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Sreenavin P (Practicing Accountant) (31 Points)

16 March 2023

Dear Professionals, As per the ICAI and ICSI norms members can't hold COP's of both the institutes simultaneously, which means they will have to surrender one of their COP to get the other. So, I would like to know whether such members can take COP of ICAI, sign tax and statutory audit reports to some extent, surrender it and take COP of ICSI, sign secretarial audit reports, surrender it and repeat the process again. If they can do so, let me know whether such member who signed the tax and statutory audit report of a company can sign the secretarial audit report of the same company.

Your inputs are welcomed. Thanks in Advance for all your inputs in this matter.

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2 Replies

CA Rakesh Ishi (Working at Private Company) (7775 Points)
Replied 16 March 2023

As per the regulations of the Institute of Chartered Accountants of India (ICAI) and the Institute of Company Secretaries of India (ICSI), a member of either institute cannot hold a Certificate of Practice (COP) of both institutes simultaneously. Therefore, if a member of ICAI wishes to obtain a COP from ICSI, they would need to surrender their COP from ICAI, and vice versa.

It is not permissible for a member to obtain and surrender COPs repeatedly, as it would be a violation of the regulations and could be considered an abuse of the certification process.

Regarding the signing of audit reports, a member who signs the tax and statutory audit reports of a company cannot sign the secretarial audit report of the same company. This is because the purpose of a secretarial audit is to examine and report on the compliance of the company with various laws and regulations, and a member who has already signed the tax and statutory audit reports of the same company may not be able to maintain the necessary independence and objectivity to perform the secretarial audit effectively.

It is important for members to comply with the regulations of their respective institutes and to maintain the necessary independence and objectivity in their audit work

Sreenavin P (Practicing Accountant) (31 Points)
Replied 21 March 2023

Originally posted by : RAKESH ISHI
	As per the regulations of the Institute of Chartered Accountants of India (ICAI) and the Institute of Company Secretaries of India (ICSI), a member of either institute cannot hold a Certificate of Practice (COP) of both institutes simultaneously. Therefore, if a member of ICAI wishes to obtain a COP from ICSI, they would need to surrender their COP from ICAI, and vice versa. It is not permissible for a member to obtain and surrender COPs repeatedly, as it would be a violation of the regulations and could be considered an abuse of the certification process. Regarding the signing of audit reports, a member who signs the tax and statutory audit reports of a company cannot sign the secretarial audit report of the same company. This is because the purpose of a secretarial audit is to examine and report on the compliance of the company with various laws and regulations, and a member who has already signed the tax and statutory audit reports of the same company may not be able to maintain the necessary independence and objectivity to perform the secretarial audit effectively. It is important for members to comply with the regulations of their respective institutes and to maintain the necessary independence and objectivity in their audit work