Members of the Institute may practice as sole proprieter or through a partnership firm. The CA Ordinance 1961 does not allow members of the Institute to have an audit practice in the form of company limited by liability. Although management consultancy practices may be formed as limited liability companies. A member desirous to start practice must obtain a certificate of practice from the Institute.
Certificate of Practice
A member may apply on prescribed form “E” along with job release certificate from last employer for a certificate entitling him to practice as a Chartered Accountant or Management Consultant except those who obtained membership by affiliation. The members who have obtained membership by affiliation are required to pass the papers of Advanced Taxation and Corporate Laws of the CA Professional examination before they become eligible for a Certificate of Practice.
The fee for Certificate of Practice is Rs. 13,800 for an Associate member, and Rs. 18,200 for Fellow member of the Institute. However double practice fee shall apply in case a member is associated with two firms. It may be noted that all annual membership and practice fees become payable on first day of July each year.
In case of starting practice through a partnership firm, attested / notarised photocopy of Partnership deed is required to be submitted.
The particulars of offices and firms, functioning as partnership should be submitted to the Institute in prescribed form “C” duly completed and originally signed by all partners. (A fresh form is required to be submitted whenever any change in partnership takes place).