Alliance with NEP 2020
Speaking about education policies and its impact on the teaching-learning process, Mitra explains, “The focus of the earlier education policy has been on ‘what to think’, whereas the new education policy emphasizes on ‘how to think’. National Education Policy (NEP) 2020 emphasizes on multidisciplinary education, conceptual understanding instead of rote learning, new pedagogical and curricular restructuring, use of technology during teaching and PARAKH (Performance Appraisal, Review and Analysis of Knowledge for Holistic Development). Evaluation of students. Keeping all these aspects in mind, the new scheme will lay more emphasis on the development of higher order skills of application, analysis and interpretation. A special feature will be multidisciplinary case studies at the final level, which will enable students to study various subject areas. will help integrate professional knowledge into, analyze and apply such knowledge in problem-solving.”
Practical training and IT integration
Mitra said the scheme also intends to focus more on practical training and will offer self-paced online modules. While most of the subjects are being retained in the present scheme, the subjects which have been dropped at the final level are being included as self-paced online modules. “Self-paced online modules, which are important in the current economic and business context, such as Risk Management, Forensic Audit, Introduction to the Digital Ecosystem and Transformation, are being introduced in line with the vision that the specialization is the key to achieving a high degree of professionalism. The key is capability,” says Mitra.
They believe that all these characteristics will equip the future Chartered Accountants with the necessary technical knowledge and professional skills to perform well in the workplace. Also, ethics and information technology are being integrated with every subject at the final level instead of being a standalone paper.
An important element being considered would be to have a single global curriculum for both domestic and international students to attract the best candidates from across the world, he says.
The first draft of the scheme has been approved by the Council of ICAI and is being submitted to the Ministry. After the approval of the government, the draft plan will be placed for public display for 45 days, with the views of the academicians/students/stakeholders at large, so that further changes can be incorporated as required.
role reversal
Highlighting the fact that the syllabus is being revised after 5 years instead of 10 years as per the previous practice, Mitra explains, “Traditionally, CRETs are constituted after a period of about nine to 10 years. goes. The revised scheme of education and training is generally started within about 3 years from the formation of CRET.
The last CRET was constituted in December 2013 and the new scheme of education and training was launched on July 1, 2017. The present CRET is formed at an earlier time, i.e. after seven years, mainly due to factors such as the need for change in the requisite skills of Chartered Accountants due to the emergence of artificial intelligence; The need to make the curriculum globally relevant as a result of the introduction of the International Curriculum; Emphasize corporate governance and business ethics; Opening new avenues for the profession, such as Carbon Accounting, CSR Accounting and Auditing and Environmental Reporting etc.
Owing to such factors, the role of a Chartered Accountant is undergoing a significant transformation to assume new responsibilities in a dynamic environment. There has been a marked shift towards strategic decision-making and entrepreneurial roles that add value beyond financial recording and reporting. ,