The Institute of Chartered Accountants in England and Wales (ICAEW) has awarded credit from all papers of their Professional Stage examination to members of ICAP i.e the one remaining paper of Business Management has also been exempted.
This concession will apply to the ICAP members who have passed Module E Business Management paper in June 2003 examination session and onwards. Such members registering with ICAEW will require to pass the ICAEW Aptitude Test to complete the ICAEW Professional
Stage and would then have to pass the Test of Advanced Technical Competence (two papers) and Advanced Case Study paper during a three year training period to acquire the ICAEW qualification.
The ICAEW has further clarified that ICAP members registering with them and who need to pass the ICAEW Aptitude Test to complete their Professional Stage will not be eligible for the Professional Accountancy Certificate (PAC). This certificate is only available to students who have sat at least one full Professional Stage paper. As such, members of ICAP who passed Business Management paper in December 2002 examination session and pass the Aptitude Test of ICAEW will qualify for the PAC of ICAEW. Further requirements for obtaining the full ICAEW qualification will be the same as mentioned above.
The Aptitude Test of ICAEW in elements of Audit and Assurance, Standards and Guidelines, Taxation and UK Laws is for purposes of conversion to UK specific aspects in these areas.
It may be noted that credits for the Advanced Stage papers of ICAEW are not available to any accountancy body other than a few with whom the ICAEW has full reciprocal membership agreements.