10-03-2007, 07:09 AM
Candidate,
ACA is the Pakistani qualification for a public accountant in Pakistan, only we call it Chartered Accountant, as in rest of the Commonwealth, ie UK, Australia, Canada etc. An ACA is from the Institute of Chartered Accountant of Pakistan is the only qualification which allows you to Public practice as in audit and tax practice. Given this status it is also the most popular qualification with the employers.
ACCA is a UK qualification, popular in Pakistan in the last 5 years and is (members are going to bite me for this) is a second tier qualification simply because they do not have any statutory backing re public practice. (I am an ACCA as well, so think I am qualified to make the remark).
There aren't many CPAs in Pakistan, but as all foreign qualifications are revered in Pakistan it is acceptable. Ofcourse as job markets all over (and as in the US) you will need relevant experience with it to make dent in the local market. So its all about the right qualification with the right skill set.
As far as accounting standards are concerned, we use IFRS - International Financial Reporting Standards (as in the EU, South Africa and Australia) with some local Company law overtones. We have always used these. (I refer to listed public companies in all these cases). Your equivalent in the US is ofcourse the US GAAP.
As far as auditing standards are concerned, we use the International Auditing Standards, the ISAs.
ACA is the Pakistani qualification for a public accountant in Pakistan, only we call it Chartered Accountant, as in rest of the Commonwealth, ie UK, Australia, Canada etc. An ACA is from the Institute of Chartered Accountant of Pakistan is the only qualification which allows you to Public practice as in audit and tax practice. Given this status it is also the most popular qualification with the employers.
ACCA is a UK qualification, popular in Pakistan in the last 5 years and is (members are going to bite me for this) is a second tier qualification simply because they do not have any statutory backing re public practice. (I am an ACCA as well, so think I am qualified to make the remark).
There aren't many CPAs in Pakistan, but as all foreign qualifications are revered in Pakistan it is acceptable. Ofcourse as job markets all over (and as in the US) you will need relevant experience with it to make dent in the local market. So its all about the right qualification with the right skill set.
As far as accounting standards are concerned, we use IFRS - International Financial Reporting Standards (as in the EU, South Africa and Australia) with some local Company law overtones. We have always used these. (I refer to listed public companies in all these cases). Your equivalent in the US is ofcourse the US GAAP.
As far as auditing standards are concerned, we use the International Auditing Standards, the ISAs.
