Q. Whether a Chartered Accountant in practice can engage in any business or occupation other than the profession of Chartered Accountancy?
A.
No, in terms of Clause (11) of Part I of First Schedule to the CA Act, in general, a Chartered Accountant in practice is not permitted to engage in any business or occupation other than the profession of Chartered Accountancy.
However, there are following exceptions to it:-
A Chartered Accountant can be a director of a company (not being a managing director or a whole time director), unless he or any of his partners is interested in such company as an auditor.
A Chartered Accountant in practice may engage in any business or occupation with the permission granted in accordance with a resolution of the Council.
Appendix (9) of CA Regulations contains the above Resolution under two heads (A) Permission granted generally (B) Permission to be granted specifically.(please refer pages 345-349 of the Code of Ethics, 2009)
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