ICAP Final Examinations Winter 2010 Result
Monday, January 31, 2011
The Council of the Institute of Chartered Accountants of Pakistan is pleased to declare the following results pertaining to the Final Examinations held in December 2010. Newly qualified Chartered Accountants are
- MUHAMMAD KAMRAN ASLAM
- ABDUL MUKEET IQBAL
- MUHAMMAD ASAD ULLAH
- RASHID SHUJA BUTT
- ASHFAQ
- MUHAMMAD FARAZ
- MUHAMMAD ABBAS HUSSAIN
- FARHAN AHMED MEMON
- SAAD BASHIR
- MUHAMMAD RAZA AHMED
- QAZI AMIR
- MANSOOR YAQOOB
- KAMRAN ABBAS
- MUHAMMAD KASHIF SAEED
- AHSEN ALI
- ASIF RASHID
- KAZI ZEESHAN AKBAR
- SYED ZULFIQUAR HUSSAIN KAZ
- ABDUL BASEER
- MUHAMMAD ZULFIQAR AHMED
- SALMAN MOHI UD DIN
- KHURRAM MAHMOOD
- UMAR HAYAT
- KAMRAN ANJUM
- MUNAWAR HUSSAIN
- MUHAMMAD ISHAQUE ABRO
- MUHAMMAD ALI UPPAL
- ZEESHAN KHAWAR
- AHMED ALI EHSAN
- KHALID JAVED KHAN
- USMAN KHALID QAZI
- TARIQ RASHID AHMAD
- SYED JUNAID ALI
- REZA ALI
- ADIL SAEED KHAN
- MUHAMMAD JAMAL HAFIZ
- MUHAMMAD ABDUL BASIT
- KASHIF ZAMAN
- HIZBULLAH KHAN
- TAHSEEN ANJUM
- MASUMA AMIR ALI
- OVAIS ANWER SHAMSI
- ANEEL KUMAR WANKWANI
- QUTBUDDIN
- ADEEL ARIF
- FURQAN AHMED
- ZEESHAN HAIDER
- MUHAMMAD FURQAN AMIN
- ASMA SHABBIR
- INAM UL HAQ
- MUHAMMAD NAEEM
- MUHAMMAD BILAL AHMED KHAN
- MATLOOB HUSSAIN
- FARMAN ALI MEMON
- SYED FAKHAR IMAM ZAIDI
- USMAN MAHMOOD SANDHU
- ASIF NAVEED
- AHMED IRFAN MALIK
- AWAIS SHAHID
- ALI NAWAZ QADRI
- BILAL AZHAR
- MUHAMMAD UMAIR
- FUAD ZAKRIA
- ZEESHAN MIRZA
- MUHAMMAD FARHAN QURESHI
- SAJID RASOOL SAGHAR
- RASHID MAHMOOD
- SARFRAZ ALAM
- RIZWAN HAROON LAKHANI
- MUHAMMAD SOHAIB KHAN
- GHULAM MOHIUDDIN
- SAQIB RIAZ
- SAULAT ALI BAIG
- FAROOQ BASHIR
- MUHAMMAD USMAN
- SAHRISH NAWAZ
- SAADIA PERVAIZ
- MUHAMMAD ALI
- AHMAD ARSHAD AMIN
- MUBASSHAR RASOOL
- M. ARSLAN SHAUKAT CHEEMA
- MUHAMMAD HUSNAIN MUNAWA
- MUHAMMAD OVAIS KHAN
- ASAD JABBAR
- MUHAMMAD ALI NAEEM
- MEHREEN MUKHTAR
- RAHAILA IZZET ALEEM
- NOUREEN AL AMIN
- KANEEZ FATIMA RAZA
- NIDA PYAR ALI
- MUHAMMAD LAEEQUE
- MUBASHAR ALI SHAHANI
- MUHAMMAD HAROON NAREJO
- GHULAM MURTAZA AWAN
- WAQAS AHMED
- HAFIZ MOAZZAM HUSSAIN
- NAFE WAHEED
- MUHAMMAD WAQAS ASHRAF
- SYEDA SANA SULTANA
- DANIYALA
- ZAID IQBAL
- MIAN BILAL ZIA
- MUHAMMAD KHUBAIB
- MUHAMMAD ADNAN
- KAMRAN RASOOL
- HINA SHAMSI
- NOREEN YUSUF
- MIAN WAQAR UL HUSSAN
- KHURRAM SHAHZAD
- SYED HAMZA GILLANI
- ALI TARIQ
- SAAD BIN ABDULLAH
- SANA QUADRI
- OMAIR AHMED
- FAHAD SULTAN
- MUHAMMAD ALI BAIG
- AANUS KHALILI
- MUHAMMAD ADEEL
- RAJESH KUMAR PINJANI
- MURAD
- ALI NAQI
- SYED MIRWAIS KHAN
- JAVERIA ZAMAN
- SYED MUHAMMAD IMRAN
- IMRAN YOUNUS KHAN
- NEELUM WASIF
- SHOAIB SULTAN
- SADIA MOHAMMED
- SYED SHARIQ HUSSAIN
- ASAD ANWAR
- MALIK KHAYYAM OMER
- SYED ASAD ALI
- MURSLEEN IQBAL
- MUHAMMAD NAEEM
- AHSIN TARIQ
- KHUBAIB AKRAM MUGHAL
- FURQAN SEITH MALL
- FAIZAN IRSHAD
- MUHAMMAD MEHMOOD BIKIYA
- RAHEEL
- JUNAID AZIZ
- MUHAMMAD UMAIR
- ABEERA
- SAAD ALI
- SHERDIL WAQAR
- FAIZAN HAMID
- USAMA BIN SOHAIL
- ADEEL ANZAR
- SARAH KAMAL
- JEHANZEB AHMED
- MURTAZA ALI KHAN
- WAQAS HANIF
- MUHAMMAD QASIM
- SAMIR MUHAMMAD HANIF
- MUHAMMAD HUSNAIN KHORASA
- ZAHRA JAVED KANCHWALA
- HAMEED WAZIR ALI
- MUHAMMAD HANI LAKHANI
- AWAIS-UR-REHMAN
- NABEEL UDDIN AHMED
- MOHAMMAD SHAN UL HAQ
- HARIS HAFEEZ
- TAIMOOR HAYAT
- IRUM SARDAR
- MUSTAFA KARIMI
- VINEET KUMAR
- UMAR SHAHZAD
- ARSALAN ANJUM
- KASHIF KHAN
- MUHAMMAD NAVEED AKRAM
- MUHAMMAD HAMMAD BHOJANI
- FARHAN PATEL
- ALI MANSOOR
- ALI MUHAMMAD
- SANDESH KUMAR BAJAJ
- ARUN DHINGRA
- MAIMOONA RAFFAT
- ADNAN NOORALLAH VELJEE
- FAISAL IQBAL
- HASSAN AHMED TARIQ
- HATIM NOOR UDDIN
- ANUM ANWAR
- PEER MUHAMMAD
- MUHAMMAD MONEM QASMI
- SYED MUHAMMAD ANAS QADRIE
- NADIA WAZIR ALI
- NIDA HASHMI
- HASHAM ALI BABER
- HAMZA KHAN
- ZEESHAN MEHMOOD
- MOHAMMAD MUZAMMIL HAYAT
- SAAD MASOOD
- UROOJ NESAR
- SARA JAMALI
- AYESHA ARIF
- SIDRA JUNAID
- KARIM MOHAMMED IQBAL CHAG
- ANITA CHANDNANI
- AMMAR IQBAL MEMON
- SYED BILAL ASGHAR
- RAMIZ ALI
- ABDUL QADIR KHAN
- MUHAMMAD SHAKEEL ANWAR
- ZAIN KHALIL AHMED
- AYESHA ARIF BAWANY
- ANUM MOHSIN
- AHSAN RASHEED
- HANIYA NAJAM BUTT
- SHAZIA PARVEEN
- MUHAMMAD USAID
- ARSALAN AHMED
- ALI HAMMAD BIN JABBAR
- SAAD HASSAN QURESHI
- MUHAMMAD AHMED
- USMAN ALI
- FARHAN HAIDER
- MOHAMMAD BIN SALEEM
- MUHAMMAD HASNAIN SIKANDER
- MALIK AZEEM MAQBOOL
Labels: CA Final Exam, ICAP
posted @ 2:48 PM,
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Subject Wise CA Program
Wednesday, January 5, 2011
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Labels: ICAP
posted @ 10:11 PM,
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ICAP Exemptions for ACCA, CIMA and ICMA
This is to notify that the Council of the Institute of Chartered Accountants of Pakistan has reviewed the present exemption policy of the Institute in its meeting held on December 24, 2010 and has decided the following:
A. Available Exemptions
The exemptions from the following papers will be granted to the students who have passed all examinations of ACCA, CIMA and ICMAP:
Qualification: ACCA
Pre-entry Proficiency Test
Module - A
- Functional English
- Quantitative Methods
Module - B
- Introduction to Financial Accounting
Module - C
- Financial Accounting
- Taxation (Exemption will be granted to only those candidates who have passed F6 Taxation (Pakistan variant)
Module - D
- Cost Accounting
- Information Technology (Exemption will be granted to only those candidates who have passed F8 Audit and Assurance; and P7 Advanoed Audit and Assurance)
Qualification: CIMA
Pre-entry Proficiency Test
Module - A
- Functional English
- Quantitative Methods
Module - B
- Introduction to Economics & Finance
- Introduction to Financial Accounting
Module - C
- Financial Accounting
Module - D
- Cost Accounting
Qualification: ICMAP
Pte-entry Proficiency Test
Module - A
- Functional English
- Quantitative Methods
Module - B
- Introduction to Economics & Finance
- Introduction to Financial Accounting
- Mercantile Law
Module - C
- Financial Accounting
- Taxation
- Business Communication & Behavioral Studies
Module - D
- Company Law
- Cost Accounting
- Information Technology
B. Effective Date: This Directive will. become effective from April 1, 2011.
C. Repeal: Effective April 1, 2011 this Directive supersedes the Council's Directive 2.02 to the extent that the said Directive relates to ACCA and CIMA.
Labels: ACCA, CIMA, ICAP, ICMAP
posted @ 10:54 AM,
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ICAP Golden Jubilee Year 2011- Message from the President ICAP
Monday, January 3, 2011
My dear Honourable MembersAs you would no doubt be aware that your Institute would inshaAllah be fifty years old on July 1, 2011. The Council has therefore decided to celebrate the calendar year 2011 as the Institute’s Golden Jubilee year. To this end the Council and the Regional Committees plan to hold various events throughout the year for its members, students and the secretariat.
Fifty years back, the then Registered Accountants displaying immense foresight and vision recognized the requirement of an upcoming modern State of Pakistan to have an independent platform for accountants. Thus, The Institute of Chartered Accountants of Pakistan was established on July 1, 1961 under The Chartered Accountants Ordinance, 1961. Your Institute has come a long way since then from a very small community of Registered Accountants to what it is today, a professional body of over 5000 members.
Over the years numerous developments have taken place within the accounting profession. The role of accountants has gradually evolved from a stereotypical image of bookkeepers to that of business advisors. The Institute, being the custodian of the accounting profession in Pakistan, has gradually evolved processes to ensure transparency, accountability and good governance within the profession.
Simultaneously, your Institute has firmly established itself as a premier institution which produces qualified accountants, who are not only in high demand within the country but have also made a mark for themselves outside Pakistan.
Your Institute possesses the distinction of being the first body of professional accountants in the region to embark upon the adoption of the International Financial Reporting Standards (IFRSs) [(previously referred to as the International Accounting Standards (IASs)] and courtesy the corporate and the banking regulators of the country has succeeded in having those IFRSs, with a very few exceptions, as constituting the accounting framework for the corporate sector in Pakistan. Whereas, adoption of the IFRSs has greatly improved the quality of corporate reporting within the country, it has significantly promoted the acceptability of our members internationally.
It is no secret that throughout the last five decades your Institute has never compromised on the integrity of its examination system which is virtually unimpeachable and the quality of the product coming out of that system has now established itself as a benchmark for professional competence. This in itself is a matter of immense pride to be recognized as a member of The Institute of Chartered Accountants of Pakistan. Today, the members of our Institute while conducting themselves in accordance with its principles of professional ethics and fully armed with appropriate technical skills, have established themselves as professionals in demand across the globe especially in the Middle East, UK, Canada and USA. In fact, they can also be found in the Southern Hemisphere i.e. in places like Australia and South Africa. With the expected conversion to IFRSs by USA and Canada, it is anticipated that the demand for our members would increase substantially.
Over the last fifty years your Institute has been able to establish for itself an enviable reputation in the educational and business sectors of the Pakistani society due to the relevance of its syllabus, its very secure examination system and the professional conduct of its members, whether as stewards in the industrial and banking sectors or as auditors and tax consultants. The Institute continues to recognize its responsibility in the development of the profession and producing quality competent professionals.
Thus it encourages students to consider Chartered Accountancy as a career of choice at their school leaving level or upon graduation. Of course, this quest would not be fully achieved if the Institute was unable to ensure that the students are provided quality on‐the‐job training.
But this journey of ours is a test of endurance and being fifty years old is just another milestone. We have a greater responsibility on our shoulders now as the journey beyond the golden jubilee is expected to be more challenging. There is no time for complacency in a dynamic environment where information is being exchanged in micro seconds; both the honorable members and the Institute must appreciate the challenges lying ahead and effectively plan to address them. As professional accountants we have a critical role in accelerating the progress of our country towards economic stability and the Institute will continue to support and facilitate not only its members but also the government, the regulators and the business community in this respect.
The pivotal role played by the senior members and the leaderships in the development of a nascent institute to what it is today is great fully acknowledged. The Institute could not function effectively without having in place a dedicated secretariat and their effort deserves a special mention.
We should at this moment of celebration also remember those of our members who are no longer with us and may Allah rest their souls in eternal peace.
We at the Council look forward to your effective participation in the Golden Jubilee activities throughout the year. On behalf of the Council I would like to wish you and your families a very happy, healthy and prosperous 2011, our Golden Jubilee Year, and pray that may Allah shower his blessings upon us and our country.Thanks and warm regards
Saqib Masood
President (ICAP)
President (ICAP)
Labels: ICAP
posted @ 10:31 AM,
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ICAP - How to Improve Education and Training Programs?
Wednesday, January 27, 2010
Tell us how ICAP can improve its education and training programs?
Council has asked the Education & Training Committee (ETCOM) to carry out an in-depth analysis of the Institute’s education and training programs, and suggests improvements in them.
ETCOM is of the view that as a member of the Institute you can provide valuable help and guidance in assessing the quality of our education and training programs and identifying areas for improvement by filling out a web-based survey.
To take the web-based survey, click here
To ensure the broadest range of opinion, I hope you will choose to respond. Past experience indicates it takes an average of 5-10 minutes to complete the web-based survey, depending on your internet connection. All the questions marked by an asterisk must be completed.
Confidentiality:
If you participate in the survey, your responses will be held in strictest confidence. No identifying links between responses and the individual responding will be retained. Combined data will only be reported.
Time Lines:
This Survey will start on January 26, 2010 and end on February 9th 2010.
posted @ 1:45 PM,
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Conducting an Investigation For Misconduct
Wednesday, December 30, 2009
A well written article by Athar Hussain Zaidi FCA and Saima Batool
Investigating for evaluating misconduct or violations of rules and regulations is a necessary, but unpleasant, job for most human resource professionals, fraud examiners and law experts. Investigations should be conducted whenever there are serious complaints about workplace problems, including rule or policy violations (such as violating the safety or harassment policy), misconduct (such as falsifying records or reports), or criminal acts (such as stealing). In addition, at times the professionally managed organizations should be prepared to investigate lesser problems, even without a formal complaint, like rumors or suspicions of rule violations or wrongdoing.
The consequences of investigations that are not fair or thorough can be very serious and extensive. If your termination or disciplinary decisions are based on flawed investigations, they may trigger employee lawsuits for defamation, discrimination, harassment, or wrongful termination. In fact, even the accused wrongdoer may sue when an investigation is handled poorly or the decision appears unfounded and of no locus standi. Significantly, courts tend to punish employers that do not conduct thorough nvestigations respecting the legal procedure laid down in this behalf. In addition, employee morale may suffer if employment decisions appear unfair or arbitrary because the process was not thorough or objective.
So in order to help prevent these problems and ensure an effective investigation, the following elements are suggested to be part of your investigative process:
1. THE INVESTIGATOR SHOULD BE A TRAINED SENIOR PROFESSIONAL AND OBJECTIVE IN HIS APPROACH
The qualifications and demeanor of the person conducting the investigation will influence the perception of fairness. Ideally, the person should have special training and experience in human relations, employment law, conflict resolution and fraud examinations.
In developed countries such as USA many employers rely on their internal human resource professionals or senior security officers in this role. However, an outside investigator may be appropriate if the issues are particularly sensitive or legally complex. (Note that where an outside investigator is used, certain disclosure requirements have to be complied with under the Fair Credit Reporting Act, as amended by the Fair and Accurate Credit Transactions Act of 2003 of USA) In addition, some states in America, such as California, require that thirdparty investigators be licensed by the state. Unfortunately, in developing countries, the enquiry officer is usually appointed from amongst the staff who may not have the ability and skill to do the job. The only requirement in the industrial labour laws of Pakistan is that the enquiry officer should not be of the rank below the person who is being investigated.
2. WRITTEN PROCEDURES
Specific procedures should be established which must be followed by supervisors and managers conducting investigations. The written procedures should address each step of the process and provide guidelines for fact finding (including choosing and interviewing witnesses), proper documentation of the investigation steps and the facts revealed, protection of confidentiality,and communication of results.
3. A TIMELY PROCESS
Investigations should be completed as quickly as possible after a complaint is filed, the misconduct is observed, or the alleged incident occurs. Normally, no more than a few days should elapse between each step in the process; ideally, the investigation should be completed within five to ten days. Of course,investigations that involve complicated issues like harassment or theft or stealing company property and information may take longer.
4. CAREFUL FACT-FINDING
The investigator should begin by gathering as many facts as possible about the problem, either by interviewing the complaining party, or if no one made a complaint, by interviewing people who may be involved or who may have witnessed the problem.
As a general rule, the investigator should talk to any person who may have information that would either prove or disprove that the alleged conduct occurred. To obtain as much detail as possible, the investigator should ask probing and open-ended questions that do not suggest the answer. Interviews should focus on the specific facts of what happened (like when, where, and who was involved) and preserve confidentiality by addressing only the details that the particular person would know. In addition, the tone of each interview should be professional, and everyone interviewed should be reminded that the organization will not retaliate, or tolerate retaliation, against anyone for participating in the investigation.
5. DOCUMENTED RESULTS
All steps in the process should be recorded and documented in writing. Written records, properly compiled, aid everyone»s memory and can be invaluable in demonstrating,to employees and, if necessary, to a court, the fairness of the investigation and ultimate decision. Since these records may be used in legal proceedings, the information recorded should be limited to facts disclosed and behavior observed and should not include any speculation about what happened.
6. FINAL DECISION AND COMMUNICATION
Once the investigation is complete, management should evaluate the evidence and make a decision. Although most managers and human resource professionals worry about making the ÒperfectÓ decision, neither employees nor the courts expect legal perfection. Rather,they expect a rational decision based on a thorough investigation.
In fact, courts generally do not second-guess employer actions, even when later proven wrong, if management acted fairly and in good faith. Therefore, you do not have to meet a strict rule of evidence Òbeyond a reasonable doubtÓ, as for a criminal offense, in order to make a proper employment decision. As a last step, all appropriate parties should be informed of the decision. This communication can be used as an opportunity to underscore the fairness of the process. However, to prevent defamation claims, you should be careful to limit dissemination of the information to those who have a legitimate need to know.
Labels: ICAP, Investigation, Misconduct
posted @ 10:45 PM,
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ICAP Reviewing Syllabus
Wednesday, November 4, 2009
The Institute of Chartered Accountants of Pakistan (ICAP) is reviewing the syllabus in line with international education standards of the IFAC. This was stated by President of the ICAP, Abdul Rahim Suriya, says a statement issued here on Saturday. It said that he was speaking on the occasion of the 48th Annual General Meeting of the ICAP held at Islamabad .
The ICAP statement further pointed out that Suriya in his opening remarks informed the members regarding Memorandum of Understanding (MoU) signed by the Institute with the Federal Board of Revenue for tax audit. He said that tax audit will provide opportunity to audit professionals as well as it is a challenge for the profession. Suriya remarked that 'we have good examples of success stories of tax audit in India and Turkey '.
He informed the members that the Council is reviewing the whole education system. ICAP president said that the priorities are to review the syllabus in line with International Education Standards of IFAC, developing study packs for the students and introduction of permanent credit system which is expected to be applicable for examination after December 2009.
He further added that for the continuing professional development of members, the Institute is considering to introduce most modern techniques such as video conferencing, online in collaboration with the virtual universities. He said that for the professional accountants in business, a "CFO Forum" is being planned.
Regarding the amendments in Chartered Accountants Ordinance 1961, Suriya informed that the proposed Amendment Bill is with Cabinet Committee and 'we are hopeful that it will get through soon'. He stressed that the Institute will continue close liaison with SECP, SBP and FBR as well as maintaining close contacts with IFAC and other International bodies to maintain high professional standards.
Suriya said that 'we aim to achieve shortly 100 percent IFRS compliance status'. He said that because of high education standards and quality training our CAs are in demand all over the world and are treated at par with qualified accountants of developed countries. ICAP president stated that about 1,200 Chartered Accountants are working in Middle East, Europe and USA .
Labels: ICAP
posted @ 1:31 PM,
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Seminar on: Detailed Introduction.. And Misconceptions About KIBOR… In Islamic Banking
Monday, October 26, 2009
To enhance / better understanding of ICAP members about concept, structure & operating mechanism of Islamic Banking, the Northern Regional Committee is organizing seminar on Islamic Banking. Later on, the committee intends to organize seminars on Islamic Banking Products, Sukkuk, Takaful, Securitization, Risk management & ethics of trade in the light of Islam.
Current Topic Outlines: Role of Bank in Islam, Basic fundamentals of Sharia compliant banking system, Basis of determination of lending and deposit rates, Role of KIBOR in setting pricing, comparative study of conventional & Islamic banking system, Time Value Theory vs. Demand Supply Theory, Brief Introduction about Pooling & utilization of Funds Management System in Islamic Banking, Frequent Asked Questions (FAQs) about Islamic Banking etc.
Schedule:
1. Date / Day Saturday , October 31, 2009,
2. Venue ICAP House, Thokar Niaz Baig, Lahore
3. Schedule & Presentation Registration: 3.15-3.30
Presentation: 3.30-5.15
Asr prayer break 5.15-5.30
Presentation and Q/A Session: 5.30-6.30
Followed by Hi-Tea
Presentation by:
Mr. Amer Khalil-ur-Rehman
Mr. Amer Khalil is the Senior Vice President /Country Head, Islamic Corporate Banking, Askari Banking Ltd., - Islamic Banking Services. He has been declared Star Performer for year 2008.
He is a member Board of Studies & Members Steering Committee, School of Islamic Banking & Finance, International Islamic University, Islamabad (IIUI). He has been conducting full smester courses on AAOIFI Auditing, Accounting & Sharia Standards at IIUI, IBA, Karachi, Bahria Univeristy. He is a visiting member of panel of advisors on Islamic Banking of the Council of Islamic Ideology, Govt of Pakistan. He has been conducting regular courses at SBP’s National Institute of Banking & Finance (NIBAF) & Askari Bank Ltd. on Islamic Banking.
CPD Hours: 3 hours
Fee: Members: Rs. 300
Non-members: Rs. 500
Registration: Mr. Arshad Mahmood cell# 0302-7292914
ICAP Lahore: Tel: 042-7515708. 7515911-2 Fax: 7515910
Email: lahoreaccounts@icap.org.pk,
Prior registration is encouraged. Please make it convenient to attend the above seminar and communicate the program to all your concerned staff.
Irfan Ilyas FCA
Member NRC
Labels: ICAP
posted @ 11:12 PM,
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ICAP Examiner Comment - Mind Blowing
Friday, October 23, 2009
No comments at all .........
Tukke mein CA pass karna aur baat hai….zara yeh to kar ke dikhaen
ICAP
Autumn 2009
Question:
Tukke mein CA pass karna aur baat hai….zara yeh to kar ke dikhaen
ICAP
Autumn 2009
Question:
Char zero aik sat likh kr dakhaen?
.
.
.
.
.
.
.
.
.
.
.
.
ANS:
0000
Examiner Comments:
Students were confused to answer. It shows that they have little kn0wledge and grip over the topic. It also shows selective studies n limited interest. They wrote 0000 instead of 4017
.
.
.
.
.
.
.
.
.
.
.
.
ANS:
0000
Examiner Comments:
Students were confused to answer. It shows that they have little kn0wledge and grip over the topic. It also shows selective studies n limited interest. They wrote 0000 instead of 4017
posted @ 10:34 PM,
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Economic Activity and Role of Chartered Accountants
Wednesday, October 21, 2009
Commodore (Retd) Sadeed A Malik Kashir said...
Every human activity follows an Economic/Commercial pattern; if the Economic/Commercial pattern remains viable the human activity survives otherwise the human activity succumbs to times and falls. That is to say Economic/Commercial activity has to be honestly audited otherwise its viability diminishes and the activity moves towards its end. Running of countries is one of the largest human activities. The saying is true in this context as well. In running the activity honestly it depends how honestly the activity has been audited and how much deterrence the audit authorities have over the managers. It goes without saying here that the audit activity has to be honest. If the auditors themselves start misusing their deterrence for personal gains then nothing worse can happen to that human activity.
Chartered Accountants are at the very core of any country’s Economic/Commercial activities. Pakistan is rightly known to be one of the most corrupt countries in the world. USSR expired because its Economic/Commercial pattern had failed, because of corruption. Being corrupt, are we not on USSR’s path ! ! ! With this preview I would like to inform our worthy community of Chartered Accountants that if we failed in our duties the writing on the wall should be clear.
Every human activity follows an Economic/Commercial pattern; if the Economic/Commercial pattern remains viable the human activity survives otherwise the human activity succumbs to times and falls. That is to say Economic/Commercial activity has to be honestly audited otherwise its viability diminishes and the activity moves towards its end. Running of countries is one of the largest human activities. The saying is true in this context as well. In running the activity honestly it depends how honestly the activity has been audited and how much deterrence the audit authorities have over the managers. It goes without saying here that the audit activity has to be honest. If the auditors themselves start misusing their deterrence for personal gains then nothing worse can happen to that human activity.
Chartered Accountants are at the very core of any country’s Economic/Commercial activities. Pakistan is rightly known to be one of the most corrupt countries in the world. USSR expired because its Economic/Commercial pattern had failed, because of corruption. Being corrupt, are we not on USSR’s path ! ! ! With this preview I would like to inform our worthy community of Chartered Accountants that if we failed in our duties the writing on the wall should be clear.
If ever anything adverse happens to Pakistan the direct responsibility shall rest with ACAP. The lawyers’ community has proved that Pakistan shall stand for the right. Now the buck is entirely with our Accountants. The cry of the time is perform your duties without any fear, favour or greed. There only lies the survival of your lovely Pakistan.
Labels: Economy and Business, ICAP
posted @ 9:27 PM,
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Total Number of Chartered Accountants - Geograhpical Position
AFGHANISTAN--------- 6- AUSTRALIA------------ 17
- AZERBAIJAN -----------1
- BAHAMAS --------------1
- BAHRAIN --------------66
- BANGLADESH ----------1
- BERMUDA --------------4
- CANADA --------------120
- CAYMAN ISLANDS -----1
- EGYPT -----------------2
- GERMANY -------------2
- INDONESIA ------------2
- IRAN -------------------3
- IRELAND -------------15
- ITALY -----------------1
- JAPAN -----------------1
- JORDAN--------------- 3
- KENYA ----------------2
- KUWAIT-------------- 21
- LEBANON------------- 1
- LUXEMBOURG-------- 2
- MALAYSIA ------------8
- MOROCCO ------------1
- NETHERLAND ---------2
- NIGERIA ---------------1
- OMAN ----------------17
- PHILIPPINES ---------1
- QATAR ---------------16
- ROMANIA ------------6
- SAUDI ARABIA ------200
- SINGAPORE ---------6
- SOUTH AFRICA ------2
- SUDAN ---------------1
- SWITZERLAND ------1
- TANZANIA -----------1
- TURKEY -------------1
- U.A.E. ---------------283
- USA -----------------107
- UK------------------ 167
- YEMEN --------------3
- PAKISTAN ---------3,612
Out of toal 4,708 members of ICAP 1,096 (23%) members are outside from Pakistan and doing Great Job.
Labels: ICAP
posted @ 11:25 AM,
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ICAP Clarifies Its Role in the Tax Audit Function
Saturday, October 17, 2009
Mr. Saqib Masood, Chairman Taxation Committee of the Institute of Chartered Accountants of Pakistan (ICAP) in a statement has expelled misleading facts reported in a news item appeared in the Business Recorder on 15th October, 2009. Mr. Masood explained that in June 2009 ICAP and the Federal Government signed a Memorandum of Understanding (MOU) whereby as a national cause, ICAP agreed to develop a framework for outsourcing of tax audit by the FBR to be carried out by the firms of Chartered Accountants. Accordingly, ICAP developed a Tax Audit Framework (TAF) and submitted to the FBR for appropriate action. As per the terms of this TAF it would be exclusive domain and responsibility of the FBR to select the companies to be audited and appointment of auditors.
Mr. Masood expressed his surprise at the news item stating that FBR has directed ICAP to maintain independence while selecting the firms of auditors. He said that as per TAF developed by ICAP it is sole and exclusively authority of the FBR to select cases for audit and appoint firms of Chartered Accountants as auditors. Mr. Masood emphasized that ICAP will have no role or responsibility whatsoever in selection of cases or appointment of auditors. Further, under the TAF, FBR cannot direct ICAP for implementation of the said TAF.
Explaining further Mr. Masood said that ICAP has accepted the challenge of developing Tax Audit Framework for FBR as a national cause on the request of the Finance Minister who desired ICAP’s role and support in improving tax audit system. He said that ICAP as a premier national institution will continue to play it’s role for national interest. ICAP will hold workshops for its members to explain terms of TAF and provide them guidance on technical aspects of the proposed tax audit by its members. He however, made it clear that there will be a direct engagement contract between FBR and the CA firms to undertake audit assignments. ICAP will have no role in selection of cases, appointment of auditors or conducting of audit and reporting.
Mr. Saqib Masood said that this clarification is important to put the facts in correct perspective to avoid any confusion about the role of ICAP in the process.
Mr. Masood expressed his surprise at the news item stating that FBR has directed ICAP to maintain independence while selecting the firms of auditors. He said that as per TAF developed by ICAP it is sole and exclusively authority of the FBR to select cases for audit and appoint firms of Chartered Accountants as auditors. Mr. Masood emphasized that ICAP will have no role or responsibility whatsoever in selection of cases or appointment of auditors. Further, under the TAF, FBR cannot direct ICAP for implementation of the said TAF.
Explaining further Mr. Masood said that ICAP has accepted the challenge of developing Tax Audit Framework for FBR as a national cause on the request of the Finance Minister who desired ICAP’s role and support in improving tax audit system. He said that ICAP as a premier national institution will continue to play it’s role for national interest. ICAP will hold workshops for its members to explain terms of TAF and provide them guidance on technical aspects of the proposed tax audit by its members. He however, made it clear that there will be a direct engagement contract between FBR and the CA firms to undertake audit assignments. ICAP will have no role in selection of cases, appointment of auditors or conducting of audit and reporting.
Mr. Saqib Masood said that this clarification is important to put the facts in correct perspective to avoid any confusion about the role of ICAP in the process.
Labels: ICAP
posted @ 9:43 PM,
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ICAEW Representative in Pakistan
For ICAP MembersMr. 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.
Labels: Accountants, ICAEW, ICAP
posted @ 10:57 AM,
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Annual General Meeting
Wednesday, October 14, 2009
The 48th Annual General Meeting of Institute of Chartered Accountants of Pakistan will be held on Wednesday, October 28, 2009 at 6:00 pm at ICAP Office Islamabad.AGENDA:
The proceeding of meeting will commence with the recitation of Holy Quran and will have following agenda.
- Confirmation of minutes of 47th Annual General Meeting.
- Consideration and adoption of the Council and Anuual Audited Accounts for the year ended 30-06-2009.
- Appointment for the Auditors for the year ended 30-06-2010
- Any other business with the permissio of Chair.
Labels: AGM, Commercial rules, ICAP
posted @ 12:44 AM,
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Guideline for Accounting and Financial Reporting by Non-Government / Non-Profit Organisations
Thursday, October 8, 2009
Guidelines are recommendations to help and to promote sound financial systems and financial stability, locally as well as globally. They play an important role in strengthening financial development and in reducing vulnerability of financial statements to various creative accounting practices adopted in different industries. Guidelines vary in scope and range from broad principles to specific accounting and financial reporting methodologies.
The Guideline for Accounting and Financial Reporting by Non-Governmental/Not-for-Profit Organisations (NGOs/NPOs) has been developed in order to promote transparency, accountability and to develop, disseminate and promote implementation of better accounting standards and best practices for NGOs/NPOs. In developing this Guideline, the Institute has considered the ‘SAFA Standard and Guideline for NPOs (including NGOs)’.
The specific objectives of developing this Guideline also include:
The Guideline for Accounting and Financial Reporting by Non-Governmental/Not-for-Profit Organisations (NGOs/NPOs) has been developed in order to promote transparency, accountability and to develop, disseminate and promote implementation of better accounting standards and best practices for NGOs/NPOs. In developing this Guideline, the Institute has considered the ‘SAFA Standard and Guideline for NPOs (including NGOs)’.
The specific objectives of developing this Guideline also include:
- development of a high quality, understandable and enforceable Guideline suitable for NGOs/NPOs in Pakistan,
- reduction of the financial reporting burden on NGOs/NPOs meeting the needs of the various users of the NGOs/NPOs financial statements.
The following aspects have been considered in developing the Guideline:
- it shall be recommendatory for NGOs/NPOs particularly for those for whom no accounting framework has been prescribed;
- it shall not be applicable on NGOs/NPOs engaged in Microfinance;
- ensure that it is inline with the International Accounting Standards/ International Financial Reporting Standards;
- recognition of transactions in a manner that would be readily understood by the various user groups;
- corresponding to the understanding of the transaction provision of the least cumbersome method of achieving the desired accounting treatment or disclosure for a NGOs/NPOs that is not complex provision of guidance;
- that is expected to be widely relevant to the transactions of NGOs/NPOs which are written in terms that can be understood by such entities ensuring that the measurement methods prescribed in the Guideline are reasonably practical for NGOs/NPOs.
Visit here to see all details of Guidelines
posted @ 1:05 PM,
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ICAEW - Paper Pass Rates of Advanced Module
Friday, October 2, 2009
The paper pass rates for the Advanced Stage Examinations of last attempt 2009 are shown below. Paper Pass Rates
- Business Reporting = Total number of entries 2154, Passing Rate 79.6%
- Business Change = Total number of entries 2149, Passing Rate 82.1%
- Case Study = Total number of entries 1660, Passing Rate 77.7%
posted @ 2:53 PM,
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ICAEW - Advanced Stage Module for ICAP Members
Friday, September 25, 2009
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.
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.
posted @ 3:04 PM,
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ICAEW - Advanced Stage Exam
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
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
posted @ 2:11 PM,
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ICAEW Exams - July 2010
Thursday, September 24, 2009
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
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
posted @ 12:03 PM,
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ICAP Elects its Office Bearers for the Term 2009-10
Tuesday, September 15, 2009
The 14th Council of the Institute of Chartered Accountant of Pakistan (ICAP) in its first meeting held on September 14th 2009 elected office bearers for the year 2009-10.
The Council unanimously elected Mr. Abdul Rahim Suriya as President of the Institute, Mr. Pervez Muslim as Vice President – South and Mr. Mohammad Abdullah Yusuf as Vice President – North.
Mr. Abdul Rahim Suriya is a fellow member of ICAP and a fellow member of the Institute of Cost and Management Accountants of Pakistan. He has around 25 years post qualification experience in the field of Accounting, Auditing and Operational Management. He did his audit training with A.F.Ferguson & Co., Chartered Accountants and has served in various national and international reputed organizations on different senior positions including as an Executive Director in a reputed pharmaceutical company.
Mr. Suriya is serving at the Council for the last 12 years. He served the Southern Regional Committee from 1993 to 1996 and elected as its Chairman in the year 1995-96.
He has been the Chief Editor of ICAP’s Journal Pakistan Accountant, and Chairman sub-committee of ICAP and ICMAP for Evaluation of Best Annual Reports.
He represented Pakistan as a member of International Accounting Education Standards Board of International Federation of Accountants (IFAC) from 2002 to 2008. Recently, he has authored a book “A guide to Business Decision Making” for the students of management accounting.
At present he is running his firm under the name and style of A.R Suriya & Co, Chartered Accountants. He is also engaged in providing training in subjects relating to accounting and finance.
Mr. Pervez Muslim is a fellow member of ICAP, American Institute of Certified Public Accountants (AICPA) and the Institute of Chartered Accountants of Ontario, Canada. He remained member of the Southern Regional Committee from 2001 to 2009 and served as its Chairman.
He was admitted to the partnership in 1997 and is currently associated with the reconstituted firm, Ford Rhodes Sidat Hyder, as an Audit Partner, looking after a portfolio of audit clients, comprising local and multinational companies.
Mr. Mohammad Abdullah Yusuf is a member of ICAP and the Institute of Chartered Accountants in England and Wales . He practiced for eight years in UK and Pakistan before joining the Government of Pakistan. He retired from the Government after having reached the highest position as Secretary General (Revenue Division) and Chairman Federal Board of Revenue. During his illustrious career, he held various senior positions like Secretary Petroleum, Planning, Investment, Privatization, MD Bait-ul-mal and Utility Stores Corporation.
He has been associated as a member of the Council as a nominee of the Government of Pakistan for more than 20 years. Moreover, he served as Technical Advisor on the Public Sector Committee of IFAC and presently he represents ICAP as a member of International Auditing and Assurance Standards Board of IFAC.
The Institute warmly welcomes its new President and Vice Presidents.
The Council unanimously elected Mr. Abdul Rahim Suriya as President of the Institute, Mr. Pervez Muslim as Vice President – South and Mr. Mohammad Abdullah Yusuf as Vice President – North.
Mr. Abdul Rahim Suriya is a fellow member of ICAP and a fellow member of the Institute of Cost and Management Accountants of Pakistan. He has around 25 years post qualification experience in the field of Accounting, Auditing and Operational Management. He did his audit training with A.F.Ferguson & Co., Chartered Accountants and has served in various national and international reputed organizations on different senior positions including as an Executive Director in a reputed pharmaceutical company.
Mr. Suriya is serving at the Council for the last 12 years. He served the Southern Regional Committee from 1993 to 1996 and elected as its Chairman in the year 1995-96.
He has been the Chief Editor of ICAP’s Journal Pakistan Accountant, and Chairman sub-committee of ICAP and ICMAP for Evaluation of Best Annual Reports.
He represented Pakistan as a member of International Accounting Education Standards Board of International Federation of Accountants (IFAC) from 2002 to 2008. Recently, he has authored a book “A guide to Business Decision Making” for the students of management accounting.
At present he is running his firm under the name and style of A.R Suriya & Co, Chartered Accountants. He is also engaged in providing training in subjects relating to accounting and finance.
Mr. Pervez Muslim is a fellow member of ICAP, American Institute of Certified Public Accountants (AICPA) and the Institute of Chartered Accountants of Ontario, Canada. He remained member of the Southern Regional Committee from 2001 to 2009 and served as its Chairman.
He was admitted to the partnership in 1997 and is currently associated with the reconstituted firm, Ford Rhodes Sidat Hyder, as an Audit Partner, looking after a portfolio of audit clients, comprising local and multinational companies.
Mr. Mohammad Abdullah Yusuf is a member of ICAP and the Institute of Chartered Accountants in England and Wales . He practiced for eight years in UK and Pakistan before joining the Government of Pakistan. He retired from the Government after having reached the highest position as Secretary General (Revenue Division) and Chairman Federal Board of Revenue. During his illustrious career, he held various senior positions like Secretary Petroleum, Planning, Investment, Privatization, MD Bait-ul-mal and Utility Stores Corporation.
He has been associated as a member of the Council as a nominee of the Government of Pakistan for more than 20 years. Moreover, he served as Technical Advisor on the Public Sector Committee of IFAC and presently he represents ICAP as a member of International Auditing and Assurance Standards Board of IFAC.
The Institute warmly welcomes its new President and Vice Presidents.
Labels: ICAP
posted @ 11:41 PM,
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