December 24, 2008

ICAI Goes Tough on CPE Compliance

The Institute of Chartered Accountants of India has decided that the names of such members who do not complete the required CPE credit hours, be not included in any panel that is forwarded by the Institute, on or after 1st January, 2009, to any regulators or other authorities. In the case of a firm, if any partner/paid assistant has not completed the requisite CPE credit hour for the year 2008, the names of such partners/paid assistants will not be included while considering the eligibility criteria and this fact will also be stated in case the firm is otherwise found eligible after excluding name(s) of such partner(s)/paid assistant(s).
The institute had made it mandatory for all its members holding Certificate of Practice (COP) (except senior members above 60 years of age or those who are residing abroad) to complete the (Continuing Professional Education) CPE credit hours requirement which is as follows:
1. at least 90 CPE credit hours in each rolling three year period starting from the calendar year 2008, of which 60 CPE credit hours should be of structured learning.
2. minimum 20 CPE credit hours of structured learning in each year.

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