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ICAP's Exemption Policies - Iqbal Surti - 11-30-2002

One of our forum member have raised his voice on a very nerve tingling issue recently faced by ICAP's students (who are not the siblings of BIG brothersssss).

<BLOCKQUOTE id=quote><font size=1 face="Verdana" id=quote>quote<hr height=1 noshade id=quote>When SRO's can devise,suspend and terminate their own "exemption policies" based on a partners or generals siblings enrollment preferences, the less said about the quality of audit the better.(instance ICAP's exemption policies to ACCA/CIMA students)]
<hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana" size=2 id=quote>

This quote is from Topic of "Auditors Have Failed the Small Investor" in this forum click to view that topic

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I have heard about this before any one there who can give us full story, someone here can explain Institute Perspective.

And give answers to these burning questions.

1) Why was the Tax Paper of Last attempt was so easy????
2) Why the institute have taken back exemptions to ACCA/CIMA. Without giving proper notice period.
3) On whose pressure that notice peiod was given.
4) Why the Policy Maker of ICAP are not able to make long term policies, benefical to both Students, Institute and Profession.
5) Why ICAP have not taken back exemption from ICAEW, ICAA, CICA, ICAS, ICAI, ICANZ..........., All these institutes give maximum exemptions to ACCA/CIMA qualified, as per their stick-on-well policy.

- ivanhoe_1_abbas - 12-02-2002

I refer to Mr.Surti's comments on my post, quoted by him.Unfortunately our professional bodies completely lack any semblance of transparency.Mr.Surti can easily establish during which presidents time ( President of ICAP) these exemptions were intially approved by the Council.The reasons for this were that the President's siblings were taking their CIMA examinations.Subsequently ICAP terminated these exemptions,only to extend their validity by one year due to pressure from the M/O Finance.One general's son was currently taking Module F of the ACCA examinations and to cater to him the entire policy was again reversed.Poor trainee's those who will complete their ACCA exams ,after years of hard work,only to find the their exemptions have once again vanished into thin air.

Wait for another VIP fellow accountants.

Long live hypocrisy in the "land of the pure".