Registered Auditors' COP Upgradation
As per Rule 54 of the Nepal Chartered Accountants Regulations the members can upgrade their COP from C to B and D to C under the following criteria:
I. Upgrading Criteria of COP for Registered Auditors(C to B):
A registered auditor member holding Certificate of Practice of Class C can be upgraded to registered auditor member holding Certificate of Practice of class B under the following conditions:
- If he/she has performed auditing or internal auditing of an institution registered in Nepal having transactions of more than one crore at least in 5 fiscal years during the period of last 10 years accomplishing graduation in Commerce, Business administration or Management or post-graduation with Accounts as the major subject in Public administration or Economics, Statistics or Mathematics.
- If he/she has worked as a professional accountant in an accounting firm whose proprietor is a Chartered Accountant, accomplishing graduation in Commerce, Business administration or Management or post-graduation with Accounts as the major subject in Public administration or Economics, Statistics or Mathematics.
- If he/she has passed the examination for upgrading in class B accomplishing graduation in Commerce, Business administration or Management or post-graduation with Accounts as the major subject in Public administration or Economics, Statistics or Mathematics.
II. Upgrading Criteria of COP for Registered Auditors(D to C):
A registered auditor member holding Certificate of Practice of Class D can be upgraded to registered auditor member holding Certificate of Practice of class C under the following conditions:
- If he/she has performed auditing or internal auditing of an institution registered in Nepal having transactions of more than 15 lacs/year at least in 5 fiscal years during the period of last 10 years accomplishing graduation in Commerce, Business administration or Management or Mathematics or Economics or Statistics.
- If he/she has worked as a professional accountant in an accounting firm whose proprietor is a Chartered Accountant, accomplishing graduation in Commerce, Business administration or Management or Mathematics or Economics or Statistics.
- If he/she has passed the examination for upgrading in class C accomplishing graduation in Commerce, Business administration or Management or Mathematics or Economics or statistics.
- The examinations shall be held for the following subject each of 100 marks (in each):
- Direct or Indirect Taxation in Nepal
- Commercial Law of Nepal
- Accounts and standard of accounting
- Auditing and standard of auditing
- The registered auditor member with eligibility according to the above mentioned criteria can apply for upgrading of his/her Certificate of Practice of class C or D in the format specified in Schedule-31 of Nepal Chartered Accountants Regulations.
- Other proceedings for upgrading of a class shall be as mentioned in the Procedures of upgrading.
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