ACCA License for Audit practice in PK

[Pracs]

Well mhmirza.. agreed that it has always been there in C LAW,. but believe me very few people knew about it... I was studying for professionals C law when the change came in...(that is how i found out about it) I must admit I was not that thorough in C LAW in foundation or in B.comm

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

[waqar]

I think,if some one know professionally how to do audit,like ACCA,he must be allowed!

[talhakhan]

It depends, the word "professionally" could be interpretted in many ways. The laws that apply in UK and USA are not same in Pakistan for audit purposes of documentations, testing, reasonable assurance to shareholders etc. I believe if it is a publicly held company on British stock exchange market, ofcourse ACA should be authorized to audit the company's financials. Similarly if a company is listed on NYSE in that circumstance a CPA should be able to audit the company. There should not be 'ands' or 'buts'...

I dont know if you know this or not, but a recent law passed in Accounting world here in US has shaken the whole world. Post the Enron era, now called "Sarbanes Oxley" Section 404 has brought numerous changes to accouting profession. The firms whether they are German or Indian, French or Dutch, if they are a publicly held company in US, they will need to follow SOX 404 requirements in which case a CPA auditor would be way well versed than Pakistani CA or British ACA. So I guess to be short, it depends on types of engagements ACA's or CPA's in Pakistan should or should not be authorized to work on. As long as they are all following International Standards of Auditing, my question is why not?

thanks
talhakhan

[syedhassan]

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SYEDHASSAN
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ACCA