Section 2: Definition

In this Act, unless the subject or context otherwise refers,

(a) “Institute” means the Institute of Chartered Accountants of Nepal established pursuant to Section 3.

(b) “Council” means the Council constituted pursuant to Section 7.

(c) “President” means the President of the Council.

(d) “Vice-President” means the Vice-President of the Council.

(e) “Council Member” means Member of the Council, and these words also refer to the President and the Vice-President of the Council.

(f) “Executive Director” means the Executive Director appointed pursuant to Section 38.

(g) “Member” means a person who has obtained membership pursuant to Section 16.

(h) “Chartered Accountant” means a person who has obtained membership pursuant to ¹Section 16 subsection (2).

²(h1) “Fellow Chartered Accountant (F.C.A.)” means a member having obtained the membership of the Institute pursuant to Section 17.

(I) “Registered Auditor” means a person who has obtained membership pursuant to Section 16 subsection (3).

¹(j) “Certificate of Practice (COP)” means the certificate issued, pursuant to Section 28, to render the accounting profession.

²(j1) “Audit” means the audit service rendered, under the provisions of the existing legislation, by members holding a Certificate of Practice.

²(j2) “Foreign Accounting Body” means a national-level Chartered Accountant Institute or equivalent accounting body having full legal authority to regulate the public accounting profession in any foreign country.

²(j3) “Accounting Standards Board” means the Accounting Standards Board constituted under Section 15a.

²(j4) “Standards on Auditing Board” means the Standards on Auditing Board constituted under Section 15d.

²(j5) “Accounting Standards” means the accounting standards, including directives and explanations, prepared or recommended by the Accounting Standards Board in order to govern and regulate the accounting profession and the financial reporting system.

²(j6) “Standards on Auditing” means the standards on auditing, including directives and explanations prepared or recommended by the Standards on Auditing Board, in order to govern and regulate the accounting profession and auditing.

(k) “Prescribed” or “As prescribed” means prescribed or as prescribed in the Regulations or Byelaws framed under this Act.

^{1 Amended by the First Amendment.}

^{2 Added by the First Amendment.}