01 Audit Power - Code of ethics-DC PDF

CODE
CODE OFOF ETHICS

ETHICS 2020
(Effective 1-7-2020)
DRONE VIEW
Volume Volume Volume
1 2 3
International Ethical Standards
Board for Accountants (IESBA) Domestic provision based Case laws referencer
based Ethics Ethics for CAs
1FAST
Chapter
Accounting and A repository of
Auditing Standard disciplinary cases
Issued
for ready reference
in 2019
CA.Sarthak
2
Niraj Jain Chapter The Chartered Accountants
Act, 1949
Including First & Second Schedule to CA
of members sorted
section wise/clause
– wise
Responding to non- Act, 1949 and related CA Regulations, 1988
compliance of Laws &
Regulation (NOCLAR) Earlier included
Chapter
as commentary to
Effective
3 Council Guidelines for
Advertisement various sections and
clauses to Schedules
of the CA Act, 1949.
except for
b Fees: Relative size Chapter
provision of:
4 Council General
Guidelines, 2008
Chapter Issued
Taxation services to in 2020
audit clients
5 Self-Regulatory Measures
Recommended by the council
CODE OF ETHICS DRONE CHARTS BY CA. SARTHAK NIRAJ JAIN 1

CODE OF ETHICS
Index
VOLUME 1 - CODE OF ETHICS BASED ON IESBA 03-05 SCHEDULES TO CA ACT 1949 18-49
Guide to the CODE 03 Schedule - I Schedule - II

Structure 03 Part I 18 Part I 41
New Features of Volume 1 of the Code 04 Part II 40 Part II 48
PART 1 - General Application of Code IESBA 04 Part III 40 Part III 49
PART 2 – Professional Accountant in Business / Service 06 Part IV 41
PART 3 – Professional Accountant in Public Practice 06
Chapter 3 - Guidelines for Advertisement 55
VOLUME 2 - ICAI CODE/DOMESTIC CODE 08-17 Chapter 4 - Council General Guidelines 2008
FAST
Chapter 1 - Applicability of Various Pronouncements 08
(Including Networking Guidelines) 49
CA.Sarthak Niraj Jain

Chapter 2 - The Chartered Accountants Act & Regulations 09
ETHICAL STANDARDS BOARD (ESB) 55
Deeming Services 10 Recent Decisions Of Ethical Standards Board 57
10
CAiP-Prohibited Services 11 59
CAiP – Other Points 12
Designation 12 62
15
Penalty for False Representations 15 Chapter 5: Self Regulatory measures 63
Miscellaneous Provisions 16
Chapter 6: Appendix (Recent FAQs 2021 & CHIT PAGE) 64
2 AB AUDIT HOGA SABSE SCORING BY CA. SARTHAK NIRAJ JAIN

CODE OF ETHICS
CODE OF ETHICS - VOLUME 1 Part 4B - Independence for Assurance Engagements Other than Audit and
Overview of Code based on IESBA Review Engagements (Section 900-999)
(The standard setting body of International Federation of Accountants, IFAC) Respective part contains requirements and guidance for independence
(A) Guide to the CODE
Part 1 – Complying with the Code, Fundamental Principlesand Conceptual loans and guarantees, business relationships, family and personal re-
Framework (applies to all professional accountants) (Section 100-199) lationships, recent service with clients, directorship / employment in
Contains provisions relating to fundamental principles and complying client, rotation, long association etc.and related provisions.
with the code
Part 2 -Professional Accountants in Service (PAiS) (B) Structure
(applies to professional accountants in service while performing pro- Each section has following parts with mentioned purpose
fessional activities) (Section 200-299) Introduction (Section 100 - 199)
FAST - Sets out the subject matter addresed in the section and introduces the
requirements and application material in the section

sponse in case of listed entities, handling pressure to breach, etc.
- Applies to all professional accountants
Part 3 - Professional Accountants in Public Practice Requirements

(additionally for professional accountants in practice when providing
professional services) (Section 300-399) members
- Denoted with R, usually mandatory.
ments, fees, gift inducements, custody of client assets, NoCLAR, etc.
Application material
Independence Standards (Parts 4A and 4B) (For professional accountants in Provides context, explanations, suggestions or actions, illustrations and
public practice) other guidance to assist in complying with the requirements.
Part 4A - Independence for Audit and Review Engagements (Section 400-899) Must be considered to apply ‘R” of the Code. Designated with A.

CODE OF ETHICS
Practical examples PART 1 – General Application of Code IESBA
Incorporated in the Code to illustrate different situations in which pressure Fundamental Principles of Code of Ethics
might arise. Integrity : Professional accountants to be straightforward and honest in
both professional and business relationships.
(C) New Features of Volume 1 of the Code Not knowingly be associated with reports, returns, communications or
1. Additional terms introduced like Public Interest Entity (in the context of ap- other information where accountant believes that the information:
plication of certain independence provisions), Key Audit Partner (in the context (a) Contains a materially false or misleading statement;
of partner rotation), “Relative” term in case of companies, while “immediate (b) Contains statements or information provided negligently; or
family” and “close family” terms for other clients, Responding to Non-Compli- (c) Omits or obscures required information
ance of Laws and Regulations (NOCLAR, applicability deferred), etc.
2. Enhanced description of inducements with a view to respond to continuing respect of such above mentioned matter.
FAST
concerns about bribery and corruption.
3. Stronger independence provisions concerning long association of personnel
When a professional accountant becomes aware of above information the
accountant shall take steps to be disassociated from that information.

(including partner rotation) with audit clients
4. Requirement restricting audit team members and Key Audit Partners from
Objectivity : Not to compromise their professional or business judgment
being compensated for providing non-assurance services to audit clients. Professional Competence and Due Care :
5. Requirements and guidance where, as a result of a merger or acquisition, (a) To maintain professional knowledge and skill at the level required
an entity becomes a related entity of an audit client. to ensure that clients or employers receive competent professional
6. Provisions relating to threats that are created by certain tax services.(Ap- service; and
plicability deferred) (b) To act diligently in accordance with applicable technical and
7. Requirement where the total gross annual professional fees from the audit professional standards
(c) Serve with professional competence & exercise sound judgment in
two consecutive years. (Applicability deferred) applying professional knowledge and skill.
8. Detailed independence requirements included for assurance engagements. (d) Develop continuing awareness

CODE OF ETHICS
(e) Continuing professional development to develop and maintain the • Not disclose unless there
capabilities to perform tasks. is a legal or professional duty or right to disclose;
(f) Diligence encompasses the responsibility to act in accordance • personal
with the requirements of an assignment, carefully, thoroughly and advantage of accountant or else;
on a timely basis. • after that
(g) Shall take reasonable steps to provide subordinates appropriate relationship has ended; and
training and supervision. • Ensure that personnel under the accountant’s control respect
Where appropriate, a professional accountant shall make clients, em-
ploying organization, or other users aware of the limitations inherent in 2. Following are circumstances where professional accountants are, or
the services or activities. might, be required to disclose
To refrain from: disclosure might be appropriate:
(a)
FAST •
•
Disclosure is required by law,
Disclosure is permitted by law and is authorized by the client or

a legal or professional right or duty to disclose; and
•
the employing organisation;
There is a professional duty or right to disclose, when not pro-
and business relationships to their personal advantage or the ad- hibited by law:
vantage of third parties (i) To comply with the requirements of Peer Review or Quality
Subsection 114 Review
1. An accountant shall: (ii) To respond to an inquiry or investigation by a professional
• Be alert to the possibility of inadvertent disclosure; or regulatory body;
• - (iii) To protect the professional interests of a professional
ploying organization; accountant in legal proceedings; or
• - (iv) To comply with technical and professional standards,
tive client or employing organization; including ethics requirements.

CODE OF ETHICS
3. In deciding whether to disclose - PART 3 – Professional Accountant in Public Practice
sional accountants should consider the following points: A. Threats
(a) Whether the interests of any party, including third parties Self – interest :
whose interests might be affected, could be harmed if the
client or employing organization consents to the disclosure of Self – review : -
information by the professional accountant; tion of the work of the professional accountant
(b) Whether all the relevant information is known and substanti- Advocacy : E.g. Promoting shares in a listed entity when that entity is a
ated, to the extent it is practicable; and
(c) The proposed type of communication, and to whom it is Familiarity: E.g.Long association of senior personnel with the assurance
addressed; client
(d) Whether the parties to whom the communication is Intimidation : E.g. Being threatened with litigation
Professional Behaviour :
FAST
addressed are appropriate recipients.
B. Safeguards that may eliminate or reduce threats to an acceptable level:
1.
To comply with relevant laws and regulations and avoid any action
that may bring discredit to the profession
Safeguards created by profession, legislation or regulations;and
Safeguards in the work environment.
2. Professional accountants should be honest and truthful and should not:
(a) Make exaggerated claims for the services they are able to offer, Threats, Evaluation of Threats and Safeguards (Part 3: Professional Accounts in
Public Practice)
(b) Make disparaging references or unsubstantiated comparisons to Conceptual Framework
the work of others
(c) Any violation of Advertisement Guidelines issued by the Council (i) Identify threats to compliance with the fundamental principles;
PART 2 – Professional Accountant in Business / Service (ii) Evaluate the threats
This is part of the code illustrates the application of conceptual framework (iii) Address the threats
contained in PART-A to Professional Accounts in Business.

CODE OF ETHICS
A. Threats
(ii) Reasonable and Informed Third Party : Consideration by the professional account-
ant about whether the same conclusions would likely be reached by another party.
Self-interest Self-review Advocacy Familiarity Intimidation
Threat Threat Threat Threat Threat
Examples Threat to not Threat to The threat that Threat that a pro- C. Addressing Threats
- Having a appropriately promote a due to a long or fessional accountant
evaluate the client’s or close relationship will be deterred from
interest in a results of a employing with a client, acting objectively
client previous judg- organization’s or employing because of actual or shall address the threats by eliminating them or reducing them to an acceptable level.
- Undue depend- ment made position organization, a perceived pressures,
ence on total professional ac- including attempts The accountant shall do so by:
fees from a countant will be to exercise undue
Examples too sympathetic
Client Examples
- Close business
- A loan to or
to their interests accountant.
(i) Eliminating the circumstances, including interests or relationships, that are creat-
from an - Promoting
relationship shares in a or too accepting
assurance ing the threats;
with a client entity of their work
client Examples
- Possibility of - Acting as
- Participating - Being threatened
losing a client.
in incentive an advocate Examples
(ii) Applying safeguards, where available and capable of being applied, to reduce the
- Potential em- with dismissal or
-compensation of client in - A member of replacement in rela-
ployment with
arrangements litigation the engage- tion to a client en-
threats to an acceptable level; or
FAST
a client or disputes
offered by ment team gagement because
- Having access with third
the employing having a close of a disagreement
organization parties or immediate
information about a professional
- Having access - Lobbying family relation- Actions to Eliminate Threats : A threat might be addressed by eliminating the circum-
personal gain matter.
in favor of

to corporate ship with a di- - Being feeling pres-
assets for legislation
on behalf of
sured to agree with stance creating the threat. However, there are some situations in which threats can only
personal use of the client or the judgment of a
- Being offered a a client employer client because the
gift or special - A former part- client has more
treatment expertise on the
being a director matter in question.
- Being informed
- Long associa- that a planned D. Safeguards
tion of an audit promotion will not
team member occur unless the Safeguards are actions individually or in combination that the accountant takes that
with the audit accountant agrees
client with an inappro- effectively reduce threats to an acceptable level.
priate accounting
treatment.
B. Evaluation of Threats: Examples
Policies and procedures might impact the evaluation of whether a threat to compli- •
ance with the fundamental principles is at an acceptable level. • Having an appropriate reviewer, might address a self-review threat.
(i) Acceptable level : Third party test, party likely conclude that the accountant • Using different partners and engagement teams for the provision of non-assurance
complies with the fundamental principles. services

CODE OF ETHICS
• VOLUME 2 : ICAI Code / Domestic Code
self-review, advocacy, familiarity or intimidation threats. Chapter 1 – Accounting and Auditing Standard
• Separating teams might address a self-interest threat. Statements
Guidance Notes
Accounting Standards, Quality Control and Engagement Standard
Non-Compliance with Laws and Regulations (NOCLAR)
(1) Introduction & Scope : -In the course of providing a professional

service to a client or carrying out professional activities for an Chapter 1 – Applicability of Various Pronouncements
employer, a Professional accountant may come across an instance Statements
of NOCLAR or suspected NOCLAR committed or about to be commit- Secure compliance by members for the proper discharge of their functions
FAST
ted by the client or the employer, or by TCWG, MGT or employees of
the client or employer.
Authority
Statements are mandatory
Lists
A list of statements issued

(2) Some important facts about NOCLAR
(a) During Course of Providing a Service
(a) In the event of any deviation duty (i) CARO, 2003 (now not relevant)
to make adequate disclosure (ii) Statement of reporting under sec-
(b) Expertise of Laws not Required (b) If a member has not been able to tion 143 (1) of Companies Act, 13
(c) Certain Matters Expressly out of Purview perform an audit in accordance (iii) Statement on the Amendments to
(d) Disclosure, which is Contrary to Law not Required with such ‘Statements’ his report Schedule III under Co.13
(3) NOCLAR vs SA-250 should draw attention to the ma- (iv) Statement on Peer Review
(4) Applicability of NOCLAR in India terial departures there from. (v) Statement on CPE.
(5) Responding to NOCLAR - Chart
(6) Documentation Requirements in NOCLAR
Note- Also refer detail notes at End

CODE OF ETHICS
Guidance Notes Chapter 2 – The Chartered Accountants Act & Regulations
Guidance notes designed to provide guidance to number of matters on which Section 2 (1) (b)
Section 2(2) - Member Deemed to be in practice
GUIDANCE NOTES NON-COMPLIANCE Section 4 - Member of ICAI i.e. Register of Members
They are recommendatory Member should consider whether Section 5 - Follow and Associates Members of ICAI
Member should ordinarily follow rec- a disclosure in his report is neces- Section 6
ommendations except where he is sary Section 7 - Members to be known as Chartered Accountants
Following guidance notes are con- Section 8 - How to become a member, removal,
it may not be necessary to do so. sidered as mandatory suspension and restoration of membership
Guidance notes are given on account- Guidance note on treatment of
ing matters also interest on deferred payments. [NEW] General Provisions:
While attesting, examine whether
recommendations in a guidance
FAST Provision for depreciation in
respect of extra or multiple
The Preamble of the CA Act, 1949 sets the purpose of the Act as “An Act to
make provision for the regulation of the profession of CAs. The CAs

note have been followed or not shift allowance (Amendment) Act, 2011 has incorporated changes as necessitated by the
LLPAct, 2008.
Standards
STANDARDS CONFLICTS Section 2 (2): Member deemed to be in Practice (CAiP)
Have to be complied with to ensure Authority - 1st Standard A member of the institute shall be deemed, “to be in practice”, when
- 2nd Statements individually or;
pared in accordance GAAP and au- 3rd Guidance Notes in partnership with CAiP or members of recognized profession;
ditors carry out their audits in ac- LATER THE BETTER in consideration of remuneration received or to be received;
cordance with the GAAP. A new standard shall prevail
They are mandatory.

CODE OF ETHICS
HELICOPTER VIEW: iii. renders professional services or assistance in or about matters of
Section 2(2); Member deemed to be in practice (CAiP) principle or detail relating to accounting procedures or the recording,
CA - Member
As a iv. renders such other services as, in the opinion of council, are rendered or
professionals
For - For a consideration received or to be received
Gives - Renders DEEMING services CAiP – NOTIFIED SERVICES
TEASER A. Management consultancy service :
1. Can a CAiP enter into partnership with a CA not in practice? (Hint: No) (SJ Tip: covers all aspects of management except marketing and sales)
2. Will a member providing accounting related services for consideration, be Financial management related
deemed to be in practice? (Hint: Yes) Cost management related
3.
deemed to be in practice? (Hint: No)
FAST
A CA providing accounting services as a director of the company, whether Organization and Business Management
System Management
4.
What are the various modes of practice for CA? (Hint: As an individual, Investment advice but not PORTFOLIO MANAGEMENT
Management and operational audits
Inventory management related
DEEMING SERVICE : Member Deemed to be in Practice (CAiP) HR management
i. engages himself in the practice of accountancy; Valuations, Market research, other management decision making advisor
ii. offers to perform or performs services involving – to consultant to an issue, Registrar to issue but not MERCHANT BANKING
- Quality Audit
counts, or records; Environment Audit
Energy Audit
and related statements or Acting as Recovery Consultant in the Banking Sector
c. holds himself out to the public as an accountant; or Insurance Financial Advisory Services (not Brokerage)

CODE OF ETHICS
[NEW] - Acting as Insolvency Professional. CAiP – PROHIBITED SERVICES
[NEW] - Administrative Services Portfolio Management Services
Administrative services involve assisting clients with their routine or Merchant Banking Involving Broking or underwriting services
mechanical tasks within the normal course of operations. Such services HELICOPTER VIEW :
require little to no professional judgment and are clerical in nature. Ex-
amples of administrative services include: Capacity: In professional capacity (not on salary cum FT basis), Not in personal
• Word processing services. capacity or as on employee
• Preparing administrative or statutory forms for client approval. Appointed as a advisor or representative for: liquidator, arbitrator, adviser, trustee,
• Submitting such forms as instructed by the client. executor, receiver, representative for Costing- Financial-Taxation (CFT) Matters
Takes Appointment: CG / SG / Court / legal authors appointment
those dates. Acts as a: Acting as a secretary
FAST
For example, the functions of a GST practitioner
TEASER

CA Deemed to be in practice if he :
1. A CA who is also a CS / CMA and holding COP of CS/CMA Institute, whether
deemed to be in practice under CA Act if his work is covered u/s 2(2)?
In professional capacity and neither in his personal capacity nor as an (Hint: Special Exemption)
employee; 2. A CAiS is deemed to be in practice if engaged in deeming services?
Acts as a liquidator, trustee, executor, administrator, arbitrator, receiver, (Hint: No if provided on behalf of employer)
advisor or representative for costing / / taxation matters; or 3. Can a CA provide service of a recovery agent? (Hint: No)
Takes appointment of CG / SG or a court of law or any other legal authority or 4. Is dual COP permitted for a CA with
acts as a secretary unless his employment is on a salary cum – full time basis a. CS
However a member opting to practice under sister concerns (CMA/CS) b. CMA
not deemed to be in practice under CA Act. c. Advocate
d. Any other profession? (Hint: ICAI does not prohibits)

CODE OF ETHICS
How to become member of ICAI CAiP – OTHER POINTS
Section 4 – Person entitled to enter his name as member (Cleared CA Exams
Requirement for registering
name in the register of members + Completed Practical Training & IT & communication course)
Removal / Cancellation / Restoration

Pass Final Completing practical Complete GMCS course
Removal of Name from Register - Section 20
Examination of the training as an article or any other course as
CA course / audit assistant i) Who is dead; or
ii) Suo – moto by member; or
Submit application in prescribed form with evidence of eligibility and fees to iii) Who has not paid any prescribed fee, however will be restored on
secretary payment of arrears and making an application; or
iv) Disabilities mentioned in section 8, or who for any other reason has ceased
CERTIFICATE OF PRACTICE
Section 6 –
FAST to be entitled to have his name borne on the register.

If COP suspended, then too they can’t appear in
other capacity (eg. Advocates, tax consultants) Case of A.C. Kaher Regulation 10 - Incorrect details, application by member, non-payment of fees.
Cannot practice unless COP obtained, not even when applied [NEW] Regulation 11 - Restoration of membership on payment of prescribed
[NEW]
CAiP shall pay annual fee for his COP, which shall not exceed ` 3000, by the Council, which shall not exceed ` 2000
payable on or before 1st April in each year: DESIGNATION
Council may exceed fees with the prior approval of the CG, but shall not NO!
CAiP
exceed ` 6000. EITHER Chartered Accountant or other
designation (but not both)
COP may be cancelled by the Council under such circumstances as may
be prescribed. Yes! No Restriction on :
ONLY CA
Recognised Universities / Inst.

CODE OF ETHICS
Designation (Sample):
Provision for using description / letters to indicate membership of other PREFIX CA. CS. Anushka Kohli Padmashree SUFFIX
approved Institute – No restrictions Deisgnation Chartered Accountant
Use of CA. Description Director - Men in Blue Ltd.
[NEW] Use of Merchant Banker/ Advisor to an issue, Tax consultants, Di- Letter word to
rectors of Companies, Members of political parties, position in clubs, Cost denote DEGREES (B.Com., A.C.A., A.C.S., M.Com., LLB)
Accountant etc. not permitted
DISA - ISA (ICAI)
[NEW] Members are permitted to mention membership of a foreign Insti- 1. Visiting Cards – Printed by ICAI
tute of Accountancy, subject to MoU /MRA.
[NEW] Merchant Banker / Advisor to an issue: - 2. Content:
rules and regulations and act.

FAST
The members may apply for and obtain registration under the SEBI’s a)
b)
Name
Chartered Accountant PREFIX

In client Co’s’ offer docs and advertisements, name & address of the
(Central Council, Regional Councils Branch Committee)
indicated . d) Personal Contact Address - Back Side of Card
However, the name and address should not appear prominently. e) Firm Name – Prohibited
not associated with their names in the offer documents and/or adver- 3. Letter Heads
tisements a) President and Vice-President of ICAI
Name + Chartered Accountant + President / Vice – President
Bankers’, i.e. to act only as Advisor or Consultant to an Issue. b) Chairman – Designation (no name)
c) Others – ICAI general letter heads
visiting cards, professional documents, etc.

CODE OF ETHICS
Other Important Provisions of the Act SECTION 27 : MAINTENANCE OF BRANCH OFFICES
Section 27 - more
Penalties : in India.
Section 24 - Penalty for falsely claiming to be a member, etc. separate charge of a member of
Section 24 A - Penalty for using name of the Council, awarding degree the institute;
of chartered accountancy, etc. Provided that the Council may exempt any CAiP or from CA to send the
Section 25 - Companies not to engage in accountancy
Section 26 - -
Section 28 - Sanction to Prosecute tised / designated as branch in professional stationary etc.
Section 22 - Professional & Other Misconduct Provision of Member in Charge
Miscellaneous Provision & KYC NORMS Eligibility Criteria: CA+ Partner/ Full Time Employee
SECTION 8: DISABILITIES FOR MEMBERSHIP

FAST 182 days Test: Resides in city of branch/ visits the branch
< 21 years
Unsound mind and adjudged so by a competent court
EXEMPTIONS:
Un-discharged insolvent
Discharged insolvent other than due to misfortune without any misconduct
Convicted of an offence involving moral turpitude and punishable with MEMBER INCHARGE
transportation (Kaala Pani) or imprisonment or of an offence, not of Eligible - Member + Partner / FT Paid Employee (Not Retainer / PT)
technical nature, committed by him in his professional capacity un- Incharge - Visits or Resides
less has either been granted a pardon or, the Central Government has - In the city of Branch for atleast 182 days in a year
removed the disability; or
Guilty by an Institute on inquiry of professional / other misconduct

CODE OF ETHICS
BRANCH OFFICE Eg.
SECTION 27 : BRANCH OFFICE i)
located or.
Place Where or
(2) Which is mentioned in letter head/does City X
as place of business
ii)
name board
General Rule – One Person – One Branch for a Firm City X City Y
Change in member – Only in case of Casual Vacancy Municipal Limit
FAST
No mandatory requirement to maintain a Register
15 km 10 km
Hilly Area
CA.Sarthak Niraj Jain 35 km
45 km
No mention as POB
PENALTY FOR FALSE REPRESENTATIONS

Section 24 : Falsely Claiming to be CA / CAiP
Not being a member designates / represents as CA
Situated in – Not being in Practice exhibits to be in Practice
Same premises Penalty –
Same city First Conviction - Upto 1000

CODE OF ETHICS
Section 24 A : Uses Council Name / CA Degree vi) Non-replying within a reasonable time and without a good cause to the
Uses name / common seal or awards degree as of ICAI letter of the public authorities.
Seeks to regulate CA profession vii) Where certain assessment records of income tax department belonging to
Penalty the client of Chartered Accountant were found in the almirah of the
First Conviction – Upto 1000 bed-room of the chartered accountant.
Subsequent – Upto 5000/- and / or imprisonment upto 6 month viii) Where a chartered accountant had adopted coercive methods on a bank
for having a loan sanctioned to him.
Section 26: Refer Clause 12 of Part 1 of Schedule I: TEASER
First Conviction – 5000/- to 1 lac

Subsequent – 10000/- to 2 lacs and / or imprisonment upto one cheques purchased and thereafter failed to repay the loan / overdraft
year
FAST 2.
(Hint: Other misconduct)
CA issued a cheque which was dishonored with remarks ‘Refer to
i)
OTHER MISCONDUCT – Illustrative example
Where a chartered accountant retains the books of account any
Drawer’ (Hint: other misconduct)
documents of the client and fails to return these to the client on re- MISCELLANEOUS PROVISIONS
quest without a reasonable cause. Section 5:
ii) Where a Chartered accountant makes a material misrepresentation.
iii) Where a chartered accountant uses the services of his articled or audit be given on application) and Associate Members (if not fellow)
clerk for purposes other than professional practice. Section 25:
iv) Conviction by a competent court of law for any offence under Section 8 Companies not to engage in Accountancy (LLPs permitted provided no
(v) of the Chartered Accountants Act 1949. company is its members)
Section 30 B –
of a large amount and utilization thereof for his personal use. Parliament (CA (Amendment) Act – For 30 days, then deemed)

CODE OF ETHICS
Section 30 E – Members etc to be public servants [Inserted by CA C. Regulatory Information D. Engagement Information
(Amendment) Act, 2006] Applies to Council / Board etc members Company PAN No. Type of Engagement
[NEW] Corporate Form of Practice - Council in 2006 decided to allow
members in practice to render MCS and Other Services in Corporate
form as per Guidelines prescribed by forming a company, after register- Director’s Name & Addresses
ing it with ICAI. Company to also abide by Code of Ethics. Names and address of
C.A. companies in which above

person in director
A.C.A. F.C.A. SI Board of Discipline
(Associate CA)
Continuous Section 21 : Disciplinary Proceeding
To apply to FCA ‘will’ be
5 years of ICAI awarded SII Disciplinary Committee
On becoming
CA whether in
practice or not.
Practice
FAST
Experience equiv-
Section 22 : Professional and Other Misconduct
Professional Misconduct

alent to that of
CAiP of continu-
ous 5 years
To apply to
ICAI
FCA ‘may’ be Shall be deemed to include any act or omission provided in any of the schedules
awarded
(referred in the Schedule I and II of CA Act, 1949)
Other Misconduct
KYC Norms for CA in Practice (New)
ENTITY INFORMATION of the Second Schedule
A. General Information B. Corporate Structure
Name of the Entity Name of ultimate parent Mukherjee Vs ICAI – SC
Type of Entity company Held if a member of the Institute is found guilty of conduct, which renders him
Business Description Name of parent company
any of the provision of the schedules, it would still be open to the council.

CODE OF ETHICS
SCHEDULES TO CA ACT, 1949 CLAUSE 1 : ALLOWS TO PRACTICE IN OWN NAME
Allows any person to practice in his name as a chartered accountant
Schedule Part Applies to Clauses Unless such person is also a chartered accountant in practice and
Schedule I Part I CA in Practice 12 Is in partnership with or
(Mild Misconduct) Part II CA in Service 2 Employed by him
(Penalty – upto 1,00,000 or Part III All Members 3
Max 3m suspension) Part IV (OM*) All Members 2 CLAUSE 2 : SHARING OF FEES
Schedule II Part I CA in Practice 10 Pays or allows or agrees to pay or allow.
(Serious Misconduct) Part II All Members 4 Directly or indirectly,
(Penalty – upto 5,00,000 or Part III (OM*) All Members 1
cessation) Of his professional business
FAST
OM* - Other misconduct, rest are professional misconduct
General Principles to Study Misconduct: SJ Tips
To any person other than:
A member of the Institute or

Reference – Clause ‘n’ of Part ‘x’ of Schedule ‘y’ to CA Act, 1949
Clause provide misconduct and not code of conducts
A partner or
A retired partner or
Clause to be interpreted in letter as well as spirit The LR of a deceased partner (provided already mentioned in
In event of contravention of law and clauses, law shall prevail deed)
If misconduct covered under then disciplinary proceedings under clause Member of any other professional body or with such other
with maximum penalty to be initiated multiple clauses
SCHEDULE I – PART – I Diagnosis:

CAiP Agreement to share fees is also a misconduct
Professional Misconduct Allowing a partner/employee to share fees shall make all other payments
guilty too

CODE OF ETHICS
Clause prohibits sharing of fees irrespective of whether it is to secure any - Sale for lump sum consideration
work - No sharing of fees
Sharing may be in cash or kind Timeline - 1 year from date or death or from decision
Only sharing under professional conduct covered. Sharing of fees personally on disputed LR, if any
unrelated to profession not covered - After 1 year name released to new member
incomes like rent, interest, etc. OTHER PROFESSIONALS :

In case of joint assignment requiring services of various professionals, Regulation 53A (3) / 53 B of the Chartered Accountants Regulations, 1988
assignment can be undertaken jointly but billing to be separate and i) Company Secretary
payment to be received individually. ii) Cost Accountant
iii) Actuary
Exceptions:
Member -
FAST
CA whether or not in practice
iv)
v)
Bachelor in Engineering
Bachelor in Technology
Partner -
-
Sharing with employee CA permitted
Whether CA or any other professional
vi)
vii)
Bachelor in Architecture
Bachelor in Law
Retried Partner - Whether or not he continues to be a member viii) Master in Business Administration from Universities or AICTE approved
LR of a deceased partner - Provided already mentioned in deed Institutions
Member of any prescribed - As prescribed under Regulation 53A(3)/B
body TEASER
SALE OF GOODWILL:
When permitted - Death of Proprietor
- Death of all partner
Conditions - Sale to CAiP [Hint: Not permitted]

CODE OF ETHICS
3. If a CA avails services of a tax consultant for execution of his work in CLAUSE 3 : ACCEPTS SHARE IN FEES
Accepts or agrees to accept
fees? [Hint: No]
4. If a CA takes an assignment and shares fees with an Engineer and a Who is not a member of the Institute
Lawyer whether he will be guilty of misconduct? Would answer differ if Provided that nothing herein contained shall be construed as prohibiting a
sharing was made with a doctor? [Hint: No, Yes]
5. CAiP bribes a CAiS to secure assignment from the company where CAiS including receiving any share commission or brokerage in the fees, with a
is under employment by sharing a part of fees. Whether misconduct un-
der clause 2? [Hint: No] is referred to in clause 2 of this part
6. If a CA enters into a referral arrangement with a Tax Consultant where [NEW] Referral fees amongst members (in practice) for referring a client-
there is an agreement to refer clients to each other without sharing fees, Not prohibited
[Hint: No, but under clause 5]

FAST
whether he will e guilty of misconduct under Clause 2?
CLAUSE 4 : PARTNERSHIP

cure work will it hold partners guilty as well? [Hint: Yes]
- Enters into partnership,
In or outside India
With any person other than;
wife and an NGO. Will this be treated as a professional misconduct? A chartered accountant in practice or CAiP;
[Hint: No] Such other persons who is a member of any other professional body
business with an automobile engineer, However no actual sharing of fees Including a resident who but for his residence abroad would be entitled to
was made? [Hint: Not Guilty] be registered as a member under Section 4 (i) (v); or
10. CA has entered into an agreement to share his rental income with an
agent. Will he be held guilty or misconduct for sharing his fees? Council for the purpose of permitting such partnerships
[Hint: No]

CODE OF ETHICS
Members can now form Multi-Disciplinary partnerships, subject to MOU with The Bilateral Permitted, on pass- Permitted, on
other professional regulators permit. ICAI has revised its Form 18 to permit Institute of & ing certain exams and passing certain ex-
such partnership. Currently CS, CMA, Architect, Engineers, Actuaries not in Chartered Ac- Unilateral training + Allowed to ams and training
practice are permitted by their Institutes to enter into MDP. ICAI has also countants in for CoP hold CoP in foreign + Not allowed to
issued MDP guidelines and FAQs in this behalf. (8-July-2021- applicable England and country + No statu- hold CoP in India +
from May 2022 exams) Wales tory audit rights of No statutory audit
Members may be Director Simplicitor.(However partner/designated part- that country conferred rights in India
ner is different) Therefore, as of now, a member in practice cannot be- directly under this
come a partner/designated partner (non-working and non-remuneration arrangement
drawing) in an LLP not carrying out professional work. However, partner- MOU with Char- Bilateral Permitted, on pass- Permitted, on
ship between members of the Institute and tered Profes- ing certain exams + passing certain
FAST
Partnership between members of ICAI & members of foreign professional bod-
ies are permissible provided they are eligible for the membership. Post 8 Dec.
sional Account-
ants of Canada
Meeting Certain experi- exams + Meeting
ence requirements + No Certain experience

organisations, etc. earlier permitted by the Council is permissible. Hence
(CPA
Canada)
provision to hold CoP
/ have statutory audit
requirements + No
provision to hold
partnership with such foreign body professionals is now not permitted. rights CoP / have statu-
tory audit rights
practice of the profession of CAs. Mutual Recogni- Same same above same above
Memorandum of Understanding (MOU)/Mutual Recognition Agreement (MRA) tion Agreement above
Rights ICAI Member right to Foreign Body with the Insti-
Reciprocity under become member of Member right to
Arrangement Agree- foreign body become member Public Account-
ment of ICAI ants in Ireland
(CPA Ireland)

CODE OF ETHICS
MRA with the Same same above same above ing and Finance (BIBF), National Board of Accountants and Auditors (NBAA),
South Afri- above Tanzania, Institute of Chartered Accountants of Nepal (ICAN), The Accounting
can Institute and Auditing Standards Board of Bhutan, College of Banking & Financial Studies
of Chartered (CBFS), Oman.
Accountants
(SAICA) TEASER
MRA with CPA Same same above same above 1. If a CA shares fees with a CA of England and Wales whether he be guilty
Australia above of misconduct? [Hint: Guilty]
International Unilateral Permitted, on pass- No recognition by
Pathway Pro- ing certain exams and ICAI for such for- CLAUSE 5 : PROHIBITION IN SECURING WORK
gramme of training under Interna- eign body mem- Secures either through;
Chartered
Accountants gram +
FAST
tional Pathway Pro- bers The services of a person who is not a employee of such chartered account-
ant; or
Australia & New
Zealand
Allowed to hold CoP in
foreign country /
Who is not his partners; or
By means which are not open to a chartered accountant,
conduct statutory Any professional business,
audit if residing in Provided that nothing herein contained shall be construed as prohibiting any
that country subject to arrangement permitted in terms of items (2), (3) and (4) of this part
terms of the agreement Diagnosis:
Secures either through;
Apart from this ICAI enters into Co-operation agreements to facilitate devel- The services of a person who;
opment of accounting and auditing profession between countries and share Is not an employee of CA;
best practices. Few examples of such agreements are MoUs with Institute of Who is not his partner;
- By means which are not open to a chartered accountant

CODE OF ETHICS
Any professional business
Provided that nothing herein contained shall be construed as prohibiting any Change in the address of practice and telephone numbers – only in-
arrangement permitted in terms of items (2), (3) and (4) of this part. formative with appropriate circulation area of media, size and num-
ber of insertions.
CLAUSE 6 : SOLICITS CLIENT OR WORK
Solicits client or professional work either [NEW] For sharing / seeking professional work on assignment / partner-
Directly or indirectly, by circular, advertisement, personal communica- ship basis or salaried employment. Allowed, provided it only contains ac-
tion, or inter view or by any other means countant’s name, address, telephone, fax number and email address and
Provided that nothing herein contained shall be construed as preventing address(es) of social networking sites of members. Firm name not permit-
or prohibiting – ted. However, mere factual position of experience and area of specializa-
Any chartered accountant from applying or requesting for or inviting or tion, relevant to seek response to the advertisement, are permissible
tice; or
FAST
securing professional work from another chartered accountant in prac- Client’s Behalf (Clause 7)
Member may also advertise on behalf of details of client in the course of

A member from responding to tenders or enquires issued by various users
of professional services or organizations from time to time and securing
provision of any service like recruitment services, as a liquidator, etc.
Staff Recruitment (Clause 7)
professional work as a consequence.
Advertisement under P.O. Box Number
I. Advertisement and Notes in the press Prohibited [Advertise through a write up in a print / electronic media De-
Not permitted to canvass for work through advertisements except in following tails of these are provided in Clause 7 of this part]
cases:
From another CA II. Empanelment for allotment of audit professional work
A member may request another Chartered Accountant in practice for profes- Permitted features:
sional work. CA’s can apply for having their name on panel maintained by organiza-
A member may advertise change tions (Like Empanelment by RBI for Banks)

CODE OF ETHICS
Provided he is aware about empanelment under process IV. Tenders or Inquiries and others
Once empanelled he can INQUIRE about work allotted to him Whether CA can respond?
Ans. No minimum fees prescribed
Prohibited Items: Area of service exclusively reserved for CAs Cannot apply
Roving (Unsolicited Random Inquiries) enquiries cannot be made Service open to non CAs too Can apply
Cannot demand work once empanelled Minimum fes prescribed Can apply
[Also refer Council General Guidelines 2008]
III. Publication in telephone / other directories (Also refer XXI)
[NEW] The CAs & CA Firms may have entries made in a Telephone Direc- [NEW] The “minimum fee” for this purpose should be such that it commensu-
tory (in printed and electronic form) either by making a special request or rates with size, value, volume, manpower requirement and nature of work as de-
by means of an additional payment subject to the council general guidelines. cided by Council (However presently this requirement applicability is deferred)
FAST
Permitted features: They can have their name included in telephone/trade V. Publication of books or articles or presentations
a.
Entry in separate section of CA
Permitted
a. CA in practice can write books etc. and get them published.
b. It should appear in the local directory of the city in which concerned CA/ b. Can mention his name & his personal / academic details.
c. Entries should be in logical (alphabetical) order [NEW] He may indicate designation “Chartered Accountant” as well as
d. Should not be made in a differential or prominent manner
e. Entries should be open to all CA’s.
f. Members can also include their names in trade/ social directories.
VI. Greeting Cards or Invitations
Prohibited Items:
a. No impression of publicity or advertisement meant for : a. Marriage

CODE OF ETHICS
b. Religious ceremonies IX. Roving inquiries
Prohibited as these are solicitation of work covers:
Condition : Provided it is sent only to clients, relatives and close friends Tele – marketing
Door – to – door marketing
Permitted - ‘Chartered Accountant’ Mass level Distribution of Mails, SMS, etc.
Prohibited
Professional Designations IX A. Issuing handbills
Permitted: Can distribute hand bills containing their name to his clients
Work solicitation in any form (for e.g. Budget highlights)
Prohibited: Cannot issue to person other than client
VII. [NEW] Advertisement for Silver, Golden, Platinum or Centenary
celebrations
FAST
Normally It is not permitted to advertise the events organised by a Firm.
X. Seeking work from Professional Colleagues
No restriction to seek professional work from CAiP provided it does not lead

However, advertisement for Silver, Golden, Diamond, Platinum or Centenary
celebrations of the CAs Firms may be published in newspaper/ newsletters.
to violation of any clause
XI. Acceptance of professional work emanating from a client introduced by

VIII. [NEW]Sponsoring Activities another CA
Member should not accept the original professional work;
However, member or Firm may sponsor an event conducted by a PoU emanating from a client introduced to him by another member .
(program organising unit) of the ICAI, provided such event has the prior If any professional work comes to him directly, it should be his duty to ask
approval of CPE the client;
Members sponsoring CSR activities - that he should come through the other member dealing generally with his
original work (original professional work includes work originally done by
(ii) Firm name or CA Logo is not permitted. . the CA who introduced the client)

CODE OF ETHICS
XII. Scope of representation u/s 140 XV.
Representation when
a. The auditor who is being removed in GM, has rights of representation.
b. He may indicate in his letter his willingness to continue as auditor if XVI. [NEW] Television or Movie Credits
shareholders in AGM decide so, but this should not be in the nature of -
solicitation. ently as compared to others.
Prohibition XVII. [NEW] Educational Videos

a. But there should not be any extra publicity therein. May be uploaded on the internet by members, no reference should be made
b. No derogatory, unsubstantiated remarks against the management of Co.
c. It should not highlight contribution made by CA to the company. It should not contain any contact details or website address.
XIII. Public Interview

FAST XVIII. Website

Due care to ensure that such interviews or details about the members or Council General Guidelines for permitting to post their particulars at website
Permitted features:
Not given in a manner highlighting their professional attainments Free to create website
Any format / color
XIV. Member engaged in Coaching and Teaching Can mention website address on professional stationery
Advised to abstain from advertising their association with coaching / Pull mode not in push mode
teaching activities through hoardings, posters, banners, etc.
[NEW] Subject to the above prohibition, such members may put, outside Prohibited information: (They can’t provide on website)
their coaching /teaching premises, sign board - name of coaching/teach- Name of clients and fee charged permissible only where it is required by a
ing institute, contact details and subjects taught therein only. regulator and only till such period as required
For size and type of, sign board, Council Guidelines apply. Logo (other than that prescribed by ICAI)

CODE OF ETHICS
No photograph (other than passport style photo of member) [NEW] The Firm can provide link of its page on Social Networking site. But
No advertisement can not solicit people to visit or like
Permitted information within CA’s Website Within website for

Nature of service rendered
Nature of assignment handled
-
dress, telephone number. email id. (i.e. Bio-data of Partner)
No. of articled trainee
Job vacancies including article ship
Passport – style – photograph of members Address of website
FAST
Reference about ICAI/govt. related website
Articles etc. of professional interest such as budget highlights but not to
Bulletin Board
have non-professional related information like Health Tips. to their name.
Address should not be such as results in soliciting the client
Website address may be given on stationery without on solicitation for
should be maintained. clients to visit website
Date upto which website is updated.
Common logo prescribed by ICAI Search Engine
Not to have any information contradicting with ICAI, or any information Listing of CA’s website on search engine is allowed.
that is unbecoming a CA
Year of Establishment
[NEW] Educational videos on topics of professional relevance are Hyper Links
permissible In CA’s website, link/reference of only ICAI related or govt. related website

CODE OF ETHICS
is allowed. No other link is permitted. nor such Website will contain any material which advertises professional
No advertisements are permitted in CA’s / Firm’s website achievements or status of such Chartered Accountant except making a
Links of other professional body websites are permitted statement that they are Chartered Accountants.
Intimation - ICAI
Presently CA is not separately required to inform website address to ICAI Accountants” would not be permitted. (Please also refer Guideline for
While submitting annual membership form website address is to be provided Advertisment)
Services through other websites is allowed XX. [NEW] Application based Service Provider Aggregators(SPAs)
Not permissible for members to list themselves with online application
professional achievement of CA is not given based SPAs wherein other categories like businessmen, technicians event
Only CA’s name with designation ‘CA’ is allowed. organisers etc. are also listed.
FAST
XIX. [NEW] Online Third Party Platforms XXI. [NEW] Specialised Directories for limited circulation
own website
CA.Sarthak Niraj Jain The CAs and Firms may print specialised directories for limited circulation sub-
ject to the council general guidelines
advice through their Websites. May appear in any directory or list of members in which the names are
This would be permitted subject to the council general guidelines on ad- listed alphabetically.
vertisements For a specialised directory such as a “Who’s Who” - a member should use
his discretion in supplying information
Council General Guideline In addition a member may give where appropriate -directorships/ personal
No other service, besides consultancy and advice can be rendered through details/ outside interests.
such websites. He should not give - the names of any of his clients
This would be permitted subject to the condition that on the Website,
contact address of the Chartered Accountant concerned is not provided

CODE OF ETHICS
CLAUSE 7: ADVERTISES PROFESSIONAL ATTAINMENTS OR SERVICES [NEW] -
Advertises his professional attainments or services, or tion “Chartered Accountant” except on professional documents, visiting cards,
Uses any designation, or
Expressions other than chartered accountant on professional documents, (6).
visiting cards, letter heads or sign boards, [NEW] A member empanelled as Insolvency Professional or Registered Valuer
Unless it be a degree or a University established by law in India or recog- can mention “Insolvency Professional” or “Registered Valuer”respectively.
nised by the Central Government or a title indicating membership of the [NEW] Members are permitted - to mention a title on their visiting cards
ICAI or of any other institution, that has been recognised by the Central to indicate membership of a foreign Institute of Accountancy , which has
Government or may be recognised by the council. been recognised by the Council e.g. SAICA, CPA Ireland,ICAEW.
Provided that the member in practice may advertise through a write-up,
Guidelines – For Advertisement For the Members in Practice (for Print or
FAST Electronic media)

[NEW] The write-up may include only the following information:

Designation
Clause restrains members from using any designation or expression other than
that of a Chartered Accountant (Also discussed in S.7) IMPROPER to state on For Members:
his professional documents, letter heads, visiting cards etc. Name, Membership No., Age, Date of becoming ACA, Date of becoming FCA,
Income – tax consultant or a cost consultant or a management consultant
Member of Parliament, Municipal Councilor any other functionary in ad- Mobile/Fax No., Professional / Address Web, E-mail, CA logo, Passport Style
dition to that of Chartered Accountant Photograph, Services provided Names and details of the employees and their
particulars on the lines allowed for a member as stated a. CA’s b. Other profes-
Members otherwise eligible to practice as advocates (subject to the per- sional c. Articles/Audit Assistants, d. Other Employees.
mission of Bar Council) should not use designation “Chartered account-
ant” and “advocate” simultaneously. Same rule applies for CS, CMA. [NEW] Position held as Dir.or MD in a Mgmt Cons.Co. registered with the ICAI.

CODE OF ETHICS
For Firms: The Membership No./FRN is mandatory to be mentioned.
Name of the Firm, Firm Registration No., Year of Establishment Professional It should not be of font size exceeding 14.
Address, Working hours, Telephone No. (s) / Mobile No. / Fax No., Web Address, It must not be violative of any provisions of CAs Act, 1949,CA Reg’s, 1988,
E-mail, No. of partners, CA logo, Passport Style Photograph, Services Provided, CoE, 2020 or any Guideline of the Council
Name of the proprietor / partners and their particulars on the lines allowed The ICAI may issue a reasoned directive for removal or withdrawal of the whole
for a member as stated above, Names and details of the employees and their write-up or of any part(s) thereof
particulars on the lines allowed for a member as started a. CAs b. Other Pro-
fessionals c. Articles / Audit Assistants d. Other Employees. Important Points:
Network registered with the ICAI i) Advertisement in press
refer guidelines for advertisement for members in practice.
Other Conditions:
It shall be honest and truthful.

FAST
[NEW] The write-up shall comply with the following conditions: - ii)
a. They may appear & may describe themselves as CA

There shall be no exaggerated claims for the services offered
It must not make any disparaging references or unsubstantiated subject matter of the programme may also be given.
comparisons to the work of others. c. Firm name may also be mentioned, however, any exaggerated claim
It should not be of a nature that may bring the profession into disrepute. or any kind of comparison is not permissible.
It should not contain testimonials or endorsements concerning Member(s)/
names of clients/ fees charged. must be an objective professional view of the topic under consideration.
It should not contain any info. about achievements /awards (except CG
or SG or Reg.bodies) or any other position /accreditation/ granted by any iii) Photograph & brief particulars of CA in magazine
organisation. a. No payments is made for such publication and
Monogram of any kind or use of any kind of catch words is not b. No mention of professional attainments.
permissible.

CODE OF ETHICS
iv) Members giving talks or lectures or attending conference viii)[NEW] Press note on success of a candidate in Exams – Permitted
Member may describe themselves as Chartered Accountant only when a. His name & address his local background
they are acting in their capacity as Chartered Accountants. However, b. His success details-school /examination passed/ prize or place gained
not be any undesirable publicity of Article / Principal / Firm.

v) Training Courses and Seminars for his staff
A CA holding training courses, seminars etc. for his staff may also invite ix) Sign Board
the staff other professional accountants and clients to attend the same. a. Can’t use glow sign board or large sized sign boards
[NEW] However, undue prominence should not be given to the name of
the CA in any booklet or document issued in connection therewith.
x)
permitted
FAST
vi) Publicity for appointment of position of local / national importance cards, etc.
Exceptions – Website, Advertisment via write-ups

a. They may mention membership of ICAI i.e. CA
xi) Photographs
Eg. MP, MLA, Clearing an exams, etc. No objection to the publication of photographs and brief particulars of
members in
vii) Prospectus of Company in which CA is director a. Magazines provided no payment is made for such publication and there
a. CA’s name address in the capacity of director is allowed in prospectus. is no advertisement of professional attainments.
b. Passport size photo in website permitted.
c. No expression like “Associate of ……..” PROHIBITED Photograph on visiting cards.
d. No advertisement of professional achievement.
e. Update company about code of Ethics too

CODE OF ETHICS
xii) Listing in directory or list of members of particular body xv) Network Firms and Networking Guidelines
a. Allowed a. The Council has permitted Network amongst the Firms registered with the Institute.
b. A member of the Network may advertise to the extent permitted by the
c. Names of members in such directory should be in logical order Guidelines issued by Institute.
d. He may provide directorships held, reasonable personal details and out- -
side interest work Firms” on their professional stationery.
d. Once the relationship of network arises, it will be necessary for such a
e.g. In list of members of Income Tax Appellate Tribunal, When CA network to comply with all applicable ethical requirements.
concerned is a member of ITAT e. It is not permissible for the Firms to join Networks not registered with
the Institute. [Also refer Council General Guidelines 2008]
xiii) Common CA Logo
to CA logo guidelines:
FAST
[NEW] The Council has decided that use of CA logo is permissible, subject xvi) Photo and QR Codes on Visiting Card
It is not permissible for the chartered accountants in practice to print their

(i) The logo consists of the letters ‘CA’ with a tick mark
(ii) (Upside down) inside a rounded rectangle with white background.
photograph on their visiting cards.
However, they are allowed to print QR Code on the visiting Card provided that
(iii)The letters ‘CA’ have been put in Blue. it has not contain information that is not otherwise permissible to be printed
(iv) Do not change the design and colours, including the white background. on a visiting Card.
(v) Refrain from rotating or tilting the logo
xvii)
xiv) Regional Council
The guidelines/directions laid down by the Council as revised by the Council
from time to time for use of designation etc. and manner of printing let-
[NEW] The members may however note that they should use letterhead terheads and visiting cards of the President, VP, Members of the Council etc.
(also refer Section-7)

CODE OF ETHICS
TEASER NOC Diagnosis:
1. Whether a CA is prohibited from responding to tenders, advertisements Apply to all types of audit
and circulars [Hint: Clause 6] Communication mandatorily where previous auditor is a Chartered Accountant
2. Whether a CA is prohibited from seeking work from professional colleagues? Assignments done by other professionals also be a healthy practice to
[Hint : Not Prohibited] communicate
3. Whether a CA is prohibited from printing photographs / QR Codes on In case of audit of government companies/banks or their branch obligation
Visiting cards? [Hint: Photo- Prohibited, QR Code: Not prohibited ] must be complied with before accepting the audit
However, time schedule is such that there is no time to wait for the reply in-
CLAUSE 8: COMMUNICATION WITH PREVIOUS AUDITORS coming auditor may give a conditional acceptance and commence the work
Accepts a position as auditor (but do not give report till communication established)
Previously held by another chartered accountant
FAST Applicability of Clause:

All or any audit assignment whether internal or external, FS or FA or Stock or else
Objective:
member may have an opportunity to know the reasons for the change
Applies to government audit, bank audits, branch audits, GST audits, internal
audit, as well
able to safeguard his own interest, public interest and the independence
of the existing accountant. Applicable only when previous auditor was a CA
It is important to remember that every client has an inherent right to Communication with previous auditor not necessarily PY auditor
choose his accountant; In case of joint auditor communication required if any previous auditor not
appointed or a new joint auditor appointed
Sick Unit: [NEW] [NEW] Grounds for non-Acceptance of Audit:
The professional reasons for not accepting an audit would be:
Non-compliance of the provisions of Sections 139 and 140 of the
entire net worth. Companies Act, 2013 and

CODE OF ETHICS
Non-payment of undisputed audit fees by auditees other than in case of Premises found Locked:
Sick Units ; and The communication received back -written on the Ack-Due shall be deemed as
having been delivered
Firm not found at the given Registered address –
at this address”, and

The address of communication is the same as registered with the ICAI, the
Fees pending due to non-availability of Previous Auditor: letter will be deemed to be delivered,
Accept if previous auditor is not available for accepting payment of Unless the retiring auditor proves that it was not really served and that he
undisputed audit fees. was not responsible for such non-service.
Incoming auditor may accept the Audit assignment after verifying the DD
FAST
for undisputed audit fees of retiring auditor is purchased by the client and
It will be the duty of the Incoming auditor to ensure the payment of
Mode of Communication:
In writing

undisputed audit fees at the earliest possibility. Mode of such that provides a proof of Delivery
[NEW] Like Reg. Post with Acknowledgement Due (Reg-AD), Courier with
Course of action in case of change of Auditorship: POD, By hand delivery, E-communication (email) through his email ID reg-
Ask him the reason for the proposed change- If there is no valid reason
for a change, it would be healthy practice not to accept the audit. portal (seperate guidelines for this to be issued), if proof of delivery obtained
If he decides to accept he should address a communication to the retiring auditor. In case of emergency provide conditional acceptance of audit subjected to
receipt of NOC.
Response:
Need some evidence to show that the letter has in fact reached the per- Previous auditor also responsible to respond in time
son communicated with. Else incoming auditor free to accept

CODE OF ETHICS
No responsibility of incoming auditor to check (except as given in clause 9) It is suggested that the incoming auditor should verify the following records of
If response is: the Company:-
Undisputed Audit Fees not paid – Do not accept audit (i) First time appointment : - Whether the BoD have passed the resolution
Removal of previous auditor improper – Do not accept audit within 30 days
May accept (ii)
Undercutting – No compulsion to accept (iii)Casual vacancy: -
resolution
CLAUSE 9: CHECKING COMPLIANCE WITH SECTION 140 (& 139) (iv) Vacancy due to resignation: - -
cancy has been passed at GM
from it whether the requirements of section 140 of the Companies Act, 2013 (v) Removal of the auditor: - See that SR has been passed and previous ap-
in respect of such appointment have been duly complied with proval of the CG obtained
Diagnosis:
FAST (vi) Auditor other than the retiring auditor is proposed to be appointed: - As-
certain provisions of Sec. 139 & 140 have been complied with.

Removal of previous auditor proper
(vii) Whether the Company has complied with the provisions of Section 140:-
Auditor should verify the following matters:-
Eg. Notice of removal, AGM, representation rights, resolution etc. a. Whether a member of the Co. has given special notice. Notice shall be
His appointment as per provisions of law sent by members to the Co. not earlier than 3 months, but at least 14
days before date of AGM
Eg. Resolution by appropriate authority passed, etc. b. Whether notice sent to all the members, at least 7 days before the date
Clause relevant in case of of the GM.
First Auditor Appointment c. Whether copy of the special notice has been sent to the retiring auditor
Appointment in case of casual vacancy including resignation d. Representation received from the retiring auditor has been sent to the members
Removal of existing auditor e. Whether the representation received from the retiring auditor has been
Joint Auditor Appointment considered at the GM

CODE OF ETHICS
should also be obtained Except as permitted under any regulation made under this act.
(ix) Sometimes the AGM is adjourned without conducting any business or
after conducting business . Diagnosis : Exceptions – (Regulation 192)
(x) The items in respect of which the business is conducted may or may not Receiver / Liquidator based on a percentage realization or disbursement of
include the item relating to appointment of auditors u/s 139(1) the retir- assets
Auditor of co-operative society, percentage of the paid up share capital or
(xi) Therefore, when the AGM is adjourned in the circumstances stated above,
adjourned meeting is held and the business listed in the agenda of the [NEW] Permitted Payments / Contingent Fees
meeting is concluded. [NEW] Audit fee payable to concerned SG - the auditor has to deposit a
FAST
(xii) In case a new auditor is appointed at the original meeting (which is % of his audit fee in the State Treasury
[NEW] Assignment wherein a % of professional fee is deducted by the
such adjourned meeting.
(xiii) If any AGM is adjourned without appointing an auditor, no special no-
Govt. to meet the administrative and other expenditure.
A valuer for any purpose of direct taxes and duties as percentage of value of
tice for removal or replacement of the retiring auditor received after the property valued.
adjournment can be taken note of and acted upon by the Co., since in Certain Management Consultancy Services as may be prescribed
terms of Sec. 115 of the Co. Act, special notice should be given to the Co. (a) Debt recovery consultation services may be based on % of debt recovered
at least 14 clear days before the meeting (b) Cost optimization services
(c) In the case of certain fund raising services, the fees may be based on
CLAUSE 10 : CONTINGENT FEES a Percentage of fund raised (further refer last point)
Charges or offers to charges, accepts or offers to accept (d) In the case of services related to cost optimisation, the fees may be
In respect of any professional employment
[NEW] Council has allowed contingent fees on other services

CODE OF ETHICS
(i) Acting as Insolvency Professional Private Tution
(ii) Non-Assurance Services to Non-Audit Clients Valuation of papers, paper – setter, head – examiner or moderator
Life Insurance Agency for renewal commission.
Other Exceptions Attending classes appearing for Examination
Editorship of professional journals
Fee under any statute where statute prescribes contingent fee. Surveyor Loss Assessor
CLAUSE 11 : ENGAGES IN OTHER BUSINESS / OCCUPATION Owning agricultural land and carrying out agricultural activity
Engages in any business or occupation other than the profession of
chartered accountant unless permitted by the council so to engage Acting as Notary public, Justice of the peace, Special Executive Magistrate
Provided that nothing contained herein shall disentitle a chartered [NEW] Acting as Recovery consultant in the Banking Sector.
director or a whole time director)

FAST
accountant from being a director of a company (not being a managing [NEW] Any coaching assignment organized by the Institute/Regional Councils /Branches
[NEW]

Unless he or any of his partners is interested in such company as an auditor educational institution etc.
Holding Honary Position in any educational / Charitable institutions.
Directorship
General permission to be a director provided: Authorship of books, articles
He / Partner not interested as an auditor (S11, P1, SI) [NEW] Part-Time Employments, a CA in Practice may accept
Not being a MD or WTD (Special Permission Required) Notwithstanding anything contained in Regulation 190A but subject to the control
Can be a simple director (non-executive) even with substantial interest of the Council:
a CAiP may act as a liquidator, trustee, executor etc.or
Permission Granted Generally (Regulation 190A) May take up an appointment that may be made by the CG/SG/court /other
Employee under CAiP legal authority or
Part time tutorship of the Institute

CODE OF ETHICS
May act as a Secretary in his professional capacity, provided his employ- In non-business concerns : FT/PT employment
ment is not on a salary-cum-full-time basis
hold substantial interest
[NEW] Member in Practice in a HUF doing business Interest in family business acquired as a result of relationship and in the
A member of the Institute can acquire interest in family business in any of management of which no active part is taken.
the following manner: Interest in an educational institution
Part – time full time lectureship for courses other than those relating to
the Institute’s examination under auspices of the Institute
(iii) HUF as its Karta or a member. Part – time of Full time tutorship under educational institution other than
It would be necessary for the members to provide evidence that : coaching organization of the Institute.
Interest in the family business concern devolved on him as a result of Editorship of journals other than professional journals
FAST
inheritance/succession/partition of the family business.
He is not actively engaged in business, and
Any other business or occupation for which the executive committee con-
siders that permission may be granted.
evidencing above
Furnish a declaration in the prescribed format and the documents
Special Permission Note
A member in practice engaged as Karta of a HUF doing family business, will be “Relative”, means husband, wife, brother or sister or lineal ascendant or
within the limit prescribed by Council if he makes investments from the funds descendant
pertaining to HUF only, provided, he is not actively engaged in the manage- “Substantial interest” means holding 20% of voting power / 20% share of
ment of the said business.
Holdings to be at any time, during the relevant years
Full - time or part – time employment in business concern. Members and

/ or relative not to hold substantial interest in such concerns

CODE OF ETHICS
Part Time Practice Engagement by a member in practice, in the business of buying and selling
Not permitted to perform attest functions (or to train articles) if permitted shares amount to be ‘any business’ within the meaning or Clause 11 hence the
to engage in any activity UNDERLINED above, except that CAiP is permit- prior permission of the council is required. Now general permission(Amendment)
ICAI FAQ - Booking & Selling domains, prior special permission required, as
education institution, coaching organization, private tutorship provided direct it is engaging in buisness.
teaching hours taken together do not exceed 25 hours a week Trading in shares and equity derivatives generally permitted (However,
Special Note on Accepting Directorship by member in practice permission)

a. ‘Director Simplicitor’ means on ordinary / simple director
b. Member in practice is permitted generally to be a Director Simplicitor CLAUSE 12 : ALLOWS OTHER PERSON TO SIGN REPORTS
Allows a person not being a CAiP
c.
FAST
relatives hold substantial interest in that company (except MD/WTD)
No bar for a member to be a promoter / signatory to the Memorandum
Or a member not being his partner
d.
and Articles of Association of any company
A member in practice is permitted generally to be a Promoter/Promoter Director
Signature: Only an:
Eligible member; or
f. A person is deemed to be a MD or WTD if he is entrusted with the wholly or
substantially the whole of the management of the affairs of the company. Balance Sheet, P & L Account, or
Financial Statement, or
if the member and / or his partners and relatives hold substantial interest in Report
such a company. Section 26 of the Act Stipulates that no person other that a member of the
Clause prohibits any member in practice to engage in any other engage-
in professional capacity.

CODE OF ETHICS
[NEW] Signing in the name of the Firm: SCHEDULE I – PART II
(a) Statutorily required to disclose his name- CAiS
Disclose name while appending his signature on the report or document. Professional Misconduct
(b) No statutory requirement- CLAUSE 1: SHARING OF FEES
Pays or allows or agrees to pay directly or indirectly to any person any share in
(c) SA 700 mandates mentioning- the emoluments of the employment undertaken by him.
Membership No. /Firm Registration No. Also read UDIN Guidelines
Instances and delegation that will not attract the provisions of this clause: CLAUSE 2 : ACCEPTS SHARE IN FEES
a lawyer, a
b. Asking for information or issue of questionnaire. chartered accountant or broker engaged by such or agent or
c. Letter forwarding draft observations/FSs. customer of such
FAST
d. Initialing and stamping of vouchers & of schedules.
e. Acknowledging routine correspondence with clients. Accept / Agree + Commission / Gifts + Employer’s

g. Issuing acknowledgments for records produced.
Broker
Agent
Lawyer
CA
h. Raising of bills and issuing acknowledgements for money receipts. Customer
i. Attending to routine matters in tax practice. SCHEDULE I – PART III
All Members
[NEW] Professional Misconduct
delegated by CA or CA Firm, the fact that the docs have not been signed by
- CLAUSE 1 : NOT BEING A FELLOW ACTS AS A FELLOW
sional misconduct. Not being a fellow of the Institute; acts as a fellow of the Institute
[Also refer Council General Guidelines 2008] CLAUSE 2 : DOES NOT SUPPLY INFORMATION CALLED BY ICAI
Does not supply the information called for, or does not comply with the

CODE OF ETHICS
requirements asked for, by the Institute, Council or any of its Committees, SCHEDULE II – PART I
Director (discipline), Board of Discipline, Disciplinary Committee, Quality CAiP
Review Board or the Appellate Authority. Professional Misconduct
CLAUSE 3 : SUPPLIES INCORRECT INFORMATION CLAUSE 1 : CONFIDENTIALITY

While inviting professional work from another chartered accountant, or, Discloses information acquired in the course of his professional
While responding to tenders or enquiries or, engagement,
While advertising through a write up or, To any person other than his client so engaging him,
Anything provided for in items (6) and (7) of Part I of this Schedule Without the consent of his client or,
gives information knowing it to be false. Otherwise than as required by any Law for the time being in force
SCHEDULE I – PART IV
All Members
Other Misconduct
FAST Diagnosis :
Discloses;
CLAUSE 1 & 2 : OTHER MISCONDUCT

CA.Sarthak Niraj Jain Information acquired in the course of;
Professional engagement;
1. Is held guilty by any civil or criminal court for an offence which is To any person;
punishable with imprisonment for a term not exceeding 6 months. Without the consent of his client; or
2. In the opinion of the Council, brings disrepute to the profession or the Insti- Otherwise than as required by any law for the time being inforce
tute as a result of his action whether or not related to his professional work.
[NEW] Note:- [NEW] Person competent to accord consent
‘Other Misconduct’, which has been covered under this Part. It does not limit Sole-proprietary concern: - The proprietor or his constituted attorney
or abridge in anyway the power conferred or duty cast on the Director (Dis-
cipline) under Section 21(1) of the Act to inquire into the conduct of any Company: - The Board of Directors (unless a resolution by the Co. in a
member of the Institute under any other circumstances. GM is required by the Act or by the MOA or AOA)

CODE OF ETHICS
[NEW] Working Papers of the Auditor Subject to the above, not the duty of a member to shield a client from
Not required to provide it to the client or other auditors of same/related consequences of tax frauds
enterprise
Main auditors -do not have right of access to WP of the branch auditors Duty of CA relating to tax frauds of a client
However, the auditor may provide to client -at his discretion, as consid- If fraud relates to past year (s)
ered appropriate. The member may, continue in respect of current matters and report only if
it affects current year or if he was auditor in previous year
Rate Yourself !!! Fraud relates to the accounts or tax assessment
Clause applies to information which is already publicly known? No Examined by the member, client should be advised to make a complete disclosure
Clause applies on information obtained during the current course of audit If fraud relates to accounts or returns currently being prepared
or even in past years? Even past years information. Member should advise the client to make full disclosure and should the
FAST Both
Clause attracts even if staff makes an unauthorized disclosure? Yes
client refuse, auditor to make full reservation in his report and should not
associate himself with his return
CA.Sarthak Niraj Jain Guilty

Whether applies on previous auditor communication with incoming
On removal of auditor before completion of term
No further duty regarding disclosure etc. rest on the members
auditor? Yes if details disclosed If there’s fraud in related returns
If client refuses but law demands information, whether to disclose? Yes, Eg. – personal income / income from investment other than business invest-
generally to disclose. ments. Members may still continue but, is under no obligation so to do.
Client Frauds Whether protection u/s 126 of Evidence Act available to CA?
No duty to inform about taxation frauds by client Immunity from disclosure afforded by section 126 of the Evidence Act, and
Under Section 126 of the Evidence Act, an advocate is barred from the extent of immunity involve niceties of law and expert legal advice.
disclosing, (except with the express consent) any communication made However, if it is not legally permissible to claim privilege under the Evidence Act,
in the course of and for the purpose of his employment as an advocate the disclosure made by a member may not be considered as a misconduct.

CODE OF ETHICS
CLAUSE 2 : CERTIFIES / REPORTS WITHOUT EXAMINATION Indicates clearly in report
Source of info
Basis of forecast
unless the examination of such statements and the related records has And major assumptions
- SAE 3400 prescribes the guidelines
other chartered accountant in practice
“Guidance Note on Reports in Company Prospectuses (Revised 2019)”
The Clause applies in cases where report is issued without conducting any This Guidance Note provides guidance on compliance with the provisions
examination either through himself or through: of the Co. Act, 2013 and
Partner The SEBI (ICDR) Regulations 2018 relating to the reports required to be
Employee issued by CA
FAST
[NEW] Another CAiP. Thereby a CA can rely on the work of a Joint Au-
ditor or another auditor subject to such conditions & procedures being CLAUSE 4 : SUBSTANTIAL INTEREST (S.I.)

statements” and SA 600 “Using the Work of Other Auditor”
1. CA, Partner, Firm
CLAUSE 3 : CERTIFIES ON ACCURACY OF FORECASTS
3.
estimate of earnings contingent upon future transactions in a manner which it appears that independence might be affected – Give Conditional ans.
may lead to the belief that he vouches for the accuracy of the forecast.
Diagnosis:
Diagnosis: Opinion – Only assurance assignments
A CA may participate in the preparation of forecasts or review FS –
So long as he does not “vouch” for the accuracy of the forecasts/projections Substantial Interest – CA / Partner / Firm

CODE OF ETHICS
[NEW] Not apply on - statement prepared by members in employment for Any concern in which any of the persons referred to above has a
employers and not meant to be submitted to any outside authority. substantial interest
Assurance/Expression of opinion:
Includes - Excludes - Liquidator of a company
Audit of FS Engagements to perform agreed Internal Auditor for conducting statutory audit including Tax Audit, GST audit.
Audit of projected FS upon procedures Person maintaining books or internal controls of the entity
Audit of Special purpose FS Compilation of FS PT/FT Faculty of the institute, college etc.
Review of FS Management Consultancy Services Trustee in a Trust
Opinion on Internal Control Internal Audit Director in that company
Statutory Audits Liquidator, Arbitrator, Executor, etc.
Tax Audits
Concurrent Audit
FAST services
pany as well
-

Audit of non-corporate bank borrowers
Audit of stock exchange members/brokers
Director in subsidiary appointed by holding company

A member shall be deemed to have a substantial interest in a COMPANY [NEW] Cooling off period after completion of tenure as Director :
If its shares (other than preference shares); Two years from the date of completion or resignation as Director, till than
should not accept audit of that company
corporate entity) at any time;
[NEW] Members to satisfy whether appointment is as per the statute:
One or more relatives of the member; or (i) Entity constituted under a trust deed/instrument: -
Whether his appointment is valid as per instrument or deed constituting the entity

CODE OF ETHICS
(ii) Appointment is to be authorised by the regulatory authorities: - (vii) an individual who, or his relative or partner—
Unless such regulatory authorities have authorised the managing (i) is holding any security of, or interest in, the assessee:
committee for appointment of the auditors Provided that the relative may hold FV upto Rs.1 lakh
(iii) Partnership or sole proprietary concerns: - Ensure that a letter of (ii) is indebted to the assessee: Provided that the relative
may be indebted upto Rs.1 lakh
(iii) has given a guarantee or provided any security in
connection with the indebtedness of any third
for the purpose of Tax Audit “accountant” means a chartered account- person to the assessee: Provided that the relative
may provide upto Rs.1 lakh
does not include: -except for the purposes of representing the assessee — (viii) a person who, whether directly or indirectly, has
(a) In case of a company: - The person who is not eligible u/s 141(3) of business relationship with the assessee of such na
(b)
the Companies Act, 2013 ; or
In any other case,—
FAST (ix)
ture as may be prescribed;
a person who has been convicted by a court of an
(i)
or member
the assessee himself or in case of , any partner offence involving fraud and a period of 10 years has
not elapsed
(ii) trust or institution, any person referred to in clauses (a), Explanation.— For the purposes of this section, “relative” in relation to an
(b), (c) and (cc) of sub-section (3) of section 13; individual, means—
(iii) the person who is competent to verify the return under section (a) spouse of the individual;
139 in accordance with the provisions of section 140; (b) brother or sister of the individual;
(iv) any relative of any of the persons referred to in subclauses (c) brother or sister of the spouse of the individual;
(i), (ii) and (iii); (d) any lineal ascendant or descendant of the individual;
(v) an (e) any lineal ascendant or descendant of the spouse of the individual;
(vi) an individual who is a partner, or who is in the employment, (f) spouse of a person referred to in clause (b), clause (c), clause (d)
or clause (e);

CODE OF ETHICS
(g) any lineal descendant of a brother or sister of either the individual Diagnosis:
or of the spouse of the individual Due Diligence Negligence
Means the diligence reasonably The expression negligence
CLAUSE 5 : FAILS TO DISCLOSE A MATERIAL FACT KNOWN TO HIM
Fails to disclose a material fact known to him which is not disclosed in exercised by a person who seeks to extends from the frontiers
satisfy a legal requirement or of fraud to collateral, minor
- to discharge an obligation negligence
cial statement in a professional capacity
CLAUSE 8 : FAILS TO OBTAIN SUFFICIENT INFO
CLAUSE 6 : FAILS TO DISCLOSE MISSTATEMENT KNOW TO HIM -
-
FAST
cial statement which he is concerned in professional capacity Diagnosis: Identifying the appropriate clause
Incorrect opinion Knowingly Wrong Opinion
Known to CA
Diagnosis : Clause 5 & 6 : Substantial Interest Without Checking – Clause 2
Grossly Negligent Checking – Clause 7
Fails to Disclose – Clause 5
Fails to Report – Clause 6
Covers all assignments on FS not just audit Inadequate Checking – Clause 8
Clause 5 on failure to DISCLOSE
Clause 6 on failure to REPORT Type of Opinion:
-
CLAUSE 7 : DUE DILIGENCE / GROSSLY NEGILIGENT
Does not exercise due diligence or is grossly negligent in the conduct of
his professional duties T&F view with material but non-pervasive exceptions due to
limitations or misstatements
Adverse - No true and fair view on account of pervasive misstatements

CODE OF ETHICS
Disclaimer - No opinion on FS, if pervasive limitations an audit all reports issued pursuant to any attestation engagements, including
[NEW] For detailed consideration of the subject, including illustrative formats The members may
of auditor’s report in different circumstances, the members may refer to SA note that UDIN is mandatory from 1st July, 2019 on all Corporate/ Non-
700(Revised), , SA 705(Revised) and SA 706(Revised). Corporate Audit, Attest and Assurance Functions.(Also refer Council
General Guidelines, 2008)
CLAUSE 9 : FAILS TO INVITE ATTENTION TO SAs (v) Standards on Auditing(SA):- Formulated in the context of an audit of
Fails to invite attention to any material departure from the generally ac- FSs by an independent auditor
cepted procedure of audit applicable to the circumstances (vi) Statements on Auditing :- Issued with a view to securing compliance by
professional accountants on matters which are critical to discharge -
Diagnosis: hence mandatory.
is not reported in the report

FAST
Clause applicable when RELEVANT SA not observed by auditor and such fact Issued with a view to clarify any issues.
(viii) Guidance Notes: - Issued to assist professional accountants in imple-

Tips – Since SAs compliance is mandatory for auditor, any non-compliance to at-
tract this clause. Further CA 2013 S. 143 (9) & (10) also requires auditor to comply (ix)
menting the Eng. Standards and the SQC issued by the AASB.
Technical Guides, Practice Manuals, Studies and Other Papers Published by AASB
with SAs (x) Special procedure: Two instances of an audit requiring a special proce-
[NEW] Certain generally accepted procedures for audit include: dure are given below:-
(i) Generally Accepted Audit Procedure (GAAP): - What constitutes Audit Bureau
“generally accepted audit procedure” would depend upon the facts and of Circulations (ABC) Ltd. Members are normally supplied by the
circumstances of each case for eg. SA’s
(ii) Audit of Listed Companies:- Shall be done by only those auditors who have: circulation is to be carried out.
• subjected themselves to the Peer Review process of the Institute, and Members are required to be very
• familiar with the special procedure required in these matters and
(iii) FRN and Membership No.: - The members are required to mention in act accordingly.

CODE OF ETHICS
CLAUSE 10 : FAILS TO KEEP MONEY OF CLIENT SEPARATE IN BANK SCHEDULE II – PART II
Fails to keep moneys of his client other than fees or remuneration or money All members
meant to be expended in a separate banking account or to use such moneys Professional Misconduct
for purposes for which they are intended within a reasonable time.
CLAUSE I : CONTRAVENES PROVISION OF THE ACT ETC.
TEASER Contravenes any of the provision of this Act or the regulations made there un-
1. An advance received by a Chartered Accountant against fees for services der or any guidelines issued by the Council
to be rendered whether fall under Clause (10) of Part I of the Second
Schedule? [Hint: Clause 10 not applicable] Articles Related Regulations:
2. Moneys received for expenses to be incurred for example payment of pre- CA Regulations, 1988 Particulars
scribed statutory fees, purchase of stamp paper etc., which are intended Regulation 43 Engagement of Articled Assistant
FAST
to be spent whether to be deposited in separate bank account?
[Part of audit fees hence clause N.A.]
Regulation 46
Regulation 47
Registration of Articled Assistant
Premium from Articled Assistant

[Advance for audit or expense then separate Bank a/c not must, but oth-
ers keep in separate bank A/c]
Regulation 48
Regulation 56
Stipend to Articled Assistant
Termination or assistant of Articles
3. Moneys received by a CA in his capacity as a liquidator must be put in a Regulation 65 Article Assistant not to engage in
separate bank account immediately Comment. [Hint: Yes] Regulation 67 Complaint against the employer (from Articles)
4. Can a CA adjust Client’s money meant to be spent for paying taxes Regulation 68 to 80 Audit Assistant
against his outstanding fees? [Hint: No] Regulation 190
5. Client paid advance for out of Pocket expense to auditor, for which audi-
CLAUSE 2 : CONFIDENTIALITY - CAiS
clause the CA will be held guilty? [Hint: Clause 10, Part I, Schedule II] -
mation acquired in the course of his employment except as and when required
by any law for the time being in force or except as permitted by the employer

CODE OF ETHICS
CLAUSE 3 : SUPPLIES INCORRECT INFO TO ICAI, ETC. CLAUSE: OTHER MISCONDUCT
Includes in any information, statement, return or form to be submitted to A member of the institute, whether in practice or not, shall be deemed to be
the Institute, Council or any of its Committees, Director (Discipline), Board guilty of other misconduct, if he is held guilty by any civil or criminal court
of Discipline, Disciplinary Committee, Quality Review Board or the Appellate for an offence which is punishable with imprisonment for a term exceeding 6
Authority any particulars knowing them to be false months
Diagnosis Chapter 4: COUNCIL GENERAL GUIDELINES 2008

• The clause applicable when ‘incorrect information’ is supplied to the Institute Chapter I - Preliminary
• In case of non – supply of information clause 2 of part 3 of Schedule I is Chapter II - Conduct if a Member Being on Employee
applicable (CAiS not be grossly negligent & exercise due diligence)
Chapter III - Appointment of Member as Cost Auditor
CLAUSE 4 : DEFALCATES OR EMBEZZELS MONEY
FAST
Defalcates or embezzles moneys received in his professional capacity Chapter IV
(Deleted Now)
- Opinion on Financial Statement when there is Substantial Interest
Defalcation of Money
CA.Sarthak Niraj Jain Chapter V
(Deleted Now)
- Maintenance of Books of Accounts
Maintain Cash Book and Ledger
positions in ICAI, etc. Chapter VI - Tax Audit Assignments u/s 44 AB of income tax Act
Clause 10 – Part 1 Schedule 2 - Client money defalcation by a CAiP will Maximum 60 audits per AY per partner who is a CAiP.
be covered under Clause 10, P1, S2 Including branch Audit.
Other Misconduct - Other than professional capacity defalcation. It does not include audits conducted under Section 44AD,
44ADA, 44AE and 44AF of the Income Tax Act, 1961
SCHEDULE II – PART III A CAiP shall maintain a record of the tax audit assign-
All members ments accepted by in each AY in the format as may be
Other Misconduct prescribed.

COUNCIL GENERAL GUIDELINES 2008 CODE OF ETHICS COUNCIL GENERAL GUIDELINES 2008
This maximum limit of tax audit assignments may be dis- Chapter X - [NEW]Appointment of Auditor when he or his relative is
tributed between the partners in any manner whatsoever. indebted to a concern
However, it should be in accordance with the Standard Limit > 1,00,000 unless other limit prescribed under law
on Quality Control (SQC)1 . (Rotation of Partners) Covers debt as well as guarantees given & security provided
Chapter VII - [NEW] Appointment of an Auditor in case of Non Payment Co. law limit : -500,000/- for indebtness & 100,000/-
of undisputed fees for guarantee
Not permitted except in Sick Units i.e. where a unit Income-tax Audit : Limit discussed earlier
Chapter XI -
Not to accept Audit
Prov. for audit fee in FS signed by both parties, Chapter XII - Minimum Audit Fee in respect of Audit (Deleted Now)
including other auditor expenses, if any, shall be Chapter XIII - [NEW] -
Chapter VIII -
FAST
considered as “undisputed” audit fee. sues-related to tender
A member shall not respond to any tender - where areas of

Max 30 Company Audit assignments at any point
of time per partner who is CAiP. Branch Audit included
services which are exclusively reserved for CA by statute
A member may respond where minimum fee prescribed
[NEW] Exception: - One person companies and in the tender document itself.
Dormant companies. The fees quoted by the member shall not be less than
the minimum fee mentioned in the tender.
acceptance shall be taken into account. Can respond to tenders which are open to other Professionals;
Chapter IX - Appointment as Statutory Auditor for Other Services even though in tender doc only CAs invited to respond.
Not to accept other assignments if fees > audit fees Can respond to assignments where quotations have been
called through individual letters.
Applies an audit of listed co., PSU, Companies with A member can respond to tenders where only technical
turnover > 50 Crores bid has been asked for

COUNCIL GENERAL GUIDELINES 2008 CODE OF ETHICS
Institute can call for any papers/documents related to NETWORKING GUIDELINES
bid submitted Revised Guidelines of Jan-2021 have
exams hence existing (old) guidelines are given here
EMD/Security Deposit:- Ethical Standards Board may look
into the matter on case to case basis. (A) MEANING OF NETWORK & NETWORK FIRM
Cost Sheet:- A cost sheet be maintained by members re- Network : A larger structure :
sponding to tenders, incorporating details of the costs (a) That is aimed at co-operation; and
(Also refer Clause (6) Part-I Schedule-I ) (b) That is clearly aimed at :
Chapter XIV - or management, common quality control policies &

A CAiP shall generate UDIN for all kinds of the procedures, common business strategy, the use of a common
FAST
mandatory from the following dates: Network Firm : Means a that belongs to a network.
•
•
For all GST and Tax Audit Reports w.e.f. 1st April, 2019.
For all other Audit, Assurance and Attestation
(B) CONCEPT OF NETWORK
(1) Facts and circumstances : Whether these larger structures create a
functions network -It depends on particular facts and circumstances and not on
w.e.f. 1st July, 2019. (Also Refer Clause (12) Part-I
Schedule-I and Clause (9) Part-I Schedule-II) (2) Judgment : Whether a reasonable and informed third party would be
Chapter XV - Guidelines for Networking (Also refer Clause (7) Part-I, the entities are associated in such a way that a network exists.
Schedule-I - Point -Network Firms and Networking Guidelines) (3) Where the larger structure is aimed at
entities within the structure, it is deemed to be a network.

Costs not itself create a network:

NETWORKING GUIDELINES CODE OF ETHICS NETWORKING GUIDELINES
(i) Immaterial costs (C) FORMS OF THE NETWORK
(Ii) Cost related to the development of audit methodologies, 1. Mutual entity 4. Company
manuals, or training courses Which will act as a facilita- Subject to the guidelines pre-
(4) Share common ownership, control or management (OCM) : Where the tor for the constituents of the scribed by Institute for :
larger structure is aimed at cooperation and the entities within the Network. (i) Corporate form of practice and
structure share common OCM, it is deemed to be a network. This could Network itself will not carry out (ii) Formation of management con-
be achieved by contract or other means. any professional practice. sultancy services company.
(5) Common quality control policies and procedures : Those designed, im- 5. Other entities
plemented and monitored across the larger structure. Condition : Max. Partners - 20 Sole Practitioner/proprietor,
(6) Common business strategy : It involves an agreement by the entities to partnership or any such entity
achieve common strategic objectives. as may be permitted by the Act.
FAST
(7) Common brand name : It includes common initials or a common name.
Note:- It may give the appearance that it belongs to a network if it makes
3. Limited Liability Partnership
Subject to the provision of CA
Sj’s note:-

reference in its stationery or promotional materials to being a member of an Act and Rules and such other
laws as may be applicable.
one network.
(i) Firms having common partners
shall join only one Network.
(8) (D) APPROVAL OF NAME OF NETWORK AMONGST FIRMS REGISTERED WITH

Professional resources include: INSTITUTE:
(i) Common Information systems (1) Approval of name :
(ii) Partners and staff; (i) Network may have distinct name- which should be approved by
(iii) Technical departments Institute (ICAI)
(iv) Audit methodology or audit manuals; and word shall be used
(v) Training courses and facilities. (iii) “&Company, & Associates”- word shall not be used

Examples of names of Network- if network is a : (2) Registration :
The Network shall get itself registered with the Institute
By applying in Form B within the period of 3 months
It is mandatory in nature.
(3) Cancellation :
(2) Application : Prescribed format of application- Form-A On the expiry of the said period.
(4) Deemed network :
(3) Approval/Rejection :
Institute shall approve/reject application and Accounting Firm, they shall be considered as a part of a network.
Intimate the same to network within 30 days (from receipt of
form) on address mentioned in Form A (F) LISTING OF NETWORK WITH ENTITIES OUTSIDE INDIA
(4) Withdrawal of name :

FAST (i) Filing of declaration with Institute
By authorized representative(s) of the

Regulation 190 applies on name of network
ICAI may withdraw name at any time-if found undesirable Member constituting the Network
Provisions of Companies Act 2013 applicable in spirit In Form ‘D’ within 30 days from the date of arrangement.
(5) Entitelment to practice : (ii) Can join only one network
Mere approval of name - not entitle to carry on practice in Entities as permitted by the Act Eg.
its own name LLP etc.
Provided they can join only one network; and
(E) REGISTRATION OF NETWORK WITH ENTITIES IN INDIA Firms having common partners shall join only one such network.
(1) Reservation of name :
After approval of name- Institute reserves such name for 3 (G) CHANGE IN CONSTITUTION OF REGISTERED NETWORK
months from the date of approval. On account of any entry into or exit from the Network

Communicate the same to institute In Form ‘C’ within 30 days from (I) CONSENT OF CLIENT
the date of change. Effect of registration of network with Institute:
deemed to be a public notice of the network; and
(H) ETHICAL COMPLIANCE : Applicable ethical requirements prescribed by therefore consent of client will be deemed to be obtained.
ICAI:
(1) Independence : (J) FRAMEWORK OF INTERNAL BYELAWS OF NETWORK:
an entity: Appointment of a Managing Committee-
from among the managing partners
shall not accept the internal audit or book-keeping or such other profes- terms and conditions to be determined, alongwith
sional assignments minimum and maximum number of members
(2) Guidelines of ceiling on Non-audit fees :- applicable as follows: Administration of the network
FAST Contribution of membership fees to meet the cost of the administration
fee payable
CA.Sarthak Niraj Jain 3 times of the Dispute settelment process
Devlopment of tranning materials
(3) Prescribed by regulatory authority: Issue of news letters
No member of network can accept appointment In place of retiring Development and maintenance of data base
auditor of network Appointment of a technical director
(4) Advertisment by network : Library etc.
May advertise as permitted by guidelines of Institute SJ’s note :- These clauses are illustrative.
May use “Network Firms” on their professional stationary
(5) Compliance of Ethical Standard : (K) REPEAL AND SAVING:
As prescribed by Council from time to time The erstwhile “Rules/Guidelines of Network” issued by the Institute
stands repealed from the date of commencement of these Guidelines.

CODE OF ETHICS
Provided that notwithstanding: 3. The write-up may include:- Refer Clause 7 Part-1 Schedule-1
such repeal, anything done or any action taken, or 4. The write-up shall comply the conditions :- Refer Clause 7 Part-1 Schedule-1
purported to have been done, or 5. Website Guidelines: - Refer Clause 6 Part-1 Schedule-1
taken in respect of the erstwhile Rules/Guidelines 6. [NEW] Online Third Party Platforms: - Refer Clause 6 Part-1 Schedule-1
prior to the date of applicability of these Guidelines 7. [NEW] Telephone or other Directories:- Refer Clause 6 Part-1 Schedule-1
shall be deemed to have been done or taken under the corresponding 8. [NEW] Specialized Directories:- Refer Clause 6 Part-1 Schedule-1
provisions of these Guidelines. Exemptions: -:- Refer Clause 6 Part-1 Schedule-1
[NEW] Chapter XVI -
Logo Guidelines - Please refer in Clause (7) - Common CA Logo ETHICAL STANDARDS BOARD (ESB)
A. Purpose:
Develops and issues ethical standards and other pronouncements for
FAST
Chapter 3: COUNCIL GUIDELINES FOR ADVERTISEMENT, 2008
(Issued Pursuant to Clause (6) & (7) of Part I of the First Schedule) B.
chartered accountants.
Objective:
1.
The Member(s)/Firm(s) should ensure that the contents of the Write up
are true to the best of their knowledge and belief and are in conformity
Set up ethical standards for CAs, converge with the International
best practices on ethics, subject to local laws
with these Guidelines. Enhancing the quality and consistency of services and
Strengthening the in the profession.
(i) “write up” means the writing of particulars according to the in- C. Terms of Reference:
formation given in the Guidelines setting out services rendered by the To examine various issues concerning Code of Ethics
To establish standards for CAs for regulation and maintenance
- of status and standards
tronic mode or otherwise including in newspapers, journals, magazines To examine and advise on any ethical matters
and websites which include social Networking Websites. To review periodically and publish the revised Code of Ethics
To promote public awareness

CODE OF ETHICS
To examine and deal with the complaints of members. may ask for the Statement of Reasons from the complainant.
The ESB will review the terms of reference at every 2 years (ii) The Statement of reasons will be sent to the Incoming Auditor and
- Auditee for their Comments/ Observations. The Complainant and the
moval of Auditors Incoming Auditor will submit their Statement of Reasons, Observations/
(i) Where an auditor resigns from his appointment or does not offer Comments thereof
himself for reappointment any wrong Submission, the members shall be liable for misconduct.
(a) he shall send a communication, in writing, to the BoD of the (iii) The Incoming Auditor will be advised to consider the Statement
Co. giving reasons of Reasons submitted by the Complainant while conducting the
(b) and shall send a copy of such communication to the Institute. audit. The Incoming Auditor will be asked to submit a copy of his
(c) It shall be obligatory on the incoming auditor, before Audit Report for consideration of the Board. The Board, thereaf-
accepting appointment to obtain a copy of such communica- ter, shall examine the Statement of Reasons sent by the Com-
FAST
tion and consider the same before accepting the appointment.
(ii) Where an auditor, willing for reappointment has not been reap-
plainant, the Observations/ Comments of Incoming Auditor and
Auditee and the Audit Report of the Incoming Auditor to ensure
pointed, he shall
which he may have sent to the mgmt of the Co. for circulation
that the issues raised by the Complainant have been adequately
addressed to by the Incoming Auditor.
among the shareholders.
(iii) The ESB on a review of the communications referred to in above any person and legality of his appointment.
paras may call for such further information as it may require and (v) In case of any negligence by the Incoming Auditor the matter will
make a report to the Council in cases where it considers necessary. be referred to the Disciplinary Directorate of the Institute to treat
the same as ‘Information’.
(vi) It may be mentioned that so far as payment of undisputed fee of the
ESB (Board) has also been empowered to adopt the procedure narrated herein under:- Outgoing Auditor is concerned, the present position shall be maintained.
(i) On receipt of a complaint (vii) The Board shall have the right to issue interim order, in appropri-
non re-appointment due to alleged Board ate cases.

CODE OF ETHICS
F. Form of complaint/statement of reasons: - 7. A chartered accountant in practice cannot become Financial Advisors and
The form of the complaint and the list of the enclosures to be submit- receive fees/commission from Financial Institutions such as Mutual Funds,
ted along with the Complaint/Statement of Reasons is prescribed under, Insurance Companies, NBFCs etc.
and may be sent at the prescribed address 8. A chartered accountant cannot exercise lien over the client documents/
RECENT DECISIONS OF ETHICAL STANDARDS BOARD records for non- payment of his fees.
1. A Chartered Accountant in practice may be an equity research adviser, 9. It is not permissible for CA Firm to print its vision and values behind the
but he cannot publish retail report, as it would amount to other business visiting cards, as it would result in solicitation and therefore would be viola-
or occupation. tive of the provisions of Clause (6) of Part-I of First Schedule to the Chartered
2. A Chartered Accountant, who is a member of a Trust, can be the auditor Accountants Act, 1949.
of the said trust. If it is not prohibited under any law or otherwise con- 10. It is not permissible for CA in practice to take agencies of UTI, GIC or NSDL.
(Amended - from May-2022) 11. It is permissible for a member in practice to be a settlor of a trust.
3.
FAST
A Chartered Accountant in practice may engage himself as Registration 12. A member in practice cannot hold Customs Brokers Licence under section
Authority (RA) for obtaining digital signatures for clients. 146 of the Customs Act, 1962 read with Customs Brokers Licensing Regula-
4.
A Chartered accountant can hold the credit card of a bank when he is also
the auditor of the bank, provided the outstanding balance on the said card 13.
tions, 2013 in terms of the provisions of Code of Ethics.
A Chartered accountant in service may appear as tax representative before tax auhori-
does not exceed 1,00,000 beyond the prescribed credit period limit on credit ties on behalf of his employer, but not on behalf of other employees of the employer.
card given to him. 14. A chartered accountant who is the statutory auditor of a bank cannot for the
5. A Chartered Accountant in practice can act as mediator in Court, since act- stock audit of the same branch of the bank or
ing as a “mediator” would be deemed to be covered within the meaning of any of the branches of the same bank or sister concern of the bank, for the
“arbitrator’; which is inter-alia permitted to members in practice as per
Regulation 191 of the Chartered Accountants Regulations, 1988. 15. A CA Firm which has been appointed as the internal auditor of a PF Trust
6. A Chartered Accountant in practice is not permitted to accept audit assign- by a Government Company cannot be appointed as its Statutory Auditor.
ment of a bank in case he has taken loan against a Fixed Deposit held by him 16. A concurrent auditor of a bank ‘X’ cannot be appointed as statutory audi-
in that bank. tor of bank ‘Y’, which is sponsored by ‘X’.

CODE OF ETHICS
17. A CA/CA Firm can act as the internal auditor of a company & statutory only if the services provided are professional activities of a practicing
auditor of its employees PF Fund under the new Companies Act, 2013. chartered accountant, permitted under the Act.
18. The Ethical Standards Board while noting that there is requirement for 26. A Chartered Accountant in service is allowed to take e-return registration
a Director u/s 149(3) of the Companies Act, 2013 to reside in India for a
minimum period of 182 days in the previous calendar year, decided that certify the return.
such a Director would be within the scope of Director Simplicitor (which 27. In case where Chartered Accountant in practice is a non-executive director
is generally permitted as per ICAI norms), if he is non – executive direc- in a company, he or a Firm in which he is a partner, should not accept the
tor, required in the Board Meetings only, and not paid any remuneration appointment as a statutory auditor of a Company which is a joint venture
except for attending such Board Meetings. of the original Company, as it would impact independence.
19. A CA Firm may register itself on Udyog Aadhar, a web portal of Ministry 28. The Ethical Standards Board in 2013 generally apply the stipulations con-
Micro, Small and Medium Enterprises. tained in the then amended Rule 11U of Income Tax generally, wherein
chase shares of the said Company.

FAST
20. There is no prohibition for internal auditor of a company to acquire/pur- statutory auditor /tax auditor cannot be the valuer of unquoted equity
shares of the same entity.

21. It is not permissible for a member to use WhatsApp to send messages
to make people aware about his practice, and mention the services pro-
The Board has at its recent Meeting (January, 2017) has reviewed the
above, and decided that where law prohibits for instance in the Income Tax
vided therein. Act and the rules framed thereunder, such prohibition on statutory auditor/
22. A Chartered Accountant in practice being Director Simplicitor in a Company tax auditor to be the valuer will continue.
cannot sign ROC Forms of the Company But where there is the said even-
23. A Chartered Accountant in practice can act as Authorized Representative of tuality will be permissible, subject to compliance with the provisions, as
a Foreign Company, provided he is not the auditor of the said Company. contained in the Code of Ethics relating to independence.
24. It is permissible for two or more Chartered Accountants in practice col- 29. The Ethical Standards Board had in 2011 decided that it is not permissible
lectively to have joint training session for their clients on GST, and share for a member who has been Director of a Company, upon resignation from
the fees collected from the clients thereof. the Company to be appointed as an auditor of the said Company, and the
25. A chartered accountant in practice can provide services through kiosk cooling period for the same may be 2 years.

CODE OF ETHICS
30. For the purpose of Appointment of an auditor when he is indebted to a RECENT ANNOUNCEMENTS OF ETHICAL STANDARDS BOARD
concern, as dealt with under Chapter X of the Council General Guidelines, (1) FAQs relating to professional ethics of members pertaining to Bank
2008, the term “auditor’ shall not include internal auditor, concurrent Assignments
auditor or an auditor giving report to the Management. In other words,
the provision relating to criteria/limit of indebtedness shall apply only to has taken loan from the bank
statutory audits. 2. Revenue auditor, concurrent auditor, stock auditor, internal auditor, consul-
31. The concurrent Auditor of a Branch can undertake the assignment of tancy service provider of a bank to not undertake statutory audit of same
LFAR only with respect to Branches which are not subject to Statutory bank or its Sponsor Bank whether it is audit under Companies Act, 2013,
Audit. With respect to Branches which are subject to Statutory Audit, the Income-tax Act, 1961 or Limited review as per SEBI guidelines.
LFAR assignment shall be undertaken by the Statutory Auditor. 3. Internal auditor can provide advisory services
32. Members in practice are allowed to accept a particular position e.g. Whole 4. A member can simultaneously be the
FAST
Time director/Managing Director in Companies registered under Section 8
of Companies Act, 2013 provided his position is honorary and the Com-
(CISA) and Credit Appraiser of the same Bank; however, he should ensure
commercial
panies falls under the category of charitable, educational, or other non- 5. Member may hold credit card of the bank for which he is the auditor pro-
vided the amount of indebtness is not more than 10,000/-
33. Concurrent Audit and the assignment of (quarterly) limited review of the 6. Auditor can relinquish his concurrent audit assignment to accept statutory
same Bank cannot be undertaken simultaneously as the concurrent audit audit provided concurrent of that year has not commenced.
being a kind of internal audit and the quarterly limited review being a (2) Fees from a Single Client (COE 2020)
kind of statutory audit undertaken simultaneously are prohibited under
the provisions of Code of Ethics . on acceptance of more than 15% fees from a single client. There is only
It may however be noted that the Concurrent Auditor of a Branch requirement of disclosure, and taking safeguards prescribed therein, if the
of a Bank may be required to to the total gross annual professional fees from the audit client and its related
entities
be undertaken by the Concurrent auditor of the Bank.

CODE OF ETHICS
consecutive years. Accordingly, the Audit may be continued while taking of Chartered Accountants Firm, wherein he is a partner. The member may
safeguards as mentioned in the said Paragraph. It may further be clari- also choose to use only his name, or only the name of the said Chartered
this rule would not apply in Case of audit of Government Com- Accountants Firm whether it used at a platform of ICAI or else, whether
- presentation held in physical mode or online mode. However, other details
tions or where appointments are made by Government; OR where the
3. It is not permitted for a member to use his photograph on the Book or
It may also be relevant to note that the rule applies ONLY where such Article published by him, or a presentation made by him.
Fees is received from an AUDIT CLIENT. “Further COE 2020, requirements 4. It is not permissible for a member to indicate his designation (other than
“CA” like “Associate Director”, “coordinator” etc.), or his association with
(3) Communication with the Retiring Auditor through E-mail private company in a book, article or presentation contributed or published
Due to the existing constraint of communication through prescirbed modes, it has by him, as it would be violative of Section 7 of Part-I of First Schedule to
FAST
been decided that the members may communicate with the Retiring Auditor vide
E-mail, provided an acknowledgement of such communication is received from 5.
The Chartered Accountants Act, 1949.
The names of other partners of the Chartered Accountants Firm cannot be

the Retiring Auditor’s E-mail address registered with the Institute or his last
6.
mentioned on the Presentation.
As per the revised Volume-II of Code of Ethics, 2020, videos of educational
be deemed as valid evidence of positive delivery of communication. nature uploaded on the internet by members, no reference should be made
(4) Advisory on Mentioning Fees in Advertisements issued by Members to the Chartered Accountants Firm wherein the member is a partner/ pro-
- prietor. Accordingly, a presentation that is a part of an online educational
soever, should not be mentioned by members in any Advertisement of video should not depict the name of his Firm.
services or posting of particulars. 7. Member in service, being an employee of a CA Firm, can make a presenta-
(5) FAQs on Books, Articles and Presentations by Members in Practice (COE 2020) tion, and mention his name along with of
1. Member in practice may mention his name, Chartered Accountants. However, the bar on mentioning professional at-
a book or an article published by him, or a presentation made by him. tainments or other details of own or the Firm will be the same as in case
2. Member can also mention in books / articles / presentations, the name of partner of the CA Firm.

CODE OF ETHICS
(6) Announcement on Internal Auditor not to undertake GST Audit simultaneously 10. The member is not allowed to share fees with another professional ; how-
ever, he can engage separately with the clients of such other professional
Audit of the same entity. to provide GST consultation.
(7) FAQs on Ethical Issues relating to GST (8) Announcement on advertising by members in practice engaged in coach-
1. A member in practice can engage as GST practitioner & can act as Tax ing/ teaching institute
Return Preparer for GST. Refer Clause 6 & Clause 11 of Part-1 Schedule-1
2. A member holding CoP, who is an employee in a CA Firm, can be enrolled as (9) Announcement on KYC Norms
GST practitioner, subject to contractual obligations, if any, with the employer. Refer KYC Norms for CA in Practice (Recommendatory)
3. A member/Firm can conduct training through seminars etc. on GST for (10) Announcement- Amendment in ICAI Website Guidelines
only existing clients. Refer Clause 6 Part-1 Schedule-1
4. A member can send presentation on GST /write-up on GST only to existing clients, (11) Announcement on use of designation(s) other than the designation of
5.
FAST
and to a proposed client if an enquiry was received from the proposed client.
It is not permissible for a member to mention himself as “GST Consultant”.
“Chartered Accountant”.
Refer Clause 7 Part-1 Schedule-1
6.
A member can share GST updates, mentioning himself as “CA” with
individual name, provided the communication is limited to providing
(12) Announcement on prohibition to undertake the assignment of audit and
accounting work together for the same entity.
updates. Mention of Firm name is not allowed. Refer Clause 4 Part-1 Schedule-2
7. A member can publish testimonials /appreciation letters received by him (13) Announcement on Ranking of CA Firms.
with regard to GST Training assignments on CA Firm website, but not on Providing ranks or providing information to entities providing ranks to CA
social media like Facebook, Linkedin etc. Firms is violative of Item 6 of Part-I of First Schedule to The Chartered Ac-
8. A member can provide GST Training to the existing clients. In case of non-clients, countants Act, 1949 . Additionally, it results in claiming superiority of one
training can be provided only if the member is invited to provide such training. -
9. GST services are part of professional services provided by a CA, and lines of the ICAI under Item 7 of Part –I of First Schedule to The Chartered
accordingly, its advertisement has to be in terms with the ICAI Accountants Act, 1949.
Advertisement Guidelines, 2008 only.

CODE OF ETHICS
RECENT CLARIFICATIONS OF ETHICAL STANDARDS BOARD 6.
(1) Listing with bodies website collecting the data-base for
S.N Notes creating data-base for independent directors is permissible
1. Refer Clause 11 of Part-1 Schedule-1 independent directors of with or without payment
in practice being a Karta Chartered Accountants and -
of a HUF making invest- (2) Acting as E-Interme- ing as E-Return Intermediary comes
ment. diary.
2. Refer Clause 4 Part-1 Schedule-2 Management Consultancy and Other
of simultaneously under- Services” it is permissible.
taking Concurrent Audit 7. 1) A member in practice is not permit-
and Quarterly Review of Accountants acting as ted
3.
the same Bank
FAST
Refer Council General Guidelines, 2008
Direct Selling Agent
(DSA)- Ethical issues
2) He may verify credit card credential
3) He may provide services that are in the
4.
Tax Audit Assignments
The charging of fee by Recovery Con-
involved.
the nature of assurance services.
recovery consultant in sultant in Banking Sector on percentage Members are required to 4) He may provide services, which are
Banking Sector basis is not permissible as he cannot be keep in mind the aforesaid in the nature of Management Con-
(Now not applicable) equated to a receiver or liquidator under decision of the Committee sultancy & other Services and can
such circumstances. while acting as Direct perform all those services, which a
5. Refer Clause 2 of Part-1 Schedule-1 Selling Agent (DSA). Chartered Accountant can provide.
Fees with Government 8. Refer Clause 2 of Part-1 Schedule-1
transfer of Goodwill of
Chartered Accountant Firms

CODE OF ETHICS
9. Refer Clause 4 Part-1 Schedule-2 (4) Disclosure of Interest by Auditors in other Firms
the Auditor of a Subsidiary Auditors should make a disclosure of the payments received by them for
Company can be a Director
of its Holding Company. said auditor may be either a partner or proprietor.
(5) Recommended Minimum Scale of Fees
Chapter 5: SELF REGULATORY MEASURES The Institute has issued revised Minimum scale of Fees for the professional
Recommended by the Council: The self-regulatory measures are recommendatory. assignments of the members of ICAI. The recommended scale of Fees is to be
(1) Branch Audits charged as per the work performed for various professional assignments.
The branch audits of a Company should not be conducted by its statutory
auditors consisting of ten or more members, but should be conducted by the -
ics on acceptance of more than 15% fees from a single client. There is
FAST
This restriction may not apply in the following cases:
(i) where the accounting records of the branches are maintained at the
only requirement of disclosure , and taking safeguards prescribed therein,
if the total gross annual professional fees from the audit client and its
CA.Sarthak Niraj Jain related entities represent more than 15% of the total fees received by the
two consecutive years.

(2) Joint Audit
of Government Companies, public undertakings, nationalized banks, pub-
lakhs of rupees.
It may also be relevant to note that the rule applies ONLY where such
excluding articled and audit assistants, typists, peons and other persons not Fees is received from an AUDIT CLIENT.
engaged directly in such professional work.

CODE OF ETHICS
CHAPTER 6 RECENT FAQS OF ICAI ON ETHICS, 2021 FAQ 10. Whether members in practice can list themselves with online Appli-
(NOT IN ICAI-STUDY MATERIAL) cation based service provider Aggregators? No.
SJ Exclusive Coverage (Answers given in red color)
FAQ 1. Whether a CA in practice is required to obtain any trade license for -
practicing? No. sional documents? No.
FAQ 2. Whether a CA Firm can be registered with the Institute as a LLPs? Yes.
FAQ 3. Can a member in practice be part of AOP, with other members, or Yes, However, the member can-
other professionals? No.
FAQ 4. Whether a member in practice can provide payroll services? Yes. FAQ 13. Which designation(s) can be mentioned by a member in practice
FAQ 5. Whether a member holding COP will be deemed to be in practice empanelled as Insolvency Professional on his visiting cards, letter
even if he is not serving any clients? Yes. heads and other communication? Insolvency Professional.
FAST
FAQ 6. Whether a messaging application can be used by a member in
practice to send messages to make people aware about their new
FAQ 14. Whether a member in practice owning intellectual property rights of
domain names sell these domain names to some entity for earning

practice and mention the services provided therein? No.
FAQ 7. Whether a member in practice can advertise their services on social
royalty on the same? No.
FAQ 15. Whether a member, who is the statutory auditor of a company, can
networking websites? Yes, subject to the Council Guidelines for let out property owned by his Hindu Undivided Family (HUF) to the
Advertisement, 2008. said Company? Such a transaction should be avoided from an inde-
FAQ 8. Whether a write-up in an Advertisement may contain any information pendence perspective.
about an achievement or award given to a member? Yes, provided it FAQ 16. Whether a member in practice is generally permitted to write script/
has been awarded by the Central or State Governments or Regulatory story for a movie?
bodies. permission of the Council in this regard.
FAQ 9. Whether a member in practice or a Firm may give link of its web- FAQ 17. Whether a member in practice can also practice simultaneously as an
site on a social networking site? Yes, However, the members should Actuary? No.
not solicit people to visit or like the page.

CODE OF ETHICS
FAQ 18. Whether a Firm of CAs can undertake the assignment of MCS of a
co. where a partner of the Firm is Director Simplicitor? Yes. member.
FAQ 19. Whether a member in practice is permitted to be an athlete/ play FAQ 27. Whether partner of a Firm of Chartered Accountants doing audit of
tournaments simultaneously along with holding COPs? Not permissible an Insurance company can accept the assignment of surveyor of the
FAQ 20. Whether a statutory auditor can accept the system audit of same said Company? No.
entity? Yes, the statutory auditor can accept the assignment of
a system audit of the same entity, provided it did not involve any CHIT PAGE
THE FIRST SCHEDULE (See sections 21(3), 21A(3) and 22)
PART I : Professional misconduct in relation to chartered accountants in practice
statutory auditor of one associate company when he is the internal A chartered accountant in practice shall be deemed to be guilty of professional mis-
auditor of another fellow associate company. Yes. conduct, if he—
members of the Institute? No.

FAST
FAQ 22. Whether there is any minimum audit fee to be charged by the (1) allows any person to practice in his name as a chartered accountant unless such
person is also a chartered accountant in practice and is in partnership with or

FAQ 23. Whether a member in practice can establish a Tax Information Net-
work - Facilitation Centre (TIN-FC)? Whether he can be franchise
employed by him;
(2) pays or allows or agrees to pay or allow, directly or indirectly, any share, com-
for a TIN-FC? Permissible.
FAQ 24. Whether it is permissible for a member to mention himself as “GST person other than a member of the Institute or a partner or a retired partner or
Consultant”? Not permissible. the legal representative of a deceased partner, or a member of any other profes-
FAQ 25. Can a member in practice hold a kiosk for providing certain Govern-
ment services in areas where online access is not available? prescribed, for the purpose of rendering such professional services from time to
Can provide if such services are professional services permitted un- time in or outside India.
der the Act. Explanation- In this item, “partner” includes a person residing outside India with
FAQ 26. Whether a member in service is permitted to take ERI (E-Return whom a chartered accountant in practice has entered into partnership which is
Registration) in his/her name? not in contravention of item (4) of this Part;

MISCONDUCTS UNDER SCHEDULES CODE OF ETHICS MISCONDUCTS UNDER SCHEDULES
(ii) a member from responding to tenders or enquiries issued by various users of

person who is not a member of the Institute: professional services or organisations from time to time and securing profes-
Provided that nothing herein contained shall be construed as prohibiting a sional work as a consequence;
(7) advertises his professional attainments or services, or uses any designation or

including receiving any share commission or brokerage in the fees, with a expressions other than chartered accountant on professional documents, visiting
cards, letter heads or sign boards, unless it be a degree of a University estab-
referred to in item (2) of this Part; lished by law in India or recognised by the Central Government or a title indi-
(4) enters into partnership, in or outside India, with any person other than a cating membership of the Institute of Chartered Accountants of India or of any
chartered accountant in practice or such other person who is a member of other institution that has been recognised by the Central Government or may be
recognised by the Council:

including a resident who but for his residence abroad would be entitled to be Provided that a member in practice may advertise through a write up, setting
FAST
registered as a member under clause (v) of sub-section (1) of section 4 or
such guidelines as may be issued by the Council;

for the purpose of permitting such partnerships;
(5) secures, either through the services of a person who is not an employee of such
(8) accepts a position as auditor previously held by another chartered accountant or
-
chartered accountant or who is not his partner or by means which are not open
to a chartered accountant, any professional business:
Provided that nothing herein contained shall be construed as prohibiting any it whether the requirements of section 225 of the Companies Act, 1956 (1 of
arrangement permitted in terms of items (2), (3) and (4) of this Part; 1956) in respect of such appointment have been duly complied with;
(6) solicits clients or professional work either directly or indirectly by circular, (10) charges or offers to charge, accepts or offers to accept in respect of any profes-
advertisement, personal communication or interview or by any other means:
Provided that nothing herein contained shall be construed as preventing or prohibiting—

(i) any chartered accountant from applying or requesting for or inviting or se- under any regulation made under this Act;
curing professional work from another chartered accountant in practice; or

(11) engages in any business or occupation other than the profession of chartered quirements asked for, by the Institute, Council or any of its Committees, Director
accountant unless permitted by the Council so to engage: (Discipline), Board of Discipline, Disciplinary Committee, Quality Review Board
Provided that nothing contained herein shall disentitle a chartered accountant or the Appellate Authority;
from being a director of a company (not being a managing director or a whole (3) while inviting professional work from another chartered accountant or while
time director) unless he or any of his partners is interested in such company responding to tenders or enquiries or while advertising through a write up or
as an auditor; anything as provided for in items (6) and (7) of Part I of this Schedule, gives
(12) allows a person not being a member of the Institute in practice, or a member information knowing it to be false.
- PART IV : Other misconduct in relation to members of the Institute generally
A member of the Institute, whether in practice or not, shall be deemed to be guilty of
PART II: Professional misconduct in relation to members of the Institute in service other misconduct, if he—
A member of the Institute (other than a member in practice) shall be deemed to be (1) is held guilty by any civil or criminal court for an offence which is punishable
person—
FAST with imprisonment for a term not exceeding six months;
(2) in the opinion of the Council, brings disrepute to the profession or the Institute

(1) pays or allows or agrees to pay directly or indirectly to any person any share in
the emoluments of the employment undertaken by him;
as a result of his action whether or not related to his professional work.
THE SECOND SCHEDULE

(See sections 21(3), 21B(3) and 22)
PART I : Professional misconduct in relation to chartered accountants in practice

A chartered accountant in practice shall be deemed to be guilty of professional mis-
conduct, if he—
PART III : Professional misconduct in relation to members of the Institute generally (1) discloses information acquired in the course of his professional engagement to
A member of the Institute, whether in practice or not, shall be deemed to be guilty any person other than his client so engaging him, without the consent of his cli-
of professional misconduct, if he— ent or otherwise than as required by any law for the time being in force;
(1) not being a fellow of the Institute, acts as a fellow of the Institute; -
(2) does not supply the information called for, or does not comply with the re-

and the related records has been made by him or by a partner or an employee PART II : Professional misconduct in relation to members of the Institute generally
A member of the Institute, whether in practice or not, shall be deemed to be guilty of
professional misconduct, if he—
estimate of earnings contingent upon future transactions in a manner which (1) contravenes any of the provisions of this Act or the regulations made thereunder
may lead to the belief that he vouches for the accuracy of the forecast; or any guidelines issued by the Council;
-
mation acquired in the course of his employment except as and when required
(5) fails to disclose a material fact known to him which is not disclosed in a by any law for the time being in force or except as permitted by the employer;
(3) includes in any information, statement, return or form to be submitted to the
Institute, Council or any of its Committees, Director (Discipline), Board of Dis-

professional capacity; cipline, Disciplinary Committee, Quality Review Board or the Appellate Authority
FAST
statement with which he is concerned in a professional capacity;
any particulars knowing them to be false;
(4) defalcates or embezzles moneys received in his professional capacity.
professional duties;
(7) does not exercise due diligence, or is grossly negligent in the conduct of his
PART III : Other misconduct in relation to members of the Institute generally
A member of the Institute, whether in practice or not, shall be deemed to be guilty

of other misconduct, if he is held guilty by any civil or criminal court for an offence
(9) fails to invite attention to any material departure from the generally accepted which is punishable with imprisonment for a term exceeding six months.
procedure of audit applicable to the circumstances;

(10) fails to keep moneys of his client other than fees or remuneration or money Pride of FAST,
meant to be expended in a separate banking account or to use such moneys Drone Chart
for purposes for which they are intended within a reasonable time.
Do share your feedback with SJ sir at 92000 79000

CODE OF ETHICS
Non-Compliance with Laws and Regulations (NOCLAR) (Important for May-22)
[1] Introduction & Scope [2] Some important facts about NOCLAR
Introduction- Non-compliance with laws and regulations (“non-compliance”) (a) During Course of Providing a Service :
comprises of acts of omission or commission, intentional or unintentional, NOCLAR will be applicable if a professional accountant encounters, or is made
which are contrary to the prevailing laws or regulations committed by: aware of, non-compliance or suspected non-compliance. He is not required to
a client/professional accountant’s employing organisation; investigate, nor responsible for ensuring compete compliance.
TCWG of a client or employing organisation;
management of a client/ employing organisation; or (b) Expertise of Laws not Required :
other individuals working for or under the direction of a client/ employing A professional accountant is expected to apply knowledge and expertise, and
organisation exercise professional judgment. However, he is not expected to have a level
FAST
However, NOCLAR under Revised Code of Et8t address the personal
misconduct unrelated to the business activities of the client/ employing organisation

of knowledge of laws and regulations greater than that which is required to
undertake the engagement.
CA.Sarthak Niraj Jain (c) Certain Matters Expressly out of Purview:
Scope- As per IESBA, following examples would be covered in NOCLAR:- Matters that are clearly inconsequential, or relating to personal misconduct
Fraud, corruption and bribery pertaining to business activities of the client not covered.
Securities markets and trading (d) Disclosure, which is Contrary to Law not Required:
As per IESBA Code, disclosure of the matter to an appropriate authority would
Data protection be precluded if doing so would be contrary to law or regulation.
Environmental protection
Public health and safety
Tax and pension liabilities and payments

CODE OF ETHICS
Non-Compliance with Laws and Regulations (NOCLAR) (Important for May-22)
[3] Non-Compliance with Laws and Regulations vs SA-250
[4] Applicability of NOCLAR in India
S. No. SA-250 NOCLAR
(a) SA 250 is applicable only NOCLAR is applicable on professional > The IESBA COEs makes NOCLAR applicable to:
Applicability on Audit, and not on other accountants in service, and in practice a all assignments (in case of members in practice), and
Assurance engagements. (it applies on Audit as well as other
professional seriveces) b to all employers (in case of members in service).
(b) SA 250 talks of auditor’s NOCLAR, while being alike to SA 250 till > However, in the ICAI Code, as of now”
Responsibility responsibilities for laws this point, is further ahead of it in that it a Institute has restricted applicability of NOCLAR to Audits assignment
having direct effect & other takes into account non-compliance that
laws that do not have a of listed entities (in case of members in practice) and
causes substantial harm resulting in
direct effect on the b For the members in service applicability has been restricted to
determination of the
amounts and disclosures employees of listed entities only.
in the FSs, but compliance
with which may be fun-
damental to the operating
FAST [5] Responding to NOCLAR - Summary Chart
(c)
aspects of the business.
SA 250 does not

NOCLAR is related to affect of
non-compliance on investors, creditors,
In case of
Employment
In case of
Audit Engagement
Steps to be taken
for responding
Stakeholders
employees as also the general public
Obtaining an understanding
Responsibilities
(d) This provision is not As per NOCLAR, in exceptional circumstanc- Responsibility of the matter
of Professional
Breach existent in SA 250 es, CA might become aware of an imminent of Senior
Accountant Addressing the matter
Professional
of law breach of a law or regulation that would cause
Accountant Seeking Advice
in Service
considered whether it would be appropriate to Determining whether
discuss the matter with MGT or TCWG & exercise further action is needed
professional judgment and determine whether to Responsibilities Determining whether to
disclose the matter immediately to an appro- of Professional disclose the matter to an
Accountant other Appropriate Authority
priate authority in order to prevent or mitigate
than Senior
the consequences of such imminent breach. If Imminent Breach
Professional
disclosure is made, that disclosure is permitted. Accountant Documentation
CODE OF ETHICS
[6] Documentation Requirements in NOCLAR Important Notes
Revised Code over and above require the professional accountant to
follow the additional documents requirements as under:
How MGT / The course of action the How the accountant

TCWG have accountant considered, the that the
responded judgments made and the
responsibility of
decisions that were taken,
to the public interest has
having regard to the reasonable
matter.
and informed third party test.
FAST
This documentation is in addition to complying with the documentation

requirements under applicable auditing standards.

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CODE

CODE OFOF ETHICS

Volume Volume Volume

CODE OF ETHICS DRONE CHARTS BY CA. SARTHAK NIRAJ JAIN 1

Guide to the CODE 03 Schedule - I Schedule - II

CA.Sarthak Niraj Jain

Deeming Services 10 Recent Decisions Of Ethical Standards Board 57

2 AB AUDIT HOGA SABSE SCORING BY CA. SARTHAK NIRAJ JAIN

CA.Sarthak Niraj Jain

Part 3 - Professional Accountants in Public Practice Requirements

CODE OF ETHICS DRONE CHARTS BY CA. SARTHAK NIRAJ JAIN 3

CA.Sarthak Niraj Jain

4 AB AUDIT HOGA SABSE SCORING BY CA. SARTHAK NIRAJ JAIN

CA.Sarthak Niraj Jain

CODE OF ETHICS DRONE CHARTS BY CA. SARTHAK NIRAJ JAIN 5

6 AB AUDIT HOGA SABSE SCORING BY CA. SARTHAK NIRAJ JAIN

CA.Sarthak Niraj Jain

CODE OF ETHICS DRONE CHARTS BY CA. SARTHAK NIRAJ JAIN 7

Non-Compliance with Laws and Regulations (NOCLAR)

(1) Introduction & Scope : -In the course of providing a professional

CA.Sarthak Niraj Jain

8 AB AUDIT HOGA SABSE SCORING BY CA. SARTHAK NIRAJ JAIN

CA.Sarthak Niraj Jain

CODE OF ETHICS DRONE CHARTS BY CA. SARTHAK NIRAJ JAIN 9

10 AB AUDIT HOGA SABSE SCORING BY CA. SARTHAK NIRAJ JAIN

CA.Sarthak Niraj Jain

CODE OF ETHICS DRONE CHARTS BY CA. SARTHAK NIRAJ JAIN 11

Removal / Cancellation / Restoration

CA.Sarthak Niraj Jain

12 AB AUDIT HOGA SABSE SCORING BY CA. SARTHAK NIRAJ JAIN

rules and regulations and act.

CA.Sarthak Niraj Jain

CODE OF ETHICS DRONE CHARTS BY CA. SARTHAK NIRAJ JAIN 13

SECTION 8: DISABILITIES FOR MEMBERSHIP

14 AB AUDIT HOGA SABSE SCORING BY CA. SARTHAK NIRAJ JAIN

PENALTY FOR FALSE REPRESENTATIONS

CODE OF ETHICS DRONE CHARTS BY CA. SARTHAK NIRAJ JAIN 15

First Conviction – 5000/- to 1 lac

16 AB AUDIT HOGA SABSE SCORING BY CA. SARTHAK NIRAJ JAIN

C.A. companies in which above

CA.Sarthak Niraj Jain

CODE OF ETHICS DRONE CHARTS BY CA. SARTHAK NIRAJ JAIN 17

CA.Sarthak Niraj Jain

SCHEDULE I – PART – I Diagnosis:

18 AB AUDIT HOGA SABSE SCORING BY CA. SARTHAK NIRAJ JAIN

incomes like rent, interest, etc. OTHER PROFESSIONALS :

CODE OF ETHICS DRONE CHARTS BY CA. SARTHAK NIRAJ JAIN 19

[Hint: No, but under clause 5]

CA.Sarthak Niraj Jain

20 AB AUDIT HOGA SABSE SCORING BY CA. SARTHAK NIRAJ JAIN

CA.Sarthak Niraj Jain

CODE OF ETHICS DRONE CHARTS BY CA. SARTHAK NIRAJ JAIN 21

22 AB AUDIT HOGA SABSE SCORING BY CA. SARTHAK NIRAJ JAIN

CA.Sarthak Niraj Jain

CODE OF ETHICS DRONE CHARTS BY CA. SARTHAK NIRAJ JAIN 23

24 AB AUDIT HOGA SABSE SCORING BY CA. SARTHAK NIRAJ JAIN

CA.Sarthak Niraj Jain

XI. Acceptance of professional work emanating from a client introduced by

CODE OF ETHICS DRONE CHARTS BY CA. SARTHAK NIRAJ JAIN 25

Prohibition XVII. [NEW] Educational Videos

XIII. Public Interview

CA.Sarthak Niraj Jain