Ca Articleship Agreement Format
CA Articleship Agreement Format: Everything You Need to Know
If you`re a Chartered Accountancy student in India, you know that completing a three-year articleship is a crucial part of your journey to becoming a full-fledged CA. But before you can start your articleship, you need to sign an articleship agreement with a practicing CA. In this article, we`ll discuss everything you need to know about the CA articleship agreement format.
What is a CA Articleship Agreement?
As per the Institute of Chartered Accountants of India (ICAI) guidelines, an articleship agreement is a legal document that formalizes the relationship between a CA student and a practicing CA. This agreement outlines several important aspects of the articleship, such as the duration, schedule, stipend, leave policy, termination clause, and more. Signing this agreement is mandatory for any student who wishes to start their articleship.
Why is the CA Articleship Agreement Important?
The articleship agreement is not just a formality; it`s an essential document that protects the interests of both the student and the CA. By signing this agreement, the student acknowledges their responsibilities and obligations towards the CA, such as maintaining confidentiality, working diligently, and adhering to ethical standards. Similarly, the CA agrees to provide the necessary training, resources, and guidance to the student, as per the ICAI guidelines. This agreement also serves as proof of the articleship for the ICAI, which is necessary for the student to appear for the CA final exam.
What is the CA Articleship Agreement Format?
The ICAI has provided a standard format for the CA articleship agreement, which is available on their website. The format contains several clauses that must be filled out by both the student and the CA. Some of the important clauses in the agreement are:
Duration: This clause specifies the start and end date of the articleship, which must be at least three years for a CA student.
Stipend: This clause outlines the monthly stipend that the CA agrees to pay to the student, which must not be less than the minimum stipend prescribed by the ICAI.
Working hours: This clause specifies the working hours and schedule of the student, which must not exceed eight hours per day or 48 hours per week.
Leave policy: This clause outlines the types of leave, such as medical, casual, or study leave, that the student is entitled to, as well as the procedures for availing them.
Termination clause: This clause outlines the circumstances under which either party can terminate the articleship, such as breach of contract, misconduct, or resignation.
Other clauses: The agreement also contains clauses related to confidentiality, ethics, and other miscellaneous provisions.
How to Fill Out the CA Articleship Agreement?
To fill out the CA articleship agreement, both the student and the CA must read the format thoroughly and understand the obligations and responsibilities outlined in it. The agreement must be printed on non-judicial stamp paper of appropriate value and signed by both parties and two witnesses. The student must submit a copy of the agreement to the ICAI within 30 days of signing it, along with other necessary documents such as registration forms and fees.
In Conclusion
The CA articleship agreement is an important document for any CA student who wishes to start their articleship. By following the standard format prescribed by the ICAI and filling out the relevant clauses with accuracy, the student can ensure a smooth and fruitful articleship experience. As a professional, I hope this article has provided you with useful information on the CA articleship agreement format.