
Dear Professional Seniors & Friends,
Warm Greeting!
Here is the Next post of #MCQ on concept based practical professional on Professional Misconduct as per Chartered Accountants Act 1949 knowledge on in a unique manner to be self answered by participants. The detailed answer of these MCQs shall be posted next day for the self assessment of the participants.
MCQ 88.1: Mr. X, A chartered Accountant in practice accepts an Audit in respect of Partnership Firm, on condition that the partnership firm shares 5% of the profits of the firm for that year. On the basis on above which of the following is correct?
A. Mr. A can accept the professional work and his fees can be on the based on profits of firm.
B. Mr. A is guilty of professional misconduct and cannot place such condition.
C. Mr. A can accept a maximum of 5%.
D. None of the Above.
MCQ 88.2: If in the above case Mr. X acts as a registered valuer for the purposes of Direct Taxes & Duties and charges fees on basis of percentage of value of property valued. Which of the following is correct?
A. Mr. A can accept the professional work and his fees can be on the based on percentage of property valued.
B. Mr. A is guilty of professional misconduct and cannot place such condition.
C. Mr. A can accept a maximum of 5% of property valued.
D. None of the Above.
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CA Sanjay Kumar Agrawal
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Dear Professional Seniors & Friends,
Warm Greetings!
This post of MCQ is on provisions relating to professional misconduct in relation to members generally.
Answer MCQ 88.1: B) Mr. A is guilty of professional misconduct and cannot place such condition
Answer MCQ 88.2: A) Mr. A can accept the professional work and his fees can be on the based on percentage of property valued.
Practical Analysis for MCQ 88.1 & 88.2:
Regulation No 92 of Clause (1) of First Schedule of Part –II to Chartered Accountants Act 1949 – Professional misconduct in relation to the members of the Institute Generally
(Disclaimer: The objective of the MCQ post is just to discuss the concept, it may happen, by change of facts, the answer may be different. Please do not treat this as professional opinion; you can definitely have your own opinion.)
Sincere Regards!
CA Sanjay Kumar Agrawal
Mobile: 9810116321
To access MCQ posts regularly, please Join Telegram Channel:
https://t.me/caSanjayKumarAgrawal
For All MCQ post please click on:
Webpage: http://www.casanjay.me/
Facebook: https://www.facebook.com/CA.Sanjay.K.Agrawal/
Linkedin: https://www.linkedin.com/in/ca-sanjay-kumar-agrawal/
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