12-24-2009, 11:52 PM
Dears
I understand the sentiments of Awais and also find some similarities of my views on certain areas. However, Maqsood appears to be a senior fellow and his personal experiences can also not be ignored.
I think there should not be a hesitation to accept that in all generalized fronts we follow and are bound to follow what west has discovered, invent, found, concluded and disclosed. It's a fact that our sentiments get hurt with this sour fact of life. Still, we rarely do anything to reverse this situation.
Although with respect to professional pronouncements of boards and committees constituted under IFAC we can't deny participation of all stakeholders, still, how much such participation is instrumental, effective and efficient may be seriously questionable.
IAASB has issued consultaion papers on "Complexed Financial Instruments" and "Green House Projects" with reference to audit considerations. We at Pakistan are discussing these consultation papers for an upcoming meeting at some international plateform which has to be attended by a Pakistani who was on IAASB board for last three years and has again been taken on such board for another term of three years starting from 2010. (For interest of Maqsood and Awais, he is ICAP's fellow member and being on board of IAASB for six years is an honor for Pakistan). Let me tell you that these two are yet the consultation papers, and we are discussing, commenting and arranging recommendations on it. Let me tell you this yet has to transform into Exposure Drafts and then Standards. So, there may not be an issue of participation. Yes, effectiveness of participation may needs to be ascertained and quantified and questioned.
I don't want to give this thread a new direction (which it is some how heading to) so I am limiting my comments.
Maqsood, thanks for intro and we hope you will keep posting informative stuff.
Regards,
Kamran.
I understand the sentiments of Awais and also find some similarities of my views on certain areas. However, Maqsood appears to be a senior fellow and his personal experiences can also not be ignored.
I think there should not be a hesitation to accept that in all generalized fronts we follow and are bound to follow what west has discovered, invent, found, concluded and disclosed. It's a fact that our sentiments get hurt with this sour fact of life. Still, we rarely do anything to reverse this situation.
Although with respect to professional pronouncements of boards and committees constituted under IFAC we can't deny participation of all stakeholders, still, how much such participation is instrumental, effective and efficient may be seriously questionable.
IAASB has issued consultaion papers on "Complexed Financial Instruments" and "Green House Projects" with reference to audit considerations. We at Pakistan are discussing these consultation papers for an upcoming meeting at some international plateform which has to be attended by a Pakistani who was on IAASB board for last three years and has again been taken on such board for another term of three years starting from 2010. (For interest of Maqsood and Awais, he is ICAP's fellow member and being on board of IAASB for six years is an honor for Pakistan). Let me tell you that these two are yet the consultation papers, and we are discussing, commenting and arranging recommendations on it. Let me tell you this yet has to transform into Exposure Drafts and then Standards. So, there may not be an issue of participation. Yes, effectiveness of participation may needs to be ascertained and quantified and questioned.
I don't want to give this thread a new direction (which it is some how heading to) so I am limiting my comments.
Maqsood, thanks for intro and we hope you will keep posting informative stuff.
Regards,
Kamran.