This will particularly hit the ACCA students,affiliates and members in Pakistan. It seems that atlast ICAP has decided to curb the rapid growth of ACCA in Pak and I personally think that the decision is plausable and justified since there is a clear difference in the performance of an ACA and ACCA trainee.
This is a very good step by ICAP. I appreciate it as it maintains the respect of an ACA qualified individual.
yes I think its very good step by icap ..
Atleast hamari kuch value to reh jayegi
#InsecureICAP on twitter is trending
I don't like this, but then as an ACCA student, that's understandable....
Last edited by ryzvonusef; 07-Jul-2012 at 11:25 PM.
Wonderful news. I mean if Pak's CA has been unjustifiably demeaned by the foriegn institutes, its about time ICAP took a step and did the same to them since ICAP represents one of the very few authentic qualificiations in Pakistan.
It is disgusting that our CA since last year has been made equivalent to a high school certificate by US (not even a bachelors, forget exemptions in cpa) and the fact that people can use the training in Pak firms with the intent to sit in another country's exam without opting for CA is a huge favor that we had been giving for no reason at all. Who else has done that for us?
Well I am ACA qualified in England and I do think there is need for an institute to take leadership of the profession in every country and maintain a skills set which is unique.
But in UK and Canada, Pak CA are very welcome, even more than ACCA, so you can't say they are ignoring ICAP, they are very welcoming! ICAEW and CICA give very generous exemptions to ICAP, much more than they give to ACCA.
Also...If only Local CA should work, then all those millions of ICAP CA should come back from the Gulf Audit companies, since they are not members of the local Gulf CPA!!
See how you like it then, when you can't earn thousands of riyals, dinars and dirhams in AC offices and have to come back to this place (seriously, the gulf is FULL of ICAP CA's, even more than ACCA and CIMA, that's why there are so many ACCA in Pakistan, it's because all the CA fly away to Gulf!)
See, it is understandable if they forbid them to *sign* audit. That rule is every where. But to forbid to even work for the firms in the first place, that's stupid. For example, if they do some basic, grunt work in Audit, or do Tax work (which btw, is the purview of FBR not ICAP, and FBR has *no* problem with ACCA based Tax consultants. Heck they accept people with 2yr B.Com who have two years tax experience!) or other Financial services (which again are NOT under the purview of ICAP) that should not be regulated by ICAP!
Point is, ICAP can forbid Audit firms from using non-ICAP CA to sign audit reports, and *maybe* stop them from using them in other audit related services, but it can't stop them from hiring for *other* Assurance engagement services, like Tax, and Finance.
Truth is, the Firms also need ACCA, for two reasons.
1- Most of the CA fly away to Gulf, even before articles are complete (they are so much in demand) that there is a shortage of skilled labour. So they turn towards ACCA.
2- ICAP forces strict stipends for their members, but ACCA doesn't (or can't), so they can force ACCA to work for much cheaper. Who can say no to free slave labour?
I don't know how this will turn out, but still, I personally feel it's a pathetic move by ICAP. ICAP members have absolutely *no* problem finding internships or jobs, both here and abroad. So that's a stupid excuse.
What ICAP wants is the money. You see, many kids (like me) start CA, fail, and then go to ACCA, where they start passing. What ICAP wants is that they should be forced to remain with ICAP so they can keep failing them and get the fees from them. It's a matter of money.
For those who are curious, here are some GULF CPA organisations
Last edited by ryzvonusef; 08-Jul-2012 at 01:30 PM.
two words " pathetic step "
if its true tht acca stdnts will be banned in pak firms thn its v unfortunate....icap ko ab khyal aya hay....agar illegal tha to 15 years q grow honay dia...aur ab itnay saray students k future say q khail rahay hain ??? bokhlahat show hoti hay icap ki is say...acca puri dunya may operate kar ra hay...kisi ko b problem nai..sirf icap ko hay...aur rahi baat exemptions ki to icap nay already exemptions almost khatam kr di hain acca k liyay last year...acca k 14 papers pass kr k full affiliate bantay ho to hardly 5 ya 6 papers exemption hy ca may.....n its fine chalo..koi nai karega ca.....bt firms may kaam na karnay daina basic rights ki violation hy.....ye firm k owner ko decide krna hy...agar itnay hi nalaiq hain acca walay to automatically wo nai laingay....bt unkay pass apni choice honi chahye trainees lainayki..na k icap ban lagati phiray......