02-04-2009, 07:57 PM
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by kamranACA</i>
<br />
Dear Aftab,
I have all my regards for other qualifications and I don't try to undermine ACMAs. I just highlighted the areas which need their specialized attention since they are specialized for it.
You said that ICAP has not issued any local standards. It's merely an ignorance. You are a student and you need to know the approved financial reporting framework for different companies and entities applicable in Pakistan, its structuring, components, guidelines and mandatory and non-madatory GAAPs etc. Mind it, it's not merely the IFRSs although we have adopted most of IFRSs. There is lot to ponder on. Try it and you will understand the answer to your question. If you don't get to the answer, let me know. Also keep in mind the way how financial reporting framework is notified in a country. In Pakistan, such notoification is not the responsibility of ICAP even if it develops all the standards locally. Also keep in mind that IFRSs could not be deviated due to so many reasons. It's a very long debate and you will come to know it with the passage of time.
I have studied the cost manual you are refering and it's a good achievement. I appreciate this effort.
If somebody has a hate for ACMAs in general, it is not good. I place it on record.
Can you tell me where section 254 of the CO84 authorises ACMAs specifically to conduct audit. It's not an objection or offence. I asked it because I am not getting to such reference.
I agree that private limited companies may have good business, but when you are corporatized, mind it, you cannot escape the legislature made to prevent monopolies. Please have a look on monopoly control laws. You will come to know that Private limited companies cannot go beyond a certain limit. The people who do it, do not get corporatized.
Let me know if you want any clarification.
Regards,
KAMRAN.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
I think you dont know about legislation process and the legal framework. The Company bench of Lahore High Court has given a verdicy about the Sec 254 because there was an embiguity abount persons who can conduct the audit of Private Ltd company having Paid up capital of less than Rs 3 million
The verdicts of Superior cours are also considered law.
The section 254 is as follows
254. Qualification and disqualification of auditors. -1[(1) A person shall
not be qualified for appointment as an auditor,
(i)
in the case of a public company or a private company which is subsidiary
of a public company unless he is a Chartered Accountant within the
meaning of the Chartered Accountants Ordinance, 1961 (X of 1961); and
1 Substituted by Companies Ordinance (Amendment)) Act, 1999.
(ii)
in the case of a private company having paid up capital of three million
rupees or more unless he is a Chartered Accountant within the meaning
of the Chartered Accountants Ordinance, 1961 (X of 1961).]
<br />
Dear Aftab,
I have all my regards for other qualifications and I don't try to undermine ACMAs. I just highlighted the areas which need their specialized attention since they are specialized for it.
You said that ICAP has not issued any local standards. It's merely an ignorance. You are a student and you need to know the approved financial reporting framework for different companies and entities applicable in Pakistan, its structuring, components, guidelines and mandatory and non-madatory GAAPs etc. Mind it, it's not merely the IFRSs although we have adopted most of IFRSs. There is lot to ponder on. Try it and you will understand the answer to your question. If you don't get to the answer, let me know. Also keep in mind the way how financial reporting framework is notified in a country. In Pakistan, such notoification is not the responsibility of ICAP even if it develops all the standards locally. Also keep in mind that IFRSs could not be deviated due to so many reasons. It's a very long debate and you will come to know it with the passage of time.
I have studied the cost manual you are refering and it's a good achievement. I appreciate this effort.
If somebody has a hate for ACMAs in general, it is not good. I place it on record.
Can you tell me where section 254 of the CO84 authorises ACMAs specifically to conduct audit. It's not an objection or offence. I asked it because I am not getting to such reference.
I agree that private limited companies may have good business, but when you are corporatized, mind it, you cannot escape the legislature made to prevent monopolies. Please have a look on monopoly control laws. You will come to know that Private limited companies cannot go beyond a certain limit. The people who do it, do not get corporatized.
Let me know if you want any clarification.
Regards,
KAMRAN.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
I think you dont know about legislation process and the legal framework. The Company bench of Lahore High Court has given a verdicy about the Sec 254 because there was an embiguity abount persons who can conduct the audit of Private Ltd company having Paid up capital of less than Rs 3 million
The verdicts of Superior cours are also considered law.
The section 254 is as follows
254. Qualification and disqualification of auditors. -1[(1) A person shall
not be qualified for appointment as an auditor,
(i)
in the case of a public company or a private company which is subsidiary
of a public company unless he is a Chartered Accountant within the
meaning of the Chartered Accountants Ordinance, 1961 (X of 1961); and
1 Substituted by Companies Ordinance (Amendment)) Act, 1999.
(ii)
in the case of a private company having paid up capital of three million
rupees or more unless he is a Chartered Accountant within the meaning
of the Chartered Accountants Ordinance, 1961 (X of 1961).]
