Published in Part III Section 4 of the Gazette of India dated 13th November, 1999
28th October, 1999
No. 1-CA(7)/46/99.– In exercise of the powers conferred by clause (ii) of Part II of the Second Schedule to the Chartered Accountants Act, 1949, the Council of the Institute of Chartered Accountants of India hereby specifies that a member of the Institute in practice shall be deemed to be guilty of professional misconduct, if he accepts the appointment as auditor of an entity in case the undisputed audit fee of another Chartered Accountant for carrying out the statutory audit under the Companies Act, 1956 or various other statutes has not been paid:
Provided that in the case of sick unit, the above prohibition of acceptance shall not apply.
Explanation 1 – For this purpose, the provision for audit fee in accounts signed by both – the auditee and the auditor shall be considered as “undisputed ”audit fee.
Explanation 2 – For this purpose, “sick unit ”shall mean where the net worth is negative.
(Ashok Haldia)
Secretary
[The Notification given in Appendix No. (29) 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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