**Policy Summary:**
This notification, issued by the Council of the Institute of Chartered Accountants of India on April 7, 2016, under Guideline No. 1CA/70/3/2016, concerns compliance by members of the Institute with respect to responding to tenders. The guideline stipulates that a practicing member of the Institute shall not respond to tenders issued by organizations seeking professional services exclusively reserved for chartered accountants, such as audit and attestation services. This restriction does not apply if the tender document prescribes a minimum fee for the assignment or if the service areas are open to other professionals in addition to chartered accountants. The guideline took immediate effect upon issuance. The notification was issued by V. Sagar, Secretary, The Institute of Chartered Accountants of India.
Key Entities Referenced
The Institute of Chartered Accountants of India: A professional accounting body in India that issued the notification.
New Delhi: The city where the notification was issued, New Delhi, Delhi.
Chartered Accountants Act, 1949: The Act under which the Institute of Chartered Accountants of India derives its powers.
Guideline No. 1CA7032016: The identification number for the guideline issued by the Institute of Chartered Accountants of India.
Second Schedule: Refers to the schedule within the Chartered Accountants Act, 1949 that outlines the powers conferred to the Institute.
V. Sagar: Secretary who signed off on the notification.
audit and attestation services: Specific services exclusively reserved for chartered accountants.
Government of India Press, Ring Road, Mayapuri, New Delhi: Location where the document was printed.
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1744 GI/2016 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III —SEC. 4]
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
NOTIFICATION
New Delhi, the 7th April, 2016
Guideline No. 1-CA(7)/03/2016.—In exercise of the powers conferred on it under Item (1) of Part II of the
Second Schedule of the Chartered Accountants Act, 1949, the Council of the Institute of Chartered Accountants of India
hereby issue the following guidelines for compliance by the members of the Institute –
(i) A member of the Institute in practice shall not respond to any tender issued by an organization or user of
professional services in areas of services which are exclusively reserved for chartered accountants, such as audit
and attestation services. However, such restriction shall not be applicable where minimum fee of the assignment
is prescribed in the tender document itself or where the areas are open to other professionals along with the
Chartered Accountants.
(ii) This Guideline shall come into force with immediate effect.
V. SAGAR, Secy.
[ADVT. III/4/Exty./10]
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.