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Code of conduct - final auditing

Ravindar (CA Final Student) (84 Points)

26 September 2011

Hi,

Can some one clarify me, do we have to write exact verbatum (Exact language) of a clause of code of conduct.

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11 Replies

Sumit Grover (Chartered Accountant ) (3652 Points)
Replied 26 September 2011

Its nt at all necessary to write the xact text of clause........

wat matters is to xpress the message of the provision in d xam

And, the following pattern can be used to start the answer.

If u r unable 2 recollect the xact clause no,

then its preferable 2 write:

As per provisions contained in Schedule... of Chartered accountants Act, 1949, .......(then write down the provisions)...........

if u dnt know wven the schedule, den write:

As per provisions contained in Chartered accountants Act, 1949 and the Schedules thereto.............(then write the provisions)........

2 Like

CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
Replied 26 September 2011

agree with CA SUMIT

GAUTAM DEY (Be Patient, Live Life) (17309 Points)
Replied 26 September 2011

Originally posted by : aditya(ca learner)
	agree with CA SUMIT

Saurav Jindal (CA ) (125 Points)
Replied 27 September 2011

No exact language is not required... try and identify key words in each clause write them in your own language...

All the Best...

A.Barli (Article) (216 Points)
Replied 27 September 2011

remember clause number

Ravindar (CA Final Student) (84 Points)
Replied 27 September 2011

Thanks alot to all, especially CA. Sumit explanation is awesome.

CA PRAVEEN SINGH (MANAGER ACCOUNTS) (2277 Points)
Replied 27 September 2011

NO NEED TO WRITE EXACT LANGUAGE...

YOUR CLASS,PART,CONCEPT MUST BE CLEAR...

WRITE IN YOUR LANGUAGE,NO PROBLEM...

CA. Vikash Dwivedi (Financial Planning & Analysis) (3167 Points)
Replied 27 September 2011

Language not required so also the mention of a clause or section not required but if you think practically it matters alot.

better is to remember as many as possible if not all. Think from valuer point of view. If valuer check 50 copies and in first 15 copies he finds general answere like B.com/ M.com whereas 16th copy is yours wherein all you answeres are well supported by proper section and clauses.. there is makes difference in the time of cut throat competition.

Pls take it constructvely .. my intention is not to scare you but to realise what makes difference in examination.

(Guest)

shortcut 4remembering clause no.

NOTE: d detail clauses arn't riten over here.INDICATION OF WAT EACH NAME STANDS FOR.

part 1, first schedule

NANA PATEKAR ASKS PARTNER SHILPA SHETTY ABOUT CA PROSPECTS BEING IN SOUTH.

1. NANA- ALLOWS 2USE HIS NAME

2. PATEKAR- PAYS FEES

3. ASKS- ACCEPTS

4. PARTNER- ENTERING INTO PARTNERSHIP.

5. SHILPA- SECURING WORK FROM UNAVAILABLE MEANS

6. SHETTY- SOLICITATION OF CLIENT

7. ABOUT- ADVERTISING OTHER QUALIFICATIONS, ETC.

8. C- COMMUNICATION WITH OUTGOING AUDITOR

9. A- ACCEPTIN CO AUDIT WITHOUT COMLYING CO ACT SECTIONS E.G 224. 225.

10. PROSPECTS- CHARGING FEES ON PROSPECTIVE BASIS. E.G. ON THE BASIS OF RELIEF AVAILED IN IT ASSESMENT- NOT ALLOWED

11. BEING- BEING IN EMPLOYMENT UNLESS EXEMPTED BY COUNCIL OR SPECIFIC PERMISSION OBTAINED

12. SOUTH- SIGNING FINANCIALS BY SOMEONE ELSE, EXCEPT PARTNER OF SAME FIRM.

PART 1, SECOND SCHEDULE

DON'T CHEAT FRIENDS IT MAY MAKE GOOD IMPRESSION GO BAD

1. DON'T- DISCLOSURE OF INFO OBTAINED DURING AUDIT.

2. CHEAT- CERTIFYING WITHOUT BELIEVING IT TO BE TRUE.

3. FRIENDS- FUTURE FORECAST, EXCEPT BASIS OF FORECAST,MAJOR ASSUMPTIONS, SORCE OF INFO AND NOT VOUCH FOR ACCURACY

4. IT- AUDIT OF INTERESTED PARTIES ENTITIES.

5. MAY- FAILURE TO DISCLOSE MATERIAL FACTS.

6. MAKE- FAILURE TO IDENTIFY MISTATEMENTS

7. GOOD- GROSSLY NEGLIGENT, NO DUE DILLIGENCE

8. INTENTIONS- MAKING OPINION WITHOUT OBTAINING SUFFICENT INFO.

9. DEPARTURE FROM GAAP AND AUDIT PRINCIPLES.

10. BAD- KEEPING CLIENTS MONEY IN SEPERATE BANK AC.

FOR THE REST U'VE TO LEARN THEM.

1 Like

Ashish Pillai (ACA CMA(Grad) CS (Licentiate)) (79 Points)
Replied 27 September 2011

You can very well use your own language , but the clause has to be mentioned to gain marks, ICAI has strict guidelines to the examiners to deduct 1/2 marks a question for not mentioning the clause and the schedule.