Permission to enter into a p’ship with person other than member

Questions › Category: CA-Final Prof Ethics › Permission to enter into a p’ship with person other than member

audit Staff asked 9 years ago

Sir,
Is it permitted to enter into a partnership with a resident who is regt as a member of ICAI, or his qualifications are recognised by CG.. (but he stays abroad)??

Ameya

Question Tags: Clause 4 Part 1First Schedule

4 Answers

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Ravi Staff answered 9 years ago

hello ameya, as per clause 4 which deals with partnership, it is specified that non residents who become member under MOUs signed between ICAI and foreign professional bodies, are included in list where partnership is allowed, so answer is dedinately yes, we can enter into partnership with them even if they stay abroad.
if you got any other thing in mind put it here.

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ameya bapat answered 9 years ago

Thanks a lot sir..

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ameya bapat answered 9 years ago

Sir,
For eg. There are 2 audit firms viz. JKL and LMN with L as common partner in both the firms.
Firm JKL has already completed their 2 terms of 5 yrs auditing co. ABC. Now Firm LMN is proposed to be the auditors of co. ABC.. now as per law does LMN become disqualified or can partners M & N continue with the audit of co. ABC?
Ameya

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audit Staff answered 8 years ago

Ameya as per my understanding it should be disqualified. If a partners get disqualified then all other partners get disqualified too or vis a versa.
Still only sir can confirm it 100%