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Secondmanship and industrial training

AMIT TEKRIWAL (NONE) (29 Points)

01 July 2013

Does Secondmanship include Industrial Training , can i do both?

can i complete my one year of secondmanship and join a full nine months of industrial training after that??

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4 Replies

Ajay Mishra (Company Secretary) (74337 Points)
Replied 02 July 2013

Yes u can do this.

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Ajay Mishra (Company Secretary) (74337 Points)
Replied 02 July 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.

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 (Company Secretary) (74337 Points)
Replied 02 July 2013

SECONDMENT/EXCHANGE (REGULATION 54)

In order to expose the trainees at large to multi-disciplinary work and variety of business situations, the arrangement of secondment has been provided in the Regulation 54. The procedure relating to secondment enables an articled trainee to gain practical experience, in areas where the Principal may not be in a position to provide the same, in the office of another member in practice on the basis of a mutually agreed arrangement. In order that maximum advantage can be taken of this procedure, the secondment scheme has been made flexible. Secondment is allowed with the consent of the articled trainee from one employer to a member who is entitled to train articled trainees in his own right or to a member in industry who is entitled to train industrial trainees.

The member to whom the trainee is seconded is not entitled to train more than two such trainees on secondment at a time. The aggregate period of secondment cannot exceed one year provided that the period served on secondment with any one member or his partner does not exceed six months. Where an articled trainee is seconded to a member in industry, the total period spent in industry including the period of industrial training should not exceed one year. During secondment the Principal is required to pay the stipend. The Principal is required to keep records of the training undergone during secondment and include its particulars in the report to the Council under Regulation 64.

Apart from the secondment of a trainee from one firm to another firm or to an industry, firms may exchange trainees on mutual basis for a limited period to the advantage of firms and trainees. Such an arrangement is also quite flexible like the scheme of secondment and enables the firms to overcome deficiency, if any, in practical training imparted to trainees.

AMIT TEKRIWAL (NONE) (29 Points)
Replied 03 July 2013

sir, my 1st year of articleship will end on 16th of August, 2013. so can i go for secondment after that i.e, in my second year of aticleship??

and please can u suggest the name of few firms as well as industrial members who can train article under secondment.