Salam everyone,
InshAllah I plan to finish my ACCA exams by December and Ive thought a lot about moving into ICAP and getting the exemptions after that. Thats because I want to ultimately practice as an auditor in Pakistan.
I need advice on which optional papers to choose. Which optional papers should I go for that will help me in ICAP keeping in mind my career directions?
Any help will be much appreciated!
I will recommend opting <b>P4 Advanced Financial Management</b> as its syllabus is comparable to that of Module F Paper <b>F18 Business Finance Decisions</b>. The syllabus of P4 is very interesting and at the same time difficult as well.
since you wish to pursue a career in audit then Paper <b>P7 Advanced Audit and Assurance</b> would be more appropriate for you.
Paper P5 Advanced Performance Management is relatively easier than P4 n P7...so if u are looking for the easier way then opt P5 as well. The syllabus of Paper P5 is comparable to that of Module F Paper <b>F17 Management Accounting</b>
Attempt P6(UK) only if u have ambitions of claiming ICAEW exemptions and/or working in UK.
Before making the decision do consider your interest in the subject as well as the marks you got in the each paper of the Fundamental Level.
I did think tax was out of the question because our tax is quite different and more complicated than the UK system Ive heard!
So audit will be helpful? Are the principles thought by ICAP similar, do they use ISAs too in practical auditing in Pakistan?
I suppose now I'll have to make a choice between financial and performance management. Its something to think about! Thanks for all your advice!
ICAP also follows ISAs.
The following is an excerpt from the syllabus of ICAP Module F Paper F20 Advanced Auditing
<b>Students will be required to apply the standards and statements mentioned below to meet the learning outcomes of Syllabus contents in paragraphs 1 to 9 above.
a. Detailed knowledge of ISAs 100 to 899 (except those not adopted by ICAP);
b. sufficient knowledge of ISA 910, 920 and 930; and
c. general awareness of International Auditing Practice Statements 1000 to 1006, 1008 to 1010, 1012, 1013 and 1014.</b>
http//www.icap.org.pk/downloads/catalog/041201-final.pdf
Do take into consideration the availability of the teachers for the subjects you decide to opt.
Oh yes, that is a big concern! There arent many students for these subjects here and although most tuition centers have already announced schedules for the upcoming session there is no official word on the optional papers. After appearing in the first P papers this session Ive realised we're not groomed properly for appearing at this level of examination over here so Im really worried about how proper and organized the upcoming session will be. Generally I think those that can afford it should do the professional level papers from abroad.
Even then, hundreds of Pakistani students become ACCA Affiliates each session...Pakistani Youth Rocks!!!