Auditing: Professional Ethics 02 (D Secret)

While studying Professional ethics, The most difficult part is to remember the 34 Clauses.

What are Clauses?

As we read earlier in the Post( http://baf.co.in/auditing-professional-ethics-01/) the basics of how someone becomes a Member of ICAI.

Now there are certain Restrictions to :-

A member in Practice.(Part 1- Schedule 1 & Part 1 – Schedule 2)

A member In service.(Part 2 – Schedule 1)

and both of them generally(In professional/ personal capacity or Both). – (Part 3 & 4- Schedule 1 & part 2& 3 Schedule 2)

Hence the restrictions are mentioned in 34 clauses.

So There are 2 Schedules:- Schedule 1 & Schedule 2.

Schedule 1 Has 4 parts.

Schedule 2 has 3 Parts.

PM : Professional Misconduct.

CA in P: Ca in Practice

I R T: In respect to

Int: Institute

The shortcut for PART 1 SCHEDULE 1 is

P SAE Business Solicitors Use Fail Audit Percentage To Engage Sign.

The shortcut for PART 1 SCHEDULE 2 is 

Disclose Certification

Future interest material 

Report Due Diligence Opinion

If failed, run to Bank

Just remember the Code, Rest all will fall in places.

We cannot write the clauses in a very diluted Manner, hence the exact way, how to write a clause will be posted Soon.

Hope the above shortcut helps. for any doubt’s Do comment Below.