part time COP

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 May 2010 Is there any benefit if i apply 4 part time COP?

another query: can i b prop. in 1 firm and partner in other? can i atest in both firms?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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06 May 2010 You can practice in part time COP but u cannot not perform any attest functions.

If u are prop in 1 firm and partner in another then u can attest in both only if u have full time COP.

Querist : Anonymous

Querist : Anonymous (Querist)

06 May 2010 Then what is the benefit of taking part time COP?

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Querist : Anonymous

Querist : Anonymous (Querist)

06 May 2010 plz leme know?

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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06 May 2010 no, benefit. ONLY AFTER HOLDING OF PART TIME COP , ACA CONVERTED INTO FCA.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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06 May 2010 Now a days even non cop holders can apply for FCA

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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06 May 2010 Dear Aditya Ji,

Please check Note 1 and feedback me on this.

4. Admission as a Fellow Member
[Section 5(3) Regulation 5(3)]
An associate member is eligible for admission as a fellow member if he satisfies the eligibility
conditions laid down under Section 5(3) of the Chartered Accountants Act 1949 and Regulation 5(3)
of the Chartered Accountants Regulations 1988.
Eligibility
An associate member will be admitted as a fellow member if he satisfies the following conditions:
(a) Continuous practice within India for a period of not less than 5 years
Or
(b) He has been an associate member for a continuous period of not less than 5 years and has
been in government service or is ordinarily holding or has held for a continuous period of not
less than 5 years any one or more posts carrying duties relating to accounts, cost accounts,
audit, finance, taxation, company law and /or secretarial work in :
(i) an educational institution approved by the Council; or
(ii) a private or government, industrial, commercial or trading undertaking having a minimum
paid-up capital of Rs. 25 lakhs or a minimum turnover of Rs.50 lakhs or a minimum paid-up
capital of Rs. 10 lakhs and a minimum turnover of Rs.30 lakhs or a minimum total assets of
Rs.50 lakhs;
(iii) employed under a statutory authority; or
(iv) employed under a local authority having within its jurisdiction a population of not less than 5
lakhs during each of the five years of his service.
(c) Continuous service for a period of not less than 5 years as a full-time paid assistant under a
practising Chartered Accountant or in a firm of such Chartered Accountants.
Note:
A member either partly in practice and partly in service, holding one or more posts mentioned above
is also eligible for admission as fellow provided the total period of practice and/or service shall be
continuous and be not less than 5 years.
However, Institute provides for condonation of break in continuity of service or practice for a period
not exceeding one year provided the actual period of service and practice together is not less than 5
years.
In case of break in employment and practice the break in continuity in service or practice for a period
not exceeding 1 year can be condoned by the competent authority.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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06 May 2010 What i meant to say was is specified in point (c) i. e. Continuous service for a period of not less than 5 years as a full-time paid assistant under a practising Chartered Accountant or in a firm of such Chartered Accountants. For this COP is not required.

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