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Know more about Chartered Accountant

Know more about Chartered Accountant

CA course is a well honoured course worldly recognised. However only we students knew how tough is to pass this examination. All students think that after passing Final examination, a person automatically becomes a CA but it is wrong.

You all are astonished to believe that after passing Final examination we are only entitled to be a member of ICAI and not automatically becomes its member.

PROVISIONS

As per Chartered accountant act, 1949: – a person who has completed prescribed training and passed prescribed examinations is eligible to be a member of institute. In case if he wants to be a member of institute then he shall have to make an application to council to get his name registered in Register of members.

Note: – Only a member can designate himself to be a CHARTERED ACCOUNTANT.

Now it would be clear that just passing examination is not sufficient, you must also have to make an application to the council to get your name registered in the Register of members.

Now, a member of the institute can be distinguished in two parts: –

  1. Those who engage themselves in practice
  2. Those who don’t engage themselves in practice

Normally those CA who are occupied in service comes under second Category.

Section 6: – Section 6 of Chartered Accountant Act, 1949 states that

No member of Institute shall be entitled to practice whether within India or elsewhere unless he obtains from the council a certificate of practice”

It means that in case if a person wants to practice in india or elsewhere then he must have to obtain a certificate of practice.

CONCLUSION

If we summarised all then we came into conclusion that even a person who is in person can use the prefix “CA” in front of his name provided that he must be the member of the institute. And that a person doesnot automatically becomes a chartered accountant. He must have to make an application to the council to get his name registered. In case a chartered accountant wants to practice in india or otherwise then he have to obtain a certificate of practice.

PENALTY PROVISION (Section 24)

Section 24 of the chartered accountant act provides that any person who: –

  • Not being a member of the institute:
    1. Represents that he is a member of the institute; or
    2. Uses the designation Chartered Accountant;
  • Being a member of the institute, but not having a certificate of practice, represents that he is in practice or practices as chartered accountant

Shall be punishable on first conviction with a fine which may extend to Rs. 1,000/- and on any subsequent conviction with imprisonment which may extend to six months or fine which may extend to Rs. 5,000/- or with both.

Know more about Chartered Accountant

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