(1) Time and Place of Examination
(i) All assessments and tests shall be held at such time and place and in such manner as the
Institute may determine from time to time.
(ii) The time and places shall be notified on the website.
(2) Other Policies
The following matters shall be dealt with in accordance with the policies specified in
Directive 1.01:
(i) Use of unfair means
(ii) The passing marks
(iii) Disclosure of marks
(iv) Special arrangements
(1) Admission to examinations
Persons shall be admitted to examinations if they:
(i) have been registered either as full-time students or trainee students
(ii) are eligible to appear in the examination, under the progression rules specified in this Directive; and
(iii) have submitted the examination form along with the prescribed fee, within the specified dates.
(2) Time and place of examination
(i) All examinations shall be held at such time and place as the Institute may determine from time to time.
(ii) The Institute shall notify such information on the website periodically at least once each year.
(iii) The Institute shall have the power to change the time and place of examinations after giving prior notice to the examinees through any or all of the mediums, namely, website, email, short messaging service, Institute’s social networking sites and postal service.
(3) Open book examinations
(i) Examinees shall be permitted to carry books in certain examinations as specified below:
1. CAF-5 Financial Accounting and Reporting – II
2. CFAP-1 Advanced Accounting and Financial Reporting.
3. CFAP-2 Advanced Corporate Laws and Practices
4. CFAP-4 Business Finance Decisions
5. CFAP-5 Tax Planning and Practices
6. CFAP-6 Audit, Assurance and Related Services
7. MSA-1 Financial Reporting and Assurance Professional
8. MSA-2 Management Professional Competence
(2) Papers to attempt
| stage | eligibility | Max no. of papers permitted in a session | Min. training period to be served |
| PRC | 1.Graduates with 14 years of education with 45% aggregate marks or equivalent grades;
and who have passed Pre-requisite Competencies (PRC) under Directive 1.20 or Obtained exemption from PRC under Directive 1.21. 2. Persons who have completed eligibility requirements for registration by completing or obtaining exemption from Qualifying Assessment Test (QAT) and completing PRC under Directive 1.20 or obtaining exemption from PRC under Directive 1.21 |
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| CAF(group A) | After passing PRC level | ||
| CAF (group B) | After passing 2 papers of CAF(group A) | ||
| CFAP | After passing or obtaining exemption from CAF | ||
| MSA-1 | After passing the following CFAP papers:
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| MSA-2 | After passing the following CFAP papers:
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