment is the prime objective of such training.
When can an articled assistant commence industrial training?
An articled assistant after passing PCE can undergo industrial training during last 9-12 months of articled training.
Is it required to take prior permission of the MIT / Principal for joining an industrial training?
Yes. An articled assistant shall intimate to the MIT / Principal about his intention to undergo industrial training at least 3 months before the date on which such training is to commence.
What is the specified size of the organization where in industrial training can be performed?
Industrial training can be performed in financial, commercial, industrial undertakings with minimum fixed assets of Rs.1 crore; or minimum total turnover of Rs.10 crore; or minimum paid–up share capital of Rs.50 lakhs; or such other institutions or organization as may be approved by the Council from time to time.
What is the duration of the industrial training?
The period of industrial training may range between 9 months to 12 months.
Should industrial training be received under the member of the Institute?
Yes. The industrial training shall be received under the member of the Institute. An associate who has been a member for a continuous period of at least 3 years shall be entitled to train one industrial trainee at a time and a fellow shall be entitled to train two industrial trainees at a time.
Is there any agreement of industrial training just like Deed of Articles (standard format of which is available in Form No.102)?
Yes. It is Form No.104. Refer to Training Guide for a specimen copy of this Form.
Is there any industrial training completion of certificate?
Yes. On satisfactory completion of industrial training by an articled / audit assistant, the associate / fellow member under whom the industrial training is received shall issue a certificate in Form No.105 in respect of the training undergone. Refer to Training Guide for a specimen copy of this Form.
What is industrial training?
It is a training scheme by which a student can undergo practical training within an approved industrial undertaking having specified amount of fixed assets or turnover or paid – up share capital.
What are the objectives of industrial training?
•Training in an industrial / commercial / financial environment provides the trainees with the opportunity to develop a problem solving attitude and to have an insight into the functioning of the accounts department.
•It also diversifies their practical experience and helps them in developing the attributes of team work and correlation with members of other professions and disciplines.
•It is intended to provide the trainees with a new dimension to their experience.
•This would necessarily involve exposure of trainees to the entire gamut of activities of industrial establishments in a phased and systematic manner.
•An exposure to the working environment of a large commercial organization will give them an integrated view of its operations.
•It is essential that the member imparting training in industrial including commercial and financial enterprises, recognizes that perception of the overall business environment is the prime objective of such training.
When can an articled assistant commence industrial training?
An articled assistant after passing PCE can undergo industrial training during last 9-12 months of articled training.
Is it required to take prior permission of the MIT / Principal for joining an industrial training?
Yes. An articled assistant shall intimate to the MIT / Principal about his intention to undergo industrial training at least 3 months before the date on which such training is to commence.
What is the specified size of the organization where in industrial training can be performed?
Industrial training can be performed in financial, commercial, industrial undertakings with minimum fixed assets of Rs.1 crore; or minimum total turnover of Rs.10 crore; or minimum paid–up share capital of Rs.50 lakhs; or such other institutions or organization as may be approved by the Council from time to time.
What is the duration of the industrial training?
The period of industrial training may range between 9 months to 12 months.
Should industrial training be received under the member of the Institute?
Yes. The industrial training shall be received under the member of the Institute. An associate who has been a member for a continuous period of at least 3 years shall be entitled to train one industrial trainee at a time and a fellow shall be entitled to train two industrial trainees at a time.
Is there any agreement of industrial training just like Deed of Articles (standard format of which is available in Form No.102)?
Yes. It is Form No.104. Refer to Training Guide for a specimen copy of this Form.
Is there any industrial training completion of certificate?
Yes. On satisfactory completion of industrial training by an articled / audit assistant, the associate / fellow member under whom the industrial training is received shall issue a certificate in Form No.105 in respect of the training undergone. Refer to Training Guide for a specimen copy of this Form.
20 November 2013
Thank you very Much sir but would you tell me that on any grounds can my principal deny me for undergoing such training or any rule which might not allow me from undergoing it even after completion of 2 years of articleship
20 November 2013
Yes, he can, but if you are taking transfer on such ground of industrial training, then i think he should not objected.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Inventory of finished goods
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Confusion around Form 26QB fields
- Applicability of Ind As to associate of associate
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Filing of Form 10BB instead of Filing Form 10B
- Sale of property furniture sale
- Refund of AY 22-23
- Last year input claim shown in gstr9
- GST Registration Cancellation books of accounts asked by officer
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- HSN Details in IFF/GSTR-1 & in GSTR 9
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
