ICAI Issues Guidelines On Continuing Professional Education
To ensure the necessary professional competence, Institute of Chartered Accountants of India (ICAI) has emphasised Continuing Professional Education (CPE) as a primary focus area for its members. The Council of ICAI published rules on CPE that detail the standards for its members and the procedure for Program Organizing Units (POUs) to follow, with effect from January 30, 2024.
Under the information furnished by ICAI, with a few exceptions, institute members are required to complete the CPE credit hours in accordance with the Council”s specifications. For the first year of their participation, new members are free from fulfilling the CPE credit hours requirements. The amount of time spent on learning activities determines the number of CPE credit hours; unstructured learning requires one hour, whereas structured learning requires a minimum of two hours. Lists of acceptable activities for each category are available from the CPE Advisory.
A number of members are excluded from the need for CPE credits, including those who are 60 years of age or older and do not hold a Certificate of Practice, judges, legislators, civil servants, entrepreneurs, and others, under specific guidelines.
Members requesting exemptions must affirm that they did not execute attestation duties during the exemption period, as confirmed by the UDIN Portal of the ICAI. Based on specific circumstances that make it difficult for a person to comply with CPE requirements, the Council may, at its discretion, provide complete or partial exemptions.
From 2024 onward, failure to comply with CPE standards will have repercussions decided by the Council in accordance with applicable laws and regulations. POUs are in charge of keeping track of attendance, and members need to retain documentation of their CPE compliance so that the Institute can verify it.
The Institute of Chartered Accountants of India (ICAI), set up under the Chartered Accountants Act, 1949 (the Act), has always aimed for excellence in the standard of professional services rendered by its members. The ICAI is entrusted with the responsibility of regulating the accountancy profession in the country and confers the exclusive right to use the designation “Chartered Accountant”.
