identify the true statements with regards to multidisciplinary firm
Answers
Answer:
the answer is
Explanation:
Introduction : Every business requires multifarious professional services and it is common knowledge that a business entity invariably approaches multiple agencies for different services, for which they are qualified or considered proficient. It is a rarity in reality that a single agency is competent to render all services under one roof. This is the case with a chartered accountancy firm too. One of the reasons for such a situation prevalent has been the ethical barrier imposed under the Chartered Accountants Act, 1949. Now, the scenario has changed, enabling the formation of Multidisciplinary Firm (MDF), thanks to the Chartered Accountants Amendment Act, 2006. This article is intended to analyse the objective behind the promotion of multi-disciplinary firms and the consequences thereof. Ethical barrier : The First Schedule of the Chartered Accountants Act, 1949, under item (2) of Part I considers that paying or allowing any share, commission or brokerage in the fees or profits to any person other than a member of the ICAI or a partner or a retired partner or the legal representative of a deceased partner, to be a professional misconduct. Item (3) treats accepting any part of the profits of the professional work of a lawyer, auctioneer, broker or other agent who is not a member of ICAI, as professional misconduct. Further, item (4) prohibits entering into partnership with any person other than a Chartered Accountant in practice, unless otherwise recognised by the Central Government or the Council. Item (5) considers as professional misconduct the securing of any professional work through the services of a person not qualified to be his partner. The Chartered Accountants Amendment Act, 2006 has modified the position to enable members of ICAI not only to transact with a non-member, but also to enter into partnership and share profits. As a fallout of the change in the law governing the profession, the Council of ICAI also deliberated on the need to recognise members of other professional bodies and recommended to the Government to amend the Chartered Accountants Regulations, 1988 to recognise members of the following professional bodies for purposes of items (2), (3) and (5) of Part I of the First Schedule to the Act : The Institute of Company Secretaries of India; The Institute of Cost & Works Accountants of India; Bar Council of India; The Indian Institute of Architects; and The Institute of Actuaries of India.
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Answer:
A multifunctional firm is one that provides audit and other services under the same name, or more precisely, under the same roof.
Explanation:
A partnership firm with more than 25 Partners is referred to as a multidisciplinary firm (MDF) or mega-firm. It is a partnership firm that offers professional services as both its primary or core service and additional professional services that are not core. Consider the case of ABC and Associates, Company Secretaries, which offers accounting, project finance, taxation, cost accounting, and other related non-core professional services in addition to its core professional service of company law and corporate law. "One-Stop-Solution" for clients is the goal of MDF creation.
The nature of business economics is normative. It makes recommendations on how to apply economic principles while formulating policies, choosing options, and establishing long-term plans. To build decision-making guidelines, businesses must have a full understanding of their surroundings.
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