ACCA License for Audit practice in PK

waqar · 10-20-2004, 07:47 AM

Should ACCA be allowed to practice Audit in pakistan?
How it will affect ICAP?
comments?

Waqar

Pracs · 10-21-2004, 03:30 PM

Its not a question of should ? but more of by when? i think they should be; given they complete the required training requirements, perhaps ICAP can design a TAX/LAW variant paper specifically for ACCA's to sit for before they can get their practising license ! (ICAP viz a viz their demand and supply doctrine)

"Allah does not change the state of people unless they change what is within themselves" Quran 1311

smraza · 10-22-2004, 02:38 AM

It will simply be an attack on Monopoly of ICAP. Babas e ICAP will never let this happen. But in my personal opinion ACCAs must be allowed to work as Practicing Auditors in Pakistan, enabling us to exactly compare both the professional bodies in Paki environment.

SMR

Azeem Shah Khan · 10-22-2004, 03:59 AM

<BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote> Should ACCA be allowed to practice Audit in pakistan?
How it will affect ICAP?
comments?<hr height=1 noshade id=quote></BLOCKQUOTE id=quote>

WHY NOT???

azeem

Ehrar_ACMA · 10-22-2004, 08:07 PM

Dear Friends

I agreed 100% with SMRAZA.....It cant be solved by saying y not......
<img src=icon_smile.gif border=0 align=middle>

They r the Chartered Accountatns(ACCA)that r not eligible/authorized to sign audit report at their beloved...mother land....

Impossible....Have u ever been heared american CPA is signing audit report in pakistan ....or practicing....nahee na...unless he gets...exemptions & become an ACA.....

Regards,

Kh. Ehrar Ul Hasan
APA,ACMA,CIA(Usa),MA(Eco),CIMA(Inter),IBP-Stage-I (Only Sky is the limit.$$$.....

Azeem Shah Khan · 10-23-2004, 07:58 AM

who said ACCAs cant sign audit report in UK.

they should be allowed to sign reports in Pakistan if they qualify with Pakistani variants.

Regards

Azeem

mhmirza · 10-24-2004, 01:42 AM

It is not the matter of affiliation/membership of any certain accounting body. Any intitute / association which provides the required level of education & training to its members & students should be allowed to issue license for audit. I want to clear that the word chartered accountants can be used for of members of ICAMPs as well because it was created by the act of parliment. Mr Eharar in some part of wolrd CMAs have also been allowed to work as public accountants after they met standards of traing & education.

smraza · 10-25-2004, 03:22 AM

<BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote>
I want to clear that the word chartered accountants can be used for of members of ICAMPs as well because it was created by the act of parliment. Mr Eharar in some part of wolrd CMAs have also been allowed to work as public accountants after they met standards of traing & education.
<hr height=1 noshade id=quote></BLOCKQUOTE id=quote>
Nopes mirza sb. members of ICMAP 'can be' called but 'should not be' called chartered accoutants. It doesnt suit them. (kidding)
Even in Pakistan the CMAs are allowed to work as public accountants, they can audit the financial statements of companies, (the crieteria is there which i dont know).

SMR

mhmirza · 10-25-2004, 03:41 AM

In past ICMAP's members were allowed to audit financial statements of private limited companies having paid up capital of 3 million rupees or more. Section 254 of companies ordinance.

This permission has been drawn back whatever may be the reason.

Pracs · 10-30-2004, 03:04 AM

The reason was ICAP ofcourse, who lobbied with the ministry to revoke the right to sign audit reports... ICAP is the bIG GUY in Pakistan, the question is for how long ??

"Allah does not change the state of people unless they change what is within themselves" Quran 1311

smraza · 10-30-2004, 03:19 AM

FOREVER...........................................
..........................................................YOUNG....

SMR

syedhassan · 11-08-2004, 04:19 AM

<BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote>
Dear Friends

I agreed 100% with SMRAZA.....It cant be solved by saying y not......
<img src=icon_smile.gif border=0 align=middle>

They r the Chartered Accountatns(ACCA)that r not eligible/authorized to sign audit report at their beloved...mother land....

Impossible....Have u ever been heared american CPA is signing audit report in pakistan ....or practicing....nahee na...unless he gets...exemptions & become an ACA.....

Regards,

Kh. Ehrar Ul Hasan
APA,ACMA,CIA(Usa),MA(Eco),CIMA(Inter),IBP-Stage-I (Only Sky is the limit.$$$.....
<hr height=1 noshade id=quote></BLOCKQUOTE id=quote>
hi there.
full marks to you...
mr. Kh. Ehrar Ul Hasan

ACCA

mhmirza · 11-08-2004, 10:58 PM

[quote]
The reason was ICAP ofcourse, who lobbied with the ministry to revoke the right to sign audit reports... ICAP is the bIG GUY in Pakistan, the question is for how long ??

Can anybody tell me how many financial audit were conducted by ICMAP's members before the permission was withdrawn? What is their share in cost audit?

Pracs · 11-08-2004, 11:31 PM

I am sure there were'nt many, but these things take time... It might have picked of had the ACMA's got a chance to look at this career prosepctive. Many ACMA's and myself came to know about it only when it got revoked.

"Allah does not change the state of people unless they change what is within themselves" Quran 1311

mhmirza · 11-09-2004, 03:57 PM

Mr. Pracs To know whether opputunity to audit was available or not you only had to go through companies ordinance which was part of syllabus of all accounting bodies in Pakistan. Anyway do anybody has statistics about the mandatory cost audit of specfied inductries conducted by ACMAs or firms of ACMAs.