PRACTICAL TRAINING

GUIDE
( Effective from 2010 )
MESSAGE FROM THE PRESIDENT

The Institute of Chartered Accountant of Sri Lanka (ICASL) continues to be

the premier national accounting body responsible for producing competent
Chartered Accountants in Sri Lanka.

The new scheme of practical training which will be effective in 2010, has
been designed in keeping with the objectives of the revised curriculum of
ICASL. This curriculum is based on the International Accounting Education
Standards which focus on skill and competency based learning outcomes.

The demand of a Chartered Accountant in the commercial world is highly

sensitive to the wide spectrum of practical training acquired by him/her over
several years because such practical training plays a vital role in building the
required skills and competencies expected of a professional accountant.

Hence a prospective professional accountant should embrace all areas of

knowledge one could perceive to be absolutely necessary to equip him/her
in the practical aspects of the profession.

I am aware of the tremendous effort made by the Chairman and the members
of the Students Training and Development Committee together with the
Education and Training Division of the Institute in relation to this revision and
its implementation. On behalf of the Council and my own behalf I thank them
for their valuable contribution.

Nishan Fernando
President
Institute of Chartered Accountants of Sri Lanka
MESSAGE FROM THE CHAIRMAN
Students Training and Development Committee

The Institute of Chartered Accountants of Sri Lanka has continuously endeavoured

to produce professionals of high quality, through education, practical training and
skills development.

The new scheme of practical training has taken in to account the changes taking
place globally to provide the framework that would enable the ICASL qualification
to compete with the leading accountancy qualifications in the world.

Without compromising the quality, the new training requirements have been
rearranged based on the concept of working days at each level. Monitoring
process of practical training of trainees will be strengthened by increasing the
number of assessments conducting for strategic level trainees during their training
period.

In conclusion the revised scheme will enable the ICASL qualification to compete
with the leading accountancy qualifications in the world.

I take this opportunity to thank the President, the Vice President and the members
of the Council, members of The Students Training and Development Committee
and the Education and Training Division of the ICASL for their valuable contribution
to develop the new training scheme.

Lasantha Wickramasinghe
Chairman
Students Training and Development Committee
CONTENTS
INTERPRETATIONS 2-3

APPROVED TRAINING ORGANIZATIONS 4 - 10

Approval of a Training Organization
Categories of Approved Training Organizations
Number of Trainees in Approved Training Organizations
Expectations of Approved Training Organizations and the Trainees
Areas of Development in Practical Training
Authorized Officer of the Training Organization
Supervising Member

MINIMUM TRAINING REQUIREMENTS 11 - 12

Training alongside of Study
Two phases in Practical Training
Period of Training
Minimum Training Requirement in Specified Experience Categories

PROCEDURE IN OBTAINING PRACTICAL TRAINING 13 - 18

Registration for Practical Training
Practical Training request
Responsibility of Training Organization with Regard to Changes to Training Agreement
Changing the Training Organization
Interruption and Suspension to of Approved Training
Cancellation of Training Agreement
Training without an Agreement
Records of Training
Monitoring of Practical Training by the Committee

COMPLETION OF PRACTICAL TRAINING AND EXAMINATIONS 19 - 20

Eligibility to Sit the Examinations
Recommended Leave for Study Purpose

OVERSEAS TRAINING 21 - 22
Practical Training Acquired in Overseas
Recognition of Secondments

FINAL REPORT OF SUPERVISING MEMBER AND CERTIFICATION OF TRAINING 23 - 24

Admission to Associate Membership
Diploma in Accounting and Business (DAB)
Certificate in Accounting and Business (CAB)

CERTIFICATE TO PRACTICE 25
Entitlement for Public Practice

APPLICATION OF PROFESSIONAL VALUES, ETHICS AND ATTITUDES 26

WORK-BASED LEARNING 27

EXEMPTIONS 28 - 29
Exemptions for full time Academics
Exemptions for Members of CIMA – UK
Exemptions for Members of AAT
 PRACTICAL TRAINING GUIDE

PRACTICAL TRAINING GUIDE

The Practical training requirement as described in this practical training
guide has to be satisfied by the students under the following stages.

• Module 11224 - Internship I: Certificate Level

• Module 19324 - Internship II: Strategic Level I ( Diploma Level )
• Module 25424 - Internship III: Strategic Level II

Focus:
The practical training requirements are revised to ensure the quality and relevance
of the practical training of the registered students of the Institute of Chartered
Accountants of Sri Lanka (ICASL) in compliance with the competency based
approach and standards of IFAC International Education Practice Statement.
Any student, who satisfies the prescribed practical training requirements and
examinations, is entitled to be admitted as an associate of ICASL. All admissions
and refusals of membership shall be made by the Council of ICASL.

Scope
Training requirements to apply for the following certificates issued by the ICASL
are governed by this guide.

• Associate Membership.
• Diploma in Accounting and Business.
• Certificate in Accounting and Business.
• Certificate to Practice.

Effective Date
The revised practical training requirements of the registered students of ICASL
shall apply to all Training Agreements ongoing and commencing on or after
01/01/2010.

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 INTERPRETATIONS
The following terms have been defined for the purpose of maintaining a common
understanding within regulations given under this practical training guide.

The Institute – The Institute of Chartered Accountants of Sri Lanka.

Council – The Council of the Institute.

Committee – The Student Training and Development Committee (STDC) or such

other Committees, as the Council may from time designate under its direction.

Member – A member of the Institute.

Certificate to Practice – A certificate issued to a member by the Institute

authorizing him/her to engage in Public Practice.

Approved Training – Practical training and experience obtained under valid

Training Agreement of the Institute.

Approved Training Organization – An organization approved by the Council

to provide practical training.

Training Agreement – An agreement made with an Approved Training

Organization, a registered student and a Supervising Member to facilitate the
required practical training of a student.

Supervising Member – The member who is responsible for monitoring and

certifying the approved training of a trainee.

Authorized Officer – Member who manages the approved training in accordance

with the Institute’s rules and regulations.

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 PRACTICAL TRAINING GUIDE

Trainee – A student who is undergoing training under a Training Agreement.

Student – A person who is registered with the Institute.

Post Qualifying Work Experience – Work experience received after the date of
qualification.

Associate – The class of membership of the Institute to which a person is

admitted after satisfying the requirements for membership prescribed in this
practical training guide.

Certificate in Accounting and Business – A certificate awarded by the Institute

on successful completion of the Certificate Level examinations and the Certificate
Level training.

Diploma in Accounting and Business – A certificate awarded by the Institute

on successful completion of the Diploma Level examinations and Diploma Level
training.

Working day – A working day with a minimum of 7 hours and maximum of 8

hours work is considered as a full working day.

Study leave – Period of leave approved for trainee by the Supervising Member
and the training organization to complete an examination of the Institute.

Cancellation of a Training Agreement – The termination of a Training Agreement

prior to the completion of approved training.

An Approved University – A University approved by the University Grant

Commission of Sri Lanka or by the Association of Common Wealth Universities

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 APPROVED TRAINING ORGANIZATIONS
Approval of a Training Organization
The criteria for an organization to be considered as an Approved Training
Organization shall be determined by the Council from time to time based on
the recommendation from the Student Training and Development Committee
(STDC).
An organization shall be approved as a Training Organization only if it satisfies the
following conditions:
• It is an organization registered in Sri Lanka or in any other country
approved by the Council;
• It nominates a full time employee who is a Member of the Institute as the
officer responsible for practical training (Authorised Officer).
• During the entire period of trainingship it satisfies that the capability of
meeting the practical training standards or any other conditions as the Council
determine from time to time.

Categories of Approved Training Organizations

Approved Training Organizations are identified under two categories;
 Public Practice Organizations – Firms of Chartered Accountants and
the Auditor General’s Department.
 Non-public Practice Organizations – all other organizations approved
by the Institute other than those classified as Public Practice.

Public Practice Organizations

Criteria to approve an organization under Public Practice
An organization under Public Practice shall satisfy the following basic conditions
to apply as an Approved Training Organization.

• The Organization shall provide sufficient practical training in the fields

of auditing, accounting, taxation, use of information technology and any other
advisory/consulting services.
• The assignments must cover at least four categories selected out of
Manufacturing, International Trading, Local Trading, Agriculture, Construction
and Services.
• If the approval is sought from a sole-proprietorship in public practice, such
an organization shall nominate another approved Training Organization in
Public Practice, which should provide the consent to accept all ongoing
Training Agreement in the event of prolonged absence of the member of the
sole-proprietorship.

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 PRACTICAL TRAINING GUIDE

• The Organization should be willing to allow students a period of paid/no

pay study leave as recommended by the Committee.

Application to approve an organization as a Training Organization in

Public Practice
An organization seeking recognition to provide approved practical training in Public
Practice should submit an application on the prescribed form. A Member of the
Institute who signs such form and any related letters takes the full responsibility
for the correctness and the accuracy of the information disclosed therein.

Committee may review the information declared in the application which may
include reviews of business profile, organization structure and facilities for practical
training.

A responsible officer representing the Training Division of the Institute will visit the
prospective training organization prior to grant the approval.

The approval shall be granted initially for Certificate Level training and that may be
extended to the Strategic Level subsequently.

Non-public Practice Organizations

Criteria to approve an organization under Non-public Practice
An organization under Non-public Practice shall satisfy following basic
requirements to apply for registration as an Approved Training Organization.
At Certificate Level
 Presence of a Member/s full time in that organization and the practical
training shall be under the direct supervision of a Member. However
under exceptional circumstances where an organization has a member
who can effectively allocate and supervise the tasks of the trainee, even
without a direct organizational relationship to such trainee, will be permitted
on a case by case basis.

 Existence of a satisfactory organizational structure with at least five full

time accounts personnel in the Finance Division.

 Trainee/s shall be attached to the Internal Audit Division or Finance

Division of the organization in order to obtain required practical training in
specified experience categories.

 Availability of in-house IT facilities with a computerized accounting

application.

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 At Strategic Level
 The organization should have the approval for the Certificate Level
training before it is considered for approval at Strategic Level training.

 The Finance Division and the Internal Audit Division of the

organization must be structured in such a manner that would enable
trainees to rotate within different functions periodically.

 If there is no Internal Audit Division to provide the minimum training

required in Auditing that should be substituted with the training in
Financial Management.

 The Organization should be willing to allow students a period of paid/no

pay study leave as recommended by the Committee.

All Non-public Practice Organizations should undertake to provide practical training

in all experience categories as provided in the specimen training programme.

Submission of self declaration forms by Approved Training Organizations

All Approved Training Organizations are required to submit a self declaration form
once in two years to the ICASL. The declaration form is available on the ICASL
website.

Authority of the Committee over granting approval

The Committee shall have the discretion to withhold the approval of existing
training organizations and may grant a reasonable period of time to meet the
required standards.

Levies for approval of Training Organizations

The Approved Training Organization shall pay a levy prescribed by the Council
from time to time.

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 PRACTICAL TRAINING GUIDE

Number of Trainees in approved Training Organizations

(Quota for Supervising Members)
The maximum number of trainees permitted to supervise by a Member is
recommended by the Committee and approved by the Council from time to
time.

The maximum number of trainees (quota) per Supervising Member for Approved
Training Organizations in Public Practice is as follows.

Quota for qualified others

(Managers & above) Additional Quota for
The year of Quota for a
a Partner
Approval Partner 0-5 5-10 Over 10 (for branches )
Experience Experience Experience
1 6 3 N/A N/A 2
2-5 12 6 N/A N/A 4
6 - 10 20 10 15 N/A 5
Over 10 30 15 20 25 6

Note: Experience mentioned in the above table should be the post membership experience obtained by a
member.

The maximum number of Trainees (quota) per Supervising Member for

Approved Training Organizations in Non-public Practice as follows.

Post membership experience of the Quota per Supervising

Supervising Member (in years) Member

0-1 5
2-5 10
6 - 10 15
Over 10 20

Auditor General’s Department

The Auditor General’s Department is an Approved Training Organization under
the Public Practice. Trainees of the Auditor General’s Department come under
three levels of supervision viz. the Auditor General, Deputy Auditor General &
Assistant Auditor General who are members of the Institute.

Each of them is entitled to supervise a maximum of 30 trainees.

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 Expectations of Approved Training Organizations and the
Trainees
All Approved Training Organizations are expected to provide the required quality
of practical training for trainees and the trainees are expected to make a valuable
contribution to the business of the training organizations.

Areas of development in practical training

The practical training must provide an opportunity to develop following areas of
the trainee.
• Application of technical knowledge
(Ability to relate the knowledge gained from accounting, taxation, auditing
and financial management to other business functions and activities).
• Application of professional values, ethics and attitudes
(Developing appropriate professional values, ethics and attitudes in
practical, real life situations).
• Gaining responsibility
(Opportunity to work at different levels of responsibility).
• Business awareness
(Becoming aware of the environment in which services are provided).
• Professional skills
(Intellectual, interpersonal, communication and business management
skills).
• Information technology
(IT, while included as a separate area enables the application of the
other areas set out above.)

Authorized officer of the Training Organization

Member who manages the approved practical training in accordance with the
Institute’s rules and regulations is known as the Authorized Officer. The Authorized
Officer can be:

• A Member who is a senior partner in the organization if the organization

is in the public practise or;
• A Member who is the senior officer or any other appropriate status in
the organization in case of Non- public Practise.

In case of an Authorized Officer is not available the respective Supervising Member

shall be considered as the Authorized Officer of such organization.

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 PRACTICAL TRAINING GUIDE

Responsibility of an Authorized Officer

The Authorized Officer of the training organization should notify to the Committee
of any material change in his/her organization which may affect his/her ability to
meet the practical training standards determined by the Council.

In the event of change in the Authorised Officer, the training organization should
inform such details to the Institute.

Supervising Member
A member who is responsible for monitoring and certifying the approved practical
training of the respective trainee.

Qualification to become a Supervising Member

Any member of the Institute is eligible to act as a Supervising Member provided
that he or she is attached to an Approved Training Organization.

Relationship between a Supervising Member and a Trainee

The Supervising Member should be an independent party to the trainee and the
independence shall be disclosed to the Institute in writing.

The trainee and the Supervising Member should not be immediate family members.
The immediate family member includes a parent, spouse, child, sibling, brother,
sister and spouse of brother or sister and any other dependent.

Full time employment requirement for Supervising Members

A Member who is applying to act as a Supervising Member should be in full-time
employment in the Approved Training Organization.

However if a trainee and a Supervising Member are employing at different

organizations within a same group, such member will be permitted to act as a
Supervising Member on a case by case by basis.

Responsibilities of the Supervising Member

 Proactive supervision and regular performance evaluation
 The progress of the trainee should be reviewed on a regular basis and the
range and depth of technical knowledge gained should be discussed with
the trainee.
 If the trainee has not acquired the requisite number of days of specified
technical areas by the end of the training period, the agreement shall be
extended suitably.

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  Building a foundation for lifelong learning and skills development
 A trainee who is attached to a Public Practice organization should be given
an opportunity to gain practical training in different types of experience
categories as well as in different types of industries.
 A trainee who is attached to a Non-public Practice Organization should
be given an opportunity to gain training in different business areas and at
different levels of responsibilities of the organization.

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 PRACTICAL TRAINING GUIDE

MINIMUM TRAINING REQUIREMENTS

TRAINING ALONGSIDE OF STUDY

Practical training is considered as on the job training alongside of the study
curriculum and such training enables students to demonstrate that they have
gained relevant professional skills, knowledge, attitudes and behaviour required
of a qualified accountant.

Two phases in practical training

The total period of approved practical training is divided into two phases.
1. Certificate Level Training
2. Strategic Level Training
2.1 Strategic Level I (Diploma Level)
2.2 Strategic Level II

The training should be registered under a Training Agreement in order to recognize

it as valid practical training. Certificate Level Training Agreement shall be separated
from the Strategic Level Training Agreement.

Period of Training
Total Training Period

Trainees are required to complete minimum of three years practical training with
220 working days per year.

Minimum Training Requirement in years and working days

Strategic Level
Minimum Training
Certificate Level Strategic Level Strategic Level
Requirement
I II
In Years 1 year 1 year 1 year
In working days 220 days 220 days 220 days

A working day shall be a day with a minimum of 7 and a maximum of 8 working

hours. Half-a-day shall be considered on proportionate basis.

Working hours gathered during weekends or on part time basis assignments will
not be considered as equivalent of a working day.

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 Minimum Training Requirement in specified experience
categories
The minimum training requirement of 220 days per year should be acquired in
accordance with the specified experience categories as given below. (in working
days)

Public Practice Non-public Practice Organization

Specified Experience
Categories Certificate Strategic Strategic Certificate Strategic Strategic
Level Level I Level II Level Level I Level II

Financial Accounting &

40 50 50 100 90 90
Management Accounting

75 75 20 20
Audit & Assurance 80 -
(Note vi) (Note vi) (Note v) (Note v)

Taxation 10 15 15 10 15 15

Financial Management - 20 20 20

Use of Information
20 25 25 20 25 25
Technology

Secretarial Practice 5 5 - - -

Total minimum
training requirement
in accordance with
150 170 170 150 170 170
Experience Categories

Notes
i. The days of attending training programmes or any workshops conducted by the ICASL or any other
recognized training organization will be considered as working days.
ii. Any shortfall between the annual minimum training requirement (220 days) and the total minimum
training requirement in accordance with specified experience categories per year can be completed using
any experience category listed in the above table.
iii Any trainee who fails to obtain the specified minimum number of days in Information Technology or Taxation
will be required to undergo training in courses that are conducted by the IT Faculty and the Taxation Faculty
of the Institute.
iv At the Strategic Level training, minimum of 25% of total requirement in Taxation should be in Income Tax
v In the absence of an Internal Audit Division, the Financial Management experience category should be
increased to 40 days per year.
vi The training requirement for Certificate to Practice eligibility is specified in the Certificate to Practice section
of this guide.

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 PRACTICAL TRAINING GUIDE

PROCEDURE IN OBTAINING PRACTICAL

TRAINING

Registration for Practical Training

Tripartite Training Agreement
The trainee must register under a Tripartite Training Agreement with the Supervising
Member and the training organization.

1. Registered student who is undergoing training with valid Training

Agreement of the Institute is known as a “Trainee”.
2. Member of the Institute who takes the responsibility of the training is
known as a “Supervising Member”.
3. The organization which is providing training shall be known as the
“Approved Training Organization”.

The Supervising Member and the Approved Training Organization shall support
the trainee to acquire the required practical experience during the period of the
Training Agreement.

All parties of the agreement are committed to fulfil the terms and conditions
specified in the Training Agreement.

Practical training request

Students are required to apply for registration under Training Agreements to
the Institute through the respective training organization and the Supervising
Member.

Information required for the practical training request

The request for the Training Agreement should consist of following information.

• Full name and the registration number of the student.

• Name, designation and membership number of the prospective
Supervising Member.
• Level of training required.
• Date of commencement of the training.
• Name of the training organization and the division/s in which the training
is provided.
• Proof of exemptions of training, if applicable.

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 Additional information required with regard to Non-public Practice Organizations
All requests made by Non-public Practice organizations should consist of the
following additional details.
• Proposed practical training programme covering the areas of practical training
shown in the specimen Training Programme.
• The possibility of rotation among business activities and experience
categories during the period of practical training.
• A letter stating the address of the training place of the trainee, the work
place of the Supervising Member, their organizational relationship and any
other particulars relating to the Training Agreement.

Submission of the Training Agreement to the Institute

Duly completed Training Agreement with relevant copies should be submitted to
the Training Division of the Institute for registration as a valid Training Agreement.

Probationary period of practical training

The terms and conditions of practical training may include a probationary period
not exceeding more than four months from the initial date of joining the training
organization.

Date of Commencement of the Training Agreement

Trainee may enter into a Training Agreement from the date he/she joined with the
Approved Training Organization, provided that he or she is a registered student of
the Institute.

However, the date of commencement of the Training Agreement will be determined

with backdating of four months maximum from the date of receipt of the relevant
documents to the Training Division of the Institute.

A duly completed Training Agreement is considered as the relevant document in

case of a Public Practice organizations and the duly completed training programme
is considered in case of Non-public Practice Organizations.

The Manager Training may call for training records and interview the trainee before
permitting the backdating of the commencement date.

However this date will not be extended beyond the date of the actual
commencement of training or the date of registration of the student.

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 PRACTICAL TRAINING GUIDE

Selecting training commencement dates

Since the completion of specified period of practical training is a requirement to
apply for certain examinations of the Institute trainees and training organizations
should consider such requirements in determining the commencement date of
the Training Agreement.

The discretions of the Committee over the Training Agreement

The Committee has the authority to recommend to the Council in relation to a
suspension or cancellation of a Training Agreement due to a misconduct of a
trainee.
The validity of the Training Agreement shall be withdrawn or shall deem to have
been withdrawn on the date on which the Training Agreement was suspended or
such other date as decided by the Council.

Responsibility of APPROVED Training Organization with regard to

changes to practical training agreement
The Approved Training Organization shall promptly notify to the Institute with
regard to any cancellation, suspension, interruption, reduction or extension of
Training Agreement or any other change in the Approved Training Organization
affecting to the Training Agreement.

Changing the name of the Approved Training Organization within the same
management structure
In case of a change in the name of the training organization all existing Training
Agreements will be replaced under the new name, provided that the management
structure of the initial organization is unchanged.

Transfer of the Supervising Member within the Approved Training Organization

A Training Agreement may be transferred from the current Supervising Member
to another member within the Approved Training Organization and such transfer
may not affect the period of training initially agreed by all parties.

Risk of joining Non-public Practice organization with one Member

Students should be mindful of the risk that they carry in joining a Non-public
Practice Organization, which has only one Member of the Institute, as it may not
be possible to transfer the Supervising Members within the Approved Training
Organization in the event of resigning of the existing member.
However in such a situation the trainee is permitted to suspend the training for a
period of 8 months. During the period of suspension Trainee can recommence
the balance period of training under a new Supervising Member in the present
training organization or in another approved training organization.

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 Changing the Training Organization
Existing Training Agreement can be transferred to a new training organization with
the consent of the existing and the prospective Supervising Members/ Training
Organizations. In case where such a transfer does not affect to the initial period
of the training, such training shall be considered as uninterrupted training and
continued under a new Training Agreement.

Any period which is not covered by a Training Agreement is treated as unauthorised

interruption of training and would be liable to automatic penalty extensions of the
training period.

Interruption and Suspension of Approved Training

The period covered under a Training Agreement shall be considered as the
approved training period. Any interruption or suspension of the approved training
will not be permitted unless a minimum period of 220 working days have been
completed.

Suspension of training for university studies

Internal students of approved universities are permitted to be in training provided
that the training is full-time and the Supervising Member signs the training
records.

Those students are permitted to suspend their practical Training Agreements

subject to fulfilment of following conditions:

• Completion of a minimum training period of 110 working days.

• Prior written consent of the training organization, the Supervising Member
and the Institute.
• Following a full time degree course or post graduate studies in relation to
the profession.

Other Interruptions
Any other interruptions may be permitted only on the grounds of maternity leave,
prolonged illness or any other circumstances that the Committee in its absolute
discretion considers applicable. In the case of prolonged illness; the Committee
may deem the suspension to have commenced from the onset of such illness.

Resumption of suspended training

Completion of the period of approved suspension of training should be informed
to the Institute and the resumption of such training will be permitted with an
extension to the initial period of training based on the period of suspension.

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 PRACTICAL TRAINING GUIDE

Unapproved interruptions in training

Any unapproved interruptions of practical training will make the trainee
automatically liable to a penalty of an additional six months training and further
training depending on the period of interruption.

Cancellation of Training Agreement

Mutual cancellation of Training Agreement
Training Agreement shall be cancelled by mutual agreement among the parties
or by one party giving written notice to others in accordance with the terms and
conditions mentioned in the Training Agreement.

A trainee will be permitted to enter into a new Training Agreement, only after
completion or cancellation of previous Training Agreement if any.

Automatic Cancellation of a Training agreement

Training Agreement shall be automatically cancelled from the date the training
organization ceases to be approved under the practical training guidance.

Training without an agreement

The training undergone without an agreement is not recognized as approved
training.

Records of Training
Trainees are required to maintain weekly records on their practical training and
such records should be certified periodically by the Supervising Member.
The trainee and the Supervising Member can get registered with the Institute’s
Training Division for the electronic submission of training records through the
Website of the ICASL.

The printed students’ training record books also can be used to maintain the
records of practical training.
The trainee shall use either of the above two methods and submit his/her training
records and quarterly summaries to the Training Division within 30 days from the
last day of each quarter of approved training.
Delay in submission of records shall be liable for a penalty of extension of the
training period.
The record book will be stamped and acknowledged with date by the Training
Division on every quarter. However, that does not denote an acceptance of
training completed by a trainee.

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 Monitoring of APPROVED training by the Committee
Periodic assessment of training during the period of the agreement
Periodic assessment of practical training with regard to the specified number
of working days and on the adequacy will be conducted by a member of the
Committee or any other member appointed by the Committee.

Objectives of conducting periodic assessments

The assessments will help trainees to identify the areas that need improvement
during the balance period of the training. The areas identified for improvements
will be communicated to the respective Supervising Member.

Certificate Level
Assessments of trainees will be conducted on random basis.

Strategic Level
Minimum of one compulsory assessment will be conducted for a trainee at the
Strategic Level.

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 PRACTICAL TRAINING GUIDE

COMPLETION OF PRACTICAL TRAINING

AND EXAMINATIONS
Eligibility to sit the examinations
The Chartered Accountancy qualification is designed with a combination of
examination, practical training and skills development programmes.
Students are required to satisfy practical training requirement decided by the
Council in order to be eligible to sit for specific examinations of the Institute.

Practical training requirement applicable for the examinations

Certificate Levels and Strategic Level I
Completion of training is not mandatory to apply for the Certificate Levels
and Strategic Level I examinations. Nevertheless, students are encouraged to
commence practical training at the early stage of their examinations.

Strategic Level II
Following requirements to be fulfilled on or before the commencement date of
the examination
• Completion of 220 working days of Certificate Level training
• Completion of 220 working days of Strategic Level training after being
eligible for Certificate in Accounting and Business.
• Having obtained or applied for the Certificate in Accounting and
Business.

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 Recommended leave for Study Purpose (IN WEEKS)

Available
Level of Number of No pay
Study Leave Annual Total
Examination Subjects Leave
Leave

CAB I Full examination 2 0 0 2

(three subjects) 1st attempt

3 2 0 5
Full examination
Subsequent 0 1 2 3
attempt

Two subjects 1 2 0 3
CAB II
(four subjects) Subsequent 0 0 2 2
attempt

Three subjects 2 2 0 4

Subsequent 0 1 2 3
attempt

Full examination 4 2 0 6

Subsequent 0 2 2 4
attempt

Two subjects 1 2 0 3

Strategic Subsequent 0 0 2 2
attempt
Level I
(five subjects)
Three subjects 2 2 0 4

Subsequent 0 1 2 3
attempt
Four subjects 3 2 0 5

Subsequent 0 1 3
4
attempt

Full examination 4 2 0 6

Subsequent 0 1 3 4
attempt

Strategic Two subjects 1 2 0 3

Level II
(four subjects) Subsequent 0 1 1 2
attempt
Three subjects 3 2 0 5

Subsequent 0 1 2 3
attempt

The above leave is inclusive of the examination dates.

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 PRACTICAL TRAINING GUIDE

OVERSEAS TRAINING

Practical training acquired in overseas with internationally

affiliated Public Practice Organizations
acquired in overseas with an internationally affiliated Public Practice Organizations
will be considered as approved training for Strategic Levels subject to satisfying
following requirements:

• Successful completion of the intermediate /Certificate Level training in an

Approved Training Organization in Sri Lanka.
• The training is conformed to the guidelines and standards applicable to
trainees in Sri Lanka.
• Supervision by a member of the Institute.

However under this arrangement trainees are required to satisfy minimum of

three months Strategic Level training with an Approved Training Organization in
Sri Lanka, prior to applying for the Associate Membership.

The Training Organization should inform details of the training place of a trainee
to the Institute along with the request of the Training Agreement.

Recognition of secondments
Secondments of trainees by training organizations are recognized as approved
training provided such arrangements will enhance the skills and knowledge of the
trainee and also meet the requirement of practical training.

Criteria applicable in Secondments

• Secondments arranged with industry, public sector, branches or offices
should not exceed beyond 50% of the entire training period.

• Training should be supervised by a member of the Institute and the work

environment should provide an opportunity to comply with the rules and
standards of the profession.

Secondments beyond 50% of the entire training period

Secondments beyond 50% of the training period will be permitted only upon
prior written approval from the Institute.

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 Categories of Secondments

• Secondments to industry in Sri Lanka by Public Practice Organizations in

Sri Lanka.
• Secondments to industry in overseas by Public Practice Organizations
in Sri Lanka.
• Secondments to overseas offices by Non-public Practice Organizations
in Sri Lanka.

The following instances are not recognised as secondments but considered as

approved training.
• Secondments to branches of Sri Lanka by Public Practice Organizations
within Sri Lanka
• Secondments to branches of Non-Public Practice Organizations within
Sri Lanka
• Secondments to overseas offices managed by Public Practice Organizations
in Sri Lanka.

However in secondments to overseas offices, trainees are required to complete

minimum three months Strategic Level training in an Approved Training
Organization in Sri Lanka prior to applying for the Associate Membership.

The Training Organization should inform the details relating to secondments of

trainees to the ICASL.

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 PRACTICAL TRAINING GUIDE

FINAL REPORT OF SUPERVISING MEMBER

AND CERTIFICATION OF TRAINING
At the end of the training period, the training organization and the Supervising
Member should issue a certification of training obtained by the trainee through a
summary report and should recommend the suitability of the trainee to become a
Certificate holder/ Diploma holder or an Associate Member of the Institute.

Admission to Associate Membership

The trainees who have fulfilled following criteria can submit an application for
admission to the Associate Membership (the application is available at the Training
Division of the Institute).

• Successful completion of all examinations of the Institute.

• Successful completion of Certificate Level and Strategic Level training
along with the certification of the Supervising Member and the Training
Organization.
• Successful completion of the interview on practical training. (VIVA)
• Successful completion of all other structured training requirements
(compulsory communication skills and IT courses).

Assessment of Practical Training by an Interview Panel (VIVA)

Authenticity of the training records will be assessed prior to admission to the
Associate Membership by a panel appointed by the Committee.

The assessment of authenticity of training will be through a presentation and an

oral interview by the panel.

With the recommendation of the panel, the Committee may recommend the
applicant for the approval of the Council.

On the approval of the Council, the Members Relations Division will process the
applicant to the Associate Membership of the Institute.

The trainees who have completed Strategic Level II examination, Strategic

Level training and the Compulsory Communication skills programme are
also permitted to apply for the VIVA.

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 Diploma in Accounting and Business (DAB)
Application for Diploma in Accounting and Business
On successful completion of Strategic Level I (Diploma Level) training and the
examination, students are eligible to apply for the Diploma in Accounting and
Business.

The applicant should submit the training records of Strategic Level I with the
certification of the Supervising Member and the training organization along with
the duly filled application.

The applications are available at the Training Division of the Institute.

Recommendation for Diploma in Accounting and Business

On satisfactory completion of specific requirements, the Committee may
recommend the applicant for the approval of the Council.

On the approval of the Council the Examination Division will issue the Diploma in
Accounting and Business to the applicant.

Certificate in Accounting and Business (CAB)

Application for Certificate in Accounting and Business
On successful completion of the Certificate Level training and Certificate Level
examinations, students are eligible to apply for the Certificate in Accounting and
Business.

The applicant should submit the training records of Certificate Level with the
certification of the Supervising Member and the training organization along with
the duly filled application.

The applications are available at the Training Division of the Institute.

Recommendation for Certificate in Accounting and Business

On satisfactory completion of specific requirements the Committee may
recommend the applicant for the approval of Council.

On the approval of the Council the Examination Division will issue the Certificate
in Accounting and Business to the applicant.

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 PRACTICAL TRAINING GUIDE

CERTIFICATE TO PRACTICE

Entitlement for public practice

A Member of the Institute will be entitled to engage in Public Practice in Sri Lanka
only if such Member holds a Certificate to Practice issued by the Institute.

Eligibility Requirements for Certificate to Practice

a. Membership of the Institute
b. Completion of minimum 440 days of Strategic Level training in a Public
Practice Organization after being eligible for the Diploma in Accounting and
Business.

The above 440 days training should meet the criteria given below:

• Minimum of 220 days to be covered under statutory audits of companies or

other organizations.
• The balance period can be covered either at statutory audits or other work
similar to audit recognised by the Committee as listed below.

Other working experience recognised for the Certificate to Practice Eligibility

• The exercise of expressing an opinion on Financial Statements relating to
I. Conversion, or acquisition of companies
II. Redemption or purchases of shares
• Financial Accounting and external reporting
• Audits of offices, associations, clubs and societies
• General business advisory services including internal audits
• Taxation
• Investment analysis
• Statutory declaration of solvency
• Accountants’ report on prospectors
• Treasury and business finance

Trainees /Members who have failed to fulfil the above requirements during the
period of Strategic Level training are required to enter into a new agreement and
complete the balance period, in order to qualify for the Certificate to Practice.

Application for Certificate to Practice

On completion of the above requirements members are eligible to apply for the
Certificate to Practice through the Members Relations Division of the ICASL.

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 APPLICATION OF PROFESSIONAL VALUES,
ETHICS AND ATTITUDES

The ethics and attitudes are the cornerstone of a Chartered Accountant. Ethics
and ethical behaviour help to their personal and professional reputation and also
to protect clients, employers and the public. The trainees are expected to act
ethically in the public interest at all times.

Training organizations are expected to provide guidance and opportunities to

trainees to gain appropriate training in professional values, ethics and attitudes
during the period of training. Accordingly, by the end of the training period a
trainee should be ;

• familiar with the Institute’s Professional Code of Ethics.

• able to identify and analyze the ethical issues likely to be encountered in
their work environment.
• understand the procedures for resolving ethical issues.

A module on ethics, values and attitudes will be incorporated with the compulsory
communication skills work shops.

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 PRACTICAL TRAINING GUIDE

WORK-BASED LEARNING

A data base of questions developed based on practical scenarios is available at

the ICASL Website. Trainees are required to answer at least three questions per
quarter with the certification of the Supervising Member.

This scheme is designed to help trainees to integrate the work experience and
the professional skills with their study programme.

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 EXEMPTIONS

Exemptions for full time Academics

The following concessions are applicable for full time lecturers in accounting
or/and finance subjects, attached to approved universities.

• Entitle to apply for the Strategic Level II examination without completing the
practical training requirement.
• Entitle to complete the practical training requirement under the special
scheme given below.

An approved University means a University approved by the University Grant

Commission of Sri Lanka or by the Association of Common Wealth Universities.

Special Training Scheme

Full time lecturers who satisfy the above requirements are permitted to enter into
short term Training Agreements with approved training organizations to complete
the practical training requirement. Period of a short term agreement should not
be less than 55 days.
Under this scheme the total training period of 660 days to be covered with
maximum of three approved training organizations within five years.

Work during weekends will also be recognized as working days.

Exemptions for Members of CIMA - UK

Training requirements to obtain ACA Membership
• Associate Members of CIMA with less than three years of Post
Membership Experience

Two years of monitored training with 220 working days per year under a Training
Agreement approved by the Council of the Institute.

• Associate / Fellow Members of CIMA With over three years post

membership experience

One year of monitored training with 220 working days per year under a Training
Agreement approved by the Council of the Institute.

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 PRACTICAL TRAINING GUIDE

Training requirements to obtain Certificate to Practice

Members who satisfy the requirements for Certificate to Practice Eligibility
mentioned in this guide are entitled to apply for the Certificate to Practice.

EXEMPTIONS FOR MEMBERS OF AAT (The association of accounting

technicians of sri lanka)
Members/passed finalists of AAT completed two years training are excempted
from the Certificate Level training requirement of the ICASL, subject to satisfy the
following requirements.
• Completion of two years practical training in a training organization approved
by the ICASL, under the supervision of a member of the ICASL.
• Such training should be completed under a Training Agreement identical to
an agreement signed by a Certificate Level trainee of the ICASL.
• The records of training should be maintained in a manner identical to the
scheme specified for a Certificate Level trainee of the ICASL.

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 NOTES:

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