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1B. Sets Up Office: Setting up an establishment offering to perform accounting services is deemed to be in
practice, even without serving any clients.
1C. Offers Services: A member is deemed to be in practice not only when they are actively engaged in
accountancy but also when they offer to provide accounting services, regardless of whether they actually do so.
2A. Engages in Accountancy Work: Engages himself in the practice of accountancy.
2B. Accounting Work: Renders professional services or assistance regarding accounting procedures. Assists in
matters related to the recording, presentation, or certification of financial facts or data. Covers matters of
principle or detail in accounting.
2C. Auditing Work: offers to perform or performs service involving the auditing or verification of financial
transactions, books, accounts or records, or the preparation, verification or certification of financial accounting
and related statements.
3A. Council Can Prescribe Additional Services: Sec 2(2)(iv) gives power to ICAI to Provide additional services
as determined by the Council, which are within the scope of a Chartered Accountant in practice. (Till Date ICAI
has prescribed 2 things under this 1. Regulation 191 & 2. Management Consultancy Services)
3B. Regulation 191: Pursuant to Section 2(2)(iv) of the Chartered Accountants Act, 1949, read with Regulation
191 of Chartered Accountants Regulations, 1988 a member shall be deemed to be in practice if he, in his
professional capacity and neither in his personal capacity nor in his capacity as an employee, acts as a liquidator,
trustee, executor, administrator, arbitrator, receiver, adviser or representative for costing, financial or taxation
matters or takes up an appointment made by the Central Government or a State Government or a court of law
or any other legal authority or acts as a Secretary unless his employment is on a salary-cum-full-time basis.
3C. Significance of List of Council Prescribed Services: This list determines the eligibility of other services
that can be rendered by a Chartered Accountant in practice.
4A. Deemed For Limited Purpose: An associate or a fellow of the Institute who is a salaried employee of a
Chartered Accountant in practice or a firm of such Chartered Accountants or firm consisting of one or more
chartered accountants and members of any other professional body having prescribed qualifications shall,
notwithstanding such employment, be deemed to be in practice for the limited purpose of the training of
Articled Assistants”
4B. Military Service: A member of the Institute is considered to be in practice during the period they render
'service with armed forces'.
(CNO-PE.780) Management Consultancy & Other Service (MCOS)
Resolution Approval: The Council has approved a resolution according to Section 2(2)(iv).
Management Consultancy and Other Services: This resolution allows a practicing Chartered Accountant to
provide a broad range of services related to "Management Consultancy and other Services".
Exclusions: The services do not include statutory or periodic audits, representation or advice on tax (both direct
and indirect taxes) matters, or acting in roles such as liquidator, trustee, executor, administrator, arbitrator, or
receiver.
Inclusions: The definition of "Management Consultancy and other Services" includes certain services, which
are specified in below text.
(CNO-PE.790) Detailed List of MCOS
(In-Corporation Related)
##Project Reports: Experience in preparing project reports and conducting feasibility studies.
(Post Incorporation Fund Raising)
##Capital Management: Expertise in capital structure planning and providing advice on raising finance.
Issue Related Work: Issue Advisory, Documentation, Publicity Planning, Agency Selection, Post-Issue Activities
Registrar Services: Acting as registrar to an issue and for transfer of shares/other securities, in compliance with
the relevant provisions of the Code of Ethics
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