Part time practice implies a CA holding COP but performing certain activities, either deemed as permitted or on application basis permitted. Hence, if a CA is in employment with CA firm, he is deemed to hold a part time COP. Having employed in industry, a CA is not authorised to hold COP.
You can take the COP as part time. Process is as follows;
1. Make application to ICAI for permission for COP along with job in industry 2. After that make application for COP in form 6 3. Pay applicable fees & also pay one years membership in advance 4. After this you will receive letter from ICAI for the same.
Also note after having COP in your hand, there are some dos & don't to practice. Those are Don'ts 1. You can't take TAX AUDIT assignment 2. You Can't be statutory auditor of the company as per company act 3. You can't sign as auditor on any financial reports DOS 4. But you can be working partner of CA firm 5. Can Provide Tax consultations to clients 6. Can be partner of Company auditors firms
The Council at its 241st meeting decided that effective from 1.04.2005, any member in part-time practice (namely, holding certificate of practice and is also engaging himself in any other business and/or occupation) is not entitled to perform attest function, and that the resolution passed under Regulation 190A, which is currently in force and appears as Appendix 10 to the Chartered Accountants Regulations 1988 (Appendix No. 9 in 2002 Edition), be reviewed by the Executive Committee, in the light of the above decision The Council at its 242nd meeting noted the recommendations made to it by the Executive Committee in this regard and accordingly passed the following resolution as a part of and in continuation of the existing resolution under Regulation 190A which appears as Appendix no. 9 to the C.A. Regulations, 1988 (2002 edition) “IT IS FURTHER RESOLVED that the general and specific permission granted by the Council is subject to the condition that – i) any member engaged in any other business or occupation, in terms of general or specific permission granted as per Appendix No. (9) shall not be entitled to perform any attest function except in the following cases. a. Authorship of books and articles b. Holding of Life Assurance Agency Licence for the limited purpose of getting renewal commission. c. Attending classes and appearing for any examination. d. Holding of public elective offices such as M.P., MLA & MLC. e. Honorary office-bearership of charitable, educational or other non-commercial organizations. f. Acting as Notary Public, Justice of the Peace, Special Executive Magistrate and the like. g. Part-time tutorship under the Coaching Organisation of the Institute. h. Valuation of papers, acting as paper-setter, head-examiner or a moderator for an examination. i. Editorship of professional journals – (not in employment) j. Acting as surveyor and Loss Assessor under the Insurance Act, 1938 (not in employment). k. Acting as Recovery consultant in the Banking Sector (not in employment) l. Any coaching assignment organized by the Institute, its Regional Councils and Branches of Regional Councils. m. Engagement as Lecturer in an University, affiliated college, educational institution, coaching organization, private tutorship, provided the direct teaching hours devoted to such activities taken together do not exceed 25 hours a week. n. Engagement in any other business or occupation permitted by the Executive Committee form time to time. ii. A member who is not entitled to perform attest function shall not be entitled to train articled clerks. iii. The decision (of the Council) taken at its 223rd meeting held in February,2002 prescribing the criteria for individual cases of articleship shall continue to be in operation, mutatis mutandi.” The Council in this connection also clarified that the Attest function for the purpose of this Resolution would cover services pertaining to audit, review, certification, agreed upon procedures, and compilation, as defined in the Framework of Statements on Standard Auditing Practices and Guidance Notes on Related Services published in the July, 2001 issue of the Institute’s Journal.
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