ICAI | Exposure Draft Unveils Consequential Provisions for Annual CPE Hour Non-compliance from 2024 Onwards

Continuing Professional Education Committee
The Institute of Chartered Accountants of India
18th December, 2023

Exposure Draft on proposed Consequential provisions for non-compliance with CPE hours requirement on yearly basis from calendar year 2024 onwards

The Continuing Professional Education (CPE) Committee of ICAI has been at the forefront to provide sufficient opportunities that are essential for Chartered Accountants to equip themselves with the changes occurring due to globalization and increasing business & professional complexities. To enable Chartered Accountants to remain in tandem with evolving requirements of business and economy, the ICAI actively endeavours to provide prompt education and training to its members, relevant in current professional scenario.

Continuous and consistent professional learning holds immense significance in today's ever changing and competitive environment. It helps members in development of their professional base, skills, and expertise etc. beyond their educational qualification. It also allows them to explore new opportunities in professional field/working area.

Continuing Professional Education is a very important medium through which professionals can improve their skills and broaden their knowledge, and also develop inter-personal qualities to carry out their professional responsibilities strenuously. The Continuing Professional Education Committee (CPEC) of ICAI has always been working with a constructive thought process and proactively empowers members through training and programmes with a very comprehensive CPE calendar.

Further, point 6.2 & 8.2 of Statement on Continuing Professional Education state that:

6.2 “all members of the Institute are required to meet the CPE credit hours requirement(s) as specified by the Council from time to time” and;

8.2 “The Council may, however, take any other action in accordance with the provisions of the Chartered Accountants Act 1949 and The Chartered Accountants Regulations, 1988 and modifications made thereunder from time to time.”

Therefore, as decided by the Council at its 426th meeting, members are requested to give their inputs/suggestions on the Exposure draft on the proposed guidelines “Consequential Provisions for non-compliance with CPE hours requirement on yearly basis” from Calendar year 2024 onwards and to be operational w.e.f. 1/1/2025 for non-compliances arising from Calendar year 2024.

In the Exposure draft, the base year/start year for applicability of consequential provision for non-compliance of CPE hours is taken as 2024.Similarly, in onward year(s) for non-compliance of CPE hrs requirement, similar consequential provisions would be applicable.

In this regard, the Continuing Professional Education (CPE) Committee invites comments/ views on the following Exposure Draft with the last date for submission of being January 2, 2024. Comments will be helpful if they contain a clear rationale and, where applicable, provide input(s).

The downloadable version of the Exposure Draft is available at: https://resource.cdn.icai.org/77841cpe62495.pdf

Comments should be submitted using one of the following methods, so as to be received not later than January 2, 2024: