Important Announcement Relating to “Joining or Association with any Network” by Practicing CAs

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Recently ICAI has released an announcement highlighting the professional misconduct’s that a practicing chartered accountant may be held guilty of and of them was related to getting work by way of advertisement or if he secures, either through the services of a person who is not an employee of such Chartered Accountant or who is not his partner or by means which are not open to a chartered accountant, any professional business.

Thus many of the people thought and directly connected and circulated the news with the name of a business networking group i.e. BNI and the mission of such group is to “help members increase their business through a structured, positive and professional referral marketing program that enables them to develop long-term, meaningful relationships with quality business professionals.” Thus the business model of such group is referral and this group is also not registered with ICAI hence a CA cannot be a member of such group and if any practicing Chartered accountant becomes a member of such group he would be held responsible for professional misconduct.

A similar step was taken by our Institute against CA listing themselves over app like Urbanclap and giving doorstep service at Rs. 100.

But keeping all this aside lets think why is it not allowed by ICAI to advertise the service of CA, because Chartered Accountancy is a prestigious and a elite profession and thus as per ICAI a CA should not be required to advertise his service.

However if ICAI thinks this was what it should do to let the practicing CA believe that they are not required to advertise their service:

• It should stop giving easy result for Chartered Accountancy exam and let only those people pursue the career who really deserve because the people who have not really worked hard for it or not capable when they come into business they start selling their services for a cheaper price as they know they can’t sell it for a better price and people start believing that those who are asking for higher price are not putting in much hard work because same work is being done by someone with less money but we all know that he who is selling his services for cheap price won’t be able to stand when anything big happens.
• In addition to above the professional who have capability and know their knowledge should not reduce their fees just because of the fear of losing a client.
• ICAI should take a charge and start giving knowledge to members in exchange of their membership fees to brush up their knowledge and make a more acceptable fee structure and check if the people are following the fee structure set up by the Institute.

Hence if we want to keep the prestige of our Institute and our degree we need the support of all the three pillars i.e. Institute, Fellow CA and our clients.

You can read the announcement from ICAI here: CA cannot join networks.

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