Notification
[Published in Part III Section 4 of the Gazette of India, Extraordinary, dated 7th April, 2016]
Guideline No. 1-CA(7)/03/2016 - In exercise of the powers conferred on it under Item (1) of Part II of the Second Schedule of the Chartered Accountants Act, 1949, the Council of the Institute of Chartered Accountants of India hereby issue the following guidelines for compliance by the members of the Institute–
- A member of the Institute in practice shall not respond to any tender issued by an organization or user of professional services in areas of services which are exclusively reserved for chartered accountants, such as audit and attestation services. However, such restriction shall not be applicable where minimum fee of the assignment is prescribed in the tender document itself or where the areas are open to other professionals along with the Chartered Accountants.
- This Guideline shall come into force with immediate effect
The above notification debars members from responding to tenders which are for professional services falling within areas which are exclusively reserved for Chartered Accountants, in case minimum fee is not prescribed in the tender
Any member transgressing the above guidelines will be deemed to have committed a professional misconduct in terms of Item (1) of Part II of the Second Schedule to the Chartered Accountants Act, 1949 which reads as under:
“A member of the Institute, whether in practice or not, shall be deemed to be guilty of professional misconduct, if he contravenes any of the provisions of this Act or the regulations made thereunder or any guidelines issued by the Council.”