Financial Risk Manager

For ICAP Members

Mr. Justin West (ICAEW Representative) will be conducting Free Seminar in Karachi and Lahore on 23rd and 26th October, 2009 respectively on ICAEW Qualification in Pakistan and to answer students? unique ongoing questions including on changes in MoU with ICAP. The Chief Executive of Emile Woolf Pakistan (EWP), Mr. Mohammad Maqbool, FCA will also be available at Seminar to further clarify the study system approach for ICAEW Exams.

The Seminars will be conducted according to following Schedules:

Karachi: Friday 23rd October, 2009
Venue: ICAP Auditorium
Arrival of Guests: 03.15 pm
Presentations: 03.30 pm
Hi-Tea: 05.30pm

Lahore: Monday 26th October, 2009
Venue: Royal Palm, Golf and Country Club
Arrival of Guests: 4:15 pm
Presentations: 4:30 pm
Hi-Tea: 06.00 pm

Please confirm your participation by registering your particulars here.

The Advanced Stage consists of two Technical papers and a Case Study. Throughout the process you will be working and therefore able to apply your new skills direct in the workplace.

About the Advanced Stage

Students are encouraged to include relevant practical examples in your examination work from the outset, but it is in the Advanced Stage that you really focus on the technical and strategic skills needed to become a fully qualified ACA.

Skills needed

- Adopt a multi-disciplinary approach and demonstrate your ability to use judgement as well as highlight your technical skills.

- Apply classroom learning to the practical issues facing organisations (the IPD framework will help you do this).

- Consider genuine problems and come up with real-life solutions that manage both finance and risk.

- Good communication skills, business awareness, professional judgement and the application of technical accounting knowledge.

Breakdown of the Advanced Stage modules

1.Technical integration - Business Reporting

Financial and corporate reporting and accounting, audit and assurance, taxation, law and ethics. Apply technical knowledge and professional judgement to business scenarios to determine compliance solutions and a consideration of the alternatives.

2. Technical integration - Business Change

Demonstrate your understanding, planning skills and ability to give advice. Analyse and interpret internal and external financial and non-financial information covering taxation and law, business strategy, financial management, performance management and costing, financial and corporate reporting and accounting, audit and assurance and your grasp of ethics.

3. Case Study

Test your professional skills in the context of a specific business issue. Be challenged on multiple areas of the syllabus. The examination combines information given to candidates beforehand and impact information given on the day.

How long are the exams?

The Technical papers last 3.5 hours each. The Case Study lasts 4 hours.

The deadline for the November session Advanced Stage examinations is 1 October 2009.

Key Dates

Deadline : 1 October
Withdrawal deadline: 12 October
Admission details : 16 October
Exams : 2, 3, 4 November
Results : 11 December

Candidates entering for exams will now get their admission details sent electronically.

Instead of an admission letters sent in the post, candidates will collect their assessment details online. This will include their timetable, venue, candidate number and instructions.

Admission details will be available online from 17 October. ICAEW will send you an email to tell you when your admission details are available, so it is important we have an up-to-date working email address for you.

Candidates who have special arrangements will be sent letters confirming their timetable for the session on 16 October.

View a full list of dates and deadlines here for 2009 and 2010

After all arrangements between ICAP and ICAEW, the ICAP Members now have to take only three Advanced Stage exams to pass and get ICAEW Membership.

Since, as per ICAEW, no further change is now expected at least until new ACA 2012 is launched by ICAEW, the ICAP Members can now decide to take the Business Reporting and Business Change Exam in July 2010.

This is to inform that the Students wishing to take the "Business Reporting" and "Business Change" exams in July, 2010 may now enroll with EWP for classes so that they can be provided with the UK Law and Tax Orientation Classes (compulsory) and the books for the preparation of their exams earlier.

For more details and classes schedule, please visit here

Changes to Credit for Prior Learning for ICAP members:

In June this year, we announced a significant change to our ACA programme for ICAP members.

I am pleased to be able to inform you of a further change to the programme. Following a successful submission by the Institute of Chartered Accountants of Pakistan, ICAP members will no longer be required to sit the ICAEW’s Professional Stage Business Strategy module.

With immediate effect ICAP members can apply for credit from the Business Strategy paper. This applies to existing ACA students as well as those not yet registered.

Action required
Credit for Business Strategy will not be awarded automatically. You will need to apply for credit. As you have already been awarded credit previously you need to send an email to cpl@icaew.com quoting your ICAEW student registration number and requesting that this additional credit is awarded. Applications for credit received from today will automatically be awarded all 12 credits. If in doubt please check your record.

The fee waiver for CPL applications from ICAP members will remain at least until the end of this year.

We are delighted at these recent, positive, changes that recognise our close working relationship with ICAP. We continue to work closely with ICAP in a number of areas; however we do not expect any further changes to the ACA programme for ICAP members in the foreseeable future.

Meanwhile if you have any questions about these changes please do not hesitate to contact Justin West,Senior Business Development Manager, Learning and Professional Development.

Route to ACA (England and Wales) Membership for ICAP Members is as follows;

Apply for exemption from 11 of the 12 Professional Stage exams. The ICAEW have agreed to waive all fees of these exemptions. The availability of a fee waiver will be reviewed later this year, but is guaranteed to stay until 31 December 2009 (this is for applications received and agreed by ICAEW before this date). For exemptions in these 11 subjects ICAEW can only accept hard copy applications. To get the hard copy of it click here

Register as an ACA independent student. For both exemptions and student registration ICAEW can only accept hard copy applications. The application to register as an independent student can be found here

Once the registration and exemptions have been completed it is then just a matter of sitting, and passing, the 4 exams - and the online ethics module.

Grant Thornton agress to pay fines and costs over failing to sign off audit reports by a 'responsible individual' of the firm Grant Thornton has agreed to pay nearly £6,000 in fines and costs after it failed to correctly sign off 43 audit reports.

The firm agreed to pay a £2,500 fine and £3,410 in a consent order with the ICAEW's investigation committee after issuing 43 audit reports that had not been signed off by a responsible individual of the firm, contravening audit regulation 4.05.

Andrew Turpin of business recovery specialists P&A Partnership was ordered to pay a regulatory penalty of £1000 for drawing unauthorised remuneration although it was subsequently approved, found the ICAEW's insolvency licensing committee in its latest batch of disciplinary orders and regulatory decisions.