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Conditions to Use CA designation Before Their Names

Conditions to Use CA designation Before Their Names

Conditions to Use CA designation Before Their Names:

Pre- conditions for using the designation Chartered Accountant

Section 7 of the Chartered Accountants Act 1949 empowers only a person who has been enrolled as a member of the Institute of Chartered Accountants of India to use the designation of Chartered Accountant along with his name. In other words, it is clarified that a person who has passed the Final Examination completed the prescribed period of Articleship and a course on General Management and Communication Skills and has enrolled himself as an Associate member of the ICAI and continues to keep the membership alive through yearly payment of prescribed fees in only entitled to use the designation of Chartered Accountant along his name and also use the desinatory letters as CA. as prefix to his name.

A person who has passed the Final Examination of the Institute and complied with other requirements or not but has enrolled himself as a member of the Institute is not entitled to use the designation of Chartered Accountant nor the designatory letters as CA. as a prefix to his name.

Non members of ICAI who are using the designation as Charted Accountant or designatory letters as CA. as a prefix to their names are advised, in their own interest to desist from using these designatory letters failing which suitable steps against them in accordance with the provisions of the Chartered Accountants Act, 1949 and Regulations framed there under will be initiated without prejudice to any other penal action under the law in force for the time being.

Conditions to Use CA designation Before Their Names

Same is the case with our profession the only difference being the neediness here is government-induced.

Essentially, our profession is the regulatory equivalent of Crony Capitalism. The Institute, although may not look it,  is a very powerful body and has friends at the right places. It knows how to pull the right strings to keep it secured.

[ Let me just quote an example- The Companies Act, 2013 is leagues better than its predecessor. It has incorporated various changes that make it more suitable for the Gen-X businesses and also more FDI friendly. The reps.’ from ICAI and ICSI played a great role in drafting the Companies Bill, 2013 and what they have, understandably, done is played favourites.

ICAI has already all its bases covered. Every compliance related document has to be signed by a PCA/PCS and people, more often than not, go to CA’s.

The ICSI introduced a new compliance requirement under the name secretarial audit and much more to elevate the secretarial standards to one of the best in the world.

But it didn’t stop there. The old Co’s Act had an elaborate list of 18 industries of national importance that had to mandatorily get their Books Cost-Audited by a PCWA.

The vily reps from the ICAI and ICSI did away with the requirements for as many as 15 of the 18 industries.
This irked the ICWA. They filed a petition and the jury is still out on the matter. Actually, trivial matters such as these have sabotaged the process of easy implementation of the Act.]

So, you get the point right? Our Institute pulls off weird stunts like these always just so its members don’t go out of business at the same time, perhaps unintended, ensure others lose their importance.

Our profession basically thrives on arcane laws and inane endless legal and regulatory requirements. So as long as the Institute is good friends with the Power Circles in Delhi, which the Insti. will be, our bases are covered.

Also, CA’s are the ones who help the Powerful stash their illegal booty in a way that it appears legal or at least hidden and unreachable, and thus, the Powerful wouldn’t want to mess with them.
Basically, its a quid pro quo arrangement of sorts.

So a long story short, till there is easy black money to be made a CA would never lose his value. But, a CA has already lost his relevance. We’re no longer the Go-To people for management consultancy, Important Finance decisions, M&A’s and other big ticket deals.
We’re Auditors. That’s about it.

Conditions to Use CA designation Before Their Names

Conditions to Use CA designation Before Their Names

few cases when a CA will have no value –

  • Until one has cleared CA-IPCC, he (read as he/she) has no value. But once cleared, his value just keeps on increasing till the last day of his life! Although in articleship student feels he has no value, but ask around CA fraternity, articles do have a great value, it’s just they are never told, that they have great value. You can apply a perpetual annuity factor with a above average growth rate, for calculation of his value.
  • If CA turns out to be Yakub Menon, he will have no value! Indeed he will have no life left.
  • If he thinks MBAs are better than CAs, he will have no value left.
  • If he gets involved in frauds or scams like Satyam, Enron, etc. he will have no value left.
  • If he violates regulations and is expelled out of profession, he will have no value left.
  • If he fails to keep up with the changing trends of the profession, he will have no value left.
  • If he forgets how to pass Journal entries, he will have no value left!

Conditions to Use CA designation Before Their Names

Frequently asked questions(FAQ):-

  • Can a member in practice render Management Consultancy and other services?

Yes, however, the areas covered under the Management Consultancy and other services have been summarized by the Council.

  • Can a Chartered Accountant provide `Portfolio Management Services’ (PMS) as part of CA practice?

No, the Explanation to Clause (xix) of the definition of ‘Management Consultancy and other Services’ expressly bars the activities of broking, underwriting and Portfolio Management.

  • Whether a Chartered Accountant in practice is required to obtain any trade license for practicing?

No, a Chartered Accountant in practice is not required to obtain any trade licence for practicing as a professional. The certificate of practice issued by the Institute is the only requirement to practice as a Chartered Accountant.

  • Can a Chartered Accountant in practice work as a ‘Collection Agent/Recovery Agent’?

No, a Chartered Accountant in practice cannot work as a Collection Agent. However, he can act as a Recovery Consultant.

  • Whether a member in practice can respond to Tenders, Advertisements and Circulars?

Yes, it is permitted as per proviso (ii) to clause (6) of part-I of the First Schedule to the Act. The same is appearing at page 138 of the Code of Ethics, 2009.

Conditions to Use CA designation Before Their Names

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Conditions to Use CA designation Before Their Names

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Conditions to Use CA designation Before Their Names

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Conditions to Use CA designation Before Their Names

Download all the CA Final Question paper with solution-May 2015

CA Final Exam Question PaperCA Final Exam question paper with solution
CA Final Financial Reporting Question paperCA Final Financial Reporting Question paper with solution
CA Final Strategic Financial Management question paperCA Final Strategic Financial management Question paper with Solution
Ca Final Advanced Auditing Question PaperCA Final Advanced Auditing question paper with Solution
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Conditions to Use CA designation Before Their Names

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CA Final Solved Scanner Link AuthorEdition
Solved Scanner CA Final Group I Paper -1 Financial ReportingDr. Arpita Ghose And Gourab GhoseJan-17
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Solved Scanner CA Final Group II Paper-6 Information Systems Control and AuditDr. Arpita Ghose And Gourab GhoseJan-17
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Conditions to Use CA designation Before Their Names

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