The Institute of Chartered Accountants of India will by 2016 introduce new syllabus, work for which was underway, its president K. Raghu said. The committee set up for drafting the new syllabus had met in New Delhi, Chennai, Mumbai and other major cities. It also held a special two-day session in Agra. The issues before the committee included having an open book examination for one or two papers, online examination, whether to make the entry level examination descriptive. But those were at the discussion stage.
Once the draft syllabus was ready, the Institute would consult experts and also place it before the public for inputs and only then finalise it. The move to revise the syllabus comes almost nine years after the last syllabus was introduced in 2005. The revision in syllabus had to do with keeping the course content relevant to the changes taking place in the society and in the accounting profession. It was also to make the successful candidates find a job easily.
The average salary of a fresh chartered accountant was Rs. 7.36 lakh per annum and the highest paid by an Indian company last year was Rs. 20.25 lakh a year. The chartered accountancy was a popular course - both in India and abroad - and it was also most affordable in that aspirants from even lower economic background could afford the course, for it cost around Rs. 25,000.
The Institute was working with the new Central Government by suggesting changes that were needed to make the profession healthier and economy stronger. For instance, it had suggested increasing the threshold on the size of the companies for auditors to report fraud to the Central Government. It had piloted a project with India Post to switch over from cash-based accounting system to accrual-based system and based on the inputs, it had proposed to the Indian Railways for a similar switchover.
A few other initiatives the Institute had taken included making things easier for differently abled candidates to appear for exams, further introduction of technology, establishing reading rooms and building resources and helping women members find part-time jobs by launching a portal.