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of <h1>Cost Accountant Firms Can Convert to LLPs: New Guidelines Effective February 2012, Comply with LLP Act 2008.</h1> The Institute of Cost Accountants of India has issued guidelines for converting Cost Accountant firms into Limited Liability Partnerships (LLPs) effective from February 1, 2012. These guidelines apply to both existing partnership and proprietary firms. Firms must comply with the LLP Act, 2008 and related rules. The conversion process involves name approval by the ICAI, maintaining seniority, and adhering to existing regulations. The LLPs will carry the same registration number and seniority as the original firms. The guidelines also address the continuation of statutory auditor roles post-conversion and are subject to clarification from the Ministry of Corporate Affairs.
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