ICAI and CPE Compliance

The Institute of Chartered Accountants of India (ICAI) is the premier professional accounting body in India, responsible for regulating the profession of Chartered Accountancy. A key aspect of its mandate is ensuring that members engage in Continuing Professional Education (CPE) to maintain and enhance their professional competence.

Recent Developments in CPE Compliance

In light of the upcoming implementation of the “Statement on Continuing Professional Education, 2023,” which introduces consequential provisions for non-compliance effective January 1, 2025, the ICAI has announced an extension for CPE compliance:

Extended Deadline: The deadline for completing CPE hours for the calendar year 2024 has been extended from December 31, 2024, to February 28, 2025.

Unstructured Learning Activities (ULA): The deadline for compliance and submission of ULA has also been extended to February 28, 2025.

Consequential Provisions Adjustment: The duration for Level I non-compliance consequences will now commence from March 1, 2025, to June 30, 2025, for the calendar year 2024, while subsequent levels (II, III, and IV) remain unchanged.

Implications for Members

Members who have not yet fulfilled their CPE requirements for 2024 are advised to utilize this extension to complete the necessary hours by February 28, 2025. It’s important to note that CPE hours earned during the extended period will be allocated as follows:

For Members with Shortfall: CPE hours completed up to February 28, 2025, will count towards the calendar year 2024.

For Members in Compliance: CPE hours completed between January 1 and February 28, 2025, will be credited for the calendar year 2025.

Recommendations for Members

To ensure compliance and avoid potential consequences, members should:

1. Review CPE Status: Assess current CPE hours to identify any shortfall.
2. Plan Accordingly: Schedule participation in CPE programs to meet requirements within the extended timeframe.
3. Stay Informed: Regularly check official ICAI communications for updates on CPE policies and deadlines.

For detailed information on the “Statement on Continuing Professional Education, 2023,” and the consequential provisions for non-compliance, members can refer to the official ICAI announcement.

By adhering to these guidelines, members can ensure they remain in good standing with the ICAI and continue to uphold the standards of the Chartered Accountancy profession in India.