Invitation of Comments for PIPFA

Invitation of Comments for PIPFA - Printable Version

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Invitation of Comments for PIPFA - Mahtab - 06-21-2005

AOA Dear Members Please Comment
<BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote>Pakistanâs professional infrastructure which comprises three accountancy bodies.
1 â The Institute of Chartered Accountants of Pakistan
2 â Institute of Cost and Management Accountants
3 â The Pakistan Institute of Public Finance Accountants

Pakistan has three national accounting bodies
The Institute of Chartered Accountants of Pakistan (ICAP)
The Institute of Cost and Management Accountants of Pakistan(ICMA)
The Pakistan Institute of Public Finance Accountants (PIPFA)

ICAP and ICMA are full members of the International Federation of Accountants (IFAC) and PIPFA is an associate member.

Only the United Kingdom has more national accounting bodies belonging to IFAC with five members while Canada, France and the United States have three full members each.

The three Pakistani bodies have limited reciprocal rights with their counterpart bodies in the United Kingdom.

In addition, all the Pakistan bodies are members of the South Asian Federation of Accountants (SAFA). <hr height=1 noshade id=quote></BLOCKQUOTE id=quote>
Continued

Edited by - Mahtab on Jun 21 2005 42416 PM

- Mahtab - 06-21-2005

<BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote>1. The Institute of Chartered Accountants of Pakistan

ICAP is a statutory autonomous body governed by its representative members constituted under the Chartered Accountants Ordinance, 1961.
Included in its charter is the audit of limited liability companies.

About Twenty-one members are serving the public sector and Government-owned enterprises and the rest are located in industry or in public practice.

The body has strong links with other accounting bodies within the country through the ICAP/ICMA Committee and being a co-sponsor of PIPFA with the Auditor-General of Pakistan and ICMA.

ICAP has also entered into an arrangement involving bilateral exemptions with the Association of Chartered Certified Accountants (ACCA-UK)& the Chartered Institute of Management Accountants (CIMA-UK)

Members of ICAP have been represented on Technical Committees of IFAC.
In 1998 two members of ICAP were nominated to the Information Technology Committee of IFAC, the first time nominations had been made to an IFAC committee from a developing country.

The Council comprises 16 members of whom the members elect 12 and four are nominees of the Federal Government.
The Council is responsible for the overall control and direction of ICAP.Standing and Other Committees
These committees are established for various purposes including
Education and training of the students seeking professional qualification and membership of the Institute.Investigation into any cases of violation of any ethical codes by the members or students and recommendation of the necessary disciplinary action.Provision of the professional input into the standards development process, either local or international, by the members and to provide the Council with appropriate recommendations to be forwarded to IFAC. To provide technical advice to the members on any accounting or auditing issues.Implementation of the quality controls and review procedures in the accounting and auditing practice in Pakistan.Continuing professional education of the members.Coordinate with the members working abroad and other similar bodies inside and outside the country.Development of accounting standards to account for the Islamic
ways of financing and investments.Liaison with the government on economic and financial policy making decisions.Corporate governance.The administration of the employees and members benevolent and provident funds arrangements. Regional committees are organized to promote professional education activities at regional levels through seminars and workshops. Local chapters also contribute to the objective causes of the Instituteâs standing committees.
ICAP is a member of the Confederation of Asian and Pacific Accountants (CAPA) and the South Asian Federation of Accountants (SAFA).

Educational Requirements

The prerequisite entry requirement is âAâ level examinations passed in
Pakistan or outside Pakistan through any examining body in the UK
with a minimum number of passes as determined by the Council.

Within Pakistan, the Higher School Secondary Certificate and the
Intermediate Examinations are accredited prerequisite entry
requirements.

The candidates, after passing the Pre-Entry Proficiency
Test also have to pass the Foundation/Intermediate Examinations of the Institute to be eligible for the four yearsâ training with a registered firm of accountants.

In addition, candidates have to pass two stages of Professional Examinations to be entitled to membership of the Institute.

Candidates who have passed ICMA, Chartered Institute of
Management Accountants (CIMA â UK), Association of Certified
Chartered Accountants (ACCA â UK) have to complete three years of
training and further exemptions are available in the examinations.

Members of recognized accounting bodies can obtain direct
membership of the Institute after passing the Corporate Laws &
Practices and Taxation Subjects of Professional Examinations.<hr height=1 noshade id=quote></BLOCKQUOTE id=quote>
Continued

- Mahtab - 06-21-2005

<BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote>2. Institute of Cost and Management Accountants

ICMA is an autonomous body that was established in 1951 and is constituted under the Cost and Management Accountants Act, 1966.

ICMA has over 1,900 qualified members of which more than 100 are in practice.

An active training program commenced four years ago in public ICMA colleges and there are now more than 24,000 registered students.

The body is actively involved in developing and executing the standard practices of Cost Audits in the country.

The ICMA Council is responsible for the overall control and direction of the organization. The council comprises 12 members of whom the members elect eight and the Federal Government nominates the other four members.

The committee structure is similar to that of ICAP.

ICMAP is a member of the Confederation of Asian and Pacific Accountants (CAPA) and the South Asian Federation of Accountants (SAFA).

Educational Requirements

The prerequisite entry requirement is completion of the degree in B.A, B.Sc, B.Com or any other bachelor degree or

Senior Cambridge âAâ levels with five passes in both Ordinary and Advance Levels provided (i) that two passes have been obtained at Advance Levels, (ii) that passes be
obtained in mathematics and English language at the Advanced and Ordinary Levels <hr height=1 noshade id=quote></BLOCKQUOTE id=quote>
Continued

- Mahtab - 06-21-2005

<BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote>3. The Pakistan Institute of Public Finance Accountants

PIPFA is an autonomous body recognized mainly in the Government sector and established under license from the Securities and Exchange Commission by the authority given under section 42 of the Companies Ordinance, 1984.

The body is cosponsored by the Institute of Chartered Accountants of the Pakistan, the Institute of Cost and Management Accountants of Pakistan and the Auditor-General of Pakistan.

PIPFA has more than 1,950 members and a number of them are members
of ICAP and ICMA.

The Association was established to produce a second tier of professionals in Pakistan.

There are 12 governors on the Board. Three governors are appointed by each of the three sponsoring bodies and the members of the Association elect three.

In addition to the Board of Governors, PIPFA has the following committees
Examination Committee, Executive Committee, Publication and Seminar Committee,Board of Studies, Regulation and Discipline Committee

These committees are established for the following purposes

Education and training of students seeking professional qualification and membership of the Association.

Investigation of cases of unethical conduct by the members or students and initiate the necessary disciplinary action.

Provision of technical advice to the members on any accounting or auditing issues.

Regional committees are organized to promote the professional education activity at regional levels through seminars and workshops

Educational Requirements

The prerequisite entry requirement is Intermediate examination from a recognized education board, university or institution or

any other qualification considered equivalent by the Board of Governors or
âAâ levels of General Certificate of Education.

Candidates who have passed ICMA or ICAP examinations are
eligible for direct membership of the Association on completion of
experience and other documentary requirements.<hr height=1 noshade id=quote></BLOCKQUOTE id=quote>
Continued

- Mahtab - 06-25-2005

AOA Dear Members Please Commentquote
--------------------------------------------------------------------------------
Pakistanâs professional infrastructure which comprises three accountancy bodies.
1 â The Institute of Chartered Accountants of Pakistan
2 â Institute of Cost and Management Accountants
3 â The Pakistan Institute of Public Finance Accountants

Pakistan has three national accounting bodies
The Institute of Chartered Accountants of Pakistan (ICAP)
The Institute of Cost and Management Accountants of Pakistan(ICMA)
The Pakistan Institute of Public Finance Accountants (PIPFA)

ICAP and ICMA are full members of the International Federation of Accountants (IFAC) and PIPFA is an associate member.

Only the United Kingdom has more national accounting bodies belonging to IFAC with five members while Canada, France and the United States have three full members each.

The three Pakistani bodies have limited reciprocal rights with their counterpart bodies in the United Kingdom.

In addition, all the Pakistan bodies are members of the South Asian Federation of Accountants (SAFA).

--------------------------------------------------------------------------------

Continuedquote
--------------------------------------------------------------------------------
3. The Pakistan Institute of Public Finance Accountants

PIPFA is an autonomous body recognized mainly in the Government sector and established under license from the Securities and Exchange Commission by the authority given under section 42 of the Companies Ordinance, 1984.

The body is cosponsored by the Institute of Chartered Accountants of the Pakistan, the Institute of Cost and Management Accountants of Pakistan and the Auditor-General of Pakistan.

PIPFA has more than 1,950 members and a number of them are members
of ICAP and ICMA.

The Association was established to produce a second tier of professionals in Pakistan.

There are 12 governors on the Board. Three governors are appointed by each of the three sponsoring bodies and the members of the Association elect three.

In addition to the Board of Governors, PIPFA has the following committees
Examination Committee, Executive Committee, Publication and Seminar Committee,Board of Studies, Regulation and Discipline Committee

These committees are established for the following purposes

Education and training of students seeking professional qualification and membership of the Association.

Investigation of cases of unethical conduct by the members or students and initiate the necessary disciplinary action.

Provision of technical advice to the members on any accounting or auditing issues.

Regional committees are organized to promote the professional education activity at regional levels through seminars and workshops

Educational Requirements

The prerequisite entry requirement is Intermediate examination from a recognized education board, university or institution or

any other qualification considered equivalent by the Board of Governors or
âAâ levels of General Certificate of Education.

Candidates who have passed ICMA or ICAP examinations are
eligible for direct membership of the Association on completion of
experience and other documentary requirements.

- khurram_jamal - 07-04-2005

ASSALAM-U-ALIEKUM

How are you all guys? Yar i have to ask that what exemption is availabe to B.COMs and MBAs (HRM) in PIPFA and CA-Module-C. SO any body will tell me in Detail.

Okai Take youself. Bye

----------------------------------------------------------------
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- Mahtab - 07-04-2005

AOA
<BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote>ASSALAM-U-ALIEKUM

How are you all guys? Yar i have to ask that what exemption is availabe to B.COMs and MBAs (HRM) in PIPFA and CA-Module-C. SO any body will tell me in Detail. Okai Take youself. Bye <hr height=1 noshade id=quote></BLOCKQUOTE id=quote>

WOA Fine

1.For Two Year B.Com(Pass)there is Exemption of Seven Papers
You should Pass Two papers of Inter and Four Papers of Final of PIPFA

2.For MBA there is Exemption of Ten Papers(with some Conditions)
You should Pass only Three Papers of Final of PIPFA

3.There is No Exemption in Module C of CA of ICAP for B.com or MBA

Regards

Mahtab

- khurram_jamal - 07-25-2005

Hi Mehtab

Lat me know that what exemption is available for a PIPFA qualified person in ICAP (CA).

Regards

----------------------------------------------------------------
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- Mahtab - 07-26-2005

AOA
<BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote> Hi Mehtab
Lat me know that what exemption is available for a PIPFA qualified person in ICAP (CA).
Regards <hr height=1 noshade id=quote></BLOCKQUOTE id=quote>
<BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote>Pakistan Institute of Public Finance Accountants (PIPFA)

Candidates who have successfully completed all examinations of PIPFA under the Private Sector Scheme and Syllabi, will be exempted from the undermentioned entrance test and examinations
Pre-entry Proficiency Test (PPT)
Foundation Examinations All Papers of Module A and B
Eligibility for Examinations and Training Period for PIPFA Candidates who obtain Exemptions from Modules A and B

Will attempt and pass Module C without attending any classes four months after qualifying PIPFA, only upon Registration as Full Time Students. Upon passing Module C followed by Module D, such candidates will undergo a continuous training period of 3 years in CA firms;
PIPFA candidates (who are graduates with minimum 2nd Division or equivalent grade) may contract training arrangements with Principals at CA firms upon obtaining exemptions from PPT and Modules A and B of Foundation stage. Such candidates will undergo a continuous training period of 4 years in CA firms and will attempt further Modular Examinations successively after completing the prescribed eligibility period for Trainee Students.
PIPFA candidates will take Final Examinations for Modules E and F during and after their training as per rules. <hr height=1 noshade id=quote></BLOCKQUOTE id=quote>

Regards

Mahtab