Sunday 15 May 2011

MEMBERSHIP

          Members of the Institute are known as Chartered Accountants. Becoming a member requires passing the prescribed examinations, three years of practical training (known as articleship) and meeting other requirements under the Act and Regulations. A member of ICAI can use the title CA before their names.  A member of ICAI may either be an Associate Chartered Accountant (A.C.A.) or a Fellow Chartered Accountant (F.C.A.) based on his experience. Further based on holding Certificate of Practice, they may also be classified as practising and non-practising Chartered Accountants. As of April 2010[update], the Institute has 161,516 members out of which 94,991 are Associate Chartered Accountants and 66,525 are Fellow Chartered Accountants. Associates and fellows

                 Any person who is granted membership of the Institute becomes an Associate Chartered Accountant and is entitled to use the letters A.C.A. after his name. Generally associates are usually members of the Institute with less than 5 years of experience after which they become entitled to apply for being a fellow member. Some associate members, particularly those not in practice, often voluntarily chose not to apply to be a fellow due to a variety of reasons.

             An associate member who has been in continuous practice in India or has worked for a commercial or government organization for at least five years and meets other conditions as prescribed can apply to the Institute to get designated as a "Fellow". A fellow Chartered Accountant is entitled to use the letters FCA. after his name. Responsibilities and voting rights of both types of members remain the same but only fellows can be elected to the Council and Regional Councils of ICAI. Fellows are perceived as enjoying a higher status due to their longer professional experience.
 Practising Chartered Accountants

          Any member wanting to engage in public practice has to first apply for and obtain a Certificate of Practice from the Council of ICAI.Only members holding a Certificate of Practice may act as auditors or certify documents required by various tax and financial regulatory authorities in India. Once a member obtains a Certificate of Practice, his responsibility to the society increases manifold. The ethical principles applicable to a practising CA provided in first and second schedule of the Chartered Accountants Act, 1949 are more rigorous than the ones applicable to non-practising CAs or both.

       In India an individual Chartered Accountant or a firm of Chartered Accountants can practice the profession of Chartered Accountancy. After the enactment of the Limited Liability Partnership Act, 2009 it is expected that in the near future a Limited Liability Partnership (LLP) will be legally allowed to practise. A Bill has already been introduced in the Indian Parliament to give effect to the same. Corporation, companies and other bodies corporate are prohibited from practising as Chartered Accountants in India.

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