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Monday, November 10, 2008
PROCEDURE FOR OBTAINING DUPLICATE PASS/RANK CERTIFICATE
NEWS -Institute of Chartered Accountants of India (ICAI) Solves Major Document Management Issues with ABBYY FormReader
Even at the Initial Stage, the New System Brings Hefty Benefits to the Institute
Introduction
With its Headquarters in New Delhi and 116 branches all over the country, the Institute of Chartered Accountants of India (ICAI) is the second largest accounting body in the world. The main activities of ICAI are holding examinations, arranging practical training, member enrollment, regulation & maintenance of status and standard of members’ professional qualification, and much more. All these activities produce vast amounts of paperwork. Until recently, member files, examination papers, enrollment applications, regulatory documentation, and so forth, were paper-based only, and the institute had no adequate form and document management system in place. Form processing took weeks, and important documentation was at the risk of being misplaced, or even perished.
The current membership is about 135,000, and over 350,000 students are presently pursuing the Chartered Accountancy course at the ICAI. The urgent need to begin systematizing document management revealed 3 large areas of focus: automating enrollment application processing, creating an electronic member database, and digitizing of archives.
A complex situation
In terms of document management, ICAI faces several problems, all stemming (directly or inversely) from inadequate system currently in place. The major problems are listed below:
- As the closing date for registration of students for Common Proficiency Test (CPT) was fast approaching, the Institute was receiving nearly 5,000 forms per day from each of the 5 regional centers. Prior to introduction of ABBYY, existing manual processing setup and logistics was at capacity of processing only 200 forms per day at each site. Needless to say, a mounting backlog was a direct result.
- With 135,000 members in roster, it was becoming difficult to keep track of the member files, all paper-based, and incorporating changes in the data provided by the members. Loss of information and personal files is an ever-present threat.
- Some of the paper document archive, accumulated since the inception of the ICAI library five decades ago, is on the verge of deteriorating.
ABBYY- powered solution to take on the challenges
At the initial stages of the project, the issues with Common Proficiency Test (CPT) registration form processing were addressed first. NETSPIDER INDIA (NIIL), an ABBYY Representative in India, rose to the challenge and gave the following guarantees to ICAI:
- All incoming CPT registration forms to be uploaded in the ICAI website within a day, which meant 25,000, as opposed to 1,000 forms, would be processed daily.
- Raising processing accuracy from existing 60% to 100%.
To deliver the results as guaranteed, ABBYY FormReader 6.5 was the designated solution.
Methodology
ABBYY FormReader’s capability of effectively covering the entire cycle of form processing is taken advantage of: form design, scanning, recognition, validation, verification and export – are all done in FormReader.
The CPT form was designed with ABBYY FormDesigner and uploaded to ICAI’s website to be printed out therefrom. As per the customer’s specifications, the form contains fields to be filled out and a placeholder for a candidate’s photograph. A filled form, with a photograph pasted onto it, is scanned at the branch office and uploaded into a central FTP server of the head office. From the FTP server, FormReader automatically processes the data in each field respectively, and then, the data is verified on FormReader’s verification stations. Once the verification is done, FormReader exports the data to D2K database, and the candidate photos are converted to PDF images and sent to NIIL’s Document Imaging and Management Solution by OLE automation interface. The end result: an electronic centralized system, where a student’s photo also servers as a hyperlink to the student’s file in the database. Accessing application data for ICAI staff is now a matter of a few keystrokes, and prospective students receive acceptance results expeditiously.
Summary
- Any printer with any setting can be used to print forms designed in ABBYY FormDesigner: a great relief to ICAI in terms of usability.
- Excellent user acceptance of FormReader among the ICAI staff: the software has proven to be very hassle-free, and it requires a minimum number people to be involved in the entire process of handling 25,000 forms each day.
- FormReader’s ease-of-use and one day of onsite training by NIIL was sufficient to convert beginners to ICR professionals.
Ongoing Project Support with ABBYY
NETSPIDER INDIA (NIIL) is set to continue providing ABBYY solutions for creating an effective document management system at ICAI:
1. Member records management
- ABBYY FineReader OCR would be used to process the records of the existing members and uploaded into a database.
- About 40 different kinds of forms relating to membership of ICAI would be designed using ABBYY FormDesigner for new members and uploaded to ICAI’s website.
2. Digitizing the library documents
- ABBYY FineReader OCR would be used to process and index library documents to save the data from perishing and enable full text search for quick and easy access.
First Woman Accountant of INDIA
WOMEN IN ACCOUNTANCY. The First Woman Accountant of India. M. s. R. Sivabhogam was. born on 23 ...http://www.icai.org/resource_file/10179115.pdf
HISTORY OF ICAI
| 1857 | The first ever Companies Act in India legislated. |
| 1866 | Law relating to maintenance of accounts and audit thereof introduced. |
| Formal qualification as auditor now required. | |
| 1913 | New Companies Act enacted. |
| Books of accounts to be maintained specified. | |
| Formal qualification to act as auditor named. A Certificate from the local government to be held in order to act as auditor. An unrestricted Certificate entitled a person to act as auditor throughout British India. A Restricted Certificate entitled him to act as auditor only within the Province concerned and in the languages specified in the certificate. | |
| 1918 | Government Diploma in Accounting (GDA) launched in Bombay. On completion of articleship of three years under an approved accountant and passing the Qualifying Examination the candidate would become eligible for the grant of an Unrestricted Certificate. |
| 1920 | The issue of Restricted Certificates discontinued. |
| 1927 | Society of Auditors founded in Madras. |
| 1930 | Register of Accountants (RA) to be maintained by the Government of India to exercise control over the members in practice. Those whose names found entry here were called Registered Accountants (RA). |
| 1930 | The Governor General in Council replaced the local government as the statutory authority to grant certificates to persons entitling them to act as auditors. |
| Auditors allowed to practice throughout India. | |
| 1932 | First Accountancy Board formed. The Board was to advise the Governor General in Council on matters relating to accountancy and to assist him in maintaining standards of qualification and conduct required of auditors. |
| 1933 | First examination held by the Indian Accountancy Board. GDAs exempted from taking the test. |
| 1935 | The first Final Examination was held. GDAs exempted from taking the test. |
| 1943 | GDA abolished. |
| 1948 | Expert Committee formed to examine the scheme of an autonomous association of accountants in India. |
| 1949 | The Chartered Accountants Act, 1949 was passed on 1st May. The term Chartered Accountant came to be used in place of Indian Registered Accountants. |
| Chartered Accountants Act was brought into effect on 1st July. The Institute of Chartered Accountants of India is born. | |
| 1999 | ICAI completed 50 years on 1st July 1999. |
HOW TO PASS CA IN FIRST ATTEMPT -DR N.K.AGARWAL
HOW TO PASS CA IN FIRST ATTEMPT- DR N.K. AGRAWAL
Dr N.K. Agrawal gives students some tips on how to prepare for the CA examinations
AN OLD joke on passing CA examinations goes like this: There was a writing in a church that read, "Jesus never fails". A CA student added below that, "Then let him try the CA examination"!
Passing the CA exam is not as difficult as it is made out to be. Several students clear it in the first attempt and even secure ranks. Why, then, are others unable to crack it? The reasons are several.
Capabilities of the students
There is no CAT-like entrance test to join the course. The course costs less than school education. There are two streams of students joining the course one that joins after the intermediate or plus-two stage, and the other that joins after graduation. The stage at which one joins the course can be crucial. The inherent ability of a student can be an important factor. A bright student chooses the course by choice and not by chance. Such students take the PE I examination route.
Medium of instruction
A second major contributing factor is the medium of instruction. Those who study in regional-medium schools, face a lot of difficulty in comprehending the subject.
Exposure
A third factor is the exposure to the business world, terminologies, and so on. Students from rural and semi-urban areas face difficulty in understanding the subject due to inadequate exposure. Another drawback could be the lack of access to reading material, non-availability of textbooks, Internet facilities, so on. While these students are sincere, they may lack the right guidance.
Students can overcome the fear of the examination by following a regular and systematic study routine.
General study
Start preparing for the examination immediately on joining the course. Study regularly and conscientiously. It does not matter how many hours you study, but how much you understand. Qualitative study is important. In addition to the student journal, subscribe to the journal of the Institute. It helps to keep yourself updated. Keep track of the latest in all the subjects: accounting standards (new standards, revision of old ones, interpretations, etc.) auditing and assurance standards, amendments to company law and other laws, Finance Act and Income-Tax law. Contribute and subscribe to a good business newspaper. Essays on capital markets, tax matters and other subjects will be helpful.
Study material
Your study material is the most important. Supplement it with a good standard textbook. A good student does not require tuition. Tuitions certainly are helpful, but only when you have it in you to use them. For a professional, self-study and getting to the root of the subject is essential.
Attitude
Subjects such as law require repeated reading. Candidates often complain of not being able to remember the provisions/sections. Now, this is a matter of attitude. When one can remember film songs, sequences, dialogues, phone numbers, why not the section numbers? Students tend to read out of compulsion. Examinations are imposed on them. If it were not for examinations, would students have studied? Apply the attitude you have towards play to studies. The world will begin look different.
Strategies
Follow a strategy of study. Remember, you cannot study accounts independent of company law. Income-tax cannot be studied independent of accounting. Thus, these subjects are inter-related. You have to study all the subjects for the examination. Take, for example, the issue of shares by a company. Read provisions of company law from S. 55 onwards prospectus, contents, liabilities for misstatements, and so on till S.108. You would have grasped the legal requirements. Then work out problems in accounting on issue of shares at par, premium, discount, for consideration in other than cash, etc. Follow it up with audit of issue of share capital, resolutions to be passed, documents to verify, and so on.
Study the tax provisions for allowability of share issue expenses, etc. Thus, you would have covered the issue from all points of view. This may look cumbersome in the beginning, but once you get used to it, things become interesting. This way you will have covered a part of company law, a part of income-tax, part of auditing, as well as a part of accounting.
Group study
Group study can be helpful too. Form yourselves into groups of six. Thus six friends can cover six subjects. Rotate them among yourselves. Engage in group discussions. Subjects like tax, law, etc., can be tackled better this way. Use a marker to highlight the material items as and when you study it for the first time. When you read the second time, you can concentrate only on the highlighted part. Grammar is, of course, to be built in into the answer.
All subjects are important
One should realise that the candidate should pass in all subjects and secure 50 per cent in the aggregate to clear the examination. Scoring 90 per cent in one and 10 per cent in another, will lead you nowhere. Distribute time judiciously for all subjects.
Other activities
Each of us has hobbies. Spare some time for that. This will help you unwind. It increases productivity. Develop certain hobbies and pursue them. A light game, for instance, or a crossword puzzle. At the same time, know when to stop. Get your priorities right. A student should be physically fit, spiritually sound and mentally alert. Also, spare some time for fitness. You should be strong enough to withstand the stress and strain of hard work. Endurance is important.
Writing
Practise writing. What you read will prove futile if you cannot reproduce it on the D-day.
Eligibility tests
Eligibility tests are conducted by the ICAI to orient students for the exam. But students tend to circulate the question papers among themselves and write only those papers. Such a practice is not advisable. The ICAI requires the students to clear 10 papers to secure the eligibility but does not restrict them from writing more. A student can write as many papers as he wishes to. This will add to his or her confidence. The student should take the eligibility tests seriously. This will help you know your pitfalls.
The final charge
Generally, the pressure valve is turned on only after the candidate pays the examination fees. There is a lot anxiety, nervousness, and tension. If a candidate is well prepared, last minute blues can be avoided. The candidates should learn how to tackle each subject and perform accordingly. One should know which accounts need to be opened and how to reach the goal in the shortest possible route and quickly. Saying that you should pass 36 journal entries for amalgamation, 16 entries for issue of shares, etc., is unjustified. You should learn to play according to the wicket. Passing the CA examination should become a routine, much like other examinations. Passing in the first attempt should be the rule and not an exception.
By M V Kali Prasad at Hindu
By Dr N.K. agrawal
Notes:
Undertake mock tests-Try doing practical problems in examination conditions
Try practical problems (solved illustrations) without seeing solutions and then compare answers to evaluate your performance and take steps to remove shortcomings.
Note the important catch points which you think are important on a separate paper to revise at the final revision time before the exams.
Identify some problems which you want to practice on the last day before exam because it is not possible to revise all the problems on the last day
List out what you want to revise on the last day and make sure to revise them
For clarifications you may refer to Cost Accounting Text and problems by Dr N.K. Agrawal and study material of the Institute of Chartered Accountants of India.
General Guidelines while attempting the paper to get better results.
Read full question paper before attempting the answers.
Identify & attempt the question which in your opnion can be done comfortably as your first answer which should be your best attempt.. This will give you confidence and good impression to the examiner.
Divide your time for the questions as per the marks scheme say if the time allotted is 3 hours (i.e 180 minutes) for 100 marks. You need 5-10 minutes to read full question paper, 5-10 minutes to check the answer at the end when you have finished. So time available is say 170-160 minutes for the full paper. So for each mark you have only 1.70 to 1.60 minutes i.e. for 20 marks you have only 34 to 32 minutes. So plan your answers as per time schedule and take care to give each mark its due time. In case you are able to save time on some questions that can be used in other questions.
SOURCE AND FOR MORE DETAILS : http://www.aurangabad-icai.org/student.html#top
Dr N.K. Agrawal gives students some tips on how to prepare for the CA examinations
AN OLD joke on passing CA examinations goes like this: There was a writing in a church that read, "Jesus never fails". A CA student added below that, "Then let him try the CA examination"!
Passing the CA exam is not as difficult as it is made out to be. Several students clear it in the first attempt and even secure ranks. Why, then, are others unable to crack it? The reasons are several.
Capabilities of the students
There is no CAT-like entrance test to join the course. The course costs less than school education. There are two streams of students joining the course one that joins after the intermediate or plus-two stage, and the other that joins after graduation. The stage at which one joins the course can be crucial. The inherent ability of a student can be an important factor. A bright student chooses the course by choice and not by chance. Such students take the PE I examination route.
Medium of instruction
A second major contributing factor is the medium of instruction. Those who study in regional-medium schools, face a lot of difficulty in comprehending the subject.
Exposure
A third factor is the exposure to the business world, terminologies, and so on. Students from rural and semi-urban areas face difficulty in understanding the subject due to inadequate exposure. Another drawback could be the lack of access to reading material, non-availability of textbooks, Internet facilities, so on. While these students are sincere, they may lack the right guidance.
Students can overcome the fear of the examination by following a regular and systematic study routine.
General study
Start preparing for the examination immediately on joining the course. Study regularly and conscientiously. It does not matter how many hours you study, but how much you understand. Qualitative study is important. In addition to the student journal, subscribe to the journal of the Institute. It helps to keep yourself updated. Keep track of the latest in all the subjects: accounting standards (new standards, revision of old ones, interpretations, etc.) auditing and assurance standards, amendments to company law and other laws, Finance Act and Income-Tax law. Contribute and subscribe to a good business newspaper. Essays on capital markets, tax matters and other subjects will be helpful.
Study material
Your study material is the most important. Supplement it with a good standard textbook. A good student does not require tuition. Tuitions certainly are helpful, but only when you have it in you to use them. For a professional, self-study and getting to the root of the subject is essential.
Attitude
Subjects such as law require repeated reading. Candidates often complain of not being able to remember the provisions/sections. Now, this is a matter of attitude. When one can remember film songs, sequences, dialogues, phone numbers, why not the section numbers? Students tend to read out of compulsion. Examinations are imposed on them. If it were not for examinations, would students have studied? Apply the attitude you have towards play to studies. The world will begin look different.
Strategies
Follow a strategy of study. Remember, you cannot study accounts independent of company law. Income-tax cannot be studied independent of accounting. Thus, these subjects are inter-related. You have to study all the subjects for the examination. Take, for example, the issue of shares by a company. Read provisions of company law from S. 55 onwards prospectus, contents, liabilities for misstatements, and so on till S.108. You would have grasped the legal requirements. Then work out problems in accounting on issue of shares at par, premium, discount, for consideration in other than cash, etc. Follow it up with audit of issue of share capital, resolutions to be passed, documents to verify, and so on.
Study the tax provisions for allowability of share issue expenses, etc. Thus, you would have covered the issue from all points of view. This may look cumbersome in the beginning, but once you get used to it, things become interesting. This way you will have covered a part of company law, a part of income-tax, part of auditing, as well as a part of accounting.
Group study
Group study can be helpful too. Form yourselves into groups of six. Thus six friends can cover six subjects. Rotate them among yourselves. Engage in group discussions. Subjects like tax, law, etc., can be tackled better this way. Use a marker to highlight the material items as and when you study it for the first time. When you read the second time, you can concentrate only on the highlighted part. Grammar is, of course, to be built in into the answer.
All subjects are important
One should realise that the candidate should pass in all subjects and secure 50 per cent in the aggregate to clear the examination. Scoring 90 per cent in one and 10 per cent in another, will lead you nowhere. Distribute time judiciously for all subjects.
Other activities
Each of us has hobbies. Spare some time for that. This will help you unwind. It increases productivity. Develop certain hobbies and pursue them. A light game, for instance, or a crossword puzzle. At the same time, know when to stop. Get your priorities right. A student should be physically fit, spiritually sound and mentally alert. Also, spare some time for fitness. You should be strong enough to withstand the stress and strain of hard work. Endurance is important.
Writing
Practise writing. What you read will prove futile if you cannot reproduce it on the D-day.
Eligibility tests
Eligibility tests are conducted by the ICAI to orient students for the exam. But students tend to circulate the question papers among themselves and write only those papers. Such a practice is not advisable. The ICAI requires the students to clear 10 papers to secure the eligibility but does not restrict them from writing more. A student can write as many papers as he wishes to. This will add to his or her confidence. The student should take the eligibility tests seriously. This will help you know your pitfalls.
The final charge
Generally, the pressure valve is turned on only after the candidate pays the examination fees. There is a lot anxiety, nervousness, and tension. If a candidate is well prepared, last minute blues can be avoided. The candidates should learn how to tackle each subject and perform accordingly. One should know which accounts need to be opened and how to reach the goal in the shortest possible route and quickly. Saying that you should pass 36 journal entries for amalgamation, 16 entries for issue of shares, etc., is unjustified. You should learn to play according to the wicket. Passing the CA examination should become a routine, much like other examinations. Passing in the first attempt should be the rule and not an exception.
By M V Kali Prasad at Hindu
By Dr N.K. agrawal
Notes:
Undertake mock tests-Try doing practical problems in examination conditions
Try practical problems (solved illustrations) without seeing solutions and then compare answers to evaluate your performance and take steps to remove shortcomings.
Note the important catch points which you think are important on a separate paper to revise at the final revision time before the exams.
Identify some problems which you want to practice on the last day before exam because it is not possible to revise all the problems on the last day
List out what you want to revise on the last day and make sure to revise them
For clarifications you may refer to Cost Accounting Text and problems by Dr N.K. Agrawal and study material of the Institute of Chartered Accountants of India.
General Guidelines while attempting the paper to get better results.
Read full question paper before attempting the answers.
Identify & attempt the question which in your opnion can be done comfortably as your first answer which should be your best attempt.. This will give you confidence and good impression to the examiner.
Divide your time for the questions as per the marks scheme say if the time allotted is 3 hours (i.e 180 minutes) for 100 marks. You need 5-10 minutes to read full question paper, 5-10 minutes to check the answer at the end when you have finished. So time available is say 170-160 minutes for the full paper. So for each mark you have only 1.70 to 1.60 minutes i.e. for 20 marks you have only 34 to 32 minutes. So plan your answers as per time schedule and take care to give each mark its due time. In case you are able to save time on some questions that can be used in other questions.
SOURCE AND FOR MORE DETAILS : http://www.aurangabad-icai.org/student.html#top
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