The Institute of Chartered Accountants of India (ICAI) is planning to introduce the open book examination concept in the Chartered Accountancy (CA) test in the next couple of years. ICAI president Nihar Jambusariya said that more papers in the CA final exam will be added to the open book system.
“Currently only an elective paper is covered under the open-book system, but our committee is reviewing to bring in more papers so that students can have application-based knowledge,” Jambusariya told Times of India adding that students can be given situational case studies during the exams and asked if they can find a solution to it by referring to the book.
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The committee is still reviewing the possibility of conducting the open book exams and if the same is finalised by February 2022 it will be implemented within the following six months to one year period said Jambusariya.
He also 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 added
ICAI will also be providing auditing tools to all firms without any charges to improve the quality of audits. “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 told the news agency.
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Meanwhile, ICAI has announced that candidates who have lost any parent during the Covid-19 pandemic need not pay the CA course fee. While registering in the CA course, such candidates will have to submit relevant documents. This scheme is applicable from April 1 2020 to March 31, 2023.
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