Answer-When is a member of the Institute deemed “to be in practice” under Section 2(2) of the A...

Section 22 provides that a member is deemed to be in practice when, in consideration of remuneration received or to be received, he engages in accountancy, offers or performs auditingverification or certification of financial statements, renders professional advice on accounting matters, or renders such other services as the Council recognises as the work of a CA. Mere membership or salaried employment in industry does not make one in practice, and fellowship or Council nomination is unrelated to the practice test. The comprehensive description of remunerated accountancy work is therefore correct.

Question

When is a member of the Institute deemed “to be in practice” under Section 2(2) of the Act?

A Only when he holds a fellowship of the Institute

B When, for remuneration, he engages in accountancy, audits/verifies financial records, advises on accounting matters, or renders services recognised by the Council

C Whenever he is employed as a salaried finance manager in any company

D Only when he is nominated to the Council by the Central Government

E Whenever his name appears on the Register, regardless of activity

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