A Chartered Accountant in practice CANNOT: • Use any designation other than Chartered Accountant on professional documents, visiting cards, letterheads or signboard. The Council has decided that a member of the institute shall not be permitted to use initials "CPA" (standing for Certified Public Accountant) on his visiting card. • Charge fees on a percentage of profits or which are contingent upon the findings, or results of such work provided that. a. In the case of a receiver or a liquidator, the fees may be based on a percentage of the realisation or disbursement of the assets. b. In the case of an auditor of a co-operative society the fees may be based on a percentage of the paid-up capital or the working capital etc. c. In the case of a valuer for the purposes of direct taxes and duties, the fees may be based on a percentage of the value of the property valued. • Engage in any business other than the profession of chartered accountants unless permitted by the Council. • Accept position as auditor previously held by another chartered accountant without first communicating with him in writing. • Accept any other work/assignment/service on a remuneration, which exceeds the fees payable for statutory audit of the same undertaking. (Applicable only in respect of statutory audits of public sector undertaking/Govt. Companies/Listed companies/other public companies with turnover of Rs. 50 crores or more in a year for appointments after 1st April, 2002 — Ref: Notification No. 1-CA(7)/60/2002 published in CA Journal-March, ’02 issue).
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