ICAI Removes CA Name for Holding Full-Time CFO Employment While in Practice [Read Order]

The Institute of Chartered Accountants of India (ICAI) has taken action against a Chartered Accountant for doing a full-time job while still working as a practicing CA.

ICAI Board of Discipline found that CA was working as a full-time Chief Financial Officer (CFO) in a Bihar government organisation while he was also holding a full-time Certificate of Practice (COP).

As per ICAI rules, a CA who is holding COP is not allowed to do any full-time job without taking prior permission from ICAI. In this case, the Board found that no such permission was taken.

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The CA said that his job was contractual and not permanent. However, ICAI observed that official records showed him as a full-time CFO. He also did not submit important documents like appointment letter, job contract, salary details or proof of ICAI approval.

The Board also observed that the CA later surrendered his COP and ICAI membership but this does not remove the misconduct done earlier.

After looking at all facts, the Board held the CA guilty of professional misconduct under the Chartered Accountants Act, 1949.

As punishment, ICAI ordered removal of his name from the Register of Members for one month. During this period, he will not be allowed to practice as a Chartered Accountant or use the CA title.

The order shows that ICAI is strict about rules and professional discipline of its members.

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