The Institute of Chartered Accountants of India (ICAI) is planning to bring major changes in its examination pattern in the next couple of years by focusing on open book examination concept.
President of ICAI Nihar Jambusariya, who was in the city on Thursday, said that more papers in the CA final exam will be added in the open book system. “Currently only an elective paper is covered under open book system, but our committee is reviewing to bring in more papers so that students can have application-based knowledge,” Jambusariya said. He added that situational case studies can be given and students can be asked if they can find a solution to it by referring to the book.
The committee is still reviewing it so even if it is finalized by February 2022, we will be able to implement in the following six months to one year period,” said Jambusariya.
Speaking to media persons, Jambusariya said that after the pandemic, placements of CA have increased. “Earlier only 35-40% CAs used to get placed but that ratio has now increased to 70%. The economy was struggling due to the pandemic but the need of CAs was realized in these times as CAs not only audit but can also bring in the revival of struggling businesses and also do financial restructuring,” he said.
To improve the quality of audit, ICAI will also provide auditing tools to all firms without any charges. “Many big firms have developed auditing tools, but if all can use these tools there will be an improvement in auditing so we plan to provide these tools for two to three years and then members can buy them,” he said.