Member of icai as advocate
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 November 2011
Can member of ICAI, practice as advocate.
19 November 2011
Member of ICAI in whole time practice can't act as practicing Advocate....he will be guilty of professional misconduct
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 November 2011
please you quote releated provisions.
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 November 2011
can anyone quote releated provisions.
20 November 2011
190A. Chartered accountant in practice not to engage in any other business or occupation
A chartered accountant in practice shall not engage in any business or occupation other than the
profession of accountancy, except with the permission granted in accordance with a resolution of
the Council.
191. Part-time employments a chartered accountant in practice may accept
Notwithstanding anything contained in regulation 190A but subject to the control of the Council, a
chartered accountant in practice may act as a liquidator, trustee, executor, administrator, arbitrator,
receiver, adviser or representative for costing, financial or taxation matter, or may take up an
appointment that may be made by the Central Government or a court of law or any other legal
authority or may act as a Secretary in his professional capacity, provided his employment is not on
a salary-cum-full-time basis.
Appendix No. 9
Permission Granted Generally
(A) Members of the Institute in practice be generally permitted to engage in the following categories* in
individual cases:
(1) Employment under Chartered Accountants in practice or firms of such Chartered
Accountants.
(2) Private tutorship.
(3) Authorship of Books and articles.
(4) Holding of Life Insurance Agency Licence for the limited purpose of getting renewal
commission.
(5) Attending classes and appearing for any examination.
(6) Holding of public elective offices such as M.P., M.L.A.& M.L.C.
(7) Honorary office-bearership of charitable, educational or other non-commercial
organisations.
(8) Acting as Notary Public, Justice of the Peace, Special Executive Magistrate and the like.
(9) Part-time tutorship under the Coaching Organisation of the Institute.
(10) Valuation of papers, acting as-paper-setter, head-examiner or moderator for any examination.
(11) Editorship of professional journals.
(12) Acting as Surveyor and Loss Assessor under the Insurance Act, 1938.
(13) Acting asRecovery Consultant in the Banking Sector.
Permission to be Granted specifically
(B) Members of the Institute in practice may engage in the following categories of business or
occupations, after obtaining the specific and prior approval of the Council in each case:
(1) Full-time or part-time employment in business concerns provided that the member and/or his
relatives do not hold substantial interest in such concerns.
(2) Full-time or part-time employment in non-business concerns.
(3) Office of Managing Director or a whole-time Director of a body corporate within the meaning of
the Companies Act, 1956, provided that the member and/or his relatives do not hold
substantial interest in such a concern.
(4) Interest in family business concern or concerns in which interest has been acquired as a result
of relationship and in the management of which no active part is taken.
(5) Interest in agricultural and allied activities carried on with the help, if required, of hired labour.
(6) Interest in an educational institution.
(7) Part-time or full-time lectureship for courses other than those relating to the Institute's
examination conducted under the auspices of the Institute or the Regional Councils or their
branches.
(8) Part-time or full-time tutorship under any educational institution other than the Coaching
Organisation of the Institute.
(9) Editorship of journals other than professional journals.
Manual Relating to Members
(10) Any other business or occupation for which the Executive Committee considers that
permission may be granted.
Further, resolved that the Council may refuse permission in individual cases though covered under
any of the above categories.
It was also decided that for the purpose of the above resolution:-
(i) the expression "relative", in relation to a member means the husband, wife brother or sister or
any lineal ascendant or descendant of that member; and
(ii) amember shall be deemed to have a "substantial interest" in a concern -
(i) in a case where the concern is a company, if its shares (not being shares entitled to a fixed rate
of dividend whether with or without a further right to participate in profits) carrying not less
than twenty per cent of voting power at any time, during the relevant years are owned
beneficially by such member or by any one or more of the following persons or partly by such
member and partly by one or more of the following persons:
(a) One ormore relatives of the member;
(b) Any concerns in which any of the persons referred to above has a substantial interest;
(ii) in the case of any other concern, if such member is entitled or the other persons referred to
above or such member and one or more of the. other persons referred to above are entitled in
the aggregate, at any time during the relevant years to not less than twenty per cent of the
profit of such concern.
Explanation:
(a) The relevant years in the context of clause (4) of Part I of the First Schedule to the Chartered
Accountants Act, 1949 read with Appendix (17) mean the year/period which the report/certificate
relates and the year/period during which the said report/certificate is'signed.
(b) The relevant years in the context of clause (11) of Part I of the First Schedule to the Chartered
Accountants Act, 1949 read with Appendix (10) mean the year/period in which not less than 20% of
voting power/20% share of profits were owned beneficially.
Attention of the members is also invited to para 3 of the above Resolution relating to the holding of
office of a managing director or a whole time director in a company. In such cases, a member can accept
the office of a managing director or a whole-time director only after obtaining the specific and prior
approval of the Council. Attention of the members is also invited to the provisions of Section 2(26) of the
Resolution Passed By The Council Regulation 190A
Annexure 1
AS A PART OF AND IN CONTINUATION OF THE EXISTING REGULATION [UNDER REGULATION 190A,
WHICH APPEARS AS APPENDIX NO. (9) TO THE CHARTERED ACCOUNTANTS 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) given above shall not be entitled to perform any attest
function. However, a member engaging in any of the following area(s), in terms of the specific or
general permission so granted, shall be entitled to performattest function:
a. Authorship of books and articles
b. Holding of Life Insurance 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., M.L.A.& M.L.C.
e. Honorary office-bearership of charitable, educational or other non-commercial
organisations.
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 any
examination.
i. Editorship of professional journals - (not inemployment)
j. Acting as surveyor and Loss Assessor under the Insurance Act, 1938 - (not inemployment).
k. Acting as Recovery consultant in the Banking Sector - (not in employment).
I. 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
organisation, 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 from
time to time.
ii. A member who is not entitled to perform attest function shall not be entitled to train articled
assistants.
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 mutandis."
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.
A chartered accountant in practice shall not engage in any business or occupation other than the
profession of accountancy, except with the permission granted in accordance with a resolution of
the Council.
191. Part-time employments a chartered accountant in practice may accept
Notwithstanding anything contained in regulation 190A but subject to the control of the Council, a
chartered accountant in practice may act as a liquidator, trustee, executor, administrator, arbitrator,
receiver, adviser or representative for costing, financial or taxation matter, or may take up an
appointment that may be made by the Central Government or a court of law or any other legal
authority or may act as a Secretary in his professional capacity, provided his employment is not on
a salary-cum-full-time basis.
Appendix No. 9
Permission Granted Generally
(A) Members of the Institute in practice be generally permitted to engage in the following categories* in
individual cases:
(1) Employment under Chartered Accountants in practice or firms of such Chartered
Accountants.
(2) Private tutorship.
(3) Authorship of Books and articles.
(4) Holding of Life Insurance Agency Licence for the limited purpose of getting renewal
commission.
(5) Attending classes and appearing for any examination.
(6) Holding of public elective offices such as M.P., M.L.A.& M.L.C.
(7) Honorary office-bearership of charitable, educational or other non-commercial
organisations.
(8) Acting as Notary Public, Justice of the Peace, Special Executive Magistrate and the like.
(9) Part-time tutorship under the Coaching Organisation of the Institute.
(10) Valuation of papers, acting as-paper-setter, head-examiner or moderator for any examination.
(11) Editorship of professional journals.
(12) Acting as Surveyor and Loss Assessor under the Insurance Act, 1938.
(13) Acting asRecovery Consultant in the Banking Sector.
Permission to be Granted specifically
(B) Members of the Institute in practice may engage in the following categories of business or
occupations, after obtaining the specific and prior approval of the Council in each case:
(1) Full-time or part-time employment in business concerns provided that the member and/or his
relatives do not hold substantial interest in such concerns.
(2) Full-time or part-time employment in non-business concerns.
(3) Office of Managing Director or a whole-time Director of a body corporate within the meaning of
the Companies Act, 1956, provided that the member and/or his relatives do not hold
substantial interest in such a concern.
(4) Interest in family business concern or concerns in which interest has been acquired as a result
of relationship and in the management of which no active part is taken.
(5) Interest in agricultural and allied activities carried on with the help, if required, of hired labour.
(6) Interest in an educational institution.
(7) Part-time or full-time lectureship for courses other than those relating to the Institute's
examination conducted under the auspices of the Institute or the Regional Councils or their
branches.
(8) Part-time or full-time tutorship under any educational institution other than the Coaching
Organisation of the Institute.
(9) Editorship of journals other than professional journals.
Manual Relating to Members
(10) Any other business or occupation for which the Executive Committee considers that
permission may be granted.
Further, resolved that the Council may refuse permission in individual cases though covered under
any of the above categories.
It was also decided that for the purpose of the above resolution:-
(i) the expression "relative", in relation to a member means the husband, wife brother or sister or
any lineal ascendant or descendant of that member; and
(ii) amember shall be deemed to have a "substantial interest" in a concern -
(i) in a case where the concern is a company, if its shares (not being shares entitled to a fixed rate
of dividend whether with or without a further right to participate in profits) carrying not less
than twenty per cent of voting power at any time, during the relevant years are owned
beneficially by such member or by any one or more of the following persons or partly by such
member and partly by one or more of the following persons:
(a) One ormore relatives of the member;
(b) Any concerns in which any of the persons referred to above has a substantial interest;
(ii) in the case of any other concern, if such member is entitled or the other persons referred to
above or such member and one or more of the. other persons referred to above are entitled in
the aggregate, at any time during the relevant years to not less than twenty per cent of the
profit of such concern.
Explanation:
(a) The relevant years in the context of clause (4) of Part I of the First Schedule to the Chartered
Accountants Act, 1949 read with Appendix (17) mean the year/period which the report/certificate
relates and the year/period during which the said report/certificate is'signed.
(b) The relevant years in the context of clause (11) of Part I of the First Schedule to the Chartered
Accountants Act, 1949 read with Appendix (10) mean the year/period in which not less than 20% of
voting power/20% share of profits were owned beneficially.
Attention of the members is also invited to para 3 of the above Resolution relating to the holding of
office of a managing director or a whole time director in a company. In such cases, a member can accept
the office of a managing director or a whole-time director only after obtaining the specific and prior
approval of the Council. Attention of the members is also invited to the provisions of Section 2(26) of the
Resolution Passed By The Council Regulation 190A
Annexure 1
AS A PART OF AND IN CONTINUATION OF THE EXISTING REGULATION [UNDER REGULATION 190A,
WHICH APPEARS AS APPENDIX NO. (9) TO THE CHARTERED ACCOUNTANTS 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) given above shall not be entitled to perform any attest
function. However, a member engaging in any of the following area(s), in terms of the specific or
general permission so granted, shall be entitled to performattest function:
a. Authorship of books and articles
b. Holding of Life Insurance 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., M.L.A.& M.L.C.
e. Honorary office-bearership of charitable, educational or other non-commercial
organisations.
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 any
examination.
i. Editorship of professional journals - (not inemployment)
j. Acting as surveyor and Loss Assessor under the Insurance Act, 1938 - (not inemployment).
k. Acting as Recovery consultant in the Banking Sector - (not in employment).
I. 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
organisation, 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 from
time to time.
ii. A member who is not entitled to perform attest function shall not be entitled to train articled
assistants.
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 mutandis."
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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