11-21-2003, 08:45 AM
Hi Guybrush
Your information is correct... change is planned for 2005 (2006 we will start to see the accounts)
all the accountancy institutes are rolling out professionals with necessary skills to adapt to this change. Few of the existing accountants (babas) are, however, not very well prepared....
I think its going to be the most difficult transitional phase in the profession.... having said that auditors here in UK are quick to attend courses and prepare for the change......
One big problem here is the monitoring units of ICEAW and ACCA.... they visit practices, look at the audit files... if they find evidence that accouting and auditing standards have not been<b> properly </b> complied with,...... they are quick to take the auditing license away or other desciplinary procedings ensue..... I believe you can guess, we have no option but to rush to courses and update ourselves....
It will have a huge impact on businesses across european union... we will see more globalistion..... this coupled with the advancements in technology (mainly fibre optics and dedicated satellite terminals) a greater number of accoutancy and auditing practices will relocate their frontend and backend operations to coutries like inida and pakistan to take advantage of labour efficiency...... now these are my views only,,, you are welcomed to comment and let me have your own judgements...
finaly note Recently Bangladesh allowed the implementation of Voice over internet protocol (VoIP). Reports are that the decision was taken by the cabinet despite severe opposition from the national carrier.... I think its a big step forward.... we urgently need the same to be done in Pakistan.... Such an implementation will be the backbone of future accountacny market in Pakistan.
Thanks
zubair
Your information is correct... change is planned for 2005 (2006 we will start to see the accounts)
all the accountancy institutes are rolling out professionals with necessary skills to adapt to this change. Few of the existing accountants (babas) are, however, not very well prepared....
I think its going to be the most difficult transitional phase in the profession.... having said that auditors here in UK are quick to attend courses and prepare for the change......
One big problem here is the monitoring units of ICEAW and ACCA.... they visit practices, look at the audit files... if they find evidence that accouting and auditing standards have not been<b> properly </b> complied with,...... they are quick to take the auditing license away or other desciplinary procedings ensue..... I believe you can guess, we have no option but to rush to courses and update ourselves....
It will have a huge impact on businesses across european union... we will see more globalistion..... this coupled with the advancements in technology (mainly fibre optics and dedicated satellite terminals) a greater number of accoutancy and auditing practices will relocate their frontend and backend operations to coutries like inida and pakistan to take advantage of labour efficiency...... now these are my views only,,, you are welcomed to comment and let me have your own judgements...
finaly note Recently Bangladesh allowed the implementation of Voice over internet protocol (VoIP). Reports are that the decision was taken by the cabinet despite severe opposition from the national carrier.... I think its a big step forward.... we urgently need the same to be done in Pakistan.... Such an implementation will be the backbone of future accountacny market in Pakistan.
Thanks
zubair
