The Institute of Chartered Accountants of India ( ICAI ) has notified the revised Form 18 to facilitate the formation of a Multi-disciplinary Partnership Firm of CAs in Practice.
The ICAI has said that This has reference to the Notification No. 1-CA(7)/197/2021 dated July 08, 2021, published in the Gazette of India regarding the Chartered Accountants (Amendment) Regulations, 2021. Pursuant to these amendment Regulations, in the Chartered Accountants Regulations, 1988, in Schedule “A”, the existing Form 18 has been replaced by Revised Form 18 to facilitate the formation of a Multi-disciplinary Partnership Firm of Chartered Accountants in Practice.
The ICAI notified the Chartered Accountants (Amendment) Regulations, 2021 which seeks to amend the Chartered Accountants Regulations, 1988.
Form 18 is in respect of section 2(2) of the Chartered Accountants Act, 1949, regulation 53B and regulation 190 of the Chartered Accountants Regulations, 1988.
Form 18 consists of details in respect of Name of firm/trade name of Chartered Accountant in practice, PAN number and GST Registration number of firm, Name(s) of the proprietor/partners of the firm with his/ their membership number() and Details of Partners Holding Certificate of Practice, Details of Partners Holding Professional Qualifications Other than Chartered Accountant/Company Secretary/Cost Accountant, permitted as per regulation 53B, Date of formation of proprietary/partnership firm, Date on which the present partnership was entered into, Ref. No; Date and particulars of approval of trade/firm name obtained from the Council (applicable to cases where the firm was started on or after 1.1.1983), Address of the Head Office of the firm/Chartered Accountant in practice, Address(es) of the branch office(s) of the firm/Chartered Accountant in practice, if any, Date on which each branch office was opened Name of the member, with a membership number who is in charge of each of the offices, i.e., head office and branch offices, Whether the proprietor/any partner stated in serial number 3 above is/are partner or proprietor or paid assistant with any other firm(s) of chartered accountants in practice anywhere in India and whether any of them are engaged in a full time or a part-time occupation elsewhere.
Further, it also consists of the questions like In case of a firm, whether any partner is also practicing in his individual name If yes, give name(s) and membership number(s) of the member(s) Name(s) of the member(s) of the Institute with membership number(s) holding full-time employment in the firm/under the chartered accountant in practice and date of joining of each such member, Whether any paid assistant stated at serial number 13 above is partner or proprietor or paid assistant with any other firm(s) or chartered accountant in practice anywhere in India and declaration.
Section 2(2) of the Chartered Accountants Act, 1949 pertains to a member of the Institute shall be deemed, “to be in practice “,when individually or in partnership with chartered accountants in practice, he, in consideration of remuneration received or to be received engages himself in the practice of accountancy; or 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 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 renders such other services as, in the opinion of the Council, are or may be rendered by a chartered accountant in practice; and the words “to be in practice” with their grammatical variations and cognate expressions shall be construed accordingly.
Regulation 53B of the Chartered Accountants Regulations, 1988 pertains to other professional bodies and Regulation 190 is in respect of preparation of lists of valid nominations.
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