Regarding ca profession
This query is : Resolved
15 June 2012
Can a Chartered Accountant in whole time employment become a partner in Audit firm?
Please reply
Thanks in advance
Please reply
Thanks in advance
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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