Skip to main content

Permission for pursuing a course along articleship

Permission for pursuing a course along articleship [Regulations 65 & 78, Form 112] - (18-09-2009)
Attention of the students /articled assistants is drawn to Regulation 65 of the Chartered Accountants Regulations, 1988, reproduced below: -

"Without the previous permission of the Council, obtained on application made in the approved form, no articled assistant shall, during the period of his service as an articled assistant, take any other course of study or training, whether academic or professional, or engage in any business or occupation."

Of late, it has been noted with concern that the students / articled assistants have not been adhering to the requirements of the aforesaid Regulations while pursuing another course alongwith articleship and have been declaring such a fact while applying for enrolment as a Member of the Institute and seeking condonation for Breach of Regulation 65 /78 for having not taken the permission at the appropriate time.

The Executive Committee while considering such cases expressed its anguish and exhorted the students / articled assistants to pursue only one course alongwith articleship, even that be a graduation course and seek permission of the Council by filing of Form 112 duly certified by the Principal i.e. Chartered Accountant and the Principal of the College concerned within 30 days of taking admission.

The Executive Committee has further noted that the additional course(s) has / have been pursued by the students / articled assistants in violation of the provisions of Regulation 65/ 78 and directed that all requests including cases for which condonation requests have been received be dealt with, in terms of the guidelines, provided herein below: -

Period of Delay Condition(s) to be complied with by the student for condonation of delay in filing of Form 112.
Upto 1 year Condone the breach of Regulation 65 and enroll, after three months, from the date of the meeting at which a decision is taken for condonation.
More than 1 year but upto 3 years Condone the breach of Regulation 65 and enroll, after six months, from the date of the meeting at which a decision is taken for condonation.
More than 3 years but upto 5 years Condone the breach of Regulation 65 and enroll, after one year, from the date of the meeting at which a decision is taken for condonation.
More than 5 years but upto 7 years Condone the breach of Regulation 65 and enroll, after two years, from the date of the meeting at which a decision is taken for condonation
More than 7 years but upto 10 years Condone the breach of Regulation 65 and enroll, after two years, from the date of the meeting at which a decision is taken for condonation as well as on completion of the three months' Residential Course
More than 10 years Condone the breach of Regulation 65 and enroll, after three years, from the date of the meeting at which a decision is taken for condonation as well as on completion of the three months' Residential Course.
The Committee further decided that the students / articled assistants who have not so far taken permission for pursuing additional course alongwith articleship are required to file Form 112 duly completed with the Institute on or before 31st December, 2009 and thereafter no request for Breach of Regulation 65 / 78 will be considered for condonation.

It is clarified that similar provisions will apply to the audit assistants mutatis mutandi.

The above decisions of the Executive Committee are brought to the attention of the Students / articled assistants / audit assistants for necessary compliance.
Secretary

14th September, 2009

Comments

Popular posts from this blog

INSPECTION MANUAL OF STOCK, BOOK DEBTS & SECURITIES

CONTENTS SR. NO. CHAPTER PAGE NO. INTRODUCTION STOCK & RECEIVABLES AUDIT VERIFICATION OF STOCK & DEBTORS PROCEDURE OF STOCK AUDIT VERIFICATION OF SECURITIES ANALYTICAL REVIEW INTERNAL CONTROL QUESTIONNAIRE STOCK b) BOOK DEBTS LIST OF DOCUMENTS TAKEN AS WORKING PAPERS SPECIMEN INSPECTION REPORT SPECIMEN MANAGEMENT REPRESENTATION LETTER CHAPTER 1 INTRODUCTION: Banking is an important sector of the economy of any country and for the development of the economy a healthy banking system is a must. After the liberalization of the economy, the banking system has undergone a total change in India. There is hard competition in the banking industry to survive in the current circumstances. With the purpose to have better financial discipline & to ensure uniformity in accounting norms RBI introduced the concept of assetclassification & income recognition as per the recommendations of Narasimhan Committee. It was also suggested to classify the advances given by banks into Performing & Non Perfor…

A Complete Guide to sections 54 & 54F Exemptions - T.V. GANESAN CS

A Complete Guide to sections 54 & 54F Exemptions T.V. GANESAN CS If an individual transfers any long-term capital asset and plans to reinvest the sale proceeds in a new residential house property then he would be eligible to claim exemption under sections 54 and 54F of the Income-tax Act, 1961 subject to fulfilment of certain conditions. In the last couple of years there has been a phenomenal increase in the sale of properties resulting in capital gain including but not limited to the land owners giving the land to the developers and entering into Joint Development Agreement, receiving more than one flat from the builder and yet avoiding capital gains tax. In this article the author has enumerated various decisions and judgments of the Tribunals and the High Courts which have liberally interpreted the provisions of the Income-tax Act and extended the capital gains exemptions to the assessees. Introduction 1. Out of the various investment options available, investment in real estate …

Excel Add-in to convert amount in figures to words by Premal

Gentlemen:
AmtInWords.xla is attached to this mail. It is an MS Excel Add-in written by me to convert amount available in figures to words.
Installation
Copy the attached file to the folder where excel stores the add-ins. (To know where excel stores the add-ins, open any workbook, click on Tools - Add-ins - Browse)
Then open an excel workbook. Click on Tools - Add-ins - Browse - Give the path to this Addin - Ok
Usage
You can use the functions AmtInWords and AmtInWordsUS in any worksheet. The syntax is:
=AmtInWords(decimal number/cell reference, [currency code])
=AmtInWordsUS(decimal number/cell reference, [currency code])
Examples follow:
=AmtInWords(10000000)
=AmtInWords(123456.77)
=AmtInWords(C4)
=AmtInWordsUS(B3) ' Shall give the amount in millions (US format)
=AmtInWordsUS(B3,"USD") ' Shall give the amount in millions (US format) and in US currency (Dollars)
=AmtInWords(C4,"GBP") ' Shall give the amount in lakhs and in UK currency (Pounds)
Notes
The system shall N…