The Institute of Chartered Accountants of India (ICAI) proposes changes in syllabus for Common Proficiency Test (CPT) which will be introduced in 2016, according to Manoj Fadnis, president of ICAI.

Addressing a press meet on the sidelines of a two-day A.P. State-level conference on chartered accountants here, Mr. Fadnis said the changes being brought in were aimed at keeping pace with the rapidly changing scenario. “We want the nation to produce the best chartered accountants,” he said.

Pointing to the fact that the ICAI was the second largest accounting body in the world, he said chartered accountancy was the cheapest course which could be completed by spending a maximum amount of Rs. 50,000.

Responding to a reporter’s observation that high fee was being charged by local institutes, he said they were private institutes which had commercialised the course.

ICAI vice-president M. Devaraja Reddy said these commercial coaching centres were exploiting gullible public, especially from rural pockets, by flaunting their CPT results, which was only an entrance test.

He said as a statutory body, the ICAI works closely with the government and many other agencies and the institute provides services through its 26 chapters across the world.

Earlier, addressing members of the fraternity at a meeting, Mr. Fadnis asked chartered accountants to gear up for changes in the days to come.

Chartered accountant Naresh Ajwani threw light on TDS requirement for foreign payment while in the next session, CA Bhavesh Vora spoke at length about non-banking finance companies and their frauds. He said CAs must exercise utmost caution while dealing with them.

Chairman of the institute’s Vijayawada branch Srinivas Agnihotram, secretary Srinivasa Rao Godavarthi and others were present.