Hey friends. This is CA-Final student.. It was always tedious job for me to cram up all the 12 clauses of Part-I of the First Schedule of The Chartered Accountant Act, 1949.. So I’ve found my own way to reproduce them serially which I want to share with you all. I hope it will make easy to remember all the clauses chronologically without much trouble to your minds..
Here is a simple sentence which you all need to remember and it is –
U(1). S(2). A3. Partnership(4) Secures(5) an Advertisement(6) contract. Professional(7) Communication(8) is required with them u/s 225(9). Our remuneration will be decided based on % of Profit(10) of the Business(11) and the contract will be Signed by Others(12).
- U = Usage of Firm’s Name
- S = Sharing of fees & profits with others
- A = Acceptance of profits from non members
- Partnership = Partnership with other than CA in Practice – in India or outside India
- Secures = Securing professional business
- Advertisement = Advertisement related clause
- Professional = (advertisement of) Professional attainments
- Communication = acceptance without Communication with the previous auditor
- U/S 225 = acceptance without ascertaining the requirement u/s 225
- % of Profit = charges fees based on % of Profit
- Business = engages in any Business
- Signed by others = Signing of report by others
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