02-08-2010, 05:54 PM
Well, umair good question raised by you.
No Lawmakers are not biased if we go through the legal framework of financial and corporate laws we find that usually law making is not initiated by the Members of Parliament. The MOP are much interested in constitutional amendments and other laws relating to political, tax or revenue, social and religious issues. Actually the regulatory bodies formulate the drafts and forward these drafts to Ministry of Law. In more than 90% case the commercial, corporate and business law approved by the Parliment word by word as recommended by regulators.
As we discuss the profession of cost and management accountancy in Pakistan then we should keep it in mind that the concept of cost audit was introduced in 1998 through enactment of Companies (Audit of Cost Accounts) Rules 1998 and surprisingly the right of cost audit was also assigned to Charted Accountants. So while comparing CMA profession with any other profession we should keep it in mind that although ICMAP had established in 1951 but we came in market with audit rights and some power in 1998 and in later years. In September, 2009 or in latter months the full fledge tax audit rights were assigned to ACMAâs..So we can say that CMA profession is new in the country (in my view we are right to say it). Contrarily ICAP was established by Federal Govt after some years of establishment of ICAP but CAâs have audit right for many decades before CMAâs.
This is why even some qualified persons do not know about CMAâs( So it is suggested by some CMAâs that the name of ICMA should be changed it should be Institute of Chartered Management Accountants of Pakistan and the designation of Associate/Fellow Chartered Management Accountant should be assigned to CMAâs) . But we are making our space in the competitive job market as we move further the regulator and lawmakers will Compulsive to assign more and more powers to CMAâs.
I am still optimistic about the future of cost and management accountants in the country.
No Lawmakers are not biased if we go through the legal framework of financial and corporate laws we find that usually law making is not initiated by the Members of Parliament. The MOP are much interested in constitutional amendments and other laws relating to political, tax or revenue, social and religious issues. Actually the regulatory bodies formulate the drafts and forward these drafts to Ministry of Law. In more than 90% case the commercial, corporate and business law approved by the Parliment word by word as recommended by regulators.
As we discuss the profession of cost and management accountancy in Pakistan then we should keep it in mind that the concept of cost audit was introduced in 1998 through enactment of Companies (Audit of Cost Accounts) Rules 1998 and surprisingly the right of cost audit was also assigned to Charted Accountants. So while comparing CMA profession with any other profession we should keep it in mind that although ICMAP had established in 1951 but we came in market with audit rights and some power in 1998 and in later years. In September, 2009 or in latter months the full fledge tax audit rights were assigned to ACMAâs..So we can say that CMA profession is new in the country (in my view we are right to say it). Contrarily ICAP was established by Federal Govt after some years of establishment of ICAP but CAâs have audit right for many decades before CMAâs.
This is why even some qualified persons do not know about CMAâs( So it is suggested by some CMAâs that the name of ICMA should be changed it should be Institute of Chartered Management Accountants of Pakistan and the designation of Associate/Fellow Chartered Management Accountant should be assigned to CMAâs) . But we are making our space in the competitive job market as we move further the regulator and lawmakers will Compulsive to assign more and more powers to CMAâs.
I am still optimistic about the future of cost and management accountants in the country.
