ACMA Vs CA

awaisaftab · 02-04-2009, 05:58 PM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by Muhammad Zahid
 I think role of Management Accountant Starts where role of Financial Accountant ends
<hr height="1" noshade id="quote"></blockquote id="quote">

Zahid you are absolutely right

kamranACA · 02-04-2009, 06:15 PM

Dear Aftab,

I have all my regards for other qualifications and I don't try to undermine ACMAs. I just highlighted the areas which need their specialized attention since they are specialized for it.

You said that ICAP has not issued any local standards. It's merely an ignorance. You are a student and you need to know the approved financial reporting framework for different companies and entities applicable in Pakistan, its structuring, components, guidelines and mandatory and non-madatory GAAPs etc. Mind it, it's not merely the IFRSs although we have adopted most of IFRSs. There is lot to ponder on. Try it and you will understand the answer to your question. If you don't get to the answer, let me know. Also keep in mind the way how financial reporting framework is notified in a country. In Pakistan, such notoification is not the responsibility of ICAP even if it develops all the standards locally. Also keep in mind that IFRSs could not be deviated due to so many reasons. It's a very long debate and you will come to know it with the passage of time.

I have studied the cost manual you are refering and it's a good achievement. I appreciate this effort.

If somebody has a hate for ACMAs in general, it is not good. I place it on record.

Can you tell me where section 254 of the CO84 authorises ACMAs specifically to conduct audit. It's not an objection or offence. I asked it because I am not getting to such reference.

I agree that private limited companies may have good business, but when you are corporatized, mind it, you cannot escape the legislature made to prevent monopolies. Please have a look on monopoly control laws. You will come to know that Private limited companies cannot go beyond a certain limit. The people who do it, do not get corporatized.

Let me know if you want any clarification.

Regards,

KAMRAN.

mroneflower · 02-04-2009, 06:24 PM

Dear

You are wasting uur time and hitting your head with wall. This man kamran is bussy in impressing a little girl from UAE. I do not know why u are distrubing him.

Have you notice in above post he said It's a very long debate and you will come to know it with the passage of time. Means the is trying to prove he is the person who knows everything and you do not have know anything and have not enough experience. Old man who worked for 2000 a month for 5 yrs do your work and impress little girl,

Dear awaisaftab, y are you arguing with this man, you do not know he knows everything.

Khalid

kamranACA · 02-04-2009, 06:30 PM

Khalid,

Keep it up.

By the way, why your mind does not come out of girls and impressions. You poor always deduce the things for your satisfaction. It's really a long debate and the question represented ignorance or innocance. Every body cannot know everything. No body claimed. However, a student has to learn so much, at least for having full qualification. It's your own version. I guess Aftab will come to know to answers until he completes his ACMA. Is there any thing suspecious?

KAMRAN.

rabia-k · 02-04-2009, 07:02 PM

oh dear somebody sounds really hurt by me apologizing to u mr kamran.

awaisaftab · 02-04-2009, 07:57 PM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by kamranACA
 
Dear Aftab,

I have all my regards for other qualifications and I don't try to undermine ACMAs. I just highlighted the areas which need their specialized attention since they are specialized for it.

You said that ICAP has not issued any local standards. It's merely an ignorance. You are a student and you need to know the approved financial reporting framework for different companies and entities applicable in Pakistan, its structuring, components, guidelines and mandatory and non-madatory GAAPs etc. Mind it, it's not merely the IFRSs although we have adopted most of IFRSs. There is lot to ponder on. Try it and you will understand the answer to your question. If you don't get to the answer, let me know. Also keep in mind the way how financial reporting framework is notified in a country. In Pakistan, such notoification is not the responsibility of ICAP even if it develops all the standards locally. Also keep in mind that IFRSs could not be deviated due to so many reasons. It's a very long debate and you will come to know it with the passage of time.

I have studied the cost manual you are refering and it's a good achievement. I appreciate this effort.

If somebody has a hate for ACMAs in general, it is not good. I place it on record.

Can you tell me where section 254 of the CO84 authorises ACMAs specifically to conduct audit. It's not an objection or offence. I asked it because I am not getting to such reference.

I agree that private limited companies may have good business, but when you are corporatized, mind it, you cannot escape the legislature made to prevent monopolies. Please have a look on monopoly control laws. You will come to know that Private limited companies cannot go beyond a certain limit. The people who do it, do not get corporatized.

Let me know if you want any clarification.

Regards,

KAMRAN.
<hr height="1" noshade id="quote"></blockquote id="quote">

I think you dont know about legislation process and the legal framework. The Company bench of Lahore High Court has given a verdicy about the Sec 254 because there was an embiguity abount persons who can conduct the audit of Private Ltd company having Paid up capital of less than Rs 3 million

The verdicts of Superior cours are also considered law.

The section 254 is as follows

254. Qualification and disqualification of auditors. -1[(1) A person shall
not be qualified for appointment as an auditor,

(i)
in the case of a public company or a private company which is subsidiary
of a public company unless he is a Chartered Accountant within the
meaning of the Chartered Accountants Ordinance, 1961 (X of 1961); and
1 Substituted by Companies Ordinance (Amendment)) Act, 1999.

(ii)
in the case of a private company having paid up capital of three million
rupees or more unless he is a Chartered Accountant within the meaning
of the Chartered Accountants Ordinance, 1961 (X of 1961).]

kamranACA · 02-04-2009, 08:21 PM

Dear Aftab,

Thank you for your compliments regarding my lack of understanding.

I in fact am unaware of such verdict given by the court. However, I had an understanding that ACMAs can audit below that limit. But the governing rule was not in my memory. Can you provide me some reference to download it from somewhere.

As you see, in above quoted section there is no specific mention of ACMAs at all. There is only a threshhold where audit must be done by CAs.

Rabia,

He is feeling anxiety due to a self created thought that you got impressed from me. I believe no body is impressed from any one though. May he wished others to feel him a source of inspiration. What could be said with precision for a chap like Khalid except for his mental condition.

Regards,

KAMRAN.

kamranACA · 02-04-2009, 08:26 PM

Aftab,

Can you tell what's your understanding about financial reporting framework for listed, unlisted public and private companies at Pakistan.

May you please elaborate your understanding about significant, medium and small entities with refernce to stipulated financial reporting framework?

Regards,

KAMRAN.

Shahbaz · 02-05-2009, 01:51 AM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by rabia-k
 @ shahbaz u had asked for free CFA books online. rather than wasting precious time writing no-sense posts, search google. i searched and found free CFA books/notes/exam material. etc . let us see if u can.
<hr height="1" noshade id="quote"></blockquote id="quote">

Yeah I have found a torrent which contains a book published by Kaplan Schweser for CFA level 1 2009. Apart from that, I have also posted some links as well. Regarding my no-sense posts, well I only do it to make fun of those who actually are Pakistanis but claims to be an American/UK citizen and bhai moron flower did the same.

rabia-k · 02-05-2009, 02:47 AM

<blockquote id="quote">quote<hr height="1" noshade id="quote">
Yeah I have found a torrent which contains a book published by Kaplan Schweser for CFA level 1 2009. Apart from that, I have also posted some links as well. Regarding my no-sense posts, well I only do it to make fun of those who actually are Pakistanis but claims to be an American/UK citizen and bhai moron flower did the same.
<hr height="1" noshade id="quote"></blockquote id="quote">

Good For You.

Pracs · 02-05-2009, 05:59 AM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by mroneflower
 Dear

You are wasting uur time and hitting your head with wall. This man kamran is bussy in impressing a little girl from UAE. I do not know why u are distrubing him.

Have you notice in above post he said It's a very long debate and you will come to know it with the passage of time. Means the is trying to prove he is the person who knows everything and you do not have know anything and have not enough experience. Old man who worked for 2000 a month for 5 yrs do your work and impress little girl,

Dear awaisaftab, y are you arguing with this man, you do not know he knows everything.

Khalid

<hr height="1" noshade id="quote"></blockquote id="quote">

Khalid you have just gone beyond the boundaries of civility and I actually feel sorry for the state of your mind and this inferiority complex you are in. You are now hitting below the belt, other people can go down that road as well, so watch it.

awaisaftab · 02-06-2009, 06:52 PM

Mr. KAMRAN
I think you are examining my knowledge of accounting. I think you have much knowledge of accounting frame work.According to Sec 234 of companies ordinance,1984 Federal Govt and SECP responsible for making framework of financial reporting for different type of companies

danishayub_76 · 02-06-2009, 07:55 PM

I think SECP has issued guidlines regarding financial reporting procedures for listed and unlisted companies (4th and 5th Schedule of Companies ordinance 1984)

kamranACA · 02-07-2009, 12:22 AM

Aftab,

You have taken my question wrongly.

I actually wanted to reply one of your pending questions. I expected you to give a detailed reply and was wishing to tell you that the answer to your question is included in your reply.

Since your reply is too short, conservative and far away from the focal area, I cannot proceed to reply a question raised by you. It will take much amount of time and may open a new debate which I don't opt for.

Regards,

KAMRAN.

awaisaftab · 02-07-2009, 02:05 PM

Dear Kamran

I think you are angry with me. Sir I think you are CA qualified I and so you are my senior. I have seen your valuable advices to members your work is very appreciating.

Kamran I have said one of my post that we have to work together for the prosperity of the country. The part qualifiecd students of CA and ACMA have certain similar problems. we have to work for them.

I am writing a detailed topic on these problems

Mr. Kamran if you dont want to reply my any question I will nevel compel you to reply. You have your own ideas.

Mr. Kamran I have asked a question about Tax and expect a reply for it. I am sure ,being a true professional,yor will must reply to that question.

If you feel in any of my posting any lack of knowledge please tell me freely.

I always appreciate and honour the knowledge and positive critism.

Peace and blessings of Allah be upon you

Awais