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Fca full time cop misconduct

26 March 2017

Dear Sir A Chartered Accountant having FCA COP-Full Time Practice and has been continuous empaneled as Branch Auditor of Nationalised Bank since 2010-2017. That FCA has shown COP-Full Time Practice from 2010 till today. On the other side the FCA has shown its experience as Accounts Manager with a Limited Company on full time salary basis. That experience letter is submitted to one of the Public Sector Company to get appointment as Dy. Manager- Finance & Accounts. As per ICAI act and other experts on various websites has stated that its illegal to have full time employment on regular basis on salary with Full time COP Full Time Practice. Kindly advise about it and what legal course of action can be taken against that FCA Thanks

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Studentsca (CA Practice ) (3577 Points)
Replied 26 March 2017

It is illegal for a Chartered Accountant to practice as a Full Time Member and hold employment elsewhere at the same time.

You can ask him if he has a copy of resolution passed by the council or some other document which makes it evident that he has obtained prior permission to take up this assignment.

If he is doing so without informing the Council of the Institute and prior permission for the same, then he has

While doing so he has violated the Clause 11 of Part 1 of the First Schedule of the CA Act 1949 as well as Regulation 190A of the CA Regulations 1988 which provide

'A CA in practice not to engage in any other business or occupation other than profession of accountancy except with the specific permission granted by the Council of the Institute.'

Case Law - A CA who held salaried employment as an Assistant Manager [Finance and Accounts] in addition to practice of CA without obtaining prior permission from the Council of the Institute.[Anil Kumar 1994]