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+--- Thread: ICAP's Exemptions Policy ? (/showthread.php?tid=3278)
ICAP's Exemptions Policy ? - hanifasif - 05-20-2006
Just exactly what many of us had been expectingâ¦..
ICAP has just rephrased the wording of its exemption policy for ICAEW members. What I understand from the wording is that those who become ICAEW members through CCAB route will not be entitled to become ICAP members.
Now, the eligibility criteria to become ICAP members is the âSuccessful completion of examinations and training prescribed by the Institute of Chartered Accountants in England & Walesâ.
I feel disgusted. I have enormous respect for ICAP but the way it puts barriers to the entry to its membership register is really despicable. The accountancy bodies all over the world are increasing its membership base but ICAP is going the other way round. Anyway its going to repent I tell you. ICAP members have now very strong competitors in the market. ACCA members with ACA designations will surely going to give tough times to homegrown ACAs.
Lets C when it startsâ¦â¦â¦..
- Goodman - 05-20-2006
Hanif come on yaar.. Calm down
You are the first person who predicted this would happen and here u go.
ICAP exists with in the geographical boundaries of Pakistan and it operates by the standards existing in the country. So called Barriers line is taken by everybody in Pakistan, so why not ICAP? Military puts barrier to entry for politicians and vice versa. Open competition is no where to be found in my beloved country.
Read the posts by one of forum members named Javed to see the plight of the people. I suggest next time you are in the country, take a walk to the corner shop and you would see the price levels. You would be heart broken to see that childern go back empty handed because the money they brought from home was not enough to buy the thing. This hyper inflation reminds me of Nazi Germany just before the start of second world war, atleast they fought a world war what did we do? bring in Shaukat Aziz and his foolish estimates of GDP. Are we heading for an event, I say yes unless democracy is allowed back in. doest give me any pleasure but thats what we have brought opon us. We used to be a breed of educational excellence and we have now become a nation of educational neglect. The journcy from excellence to neglect was insitigated by the fall of Beghdad to Tataris, Espaniate and timbakto to hardline christians and our country to the military. Yes our country has fallen to military, I must congratulate them on this one and only victory.
Here is another latest one; one of the retired professor and his wife was found dead in their house in Karachi. Reportedly the couple died of hunger and poverty, while the finance ministry and the education department could not get his retirement money paid on time which at the time of death was outstanding for over one year. Numerous letters and emails flooded in asking for an explantion. No body had the decency to come up and say sorry nobody even bothered to give a statement; is it a true mayham that it is now widely recognized that this is a falling country anyway so why bother?
- Pracs - 05-21-2006
<blockquote id="quote"><font size="1" face="Verdana, Tahoma, Arial" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by hanifasif</i>
<br />Just exactly what many of us had been expectingâ¦..
ICAP has just rephrased the wording of its exemption policy for ICAEW members. What I understand from the wording is that those who become ICAEW members through CCAB route will not be entitled to become ICAP members.
Now, the eligibility criteria to become ICAP members is the âSuccessful completion of examinations and training prescribed by the Institute of Chartered Accountants in England & Walesâ.
I feel disgusted. I have enormous respect for ICAP but the way it puts barriers to the entry to its membership register is really despicable. The accountancy bodies all over the world are increasing its membership base but ICAP is going the other way round. Anyway its going to repent I tell you. ICAP members have now very strong competitors in the market. ACCA members with ACA designations will surely going to give tough times to homegrown ACAs.
Lets C when it startsâ¦â¦â¦..
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Hanif, are you sure this is a new change, I thought this is how it was worded earlier on. Well, if they have they have. I think unless there are legal restrictions on ICAP,. ICAP would ensure that they remain to be the market leaders in Pakistan, which is ofcourse by not allowing any one else to get into that position. I think and I know I will be criticised for this... for all who have decided to go on to the ACCA, ACMA, CIMA, CPA route very well did realise that they were not going for the 'prime accounting qualification' in the country and they they will not have the right to 'audit companies'. Ofcourse the market is responding to them and will further widen in the future. But I only see this as fair enough... you knew what limitations there would be.
Unless we have some thing like the DTI (as in UK) in Pakistan its going to be as it is.
- hanifasif - 05-21-2006
ICAP has laid more emphasis on âsuccessful completion of examination and training of ICAEWâ which has wiped away any possibility for CCAB member entry. See and kindly explain, are these policies same or have they been re-worded.
This is the old policy.
http//www.icap.org.pk/Examination/EXMP_CA.htm#icaew
and this is the new one.
http//www.icap.org.pk/Examination/EXMP_CAnew.htm
- Pracs - 05-21-2006
Hanif, I read the following para
http//www.icap.org.pk/Examination/EXMP_CAnew.htm#icaew
<b>The Institute of Chartered Accountants in England & Wales (ICAEW)
<u>Eligibility Criteria</u>
Successful completion of examinations and training prescribed by the Institute of Chartered Accountants in England & Wales
<u>Exemption </u>
Such candidates will be treated as equivalent to the examinations and training prescribed under the Chartered Accountants Bye-laws 1983 for the purpose of membership of the Institute of Chartered Accountants of Pakistan.
Provided that if such members desire to start practice as Chartered Accountants they will have to pass the papers of Advanced Taxation and Corporate Laws of the Final Examinations of ICAP</b>
Well comparing this with the old one, I guess they have just upped on the wording. The old policy also did mention about the exams as well and the training bit also.
I think ICAP may continue to award exemptions based more on the fact of training under its laws, and that is something that sort of pushes of any member through the CCAB. I guess we won't know the exact result until a CCAB ICAEW member applies for exemptions.
I know quite a lot of ICAEW CA who work in the industry in Pakistan and have never bothered to get reciprocal membership from ICAP, its only members who join practice (partner track) who actually go ahead to get the ICAP membership. The industry was very much happy with the fact that a person is an ICAEW accountant, I am not sure if the same will continue now.