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      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 Correct Answer Incorrect Answer
      B When, for remuneration, he engages in accountancy, audits/verifies financial records, advises on accounting matters, or renders services recognised by the Council Correct Answer Incorrect Answer
      C Whenever he is employed as a salaried finance manager in any company Correct Answer Incorrect Answer
      D Only when he is nominated to the Council by the Central Government Correct Answer Incorrect Answer
      E Whenever his name appears on the Register, regardless of activity Correct Answer Incorrect Answer

      Solution

      Section 2(2) 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 auditing/verification 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.

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