16 June 2012
No, As Per Section 224(1B) Of Companies Act,1956, an auditor cannot be in full employment elsewhere . So, a person in whole time employment cannot be the auditor of a company . Further as per Code Of Ethics : Clause 11 Of Part 1 to the First Schedule of the Chartered Accountants Act,1949, a member in practice cannot engage in any other profession or occupation unless permitted by the council. So this implies that any person in whole time employment cannot be a partner in an audit firm at the same time .
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