ICAP humiliating itself

[mroneflower]

Kamran

Thanks God. I fixed my system

Senior ICAP member gave you wrong information. As I have already mentioned that one does not need to be member of any accountancy body recognised by EU Directive to become auditors in UK. Department of Trade can issue audit certificate to anyone who is consider fit for audit.

When someone becomes ACCA, ICAEW, ICAS, ICAI the person is not given audit certificate immediately. To get audit certificate in UK one needs to have total of 5 yrs experience while working under the supervision of qualified auditor and 2 yrs of these 5 yrs of must be post membership experience. After having 5 yrs audit experience, audit certificate is not issued. Person has to pass audit test conducted by his professional body. In short if ACCA or ICAEW member wants to get audit certificate then, he needs to have total o five yrs experience under supervision of qualified auditor and 2 yrs of experience of these 5 yrs must be obtained after becoming full member of ACCA or ICAEW. After having 5 yrs of total experience person need to pass audit test of ICAEW if person is ICAEW member or ACCA audit test if person is ACCA member.

Please note that according to my knowledge ICAEW audit test is not available outside UK(correct me if I am wrong), therefore there is no way that ICAP and ICAI(India) will get UK audit certificate by sitting in Pakistan and India, they have to fly to UK.Therefore ICAP and ICAI(India) members who will become ICAEW member will further need two yrs of audit experience after becoming ICAEW full member. If ICAP and ICAI(India) do not have 3 yrs of audit experience( because they did their training in tax, accounts etc) at the time they become ICAEW member, then they will need total of 5 yrs audit experience to be eligible to take audit test.

Further more, argument by ICAP senior member about ICAEW MOU with ICAI(India) is wrong as ICAEW does not make such distinction. If we suppose ICAEW is making such distinction it means ICAEW is making two classes/types of membership which is itself not good for ICAEW Actually such distinction is not in the hands of ICAEW.

Its is my unbiased post and once again information provided my ICAP senior member is totally wrong. I do not know y people in Pakistan understand that in Pakistan we have class system everywhere and ICAP and its members are also part of Pakistan. That is why I say ICAP is trying to continue policy of class system, for example distinction made by ICAP that ACCA UK qualified and ACCA Pakistan qualified. I am by no means blaming ICAP, it is part of our society. We all need to change it. I hope people are getting my point.

I also suspect that ICAEW brand in Pakistan will be diluted in coming yrs as ICAEW is going to conduct its examinations in Pakistan therefore in future there will be ICAEW UK qualified and ICAEW Pakistan qualified. Please do try to understand what is going wrong in our society.

ICAP senior member should not try to hide facts and should accept MOU which ICAP singed with ICAEW is not based on equality and ICAP needs to negotiate with ICAEW for better deal. However I seriously think ICAP will not get what ICAI(India) got because of number game. ICAI(India) has 145,000 members whereas ICAP has only about 4,300 members. Remember ICAEW did not sign MOU with ICAP and ICAI(india) so that Pakistani and Indian get good qualification. Main purpose of ICAEW these MOUs to increase its membership as ICAEW loosing number game to ACCA. If ICAEW will not catch up with ACCA in number game then ICAEW will be in BIG BIG problem in 10 yrs time. So Try to understand what is going on.

Further analyses ICAP senior member and officer claim. Now Kamran is ICAP member, suppose he goes through all headache and become ICAEW member and get audit certificate issued by ICAEW. He will still not be able to sign audit report in UK (even though he holds audit certificate issued by ICAEW). To sign audit report in UK, he will either needs UK work Permit, British national or national of any state that is member of European Union.

Suppose he gets UK work permit, in such situation he will only be able to sign audit report in UK and not outside UK. ICAEW audit certificate holders sign audit report within EU cause such rights are given to them by EU 8th Directive. EU 8th Directive says to use its powers person needs to have national o any of state which is member of EU.

All ICAEW members are equal like ACCA all members are equal. I do not know why ICAP is making such distinction and this is the reason I say ICAEW brand will be diluted in Pakistan over next few yrs. ACCA nor ICAEW can make any distinction amonst their members otherwise people will go to court and institute has to face embracement in court.

I do not know why ICAP senior officers misguiding even ICAP members.

Khalid