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.
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