IMPLEMENTATION OF NEW GUIDELINE ON ISSUANCE OF LICENCE TO PRACTISE
As part of the efforts to bring the Institute’s process to International standards, the Council of the Institute had taken steps to review the process for the issuance and renewal of Practise Licences. To this end, the implementation of the new guidelines has commenced.
All existing current Seals and Licences to Practice would expire and holders of these Licences have up to 6 months to renew them from April 1, 2012 to September 30, 2012.
A member who has served in audit firm licensed by the Institute or other professional accountancy body recognized by the Institute for not less than 36 months is regarded as a qualified member for this purpose.
On application, a qualified individual member shall be issued with Compliance Certificate and NOT Licence to Practise.
The Compliance Certificate does not qualify a member to set up a firm or sign audit reports.
The compliance Certificate is not renewable.
Members will no longer be issued Seals as individuals.
The member must have paid his/her subscriptions and dues up to date.
The member must have obtained the minimum credit hours through attendance of MCPE and other Institute’s activities.
ISSUANCE OF LICENCE TO PRACTISE.
Only firms and NOT individuals shall be issued with Licences to Practise.
The promoter or sponsor or principal must be a professionally qualified member of the Institute with the Partner’s Compliance Certificate.
The promoter must submit the proposed firm’s name to the Institute for clearance or validation along with the proposed partner’s compliance certificate. Promoter(s) should have done reservation with CAC before approaching the Institute with the name.
The promoter must be a member of a District Society.
In the case of Partnership, the firm must have an Executed Partnership Agreement.
Each partner (in the case of Partnership) must hold a Compliance Certificate.
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