04-02-2008, 08:12 PM
Dear,
I have all the regards for you and your opinions as well as for other members of the forum.
There could be problems with ICAP members, as pointed out by you. I don't wish to prove them angels. They are humans and Pakistanis like you and others and we all have so many features common with us.
Still, believe you me, as a profession, CA is the only one which has self regulation, appraisal, quality monitoring, and strict controls. If any body has any doubt, we can debate on profession to profession basis.
I however agree that most of such regulations apply where we talk about audit and assurance services. This has a valid reason as well which can never be ignored as it is the most risky and important area in this profession.
As far as consultancy, tax advisory etc is concerned, things could be seen in the context of your viewpoint. Internationally, firms are being penalized for millions of dollars due to un-ethical acts. Examples of some Big 4s could be studied from the webpages. This will hopefully also start in Pakistan very soon. But efectiveness of any such act will be minimal unless the authorities and govermental departments are also properly regulated. Unless the culture is changed, any actions taken for such consultancy services will remain ineffective. There were two concepts in taxation i.e. evasion of tax and avoidance of tax. To a great extent avoidance of tax through legally planned procedures was not considered a malpractice. However, in international scenario is concept is also being narrowed down to a great extent. I can cut it short by saying that CA profession is regulated but unless other departments are properly regulated such advices and consultancies may not be properly monitored.
However, audit and assurance services are extremely well regulated. We must not talk about immaterial cases.
Rest of the things pertain to personal preferences and behaviours.
Majority of our nation is corrupt or wish to have overnight moneys. This has deep rooted effects in this nation. This is another topic and is common in every sector.
Being a critical topic I don't go in detail but I tell you CA profession is the only profession in Pakistan which is most regulated and controlled.
Regards,
KAMRAN.
I have all the regards for you and your opinions as well as for other members of the forum.
There could be problems with ICAP members, as pointed out by you. I don't wish to prove them angels. They are humans and Pakistanis like you and others and we all have so many features common with us.
Still, believe you me, as a profession, CA is the only one which has self regulation, appraisal, quality monitoring, and strict controls. If any body has any doubt, we can debate on profession to profession basis.
I however agree that most of such regulations apply where we talk about audit and assurance services. This has a valid reason as well which can never be ignored as it is the most risky and important area in this profession.
As far as consultancy, tax advisory etc is concerned, things could be seen in the context of your viewpoint. Internationally, firms are being penalized for millions of dollars due to un-ethical acts. Examples of some Big 4s could be studied from the webpages. This will hopefully also start in Pakistan very soon. But efectiveness of any such act will be minimal unless the authorities and govermental departments are also properly regulated. Unless the culture is changed, any actions taken for such consultancy services will remain ineffective. There were two concepts in taxation i.e. evasion of tax and avoidance of tax. To a great extent avoidance of tax through legally planned procedures was not considered a malpractice. However, in international scenario is concept is also being narrowed down to a great extent. I can cut it short by saying that CA profession is regulated but unless other departments are properly regulated such advices and consultancies may not be properly monitored.
However, audit and assurance services are extremely well regulated. We must not talk about immaterial cases.
Rest of the things pertain to personal preferences and behaviours.
Majority of our nation is corrupt or wish to have overnight moneys. This has deep rooted effects in this nation. This is another topic and is common in every sector.
Being a critical topic I don't go in detail but I tell you CA profession is the only profession in Pakistan which is most regulated and controlled.
Regards,
KAMRAN.
