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      Question

      Under the long title of the Chartered Accountants Act,

      1949 (as amended by the 2022 Amendment Act), the Act now makes provision for which of the following in relation to the profession of chartered accountants?
      A The regulation and development of the profession Correct Answer Incorrect Answer
      B Only the regulation of the profession Correct Answer Incorrect Answer
      C Only the development and promotion of the profession Correct Answer Incorrect Answer
      D The licensing and taxation of the profession Correct Answer Incorrect Answer
      E The nationalisation of the profession Correct Answer Incorrect Answer

      Solution

      The 2022 Amendment Act substituted the word “regulation” with “regulation and development” in the long title and preamble of the Act. This signals that the Institute is meant not merely to police the profession but to actively grow and develop it. The pre-2022 position referred only to “regulation,” while the other options introduce powers (such as taxation or nationalisation) that the Act never confers. The correct phrase, therefore, is “regulation and development” of the profession of chartered accountants.

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