In a good news for all those students wishing to make career as Chartered Accountant (CA) or Company Secreatery have good reason to smile. Institute of Chartered Accountants of India (ICAI)
would abolish common proficiency test (CPT) examination for CA aspirants and reinstate the Foundation course instead from November this year.
"From November onwards the CPT examination route will be scrapped as the Ministry of Corporate Affairs has given its approval. It is now lying with the Ministry of Law and Justice," ICAI president Devaraja Reddy told reporters here on Friday.
While the CPT examination was of 200 marks, the Foundation course would consist of 400 marks for class XII pass outs.
Entry to direct CA would be given to B.Com students securing 55 per cent and B.Sc and Engineering candidates with 60 per cent marks. The ICAI president said the entire curriculum was being revamped as well.
Reddy said ICAI was pitching for double entry accounting system for various government accounts instead of single entry at present.
This would made the accounts of the government departments more transparent, he said.