09-09-2003, 10:45 AM
Hi Raza!
I remember from my visit to Multan city (it was a long long time ago), that they have a place called Ghanta Ghar. And every famous street in the city finally converges at this place. So you have raised this question from every angle and i have tried to reply as best as i could. So if you wouldn't give up neither will I. Here we go agian....
My dear just becuase an auditor has qualified a report does not suggest that any illegal activity has taken place. The very fact that the auditor deemed it fit to remain associated with the co and issue an audit report(although qualified) suggests that auditor is atleast not aware of any illegal activity. If he was aware of an illegal activity, he should immediate withdraw from the assignment and if deemed appropriate should notify relevant authories (including SECP).
So think hard and tell me how SECP can take an action on the basis of a qualified audit report. Are you telling me that a qualified audit report suggests that an illegal activity has taken place in the co? I certainly hope not. Becuause that will betray an utter lack of knowledge about qualifying an audit report.
I hope this was not your last posting. For what i like about you is the persistency of efforts and frankness of opinions which i don't find very common among our fellow citizens (I am the first one guilty of this crime!) And despite whatever i might have said somewhere else in a lighter vein, i do think that CA program is best course for an accountant (At least in Pakistan) and every second that you spend in the program is worth it. I don't want to brag about it, but my friend i know some very senior people in CA profession in Pakistan.
Mr Yousuf Adil was our accountant when he had very few clients. His is an example that we all should be proud of and be ready to follow. It just shows that if you are determined you can do anything in life. I also know Asad since 1980 when he was in ACMA program with me.
So i hope you have not taken anything too seriously about our discussion. It is the duty of a senior person to guide and lead his junior fellow professionals.
I remember we had an accounting professor by the name of M A Khan in our college days. He never used to take a class for less than 3 hours. He used to say that students are like iron it takes a long time for them to get hot and than only you can mould them whatever way you like. So remember that "Sona Aag Se Nikal Kar Kundan Bunta Hai" Same is true for accountant. You have to burn yourself before you become Gold.
Take care and keep up the morale!
Edited by - Pervez on Sep 09 2003 055308 AM
Edited by - Pervez on Sep 09 2003 055854 AM
Edited by - Pervez on Sep 09 2003 060231 AM
Edited by - Pervez on Sep 09 2003 063329 AM
I remember from my visit to Multan city (it was a long long time ago), that they have a place called Ghanta Ghar. And every famous street in the city finally converges at this place. So you have raised this question from every angle and i have tried to reply as best as i could. So if you wouldn't give up neither will I. Here we go agian....
My dear just becuase an auditor has qualified a report does not suggest that any illegal activity has taken place. The very fact that the auditor deemed it fit to remain associated with the co and issue an audit report(although qualified) suggests that auditor is atleast not aware of any illegal activity. If he was aware of an illegal activity, he should immediate withdraw from the assignment and if deemed appropriate should notify relevant authories (including SECP).
So think hard and tell me how SECP can take an action on the basis of a qualified audit report. Are you telling me that a qualified audit report suggests that an illegal activity has taken place in the co? I certainly hope not. Becuause that will betray an utter lack of knowledge about qualifying an audit report.
I hope this was not your last posting. For what i like about you is the persistency of efforts and frankness of opinions which i don't find very common among our fellow citizens (I am the first one guilty of this crime!) And despite whatever i might have said somewhere else in a lighter vein, i do think that CA program is best course for an accountant (At least in Pakistan) and every second that you spend in the program is worth it. I don't want to brag about it, but my friend i know some very senior people in CA profession in Pakistan.
Mr Yousuf Adil was our accountant when he had very few clients. His is an example that we all should be proud of and be ready to follow. It just shows that if you are determined you can do anything in life. I also know Asad since 1980 when he was in ACMA program with me.
So i hope you have not taken anything too seriously about our discussion. It is the duty of a senior person to guide and lead his junior fellow professionals.
I remember we had an accounting professor by the name of M A Khan in our college days. He never used to take a class for less than 3 hours. He used to say that students are like iron it takes a long time for them to get hot and than only you can mould them whatever way you like. So remember that "Sona Aag Se Nikal Kar Kundan Bunta Hai" Same is true for accountant. You have to burn yourself before you become Gold.
Take care and keep up the morale!
Edited by - Pervez on Sep 09 2003 055308 AM
Edited by - Pervez on Sep 09 2003 055854 AM
Edited by - Pervez on Sep 09 2003 060231 AM
Edited by - Pervez on Sep 09 2003 063329 AM
