1. |
Statutory auditor of an entity is not permitted to engage in assignment of compilation engagement, of that entity as per SRS 4410. |
2. |
It is permissible for members in practice to engage in the services assessment/performance audit of the centres of skill development council of Government of India as these are permissible under Management Consultancy and other services issued under section 2(2)(iv) of Chartered Accountants Act, 1949. |
3. |
Members in practice are allowed to take license/registration of investment advisors from SEBI. However, members are not allowed to engage in services of broking, underwriting, portfolio management and cannot take agency of mutual funds etc. The statutory auditor cannot provide investment counselling services to the audit clients as the same is not permissible in terms of the provisions of Companies Act, 2013. |
4. |
It is permissible for a member in practice to accept the assignment of Mystery Audit. |
5. |
It is permitted for a member in practice to mention position as promoter/Director on the portal of a Company. However, the member cannot mention his professional attainments and the name of the firm with which he is associated. There should be no violation of clause (6) and Clause (7) of Part-I of First Schedule to the Chartered Accountants Act, 1949 in doing so. |
6. |
It is permissible for a member in practice to become professional director in the Board of Management of a Co-operative Bank. |
7. |
It is permissible for a member to set up practice in IFSC/GIFT city. |
8. |
It is permissible for a member to render professional services to IFSC units from offices outside IFSC. |
9. |
A firm is not permitted to publish its vision or mission statement on letter head, visiting card or stationery etc. The vision and mission statement may be printed on the firm profile and may be provided in response to a specific request. |
10. |
It is not permissible for a member/ firm being the statutory Auditor of a Bank to accept the assignment of ASM of a customer of the same Bank simultaneously. He can accept either of the Assignments at one time. |
11. |
A member in practice cannot be appointed as an Internal Auditor and Procurement officer simultaneously in an organization. |
12. |
It is permissible for members in practice to charge fees on a percentage of utilization amount of an educational Institute for certifying the amount (utilization) spent by an educational Institute out of grant. |
13. |
It is not permissible for a member in practice to accept the appointment of statutory audit of the society wherein immediate family member i.e., spouse or dependent, of member hold honorary position of one of the managing committee of the institutes governed by the society. |
14. |
There is no conflict of interest in a Chartered Accountant, who is a member of a Trust, being the auditor of the said trust. It is subject to the exception where a particular statute governing a Trust prescribes prohibition on the member of the Trust to be its Auditor or otherwise where there is conflict of interest as per the provisions of Code of Ethics. |
15. |
It is not permissible for a member to use Messaging Applications to send messages to make people aware about his practice, and mention the services provided therein. |
16. |
It is permissible for a practicing Chartered Accountant holding Certificate of Practice to become a member of the 'Board of Management' in Primary (Urban) Co-operative Banks.
The Ethical Standards Board noted that the position of a member of 'Board of Management' in Primary (Urban) Co-operative banks (UCBs) and the role attached to that position is similar to that of a Director-Simiplicitor; where there is no involvement of a member in the day-to-day functioning/operations and not signatory etc. and only sitting fees for the services rendered are provided. |
17. |
Member in practice cannot act as Trademark or Patent Attorney. However, Professional advice in relation to Intellectual Property Rights (IPR) is a routine professional work for a Chartered Accountants in practice and same is permissible under the provisions of the Chartered Accountants Act, 1949. |
18. |
There is no prohibition for internal auditor of a company to acquire/purchase shares of the said Company. |
19. |
A CA Firm may register itself on Udyog Aadhar, a web portal of Ministry Micro, Small and Medium Enterprises. |
20. |
A chartered accountant in practice can provide services through kiosk only if the services provided are professional activities of a practicing chartered accountant, permitted under the Act. |
21. |
It is permissible for two or more Chartered Accountants in practice collectively to have joint training session for their clients on GST, and share the fees collected from the clients thereof. |