A Chartered Accountant (CA) can now open a partnership firm with a CS and Cost accountant and other professionals

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ICAI has now allowed it’s members to open a partnership firm with other professionals and Form 18 has also been updated for same.

The professional qualifications which are allowed to be partner with a Chartered Accountant as per regulation 53B of The Chartered Accountants Regulations, 1988 are as under:

(1) For the purposes of entering into partnership under Item (4) of Part I of the First Schedule to the Act, a person shall be a member of any of the following professional bodies, namely:-

(a) Company Secretary, member, The Institute of Company Secretaries of India, established under
the Company Secretaries Act, 1980;

(b) Cost Accountant, member, The Institute of Cost and Works Accountants of India established
under the Cost and Works Accountants Act, 1959;

(c) Advocate, member, Bar Council of India established under the Advocates Act, 1961;

(d) Engineer, member, The Institution of Engineers, or Engineering from a University established by law or an institution recognized by law.

(e) Architect, member, The Indian Institute of Architects established under the Architects Act, 1972;

(f) Actuary, member, The Institute of Actuaries of India, established under the Actuaries Act, 2006.

(2) Professional bodies or institutions outside India whose qualifications relating to accountancy are recognised by the Council under sub-section (2) of section 29 of the Act.

Further, Professional Qualifications of partners who are non-chartered accountants should be duly attested by an Independent Practicing Chartered Accountant who is not a partner of the said firm/ relative of the said person while admitting other professionals in such partnership firm.

After the above update a CA can actually give all services to their clients under one roof and form a multidisciplinary partnership firm.

Relevant changes have been made in Form 18 by ICAI.

To download the full details of new Form 18 CLICK HERE.

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