Published in Part III Section 4 of the Gazette of India dated 30th May, 1970
23rd May, 1970
No. 1-CA(37)/70. – In exercise of the powers conferred by clause (ii) of Part II of the Second Schedule to the Chartered Accountants Act, 1949, 1[…] the Council of the Institute of Chartered Accountants of India specifies that a member of the Institute shall be deemed to be guilty of professional misconduct if –
I. he accepts appointment as cost auditor of a company under Section 233B of the Companies Act, 1956, while he
(a) is an auditor of the company appointed under Section 224 of the Companies Act; or
(b) is an officer or employee of the company; or
(c) is a partner, or is in the employment of an officer or employee of the company; or
(d) is a partner or is in the employment of the company’s auditor appointed under Section 224 of the Companies Act, 1956; or
(e) is indebted to the company for an amount exceeding one thousand rupees, or has given any guarantee or provided any security in connection with the indebtedness of any third person to the company for an amount exceeding one thousand rupees:
or
II. after his appointment as Cost Auditor, he becomes subject to any of the disabilities stated in items I (a) to (e) above and continues to function as a cost auditor thereafter.
C. Balakrishnan
Secretary
[The Notification given in Appendix No. (22) was in operation until issuance of Council General Guidelines, 2008 – No. 1-CA(7)/02/2008 dated 8th August, 2008, given at Appendix No. (34)]
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