Section 2: Interpretation

Section 2: Interpretation · Complied AI

(2)

A member of the Institute shall be deemed “to be in practice” when individually or in partnership with chartered accountants 7 [in practice 8 [or in partnership with members of such other recognised professions as may be prescribed]], he, in consideration of remuneration received or to be received—

(i)

engages himself in the practice of accountancy; or

(ii)

offers to perform or performs services involving the auditing or verification of financial transactions, books, accounts, or records or the preparation, verification or certification of financial accounting and related statements or holds himself out to the public as an accountant; or

(iii)

renders professional services or assistance in or about matters of principle or detail relating to accounting procedure or the recording, presentation or certification of financial facts or data; or

(iv)

renders such other services as, in the opinion of the Council, are or may be rendered by a chartered accountant 7 [in practice];

and the words “to be in practice” with their ]grammatical variations and cognate expressions shall be construed accordingly.

Explanation

An associate or a fellow of the Institute who is a salaried employee of a chartered accountant 7 [in practice] or 9 [a firm of such chartered accountants or firm consisting of one or more chartered accountants and members of any other professional body having prescribed qualifications] 7 [in practice] shall, notwithstanding such employment, be deemed to be in practice for the limited purpose of the 10 [training of articled assistants].

1. Ins. by Act 9 of 2006, s. 2 (w.e.f. 8-8-2006).

2. Ins. by Act 12 of 2022, s. 3 (w.e.f. 10-5-2022).

3. The words “and who is in practice” omitted by Act 15 of 1959, s. 3 (w.e.f. 1-7-1959).

4. Ins. by Act 3 of 2012, s. 2 (w.e.f. 1-2-2012).

5. Subs. by s. 3, ibid., for clause (ea) (w.e.f. 10-5-2022).

6. Subs. by Act 12 of 2022, s. 3, for clause (g) (w.e.f. 10-5-2022).

7. Ins. by Act 15 of 1959, s. 3 (w.e.f. 1-7-1959).

8. Ins. by Act 3 of 2012, s. 2 (w.e.f. 1-2-2012).

9. Subs. by Act 3 of 2012, s. 2, for “a firm of such chartered accountants” (w.e.f. 1-2-2012).

10. Subs. by Act 9 of 2006, s. 2, for “training of articled clerks” (w.e.f. 8-8-2006).