Multi Disciplinary Firms- CA, CS, CMA, Lawyers

[Nitin Pahilwani]

Dear Friends,

As you would be aware, Regulation 53B of The Chartered Accountants Regulation, 1988 provide for Multi Disciplinary Firms and Membership of professional bodies for partnership as extracted below;

For the purposes of entering into partnership under Item (4) of Part I of the First Schedule to the Chartered Accountants Act 1949, a person shall be a member of any of the following professional bodies, namely:-
(a) Company Secretary, member, The Institute of Company Secretaries of India, established under the Company Secretaries Act, 1980;
(b) Cost Accountant, member, The Institute of Cost and Works Accountants of India established under the Cost and Works Accountants Act, 1959;
(c) Advocate, member, Bar Council of India established under the Advocates Act, 1961;
(d) Engineer, member, The Institution of Engineers, or Engineering from a University established by law or an institution recognized by law.
(e) Architect, member, The Indian Institute of Architects established under the Architects Act, 1972;
(f) Actuary, member, The Institute of Actuaries of India, established under the Actuaries Act, 2006.

In this regard, in the exercise of the powers conferred by sub-section (1) of section 30 of the Chartered Accountants Act 1949, the Council, with the approval of the Central Government, made the regulations to further amend the Chartered Accountants Regulations, 1988, and Revised Form 18 by Gazette Notification (attached).

Necessary modifications in SSP of ICAI will be carried out in due course to ensure the implementation of this historic decision. The profession will take a huge leap forward with these enabling regulations and a single firm could offer a bouquet of services that will create the foundation for global landscaping!

Thanks & Regards

_____________________________________

Nitin Pahilwani Register Valuer & Chartered Accountant N Pahilwani & Associates 9898963506 ni...@npahilwani.com www.npahilwani.com 501, Silver Oak, Near SBI, Akota, Vadodara

[Suresh Singh Sountyal]

Dear All,

It's a nice initiative by ICAI-CA, but I have few questions

1. Is CMA/CS Institue allow for the same to their members.

2. What will happen when Financial Auditors and Cost Auditors from the same Firm, it will violations of Company Act

3. Could we consider it the first step towards the merger of all the three institutes.

I hope, very soon CMA/CA Insitute will ratify the same, and government come out with a strong vision and plan for stopping the wastage of national resources

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CMA Suresh Singh Sountyal

Practicing Cost Accountants

  9555-0534-03   

 

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[satish Jain]

Hi,

Regulation 165A of CS Regulations also allows a PCS to enter into partnership with CA/CS/ICWA/Architect/Actuary/Advocates. However, the guidelines for the same are still not ready. As far as Company LAw is concerned, yes there can be a violation if the same firm which conducts the audit also provides other services. other views solicited.

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S. V. JAIN & Associates

Company Secretaries

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[Padmanaban Valasamuthu]

Dear Sir

When this will get effective?

On Fri, Jul 9, 2021 at 2:03 PM Nitin Pahilwani <ntpah...@gmail.com> wrote:

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Warm Regards,

VM Padmanaban

BSC, MBA, FCMA, ACS

VMP&Associates.

Practising Company Secretary

“GuruGuham”

167A, New No 5, Sridharan Street,Ayyavoo Colony Aminjikarai,

Chennai-600029

Contact : 9884115568 (M), 8072096617 (O) Email:cscmapa...@gmail.com

"Your Compliance Partner"

[CS A Rengarajan]

Only after MCA approval

regards

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A. Rengarajan

Mobile 9381011200 

[Padmanaban Valasamuthu]

So it will take minimum 1 year i guess for the approval

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[CS A Rengarajan]

yes of course

Regards

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