Future of ACCA as auditor in PAKISTAN

[mazharje]

App log is bare mein kia kahtee haien?

[Pracs]

I think its highly unlikely that ACCAs or any other professional accountants in Pakistan will be able to audit in the near future. It is similar in some other countries where ACCAs are recognised in the industry but not allowed to be statutory auditors,.. viz a viz Australia, New Zealand, South Africa etc..

[mazharje]

Mr pracs.aoa.
I am not familiar with your field,it is not easy to know these terms either .But I have heard about that possibility when I was working in uk as a doctor. I come accross many pakistani accas` who in fact told me about this and my younger brother is in this field of acca

[Pracs]

I can understand where you are coming from, but based on my personal exeprience with the profession in Pakistan. I think I have reached the conclusion I have.

However,having said that ACCAs are now gainfully employed in accounting firms (and go upto manager level/not partner) and in the industry at large including foreign/national and multinational companies. As far as ACCAs penetration into a CA's forte in Pakistan..has been quite porus.. it stops however at the 'being the Auditor' primarily due to their inablilty to do so under the law.

[mazharje]

My little knowledge about this field tells me that as Newzeland and Auss may have their own accounting standards ,and Pakistani`s dont produce any standards of their own and also under Wto ,what you would say about icaew ,icap has issued great exemptions to the members of icaew and why not for acca persons,because icaew is not in pakistan ,I thing icap dosenot have courage to face other superior qualifications

[accountant1]

ACCA SUPERRIOR? lol nice joke

[Schuaeb]

Confining to the situation in Pakistani, Mazahrjee, your knowledge of the subject is little. Its not the matter of courage, neither any one can claim that ACCA is superior of CA.

However, in my opinion, we can't out rule the probability of ACCAs becoming registered auditors in Pakistan.

[mazharje]

you people r not taking into concideration the upcoming trade agreement,WTO,

[Schuaeb]

May be you are right, what's your opinion regarding this?

[rambo]

I do beleive that ACCA will get the status of auditor soon, and icaew will come to pakistan as well.

[Zikria Yamin]

If ICAEW will enter into Pakistan, then what would be the possible actions of ICAP? whether ICAP will accept its presence in Pakistan or not ?

[Schuaeb]

yaar anay tou do ICAEW ko phir dekh lain gay

[rambo]

tum loog kaboter ho, aankheen baand ker ke bethee rahoo.

[Pracs]

Rambo, its not about being an ostrich or a 'kabootar' as you put it, if and if ICAEW comes in Pakistan CAs from ICAEW will not have the regulatary backing to practice in Pakistan, some arrangements of reciprocal membership will be up (as there are already) and members of ICAEW will still have to pass the local papers or opt for dual membership with ICAP, which will retain its postion in the market, nothing will happen overnight. ICAEW runs joint schemes with local institutes in Malaysia and Singapore which still have their local institutes who regulate the profession. It is wait and see as Schueab just said.

[rambo]

than u Mr PRACS.And Eid Mubarak to u and all members of the forum.