03-06-2007, 06:48 PM
Dear,
ICAP members practise in two ways either by establishing a firm or sole-proprietorship for practising as chartered accountants. There is a wide range of services which could be provided in this way in accordance with ICAP's code of ethics. In such set-up the chartered accountants have unlimited liability for the services they provide. They legally cannot turn out to be a limited liability company.
This being the major reason, some CAs also establish management consultancy companies (mainly private limited) with limited liabilities. However, such consulatncy companies cannot engage in audits. Because audit cannot be performed by a limited liability concern. These consulatncy companies do other works like incorporation of companies, tax consultancies, mergers, demergers, restructuring, liquidations, system developments, system implementations and reviews, internal audits and so many other activities.
There might be other reasons for seprating such business from CA firm like the main partners might not be interested to take other partners in such business and they incorporate such consultancy business seprately. There could be lots of other reasons as well.
a CA student cannot get registered with such consultancy firms. For ICAP student it is must to join a chartered accountants audit firm.
Sidat Hyder Morshad is the consultancy wing of FRSH and co.
You can get good experience by joining this firm.
Reagrds,
Kamran
ICAP members practise in two ways either by establishing a firm or sole-proprietorship for practising as chartered accountants. There is a wide range of services which could be provided in this way in accordance with ICAP's code of ethics. In such set-up the chartered accountants have unlimited liability for the services they provide. They legally cannot turn out to be a limited liability company.
This being the major reason, some CAs also establish management consultancy companies (mainly private limited) with limited liabilities. However, such consulatncy companies cannot engage in audits. Because audit cannot be performed by a limited liability concern. These consulatncy companies do other works like incorporation of companies, tax consultancies, mergers, demergers, restructuring, liquidations, system developments, system implementations and reviews, internal audits and so many other activities.
There might be other reasons for seprating such business from CA firm like the main partners might not be interested to take other partners in such business and they incorporate such consultancy business seprately. There could be lots of other reasons as well.
a CA student cannot get registered with such consultancy firms. For ICAP student it is must to join a chartered accountants audit firm.
Sidat Hyder Morshad is the consultancy wing of FRSH and co.
You can get good experience by joining this firm.
Reagrds,
Kamran
