PRESENTED BY, NITIN GUPTA ( STUDENT OF ICAI ) [email protected].
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Transcript of PRESENTED BY, NITIN GUPTA ( STUDENT OF ICAI ) [email protected].
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PRESENTED BY,NITIN GUPTA( STUDENT OF ICAI )[email protected]
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Who can be CA ?
A person who cleared : Final Examination, Completed his Article Training & GMCS.
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Disqualification :Age < 21 years; orUnsound Mind and as per competent court; orUndischarged Insolvent ; orDischarged Insolvent but has not obtained court certificate; orUnless pardoned by CG (I) offence of moral turpitude and /or (II) Non technical offence committed in his professional capacity; orRemoved by Council if found guilty of Professional or other misconduct
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Status of Member : Member in Practice (must have certificate of Practice),or Member in Service, or Member (just having degree )
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Member Deemed to be in Practice
An associate or a fellow of the Institute who is a salaried employeeof a chartered accountant [in practice] or [a firm, of such chartered accountants] shall, notwithstanding such employment, be deemed to be in practice for the limited purpose of the training of articled [assistants].
When he in consideration of remuneration : Engage himself in the practice of accountancy, or Offer to perform Audit and related services, or Hold himself out to the Public as an Accountant, or Render Professional Services or assistance in accounting procedure, or renders such other services as, in the opinion of the Council, are or may be rendered by a chartered accountant
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Misconduct :The expression “professional or other misconduct” shall be deemed to include any act or omission provided in any of the Schedules, but nothing in this section shall be construed to limit or abridge in any way the power conferred or duty cast on the Director (Discipline).
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Disciplinary mechanism :Council (Group of elected member )
( By giving notification establish)
Disciplinary Directorate (headed by officer–Director(Discipline)
On receipt of any information or complaint
he shall arrive at a prima facie opinion that if guilty related to
Schedule I Schedule II or Both
Matter place to
Board of Discipline Disciplinary committee
Cont….
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Board of Discipline Disciplinary committee
If found Guilty
1. Reprimend the Member 1. Reprimend the Member2. Remove the name of the member from register upto 3 month
2. Remove the name of the member from register permanently or for any duration
3. Impose fine upto Rs. 100000 3. Impose fine upto Rs. 500000
Any member can prefer an appeal within 90 days
Appellate Authority
( It can confirm ,modify or set aside the order or act as per the power given .)
Cont….
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Content of schedule :MISCONDUCT First Schedule Second Schedule
Professional Part I -(12 Clause) Part I -(10 Clause)
Professional Part II -(2 Clause) Part II -(4 Clause)
Professional Part III -(3 Clause)
Other Part III -(2 Clause) Part III
Let us see each Clauses……
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1ST Schedule
Clause 1 :Misconduct :Allowing any other Person to Practices in his own name .Exceptions : Other Person CA in Practice AND Is in partnership or in his Employment.
Part 1
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Clause 2 :Misconduct : Pays /allows or agree to pay/allow Directly or indirectly Any share, commission or brokerageIn the fee’s or profitof his Professional BusinessWith any one.
Cont….
1st schedule part I
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Exceptions : ICAI member; Partner;Retired partner;Legal representative of deceased partner ,only if deed provides ;Member of other specified Professional Bodies;Specified qualified persons.
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Clause 3 :Misconduct : If accept or agree to
accepts Any part of profit of professional
work From Non MemberException : ICAI Member ; Member of other Specified
Bodies ; Specified Qualified Persons.
1st schedule part I
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Clause 4 :Misconduct : If enter into Partnership with any person.Exception : ICAI Member ; Member of other Specified Bodies ; Specified Qualified Persons.
1st schedule part I
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1st schedule part I
Clause 5 :Misconduct : If Secures work from non members.Exception : Employee; Partner Other open means.
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1st schedule part I Clause 6 : Misconduct : Solicitation of clients or Professional workSolicitation can be direct or indirect throughcircular advertisement ,personal
communication, interview, etc. Exceptions : work from other CA in practice;Responding to tenders or enquiries.
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1st schedule part I Clause 7: Misconduct : Advertising of
Professional attainments or services ,or using unapproved or wrong designationsExceptions : Advertisement through write up is
permitted. ( subject to guidelines issued by
council )
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Clause 8 :Misconduct : If no written communication with
previous auditor before accepting the
position as anAuditor.
1st schedule part I
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1st schedule part IClause 9 :Misconduct : If does’nt ascertain the compliance of sec. 224 & 225 in respect of his appointment.
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1st schedule part I
Clause 10 : Misconduct : If fee’s charged on % of Profits ; Contingent Findings.Exceptions : Liquidator /Receivers Auditors of co operatives society D.T. Valuer .
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1st schedule part I
Clause 11 : Misconduct : Engaging in other
business /occupation having full time COP + Salary.Exceptions : ICAI Permission Director’s Simplicitor’s Employment in CA Firm Genral Permission under Regulation 190A.
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1st schedule part I
Clause 12 : Misconduct : Allow a Person other than
CA ,orCA ,not his PartnerTo sign on his/his firm’s behalf any balance sheet ,P/L ,Report or financial staementexceptions : signing documents not
containingexpression of opinion
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1ST Schedule
Clause 1 :Misconduct :paying /allowing to
any person, share in employment emoluments.
Part II
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Clause 2 :Misconduct : Accepts or agrees to
accept any part of fee’s or profits or gainsfrom a lawyer ,C.A , broker, agent,customer,of such employerby way of commission or gratification.
1st Schedule part II
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1ST Schedule
Clause 1 :Misconduct : Not F.C.A but act
as F.C.A
Part III
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Clause 2 :Misconduct : doesn't supply
information to ICAI/ comply requirements asked
by ICAI.
1ST SCHEDULE Part III
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Clause 3 :Misconduct : violation of clause 6 /7
of part IOf this schedule.
1ST SCHEDULE Part III
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1ST Schedule
Clause 1 :Misconduct : If he is held guilty by
any civil or criminal court for an offence
which is punishable with imprisonment for a
term not exceeding six month.
Part IV
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Clause 2 :Misconduct : If in the opinion of council , bring disrepute to the profession or the Institute as a result of his action whether or not related to his profession work.
1st Schedule part IV
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2ND Schedule
Clause 1 :Misconduct : Disclosure of
information acquired during professional
engagement.Exception : Client’s Consent Law Requirement
Part I
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2ND Schedule
Clause 2 :Misconduct : Certification
/Submission of report on F.S without examination.Unless Examined by him his partner his employee’s another C.A in practice.
Part I
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2ND Schedule
Clause 3 :Misconduct : Not vouching the
accuracy of forecasts.
Part I
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2ND Schedule
Clause 4 :Misconduct : Expression of opinion
on F.S of an entity with presence of sustantial
interest (either himself /his firm/his partner).
Part I
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2ND Schedule
Clause 5 :Misconduct : Failure to disclose
“Material Fact” .
Part I
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2ND Schedule
Clause 6 :Misconduct : Failure to report
“Material Misstatement”
Part I
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2ND Schedule
Clause 7 :Misconduct : Doesn't exercise Due
Diligence, or Grossly Negligent of his duties.
Part I
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2ND Schedule
Clause 8 :Misconduct : Fails to obtain
information for expression of opinion.
Part I
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2ND Schedule
Clause 9 :Misconduct : Failure to invite
attention to any material departure to GAAP.
Part I
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2ND Schedule
Clause 10 :Misconduct : Failure to keep client
money in a separate bank account, orUse such money within reasonable
time.(other than fee /remuneration, even
advance)
Part I
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2ND Schedule
Clause 1 :Misconduct : Contravention of any
provision ofthis Act , Regulations or any
guidelines issued by council.
Part II
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2ND Schedule
Clause 2 :Misconduct : Being employee
disclose confidential information without
consent /legal requirement.
Part II
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2ND Schedule
Clause 3 :Misconduct : Submit false
information to ICAI/its constituents.
Part II
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2ND Schedule
Clause 4 :Misconduct : Defalcates or
Embezzles money received in professional capacity.
Part II
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2ND Schedule
Misconduct : If he is held guilty by any civil or criminal court for an offence which is punishablewith imprisonment for a term exceeding six months.
Part III
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