04-18-2007, 05:08 PM
Dear Adnan,
I agree with you that ACMAs are allowed into public practice, but that does not offer any competition to CAs as the scope of ACMAs particularly in audit engagements is restricted. According to Company law they can be auditors of the company where the capital does not exceed Rs. 1,000,000 (quoting on the basis of my memory without going through the relevant provision of companies ordinance. Please correct me if my memory is betraying me ))
I agree with you that ACMAs are allowed into public practice, but that does not offer any competition to CAs as the scope of ACMAs particularly in audit engagements is restricted. According to Company law they can be auditors of the company where the capital does not exceed Rs. 1,000,000 (quoting on the basis of my memory without going through the relevant provision of companies ordinance. Please correct me if my memory is betraying me ))