Good news for CA, CS & CWA s looking to enter into partnership. With the advent of the Limited Liability partnership act, necessary amendments in the professional ethics of the respective institutes and the proposed Companies bill 2008 the path for multi disciplinary firms is clear.
Even previously while they could enter into parnerships they could not undertake Statutory audits as the Companies Act 1956 clearly provided 226. Qualifications and disqualifications of auditors
(1) A person shall not be qualified for appointment as auditor of a company unless he is a chartered accountant within the meaning of the Chartered Accountants Act, 1949 (38 of. 1949):
Provided that a firm whereof all the partners practising in India are qualified for appointment as aforesaid may be appointed by its firm name to be auditor of a company, in which case any partner so practising may act in the name of the firm.
Therefore all partners needed to be CAs in Practice
Now lets read the proposed Companies Bill 2008 Clause 124
124. (1) A person shall be eligible for appointment as an auditor of a company only if
he is a Chartered Accountant in practice.
(2) Where a firm is appointed as an auditor of a company, only the partners who are
Chartered Accountants in practice shall be authorised by the firm to act and sign on behalf
of the firm.
Therefore only signing partner needs to be CA in practice
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CA CS CWA partnership
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THANX..........
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