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ICAEW or ICAP after ACCA - Printable Version

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ICAEW or ICAP after ACCA - samis899 - 02-17-2010

A

- Osama Rules - 02-17-2010

Salam,

Well if you wanna stay in pakistan then no doubt go for ICAP ie first route.[)]

Hope this helps.

Regards.

- Schuaeb - 02-17-2010

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by samis899</i>
<br />After ACCA if I want to obtain Auditing license in Pakistan what is better choice between the following two-

Route 1 --->>> 8 papers ICAP + 3 Years of ICAP Articles

Route 2---->>> 3 advanced stage Papers of ICAEW + 2 years of ICAEW Articles ( I will get 1 year exemption from total 3 years) and then 2 Papers of ICAP to get membership of ICAP and practicing license.

I am also considering post qualification financial impacts of the two choices.If I adopt Route 2, will I have to pay Annual memberhsip fee
of all the three institutes i.e. ACCA, ICAEW and ICAP if I want to start my own auditing practice in pakistan under memberhsip of ICAP, or will I be able to discontinue with memberhsip of ACCA and ICAEW and continue only memberhsip of ICAP?

Financial impacts needs to be considered as the total Anuual bill of all the three institutes can cross Rs.250,000/- if i would need to maintain all the three memberships.


<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
You yourself need to decide about the financial implications. However, I would like to know that how the annual membership fee comes out to be Rs. 250,000 per annum, this ofcourse is quite huge.

Besides, what is stated above I find the route two more advisable as
- Papers to qualify seven instead of eight of route one.
- Duration of training is two years as compared to three years in the first case.
- You'll get three qualifications instead of two.

The negative points include that the cumulative cost of the route two may be much higher comparatively. Plus the quarter a million membership fee also needs to be considered.

- sameer_mobin - 02-17-2010


@sami,
assalam u aliekum.

i am impressed by the way you have researched on this matter.i have also been researching alot on this matter because i am also confused whether to choose icap or icaew.

i am <b>acca prof module student </b> and will be over with the studies soon.i am in karachi.

there are a few things i would like to point out.when i was working on this matter i found out that we cannot claim <b>exemption on exemption</b>.that means that after acca you can claim exemption for icaew but then you cannot get exemption on basis of icaew for icap.u will get exemptions on basis of acca for icap again.the same thing goes if you want do icap after acca and then icaew.

i am not completely sure,maybe the ground realities may have changed by now but please please do confirm that beacuse if this thing is true then we have to make another strategy then.

now as a prospective student of icaew,i would really want to know from which institue in isb are you doing icaew and where the final papers are held in pakistan(which city?).i want to ask because i maybe shifting back to pindi.and lately i have been really searching out what to pursue and from where.icap and icaew are the two options i really want to do but i dont know which one to do first.

kindly be in contact,you will be a lot of help to me.i hope you are a regular active member on this forum.if you are not please do give me you e-mail id if you dont mind.i really need guidance and advice.

thanking you.

- Dard - 02-17-2010

Even if you follow route 1 you can claim ICAEW's membership. ICAP and ICAEW have agreement. You must not have been a member of either institute by a membership mutual agreement with another institute and must have been gone through the regular exam and training process of either institutes. That means if you are an ICAP member and want to be an ACA(ICAEW) then you must have followed the regular exam and training process to membership of ICAP.
Now the question arises what if you have been exempted from ICAP's inter stage. Well, in my opinion, even if you have been exempted from some papers, you would still be giving some more papers(Mod E and F) and would be doing articleship. So logically i believe it is a proper exam and training process. You should confirm it from ICAP though.
I will let you know about the cities where ICAEW's papers can be given
As an ACCA student/affiliate(and not a member of any institute), where lies the problem if you can't claim exemptions of ICAP on the basis of ICAEW? You can claim on the basis of ACCA. Same exemptions in ICAP will be given no matter which basis are chosen(either ACCA or ICAEW)

- shani420 - 02-17-2010

Dear Sameer_mobeen,
I emailed ICAP few days back and asked the same question that if any one has claimed 12 exemptions in ICAEW and became member after passing 3 final papers , would he be eligible to claim 18 exemptions in ICAP.Their reply was affirmative.They said that they have no problem with prior exemptions.
U can contact ICAP directly if confusion is still there.
@Samis899,
could u plz elaborate ur Rs. 250,000/- calculation.

- shani420 - 02-17-2010

Dear Samis899,
dear in my point there would be no requirement to hold the practising certificates of ACCA and ICAEW if u practise in Pakistan(not sure though).Just ICAP PRACTISING rights r required.
As far as papers r concerned , if u want ICAP membership without practising rights after ICAEW then u r not required to sit any of ICAP papers.But if u want practising rights then u would be required to sit 2 papers(18 out of 20 exempted).One papers is Corportae law from E Module and second is adv. taxation from Module F(shahid main name wrong likh jaon per paper law aur tax hain).
As far as using ACCA and ICAEW as ladder to gain ICAP and then relinquish them ,just email ICAP.They will reply with exact info.
Brother u said ur training would be of 2 years , why?Have u prior experience?

- shani420 - 02-17-2010

Oh Gosh!U have good experience.
As far as the above rule is , then u should pray that ICAP allow u to relinquish ACCA and ICAEW membership after gaining ICAP's.

- Dard - 02-17-2010

If you want to become ICAP member on the basis of ICAEW membership, then you must continue with your existing membership as well, and vice versa
i don't think 150,000rs/year is alot compared to the benefits you will get with multiple memberships
ICAEW MEMBERS(ACAs/FCAs) are required to pass the tax and law papers of ICAP before becoming an ACA of pakistan
As per my knowledge, if you are a member of ACCA and practise in audit firms, you will require a practising certificate to practise as an ACCA. If you practise in Pakistan then you will require both ACCA and ICAP's practising certificate(you can and should confirm from ACCA)

- sameer_mobin - 02-18-2010


@ sami and other forum members-

lately i have been really confused to what to pursue after acca studies.whether icap or icaew.

i really want to pursue icap because that was the reason why i took this field as a challenge.but as ground realities are about the failure cases of icap,i am having second thoughts to secure my career first and then jump onto the risky path (icap).

but then i think that if i pursue icaew then il have to do again articleship for icap later.so my training period is being increased in this case.(if i am wrong plz correct me)

secondly,icaew's training can only be done from their approved organizations.i fear (god forbid) if i dont get into those as competition is tough in big4,so that means il have to wait alot for my turn till the next induction period.i want to try and get in big4 so that i also fulfil icap training req.(ek teer say dou shikaar).

plz guide me through with your advices.i mean give me possible walkthrough.







- shani420 - 02-18-2010

Dear Sameer_mobeen,
If u start ICAEW articles and become their member than u would not be required to do articles again for ICAP membership.For Public practise rights u would just have to pass two ICAP papers and u would get ICAP membership and audit rights.
As far as ICAEW training is ,ICAEW ATO's r not restricted to Big 4.There r also few other firms offering ICAEW training in Pakistan(I guess these r 40 odd).Try ur luck there.

- shani420 - 02-18-2010

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Dard</i>
<br />
ICAEW MEMBERS(ACAs/FCAs) are required to pass the tax and law papers of ICAP before becoming an ACA of pakistan
)
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

dear Dard,
It is not mandatory for ICAEW(ACA/FCA) to pass tax and law papers to gain ICAP membership.It is only mandatory to gain public practise rights.They can gain non public practising(audit) ICAP membership without passing any papers.

- shani420 - 02-19-2010

Dear Samis899,
If someone has completed full or more than 50% of his ICAEW articles outside public practice(Industry etc) than ,if he wishes ICAP membership, he is required to complete just ONE YEAR further articles in an audit firm.Full 3 years articles r not required.

- sameer_mobin - 02-19-2010


@sami and all forum member,

thank you for your guidance and for clearing up my confusions.
so based on the info provided you guys if i choose to pursue icaew my route should be as follows-

------> complete acca studies with p6 p7 and oxford brookes univ degree(i know its optional but i still want to do it so that i get my options opened up)
------> apply for icaew exemption
------> apply for induction in audit firm(approved by icaew)
------> complete training and give icaew exams after training
------> apply for icap exemption on basis of icaew and complete icap (only if by that time i have interest in it).


so am i right with my above approach,kindly review and tell me if i m wrong somwhere.

now tell me,in which city exams are being held?i already know about tuition institutes in karachi who are officialy registerd by icaew.one of them is sbs.so inshallah classes won't be a problem for me.


@sami-
sir my e-mail is theone_8687@hotmail.com

sir please drop by a mail so i can be in contact with you through e-mail too because i know that your experience,pursuing same qualification and advice can really mean alot to me since i am the only one in my family pursuing this field and i am kind of short on gudiance. [)]


ALLAH BLESS YOU ALL FOR HELPING OTHERS OUT.






- Osama Rules - 02-20-2010

Salam,

Yes that would be right samis899.[)]

As far as I am concerned I am looking forward to start ACA(ICAEW) directly after A levels.

Hopefully it's a correct decision!!

Regards.