Are you curious to know what is articleship? You have come to the right place as I am going to tell you everything about articleship in a very simple explanation. Without further discussion let’s begin to know what is articleship?
Articleship is a mandatory training program that aspiring chartered accountants in India must complete as part of their professional education. In this blog, we will explore what articles is, their purpose, and what aspiring chartered accountants can expect from this program.
What Is Articleship?
Articleship is a three-year training program that aspiring chartered accountants in India must complete before they can become fully qualified professionals. During articleship, trainees work under the guidance of a practicing chartered accountant, gaining practical experience in various aspects of accounting and auditing.
The purpose of articleship is to provide aspiring chartered accountants with hands-on training and practical experience in accounting and auditing. This program helps trainees develop the necessary skills and knowledge required to become competent and successful chartered accountants.
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What To Expect From Articleship?
During articleship, trainees work in a professional environment under the guidance of a practicing chartered accountant. Trainees are required to work a minimum of 35 hours per week, with additional hours during the busy tax season.
During the three-year program, trainees gain practical experience in various aspects of accounting, such as bookkeeping, financial analysis, and auditing. Trainees also learn about tax laws, company laws, and other regulations relevant to the field of accounting.
At the end of each year of articleship, trainees must pass an examination to demonstrate their competence in various areas of accounting and auditing. These examinations are conducted by the Institute of Chartered Accountants of India (ICAI), the regulatory body responsible for the chartered accountancy profession in India.
Conclusion
Articleship is a mandatory training program that aspiring chartered accountants in India must complete before they can become fully qualified professionals. This program provides trainees with hands-on training and practical experience in various aspects of accounting and auditing. Trainees work under the guidance of a practicing chartered accountant, gaining the necessary skills and knowledge required to become a competent and successful chartered accountants. If you are an aspiring chartered accountant, it is important to understand the requirements and expectations of articleship to ensure that you meet the necessary qualifications to become a successful chartered accountant.
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FAQ
What Is The Purpose Of Articleship?
Articleship is a mandatory requirement for all CA students, and it plays a crucial role in their journey toward becoming a qualified Chartered Accountant. During Articleship, CA students get an opportunity to work under a practicing Chartered Accountant and gain practical knowledge in the field.
What Do Articleship Students Do?
During articles, an articled assistant may come across different types of audit assignment like tax audits, bank audits, stock audits, internal audits, statutory audit, etc. which he/she might be expected to undertake. These audits help in developing a questioning and skeptical mind.
Who Is Eligible For Articleship?
Must have completed either or both the groups of CA Intermediate exams and. Must have completed the four-week Integrated Course on Information Technology and Soft Skills (ICITSS).
Do Students Get Paid In Articleship?
Do you get paid during your articleship when you are doing your CA? Yes. ICAI prescribes the minimum stipend of 2k for the articles. It also increases every year by a certain amount like hikes in salaries do.
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