CA. Amarjit Chopra elected as President and CA. G. Ramaswamy elected as Vice-President of ICAI


Letz w8 n c in wat way dey r gna torture us students....fingers crossed

Advanced Auditing & Professional Ethics

THE CHARTERED ACCOUNTANTS ACT, 1949

THE FIRST SCHEDULE

PART I

Professional misconduct in relation to chartered

accountants in practice

A chartered accountant in practice shall be deemed
to be guilty of professional misconduct, if he −

(1) allows any person to practice in his name as a
chartered accountant unless such person is also a
chartered accountant in practice and is in partnership
with or employed by him;

(2) pays or allows or agrees to pay or allow, directly or
indirectly, any share, commission or brokerage in
the fees or profits of his professional business, to
any person other than a member of the Institute or a
partner or a retired partner or the legal
representative of a deceased partner, or a member
of any other professional body or with such other
persons having such qualifications as may be
prescribed, for the purpose of rendering such
professional services from time to time in or outside
India.
Explanation :− In this item, “partner” includes a
person residing outside India with whom a chartered
accountant in practice has entered into partnership
which is not in contravention of item (4) of this Part;

(3) accepts or agrees to accept any part of the profits of
the professional work of a person who is not a
member of the Institute:
Provided that nothing herein contained shall be
construed as prohibiting a member from entering
into profit sharing or other similar arrangements,
including receiving any share commission or
brokerage in the fees, with a member of such
professional body or other person having
qualifications, as is referred to in item (2) of this
Part;

(4) enters into partnership, in or outside India, with any
person other than a chartered accountant in practice
or such other person who is a member of any other
professional body having such qualifications as may
be prescribed, including a resident who but for his
residence abroad would be entitled to be registered
as a member under clause (v) of sub-section (1) of
section 4 or whose qualifications are recognised by
the Central Government or the Council for the
purpose of permitting such partnerships;

(5) secures, either through the services of a person who
is not an employee of such chartered accountant or
who is not his partner or by means which are not
open to a chartered accountant, any professional
business:
Provided that nothing herein contained shall be
construed as prohibiting any arrangement permitted
in terms of items (2), (3) and (4) of this Part;

(6) solicits clients or professional work either directly
or indirectly by circular, advertisement, personal
communication or interview or by any other means:
Provided that nothing herein contained shall be
construed as preventing or prohibiting−
(i) any chartered accountant from applying or
requesting for or inviting or securing
professional work from another chartered
accountant in practice; or
(ii) a member from responding to tenders or
enquiries issued by various users of
professional services or organisations from
time to time and securing professional work as
a consequence;

(7) advertises his professional attainments or services,
or uses any designation or expressions other than
chartered accountant on professional documents,
visiting cards, letter heads or sign boards, unless it
be a degree of a University established by law in
India or recognised by the Central Government or a
title indicating membership of the Institute of
Chartered Accountants of India or of any other
institution that has been recognised by the Central
Government or may be recognised by the Council:
Provided that a member in practice may advertise
through a write up setting out the services provided
by him or his firm and particulars of his firm subject to
such guidelines as may be issued by the Council;

(8) accepts a position as auditor previously held by
another chartered accountant or a certified auditor
who has been issued certificate under the Restricted
Certificate Rules, 1932 without first communicating
with him in writing;

(9) accepts an appointment as auditor of a company
without first ascertaining from it whether the
requirements of section 225 of the Companies Act,
1956 in respect of such appointment have been
duly complied with;

(10) charges or offers to charge, accepts or offers to
accept in respect of any professional employment,
fees which are based on a percentage of profits or
which are contingent upon the findings, or results of
such employment, except as permitted under any
regulation made under this Act;

(11) engages in any business or occupation other than
the profession of chartered accountant unless
permitted by the Council so to engage:
Provided that nothing contained herein shall
disentitle a chartered accountant from being a
director of a company (not being a managing director
or a whole time director) unless he or any of his
partners is interested in such company as an
auditor;

(12) allows a person not being a member of the Institute
in practice, or a member not being his partner to
sign on his behalf or on behalf of his firm, any
balance-sheet, profit and loss account, report or
financial statements.

Information Technology

Client: A software program used to contact & obtain data from a Server software program on another computer.Eg. Web browser

Strategic Management

PORTER'S 5 FORCE MODEL:
a) Rival Sellers
b) New Entrants
c) Substitute Products
d) Supplier Bargaining Power
e) Customer Bargaining Power

Income Tax

Sec. 36(1)(ix):Family Planning Exp. incurred by a COMPANY :

a) Capital Exp.- Deduction in 5 equal instalments

b) Revenue Exp. - 100% allowable

Income Tax

Expenditure incurred in connection with the issue of shares is a CAPITAL expenditure - Brooke Bond India Ltd. ( Supreme Court)

Crash Course

Crash Course on Costing (CA - Final) 4m 16-18th feb by CA Hariharan (Chennai) at ICAI Tvm... Regn Fees 1250/-

Law

Sec. 25 - Negotiable Instruments Act,1881
When d day on wich a promissory note or bill of xchange is at maturity is a PUBLIC HOLIDAY, the instrument shall b deemed to b due on the next PRECEDING business day.

Plz note dat PUBLIC HOLIDAY includes Sunday!

Income Tax

Expenses incurred in connection with issue of Bonus Shares is  a Revenue Expenditure - General Insurance Corporation (Supreme Court)

Income Tax

When a firm is dissolved and business is discontinued, then closing stock should be valued at Market Price - ALA Firm (Supreme Court)

Analysis of PCE result:
Group-Appeared-Passed-%;
Both Group-37661-5810-15.42;
Group 1-46955-12053-25.66;
Group 2-58180-15275-26.25

hey all....dis blog is intended 4 CA students...feel free to post ur valuable comments