ICAP allowing training in industry

ICAP allowing training in industry - Printable Version

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ICAP allowing training in industry - AB007 - 06-26-2009

All students who have passed their CA inter are just getting wasted by running around the firms.If i had known this before i would not have chosen this profession. Evan i was called from two or three firms but they ended up saying that they are in dire consequences and could not afford trainees. I informed ICAP of the situation then i got the reply that they were opening training in industrial sector.Last week they told me that by-laws of industrial training are in their final stages.By the end of july training will be allowed in industry which they will enlist.I think it is a good development, CA inter students will achieve what they deserve.I also request you to please send bulk emails to ICAP informing them how distressful and disgraceful this waste of time is causing you so that they expedite the process.

Cheers [D]

- awaisaftab - 06-26-2009

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by AB007
 All students who have passed their CA inter are just getting wasted by running around the firms.If i had known this before i would not have chosen this profession. Evan i was called from two or three firms but they ended up saying that they are in dire consequences and could not afford trainees. I informed ICAP of the situation then i got the reply that they were opening training in industrial sector.Last week they told me that by-laws of industrial training are in their final stages.By the end of july training will be allowed in industry which they will enlist.I think it is a good development, CA inter students will achieve what they deserve.I also request you to please send bulk emails to ICAP informing them how distressful and disgraceful this waste of time is causing you so that they expedite the process.

Cheers [D]
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If you are right then it will be very beneficial for qualified ACMA's to get exemptions upto C.A Inter pass remaining papers and get the membership of ICAP after showing relevant required experience.

- hanifasif - 06-26-2009

Well, itâs going to be a major change in the history of ICAP I tell you. But I have serious doubts that ICAP would ever implement such policy that may undermine the interests of audit firms. Almost all of the audit trainees, after spending stipulated time in firms, end up working in the industry so if they are provided with an alternative route then most of them will choose to convnenetly bypass audit firms and join the industry instead. Would ICAP let that happen ?

Then there is big question How would Audit Firms lay their hands on the supply of raw talent at pathetically low rates?

- AB007 - 06-26-2009

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by hanifasif
 Well, itÃ¯Â¿Â½s going to be a major change in the history of ICAP I tell you. But I have serious doubts that ICAP would ever implement such policy that may undermine the interests of audit firms. Almost all of the audit trainees, after spending stipulated time in firms, end up working in the industry so if they are provided with an alternative route then most of them will choose to convnenetly bypass audit firms and join the industry instead. Would ICAP let that happen ?

Then there is big question How would Audit Firms lay their hands on the supply of raw talent at pathetically low rates?

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Yes you are right Hanif but this is the last measure that ICAP had to take to save the time and future of their students.Firms should be taught a lesson that if they do not recruit students then ICAP can arrange alternative training opportunities for them.For your satisfaction i am qouting what i emailed them and what reply i received from them.Here is the original email i sent to ICAP

Dear sir

I am with my other friends still waiting to be called from some firm.This has begun to distress us greatly since we have never seen any student facing this problem after passing CA inter.I want to know whether ICAP is going to allow training in industry as you said in your last email.Please confirm whether this is credible news or ICAP is just trying to calm the situation.I look forward to your reply.

This is the reply i got from them

Dear Student

The Bye Laws of industrial training are in process of approval and we hope that they will be in place by the end July this year.

Omair ( [email protected] )

- Toronto_Boy - 06-27-2009

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by AB007
 ...I think it is a good development...

Cheers [D]
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Indeed, it is a big leap for profession of accounting in Pakistan and to increase competition. Claps for ICAP.

At-least ICAP followed the suite of ICAEW, CICA, and AICPA etc. which are already allowing students to be trained in industry.

Most likely, ICAP would allow/ approve some big organizations in industry as approved training offices for CA training.

However, there would be a difference between CA with or without auditing licence. But it does not matter much to students who wanna work in industry.

Congrats...

- irfan kazim - 06-27-2009

AOA, it will be quite better for the students who have no reference like me. Will a student select as trainee in industry base on marriat or reference. Actually in pakistan, laws are just approaved but not applied.

- AB007 - 06-27-2009

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by irfan kazim
 AOA, it will be quite better for the students who have no reference like me. Will a student select as trainee in industry base on marriat or reference. Actually in pakistan, laws are just approaved but not applied.
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Definitely Irfan students will be selected according to their qualification.There are not too many students who have passed their CA inter but firms are facing situation in which even this small number of students appears too many for them.So you are not going to need any reference.Just wait for one month further and all will be well .

Cheers

- fahadtariq786 - 06-28-2009

All of Us should pray and e-mail to Mr. Omar Jamal Sahb about this matter.
Allah may help us all.

- AB007 - 06-29-2009

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by fahadtariq786
 All of Us should pray and e-mail to Mr. Omar Jamal Sahb about this matter.
Allah may help us all.
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Yes Fahad you are absolutely right we should pray to Almighty Allah.Indeed Almighty Allah has listened to our prays and now ICAP is compelled to allow training in industry.But all CA Inter passed students must send emails to ICAP again and again informing them of their problem.I hope all students will make effort to expedite this process.

Cheers

- faran - 11-20-2010

why ICAP still not allowed industrial training

- VITAL - 11-21-2010

ICAP's Industrial Training is nothing but a "thing under consideration". Many members are against this arrangement.

- mudassar2704 - 11-22-2010

ICAP can even kill the students but can never bring any change against any interest of the members. ICAP is for members, we the students are just toys in thier hands given for 3.5 years.

- VITAL - 11-24-2010

The concerns raised by members against Industrial training are valid and well justified.

- mudassar2704 - 11-24-2010

How valid? Is it valid to use the well educated guys for just 6,500 pm like slaves. I do not think it happens any where in civilized nations. They just make use of the students nothing else. Ofcourse by allowing training in industry number of students coming to CA firms will decrease thus creating a competition for CAs. Such competition might need them to attract students by higher stipends or giving up salavery environment, and this they will not let happen.

- VITAL - 11-25-2010

What do you think the "well-educated" CA-inter will receive 30k to do some routine accounts work in lieu of training in industry?

Will he become a well-trained by doing so?

Will he be authorized to conduct an audit of public limited companies?

You can find the pros and cons of industrial training in detail at page 2 of âsomething new is comingâ thread.