Multi-discipline collaboration always make synergy beyond standard expectations. Specially, when we talking about assurance and advisory, the different professional people like Chartered Accountants, Company Secretary, lawyers, Actuaries need to in-shrink as team in order to serve the service business. However, there are number of bottlenecks which barred the collaboration of different professionals in order to make synergies. For example, a chartered accountant can’t form his practice with a company secretary or lawyer or vice a versa. At the time entire Global business is emerging with multiple challenges, collation of multi-discipline talent has become the essence of survival.
Recently The ICAI has taken initiative in order to reduce these bottlenecks, which allows the person form different profession in practice to enter in joint venture for serving business with assurance and management consultancy services. They have notified some changes in Form-18, which is filed for registration of firms with The ICAI. The detailed guideline in this regard has been issued vide notification 1-CA(7)/197/2021 dated 8th July 2021. After this notification, The ICAI allowed a CA in practice to constitute a firm with The CS or/CMA in practice. It means now a CA, CS, CMA and person notified in regulation 53B can be partner in firm. The best synergy of this amendment is that the business will be benefited with one stop solution.
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