ICWAI: FormT1

Empanelment of Cost Accountants Firm for Training

Dear Sir,

As you may be aware that the Institute has introduced Revised Syllabus 2008 for ICWAI students with effect from 1st January 2008. Under the Revised Syllabus ICWAI students have to undergo compulsory practical training on Cost & Management Accounting for a period of 3 years on whole time basis in addition to the regular oral or postal Coaching either with Practising Cost Accountants or with Industry. For this purpose, the Institute has established a new Directorate of Training & Placement at Delhi being headed by the undersigned.

Previously, the Institute had compulsory Industrial Training Scheme for 6 months under Practising Cost Accountant/Firm of Cost Accountants.

To implement the Training Scheme, the names of Cost Accountants in practice have been empanelled at our Directorate. In order to update the records of the Institute, please send the details of the students who have been undergoing training in your firm.

As per the new Training Scheme under the Revised Syllabus 2008, the following provisions are applicable to Cost Accountants in practice/Firms of Cost Accountants:

Practising Cost Accountants/Firm	No of Trainees
a) Practicing Cost Accountant (Associate Member)	5
b) Practicing Cost Accountant (Fellow Member)	10
c) Firms of Cost Accountants	Depending upon status of the partner as given in (a) and (b) above. For the purpose of calculation of number of Trainees, the total number of trainees under a Cost Accountant as Individual Member and a partner in firm(s) shall not exceed the limit prescribed in (a) or (b) above, as the case may be.

As per the Compulsory Training Scheme, the following shall be the minimum monthly Stipend rates payable to Cost Trainee:

Place of training *	Student	1st year	2nd year	3rd Year
Town having population upto 5 lakhs	Inter	Rs 1000	Rs 1250	Rs 1500
Town having population upto 5 lakhs	Final	Rs 3000	Rs 3500	Rs 4000
Town having population more than 5 lakhs but upto 20 lakhs	Inter	Rs 1250	Rs 1500	Rs 2000
Town having population more than 5 lakhs but upto 20 lakhs	Final	Rs 3500	Rs 4000	Rs 4500
Town having population more than 20 lakhs	Inter	Rs 1500	Rs 2000	Rs 2500
Town having population more than 20 lakhs	Final	Rs 4000	Rs 4500	Rs 5000

* For the purpose of fixing stipend, the figures of population shall be taken as per the last published in census report of India.

The stipend shall be paid by to the cost trainee either by (a) a crossed a/c. payee cheque every month or (b) by deposing the amount every month in an account opened by the trainee in his own name with a branch of the bank to be specified by the Cost Accountants Firm.

In case we do not receive the records of the trainees, his/her training shall not be considered by the Institute under the Training Scheme.

Further, if you are also a partner in other partnership firm along with proprietorship, you have to submit the details of both the firms.

You are requested to fill in the enclosed Form and send it to undersigned urgently. You may also visit to Institute Web Site: www.myicwai.com/FormT-1 and submit the details in the Form on line. The Form along with requisite details should be sent to undersigned within 15 days from the date of issue of this letter.

Thanking you,

Yours Sincerely,

(J K BUDHIRAJA)
Director (Training & Placement)