Page 371 - CA Final Audit Titanium Full Book. (With Cover Pages)
P. 371
CA Ravi Taori
Condition for Membership Or Qualification of Other Accountancy Bodies: They can indicate membership
of any other Institute of Accountancy, either in India or abroad. That Institute of Accountancy must be
recognized by the Council.
No Condition for Other Qualifications: The person is allowed to indicate any other qualifications they possess.
(Recognised by Indian Law)
University Degree Exemption: Degrees conferred by any university are also exempted from the provisions of
Section 7 of the Act. (Recognised by Indian Law)
Institute Exemption: Qualifications of accountancy can be conferred by other Institutes. Notably, an exemption
has been granted for the Institute of Cost and Works Accountants. (CMA)
Merchant Banker / Advisor to an issue:
Registration: Members can apply for and obtain registration as a category IV Merchant Banker under the SEBI’s
rules and regulations. Once registered, they can act as an Advisor or Consultant to an issue.
Description: In client companies’ offer documents and advertisements about capital issues, the name and
address of the Chartered Accountant or firm of Chartered Accountants acting as Advisor or Consultant can be
indicated. The Chartered Accountant's or firm's name and address should be mentioned under the caption
“Advisor/Consultant to the Issue”, but it should not be prominently displayed.
Directors of Companies, Members of political parties, position in clubs, etc.:
Restrictions: Institute members are restricted from mentioning their positions in companies, political parties,
clubs, or other organizations.
Positions: These positions include roles as directors in companies, members of political parties, or chartered
accountants in political party cells.
Violation: Mentioning these positions is a violation of Section 7 of the Act.
Members who are also Cost Accountants:
Designation: Members cannot designate themselves as Cost Accountants.
ACMA: Members can use the letters A.C.M.A (Associate) after their names.
FCMA: Members can use the letters F.C.M.A (Fellow) after their names.
Permission to mention qualifications of Foreign Institutions:
Permission: Members are allowed to mention their membership of a foreign Institute of Accountancy.
Recognition: The foreign Institute of Accountancy must be recognized by the Council.
MoU/MRA: The recognition by the Council is established through a Memorandum of Understanding (MoU)
or Mutual Recognition Agreement (MRA). E.g. Australia, Canada, New Zealand, South Africa etc.
(CNO-PE.860) Consultant/Secretary.
Professional Misrepresentation: A Chartered Accountant should not claim to be an Income-tax Consultant,
Cost Accountant, Company Secretary, Cost Consultant, or a Management Consultant in his professional
documents.
Corporate Lawyer
Representation: Members of the Institute of Chartered Accountants are permitted to appear before various
authorities, such as the Company Law Board, Income Tax Appellate Tribunal, and Sales Tax Tribunal, as allowed
by the law.
Designation Limitation: According to the Council of the Institute and current legal provisions, a practicing
Chartered Accountant is not authorized to use the designation "Corporate Lawyer".
CPA
Usage Restriction: Members of the organization are not allowed to use the initials 'CPA' (Certified Public
Accountant) on their business cards.
Dual COP
Additional Roles: Eligible members of the Institute in practice can also work as Company Secretaries and/or
Cost Accountants. (Allowed by ICAI, but not allowed by other Institutions, not practical to have dual COP)
www.auditguru.in 19.15