LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Ca act 1949

S. AGGARWAL (STUDENT) (315 Points)

09 September 2012

clause 8 of second schedule of the act states that : a ca in practise will be held guilty if he fails to obtain sufficient info which is necessary for expression of an opinion or its EXCEPTIONS ARE SUFFICIENTLY MATERIAL TO NEGATE THE EXPRESSION OF AN OPINION.. Kindly explain the line in caps

Reply
Follow
Share

6 Replies

Neelam (Student CA Final,) (116 Points)
Replied 09 September 2012

a CA should express his opinion on the truth & fairness of statements of a/cs after examining their authenticity, with reference to information & explanation given to him,,

ca should nt express his opinion without obtaining the required data & information,,,,

CA D R P (Chartered Accountant) (313 Points)
Replied 09 September 2012

"EXCEPTIONS ARE SUFFICIENTLY MATERIAL TO NEGATE THE EXPRESSION OF AN OPINION."

MEANS.....

QUERIES WHICH MAY RESULT INTO NULLIFYING THE ORIGINAL OPINION OF AUDITOR AND GIVING A QUALIFIED OR ADVERSE OPINION...

I HOPE IT IS CLEAR NOW.

THANKING YOU,

DRP

S. AGGARWAL (STUDENT) (315 Points)
Replied 09 September 2012

thanx .. Ya its clear now :-)

financehub (MBA) (27 Points)
Replied 09 September 2012

Want some Quick Finance and Economic updates on your FB wall ?? Join https://www.facebook.com/efficientmarket

Saurabh Bansal (Chartered Accountant) (21 Points)
Replied 10 September 2012

I want to know whether I can take full time COP if I m working as a employee in a ca firm? so that after 5 year of practice, i can become FCA

CA D R P (Chartered Accountant) (313 Points)
Replied 14 September 2012

Respected saurabh sir,

if u want to be an FCA then u have to be a partner in the firm in which u are working as a ca employee.

Because, ca can hold cop only if he/she wants to do public practice. In employment u will not be taking crucial decisions but as a partner u will have to do so and that's what ICAI wants... INDEPENDENCE.

So u need to be a partner or a prectitioner compulsorily. (as per council's general guidelines)

Thank you.