02-26-2009, 10:58 PM
Dear Pracs,
Thank you for believing in the words. I do understand that your view point is based upon personal experience and observation.
I also agree that any debate should not cross the moral limits. However, I wonder why no such comments come when pro-ACCA people do it. Is there a need to quote examples when such things did happen and our kind fellows responded to such posts gladly without giving any note of criticism? I don't even expect it. However, it was just to remind something. Actions should speak instead of words, I think. These limits should also be kept in view while calling the others as Janoo German. Every one is very much honored and must be doing well in his own sphere of professional life. However, the people calling others as Janoo German, if at any moment of their life will come back to the home-land, will have to depend on such Janoo Germans. It is matter of fact regardless of its acceptance or non-acceptance. For so manys such matter of fact is a reason to criticize others. We have witnessed such cases.
I said if ACCA would be given audit charter here in Pakistan, I would be the first to vote for such a proposal. I agree it will enhance a good professional competition. It will also expose the ones who make big claims behind this wall.
ICAP, as I have been explaining earlier, is not a reason of any obstacle that the other designation-holders believe in or doubt for. It's extremely co-operative, pro-active and look forward to follow all the best professional practices.
One of the ICAP members suggested European Commission (Director General, Internal Market and Services) to discuss the issue of establishment of Independent Public Oversight System for Audit of Listed Companies with the regulators of Pakistan. This concerns cases where a client company of auditors is registered in a non-EU country but its securities are listed on European Capital markets. This may entail detailed registration requirements for auditors (in Pakistan) since they fall under the oversight of the EU Member State concerned (ref European Directive on Statutory Audit 2006/43/EC). The principles to be based for such an Independent Public Oversight System are
- the systems are independent from the audit profession;
- they ensure adequate oversight for audits of listed companies;
- their operation is transparent and ensures that the outcome of quality assurance reviews is reliable;
- they are supported by investigations and penalties in an effective way.
It may be noted that our audit firms can get registered even if such oversight system is not brought in place. Still, the ICAP representative (Council member, at his own has asked EC to discuss the issue with Pakistani regulators so that a step forward could be taken for a better system.
Let's see if such a system comes into existence and what other things will it bring with. I am foreseeing some good news for certain other designation-holders as well, provided the scenario changes after introduction of the new system. However, so far it is only a suggestion.
Regards,
KAMRAN.