11-26-2002, 05:00 PM
This is reference to Mr. Nasim Beg's remarks about the accountancy/auditing profession in Pakistan.While i whole heartedly agree with him that auditors have not discharged their statutory functions efficaciously,it is also pertinent to point out that members of the Accountancy bodies themselves have not played a proactive role is putting their own "house in order".A country where a fine for professional negiligence stood at Rs 2000 can hardly afford to talk about international best practices in financial reporting/auditing. The Institutes have completely failed to discharge their role as Self Regulatory Organizations and hardly one auditors/accountant has ever been found guilty of professional negligence.
When SRO's can devise,suspend and terminate their own "exemption policies" based on a partners or generals siblings enrollment preferences, the less said about the quality of audit the better.(instance ICAP's exemption policies to ACCA/CIMA students)
Finally, corruption both financial and moral, is endemic in the country and the auditing profession has been no exception in this regard.
When SRO's can devise,suspend and terminate their own "exemption policies" based on a partners or generals siblings enrollment preferences, the less said about the quality of audit the better.(instance ICAP's exemption policies to ACCA/CIMA students)
Finally, corruption both financial and moral, is endemic in the country and the auditing profession has been no exception in this regard.