04-03-2007, 09:20 PM
Dears,
Members of ICAP and ICMAP (with certain restrictions) are allowed to engage in public practice. Both of the above professional categories are governed by Pakistani Laws and Institutes. They are responsible to the stakeholders in accordance with the local laws, applicable standards and code of ethics set by the relevant institutes.
This shows that some institution, regulating the activities and professional conduct of those to which certain assignments are entrusted by the stakeholders of an entity (like audits), is extremely necessary. SECP can only review their activities within the legal boundries and as per its own charter of responsibilities but cannot regulate them as their own institution/association.
For doing so, it is imperative that ACCA regulating body should
-get incorporated in Pakistan, as may be required;
- obtain a local charter from the government;
- introduce some essential papers for the students who want to practise locally (like Companies Ordinance 1984, business, tax and other corporate laws; and
- then after qualifying those papers and undergoing some specific trainning period in practising firms at Pakistan, issues them a practice certificate in consonance of the charter obtained from Govt of Pakistan.
Otherwise, in my view, there is no sense in allowing ACCAs to be in practice in Pakistan.
However, ACCAs can engage theirselves in professional practices through limited liability companies incorporated in Pakistan for providing services. But such services will not include providing external /statutory audit services. They can do consultancies, tax, restructuring' incorporation and liquidation of companies, due diligences, human resource services and other similar services.
Best regards,
Kamran.
Members of ICAP and ICMAP (with certain restrictions) are allowed to engage in public practice. Both of the above professional categories are governed by Pakistani Laws and Institutes. They are responsible to the stakeholders in accordance with the local laws, applicable standards and code of ethics set by the relevant institutes.
This shows that some institution, regulating the activities and professional conduct of those to which certain assignments are entrusted by the stakeholders of an entity (like audits), is extremely necessary. SECP can only review their activities within the legal boundries and as per its own charter of responsibilities but cannot regulate them as their own institution/association.
For doing so, it is imperative that ACCA regulating body should
-get incorporated in Pakistan, as may be required;
- obtain a local charter from the government;
- introduce some essential papers for the students who want to practise locally (like Companies Ordinance 1984, business, tax and other corporate laws; and
- then after qualifying those papers and undergoing some specific trainning period in practising firms at Pakistan, issues them a practice certificate in consonance of the charter obtained from Govt of Pakistan.
Otherwise, in my view, there is no sense in allowing ACCAs to be in practice in Pakistan.
However, ACCAs can engage theirselves in professional practices through limited liability companies incorporated in Pakistan for providing services. But such services will not include providing external /statutory audit services. They can do consultancies, tax, restructuring' incorporation and liquidation of companies, due diligences, human resource services and other similar services.
Best regards,
Kamran.
