03-09-2004, 05:10 PM
Ahmer
If by practice, you mean audit and signing of reports, then the answers to your queries would be like this
1. Although i am not too sure, the ACCAs can audit and sign reports in the UK along with CAs. Maybe some members living in UK can confirm this.
2. Maybe the SECP trusts only the work quality of ICAP CAs, thats why ACCAs and CMAs arent allowed to sign audit reports. <img src=icon_smile.gif border=0 align=middle> Just joking. If i am not mistaken, CMAs can sign audit reports, but only of proprietorships, partnerships and private limited companies having a small amount of share capital. (I dont exactly remember the amount). The most relevant reason in my opinion is that CMAs and ACCAs have literally ZERO audit experience, whereas CAs go through a rigorous 4 year articleship period before qualification in which they get audit experience of various different types of organizations.
3. Starting your own practice requires hard work and lots and lots of dedication. Since this business is based on credibility and trust and which can only be gained with time, starting your own practice isnt everyone's forte. Profits and business dont start coming overnight, so one has to have the patience of a saint and not expect big profits for 2-3 years. On the other hand, if one goes into the industry (ie. get a job), it starts to bear fruits instantly, which although is good for the CAs as a whole, but this also discourages one to start his/her own practice.
________________________
Arrrgh... it sure's gonna be mighty rough sailin' today ... mates!
If by practice, you mean audit and signing of reports, then the answers to your queries would be like this
1. Although i am not too sure, the ACCAs can audit and sign reports in the UK along with CAs. Maybe some members living in UK can confirm this.
2. Maybe the SECP trusts only the work quality of ICAP CAs, thats why ACCAs and CMAs arent allowed to sign audit reports. <img src=icon_smile.gif border=0 align=middle> Just joking. If i am not mistaken, CMAs can sign audit reports, but only of proprietorships, partnerships and private limited companies having a small amount of share capital. (I dont exactly remember the amount). The most relevant reason in my opinion is that CMAs and ACCAs have literally ZERO audit experience, whereas CAs go through a rigorous 4 year articleship period before qualification in which they get audit experience of various different types of organizations.
3. Starting your own practice requires hard work and lots and lots of dedication. Since this business is based on credibility and trust and which can only be gained with time, starting your own practice isnt everyone's forte. Profits and business dont start coming overnight, so one has to have the patience of a saint and not expect big profits for 2-3 years. On the other hand, if one goes into the industry (ie. get a job), it starts to bear fruits instantly, which although is good for the CAs as a whole, but this also discourages one to start his/her own practice.
________________________
Arrrgh... it sure's gonna be mighty rough sailin' today ... mates!
