ICAI to ban part-time practice for members

By Our Banking Bureau | 26 Mar 2004

Hyderabad: The Institute of Chartered Accountants of India (ICAI) has decided to ban the part-time practice for its members.

The ICAI President, Mr Sunil Goyal, told news persons yesterday that the institute reviewed the present system of granting certificate of practice to those members who were engaged in any other business/occupation other than the profession of accountancy as well as its implications.

Aimed at ensuring that the practice of profession was undertaken by the members who were able to devote full time to do justice with the complexities of the assignments and attended the responsibilities, the institute felt that the need of the hour was to strengthen the profession and to uphold the quality of attest function performed by the members.

"Accordingly, the council of the institute resolved that effective April 1 next year, those members of the institute who engage themselves in any business/occupation other than the profession of accountancy are not entitled to hold and/or obtain a certificate of practice," Mr Goyal said.

However, he said the members engaged in consultancy services and teaching assignments were entitled to hold and/or obtain a certificate of practice.

Stating that the modalities and mechanism for implementing the ban on part-time practice for its members were being currently worked out, Mr Goyal said, "There are sufficient number of full-time practice chartered accountants and such a restriction as aforesaid would have no adverse impact."