ICAI to launch virtual classrooms

ICAI to launch virtual classrooms:

Students of Chartered Accountancy will soon have virtual classroom facilities. In the first phase, The Institute of Chartered Accountants of India (ICAI) would usher in the facility in around 30 centres. This would happen before December and not in November, as announced earlier, said Amarjit Chopra, president, ICAI, at a press meet in the city on Wednesday.

There had been a delay. However, things were proceeding at a reasonably good pace and the roll out across the country would happen soon. Tier Two cities like Coimbatore, Ahmedabad and Hyderabad would get the facility in the coming months.

Best faculty in each of the subjects would be chosen and their lectures would be beamed to students of various centres, who would be able to interact with the faculty as well. And the lectures would be available at a very competitive price to the students, who were paying exorbitant sums to private coaching institutes, he said. The ICAI had also brought down the number of articleship seats by 30 per cent. The reduction was to avoid malpractices in the issue to articleship certificates, he explained.

Improving Standards:

On the convergence with International Financial Reporting Standards (IFRS), Mr. Chopra said the ICAI was spearheading the convergence of Indian Accounting Standards with the IFRS. In that regard, the ICAI had already started a massive exercise to train its members in industry as well as in practice.

The certificate course on IFRS was launched in December 2008 and to date 2,023 chartered accountants had attended the course. ICAI had also commenced training programmes for industry at 58 centres in India in collaboration with the Ministry of Corporate Affairs.

Replying to a question on disciplinary action against errant members, he said in the aftermath of the Satyam scam, there had been a perception that not much was being done.

The ICAI had gone ahead and completed proceedings in 114 cases. In 35 cases prima facie evidence was found, he said and added that wherever public interest was involved there was no delay in rendering justice. Mr. Chopra also said that the ICAI had written to the Central Government to empower it to act against errant firms. "The ICAI has decided to recommend to the Government of India that power to act against erring firms be given to the Institute after making necessary amendments in the Act. Action against the firms is proposed to be initiated in the rarest of rare circumstances and in those cases in which there is continuous and repetitive act of negligence, jeopardising of public interest or proved collusion in perpetration of fraud."

 (SOURCE: THE HINDU DATED; NOVEMBER 9, 2010).

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