01-30-2009, 07:30 PM
Dears,
Today I got a chance to discuss the matter of MOU of ICAEW with one of the senior officials of ICAP. He explained that there is some difference in the membership rights that have been allowed to ICAI people with the membership rights permissible to ICAP members, provided they complete respective formalities. ICAP people will be given full rights including the right to get into public practice for audit at UK and EU etc while such rights would be restricted for ICAI members. Therefore, he said the scenario of both institutes is different. ICAI did not ask for such rights while ICAP considered it necessary that our members having ICAEW's qualification should be given full rights. He said, ICAEW has asked to view both cases differently due mainly to the variation in membership rights which is a big difference in fact.
However, he informed that they are in discussion with ICAEW which may result in getting both options for ICAP members i.e. the option which is currently available (3papers+2years training and full membership rights) and the one which has been given to ICAI members i.e. one case study paper and two years of post qualification experience of any where with restrcited membership rights. If this would happen then it would be at discretion of ICAP members which route they will select.
I place on record that this is as per the discussion with that official. I have not so far checked it with ICAEW.
May Khalid or Pracs be in a position to comment on it.
Regards,
KAMRAN.
Today I got a chance to discuss the matter of MOU of ICAEW with one of the senior officials of ICAP. He explained that there is some difference in the membership rights that have been allowed to ICAI people with the membership rights permissible to ICAP members, provided they complete respective formalities. ICAP people will be given full rights including the right to get into public practice for audit at UK and EU etc while such rights would be restricted for ICAI members. Therefore, he said the scenario of both institutes is different. ICAI did not ask for such rights while ICAP considered it necessary that our members having ICAEW's qualification should be given full rights. He said, ICAEW has asked to view both cases differently due mainly to the variation in membership rights which is a big difference in fact.
However, he informed that they are in discussion with ICAEW which may result in getting both options for ICAP members i.e. the option which is currently available (3papers+2years training and full membership rights) and the one which has been given to ICAI members i.e. one case study paper and two years of post qualification experience of any where with restrcited membership rights. If this would happen then it would be at discretion of ICAP members which route they will select.
I place on record that this is as per the discussion with that official. I have not so far checked it with ICAEW.
May Khalid or Pracs be in a position to comment on it.
Regards,
KAMRAN.