1:17:27 clause 1 use firm name only by caip+employee/partner 1:18:56 clause 2 SHARING Don't share profits/commission/brokerage directly/indirectly Exception Can share with Member of icai Partner Retired partner Legal representative of deceased partner Member of professional bodies(icsi, icwa, ba, iia, iiart) Person having qualifications (5+ bach in engineeringMba, bach in technology) *nomenclature is not imp Profit taken by gov for cooperative societies is allowed 1:29:50 clause 3 ACCEPT Member Professional bodies(5) Persons qualifies(8) 1:31:30 clause 4 PARTNERSHIP caip Other countries degree equivalent to ca Any other profession mentioned by cg Qualified persons above mentioned except( bach in tech, mba) 1:37:01 SECURES securing business other than emplyee/partner/by means not open to chartedaccountant is not allowed 1:41:07 Clause 7 SOLICIT allow to solicit work from caip advertisement and notes in press: 1: advertisement not allowed 2:circulating small letter (pamplets) not allowed 3:personal canvising not allowed 2:36:26 clause 10 fees based on percentage of profit Exception Liquidator Cooperative soceity Registered valuer Mcs Cost optimization Fund raising Debt recovery Acting as insolvency professional Non assurance services to non audit clients 2:44:40 clause 11 Clause :12 2:58:11 sign Caip + partner Routine documents can be deligated 3:03:48 related to services Part || Clause 1 pay Clause 2 receive 3:07:12 part /// general Clause 1 not being a fellow but acts as fellow Clause 2 doesn't supply info to Institute/bd/dd/disciplinary committe/quality review board Clause 3 providing false info of part 1 of clause (6) & (7) 3:09:25 Other misconduct general Clause 1 guilty of offense by civil/criminal court imprisonment upto 6 m Clause 2 in the opinion of council brings disrepute to profession 3:14:40 second schedule Part / related to caip Clause 1 confidentiality 3:16:00 clause 2 without verifying books and fs dont certify Verfying can be done by any 3:17:00 clause 3 Association with future financial info 3:21:00 clause 4 substial int in client co No audit- if you act as part time employee No audit- partner acts as trustee or employee in trust 3:28:00 clause 5 fail to disclose Magmt failed to disclose material fact 3:28:30 clause 6 fails to report (mod-unmod) 3:29:30 clause 7 gross nefligence 3:30:00 clause 8 not able to obtain saae 3:31:00 clause 9 fail to perform audit procedures 3:32:00 fail to maintain seperate bank acct of clients for specific reason Except: for small duration 3:37:22 part //
1:41:07 Clause 6 SOLICIT allow to solicit work from caip advertisement and notes in press: 1: advertisement not allowed 2:circulating small letter (pamplets) not allowed 3:personal canvising not allowed
Best part about your teaching is that you don't deviate from the topic and always focus on explaining the topics which are relevant for exams in a detailed manner. Best lecture on professional ethics i must say. Thank you so much Sir. Kudos to you.... Cheers
2:23:20 clause 8 Current auditor should communicate with previous auditor in writing Checked by other than professional-not mandatory but good practice In case of givt audit you can give condnl acceptance If reply from previous auditor does not receive in reasonable time you can start Method of communication By hand Registered post acknowledgment due Email Last office adress Udin mandatory Deemed to be sent Premises locked/wrong premise until proven If undisputed audit fee: audit shall not be accepted except sick unit If dispute try to resolve the issue and get settled 2:33:00 Appointment is proper as per companies act Documents to be checked Newly incorporate co-bod passes resolution within 30 days if fails then appointment by sh then check notice has been isaued properly.
Hi sir There is too much confusion regarding the trust point in the decisions of the ethical standards board. Can you clear the same? Bcz various faculties are giving various explanations. Topic: No conflict of interest in a CA who is a member of trust being auditor of said trust Note: Where statute governing the trust prescribes prohibition on member of trust to be it's auditor or otherwise where there is conflict of interest as per provisions of code of ethics.
The issue regarding the "No conflict of interest in a CA who is a member of a trust being the auditor of the said trust" relates to the ethical guidelines set forth by the Institute of Chartered Accountants of India (ICAI). The confusion often arises because of different interpretations of the ethical standards and the specifics of the legal framework governing trusts. ### Clarification 1. **General Principle**: - According to the ICAI's Code of Ethics, a Chartered Accountant (CA) must always maintain independence and avoid any conflict of interest when performing an audit. - If a CA is a member of a trust and is also appointed as the auditor of the same trust, there is a perceived threat to independence because the CA might not objectively audit the financial statements of an entity in which they have a personal interest. 2. **Statutory Provisions**: - The issue depends on the statute governing the trust. Some statutes explicitly prohibit a member of the trust from being its auditor to ensure independence and objectivity. - If the statute governing the trust explicitly states that a member cannot act as its auditor, then the CA must comply with that legal requirement. 3. **Provisions of the Code of Ethics**: - Even if the statute does not explicitly prohibit the practice, the ICAI Code of Ethics requires CAs to avoid any situation where there is a conflict of interest or a significant threat to their independence. - The Code of Ethics emphasizes that CAs should not accept an audit engagement if their involvement in the entity (such as being a trustee) could influence their judgment or objectivity. ### Scenarios to Consider - **Scenario 1**: If the statute governing the trust explicitly prohibits a member of the trust from being its auditor, then the CA cannot be appointed as the auditor regardless of any other considerations. - **Scenario 2**: If there is no statutory prohibition but the CA's involvement as a member of the trust raises a conflict of interest, the CA should refrain from accepting the audit engagement as per the ICAI's ethical standards. ### Summary In summary, the appointment of a CA as an auditor of a trust in which they are a member depends on two aspects: 1. **Statutory Requirements**: If the law governing the trust prohibits such an appointment, the CA cannot be the auditor. 2. **Ethical Guidelines**: Even if there is no statutory prohibition, the CA must ensure that there is no conflict of interest as per the ICAI's Code of Ethics. If a conflict exists, the CA should not accept the audit assignment. Different faculties might interpret these provisions in varied ways, but the key is to consider both the statutory requirements and the principles of independence and conflict of interest outlined in the ICAI's ethical standards.
@@maniworks2207 This still does not answer the question of whether the member of trust can be auditor or not? The first line clearly says There is NO conflict of interest by a member of trust being the auditor.
1:17:27 clause 1 use firm name only by caip+employee/partner
1:18:56 clause 2 SHARING
Don't share profits/commission/brokerage directly/indirectly
Exception
Can share with
Member of icai
Partner
Retired partner
Legal representative of deceased partner
Member of professional bodies(icsi, icwa, ba, iia, iiart)
Person having qualifications (5+ bach in engineeringMba, bach in technology)
*nomenclature is not imp
Profit taken by gov for cooperative societies is allowed
1:29:50 clause 3 ACCEPT
Member
Professional bodies(5)
Persons qualifies(8)
1:31:30 clause 4 PARTNERSHIP
caip
Other countries degree equivalent to ca
Any other profession mentioned by cg
Qualified persons above mentioned except( bach in tech, mba)
1:37:01 SECURES
securing business other than emplyee/partner/by means not open to chartedaccountant is not allowed
1:41:07 Clause 7 SOLICIT
allow to solicit work from caip
advertisement and notes in press:
1: advertisement not allowed
2:circulating small letter (pamplets) not allowed
3:personal canvising not allowed
2:36:26 clause 10 fees based on percentage of profit
Exception
Liquidator
Cooperative soceity
Registered valuer
Mcs
Cost optimization
Fund raising
Debt recovery
Acting as insolvency professional
Non assurance services to non audit clients
2:44:40 clause 11
Clause :12 2:58:11 sign
Caip + partner
Routine documents can be deligated
3:03:48 related to services
Part ||
Clause 1 pay
Clause 2 receive
3:07:12 part /// general
Clause 1 not being a fellow but acts as fellow
Clause 2 doesn't supply info to Institute/bd/dd/disciplinary committe/quality review board
Clause 3 providing false info of part 1 of clause (6) & (7)
3:09:25
Other misconduct general
Clause 1 guilty of offense by civil/criminal court imprisonment upto 6 m
Clause 2 in the opinion of council brings disrepute to profession
3:14:40 second schedule
Part / related to caip
Clause 1 confidentiality
3:16:00 clause 2 without verifying books and fs dont certify
Verfying can be done by any
3:17:00 clause 3
Association with future financial info
3:21:00 clause 4
substial int in client co
No audit- if you act as part time employee
No audit- partner acts as trustee or employee in trust
3:28:00 clause 5 fail to disclose
Magmt failed to disclose material fact
3:28:30 clause 6 fails to report (mod-unmod)
3:29:30 clause 7 gross nefligence
3:30:00 clause 8 not able to obtain saae
3:31:00 clause 9 fail to perform audit procedures
3:32:00 fail to maintain seperate bank acct of clients for specific reason
Except: for small duration
3:37:22 part //
Nice notes
@@dailynewztrollz3290tq
1:41:07 Clause 6 SOLICIT
allow to solicit work from caip
advertisement and notes in press:
1: advertisement not allowed
2:circulating small letter (pamplets) not allowed
3:personal canvising not allowed
Best part about your teaching is that you don't deviate from the topic and always focus on explaining the topics which are relevant for exams in a detailed manner. Best lecture on professional ethics i must say. Thank you so much Sir. Kudos to you.... Cheers
sir plz upload Sdg & Esg and digital auditing as early as possible
2:23:20 clause 8
Current auditor should communicate with previous auditor in writing
Checked by other than professional-not mandatory but good practice
In case of givt audit you can give condnl acceptance
If reply from previous auditor does not receive in reasonable time you can start
Method of communication
By hand
Registered post acknowledgment due
Email
Last office adress
Udin mandatory
Deemed to be sent
Premises locked/wrong premise until proven
If undisputed audit fee: audit shall not be accepted except sick unit
If dispute try to resolve the issue and get settled
2:33:00
Appointment is proper as per companies act
Documents to be checked
Newly incorporate co-bod passes resolution within 30 days if fails then appointment by sh then check notice has been isaued properly.
2:38 start
4:30 fundamental principles
20:40 Threats to principles
Thank yo so much literally waiting for the Revision video
3:42:00 council guidelines
3:14:00 2nd schedule
3:41:36 council guidelines
Thanks sir
Pls upload remaining topics as soon as practicable
Your revision videos are boosting our confidence ❤
Crystal clear explanation..thanks a lot sir😊😊
Please upload other chapters also sir
Fully addicted to ur classes
Hope you will soon upload the CLasses
Thank you sir
Most awaited ty sir 😊
3:14:02 Second Schedule
Council general guidelines starts at 3:42:00
Thank you sir, Most awaited
Very well explained sir tq
Thank you sir.
thank u sooo muchh sir
1:51:42
Thanks a lot sir 🎉
Sir pls upload digital auditing
44:49 day 1
3:53:10 Fees exclusions
So much is there to remember 😢😢😢😢
Waiting for next session!!
Thank you soo much sir.
3:03:10
56:40:00
Hi sir
There is too much confusion regarding the trust point in the decisions of the ethical standards board. Can you clear the same? Bcz various faculties are giving various explanations.
Topic:
No conflict of interest in a CA who is a member of trust being auditor of said trust
Note: Where statute governing the trust prescribes prohibition on member of trust to be it's auditor or otherwise where there is conflict of interest as per provisions of code of ethics.
The issue regarding the "No conflict of interest in a CA who is a member of a trust being the auditor of the said trust" relates to the ethical guidelines set forth by the Institute of Chartered Accountants of India (ICAI). The confusion often arises because of different interpretations of the ethical standards and the specifics of the legal framework governing trusts.
### Clarification
1. **General Principle**:
- According to the ICAI's Code of Ethics, a Chartered Accountant (CA) must always maintain independence and avoid any conflict of interest when performing an audit.
- If a CA is a member of a trust and is also appointed as the auditor of the same trust, there is a perceived threat to independence because the CA might not objectively audit the financial statements of an entity in which they have a personal interest.
2. **Statutory Provisions**:
- The issue depends on the statute governing the trust. Some statutes explicitly prohibit a member of the trust from being its auditor to ensure independence and objectivity.
- If the statute governing the trust explicitly states that a member cannot act as its auditor, then the CA must comply with that legal requirement.
3. **Provisions of the Code of Ethics**:
- Even if the statute does not explicitly prohibit the practice, the ICAI Code of Ethics requires CAs to avoid any situation where there is a conflict of interest or a significant threat to their independence.
- The Code of Ethics emphasizes that CAs should not accept an audit engagement if their involvement in the entity (such as being a trustee) could influence their judgment or objectivity.
### Scenarios to Consider
- **Scenario 1**: If the statute governing the trust explicitly prohibits a member of the trust from being its auditor, then the CA cannot be appointed as the auditor regardless of any other considerations.
- **Scenario 2**: If there is no statutory prohibition but the CA's involvement as a member of the trust raises a conflict of interest, the CA should refrain from accepting the audit engagement as per the ICAI's ethical standards.
### Summary
In summary, the appointment of a CA as an auditor of a trust in which they are a member depends on two aspects:
1. **Statutory Requirements**: If the law governing the trust prohibits such an appointment, the CA cannot be the auditor.
2. **Ethical Guidelines**: Even if there is no statutory prohibition, the CA must ensure that there is no conflict of interest as per the ICAI's Code of Ethics. If a conflict exists, the CA should not accept the audit assignment.
Different faculties might interpret these provisions in varied ways, but the key is to consider both the statutory requirements and the principles of independence and conflict of interest outlined in the ICAI's ethical standards.
@@maniworks2207 This still does not answer the question of whether the member of trust can be auditor or not?
The first line clearly says There is NO conflict of interest by a member of trust being the auditor.
Thankyou so much sir
20:42 threats
Esg much needed sir as early as possible
Thank u sir
Thank you so much sir😊
Thank you sir
Thankyou sir
Thankyou sir
thank you sir