03-14-2004, 04:57 PM
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hi ahmer, i m in agreement with Guybrush, sumaaan and Zubair, i think u have got your answer.
SMR
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AOA all and Walaikum hi Mr. SMR,
Yeah I've got my answer, but let me clear somethings out first of all Ms. Summan I'm not confused; when I say ACA i mean Associate of ICAP, when I say a CA that means A Chartered Accountant ( no matter whatever institute he blongs to).
Thing I wanna ask is Can ACMAs of ICMAP and ACCAs Audit and sign reports? (if they can why don't they do since I haven't yet seen any ACMA doing audit except Cost Audits) and supplementary question(s)
What is Management Consultancy? and can a CA do Cost Audit?
ALLAH HAFIZ
Make efforts not excuses!
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hi!
ok, first i'll try and discuss the questions in your initial post;
1. as a matter of fact i was having this very discussion with my principal a few days ago. In the UK and the EU and even in other countries in the far east and the middleast, ACCAs are often allowed to conduct statutory(external) audits and sign reports, but ive heard until recently, in the UK, like in Pakistan, the ICEAW held a monopoly and held the power in being the only body, the members of which could carry out audits. even right now, there are some sort of limitations on other bodies, while ICEAW remains the leader in auditing. let's see how this changes in a few years from now.
2. in pakistan, ICAP has always been the only body, qualified and approved by the SECP to qualify members who could carry out audits and sign them. ICAP has mnaitained high levels of professionalism through the years and now holds a monopoly which not even the SECP is willing to question. and so, no other bodies and their members can carry out external audits. not ICMA memebers, not CIMA,not ACCA. they can however carry out their internal audits or nonstatutory audits.
3. ACAs, being new memebers to the ICAP often dont end up starting heir own practise becasue this field is very specialized and requires a lot of exprience, expertise, one has to be very well versed and vigilant and even a minor mistake can prove fatal. like in any bsiness, one needs to gain sufficient experience in the particular field before staring their own work, similarly new associates need to gain a lot of experience working in old reputed firms under old and seasoned FCA partners. the reason is the same as why most doctors upon graduating dont open their own clinic. and to get success, one needs a lot of clients and reputation which can be had through years of interaction and presence in the profession under the wings of an older bird.
noe about your last post
im not sure but i think a CA can sign cost audits. if the SECP hasnt provided the authority solely to ICMAP then they can, otherwise, legally they cant.
management consultancy includes everything from offering help to individuals or companies regarding the amount of capital they beed to invest for starting a prticular business, or once their business has commenced, offer them legal, taxational, financial, actuarial guidance etc. helpinmg them analyze the risks, expected profits, make calculations etc. many professionals like CAs, CMAs, ACCAs, Actuaries, lawyers and a lot of others join the mngmt consultancy fields. it's very intereting and are little restriction son who can or cannot offer these services.
hope the info is of some use.
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hi ahmer, i m in agreement with Guybrush, sumaaan and Zubair, i think u have got your answer.
SMR
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AOA all and Walaikum hi Mr. SMR,
Yeah I've got my answer, but let me clear somethings out first of all Ms. Summan I'm not confused; when I say ACA i mean Associate of ICAP, when I say a CA that means A Chartered Accountant ( no matter whatever institute he blongs to).
Thing I wanna ask is Can ACMAs of ICMAP and ACCAs Audit and sign reports? (if they can why don't they do since I haven't yet seen any ACMA doing audit except Cost Audits) and supplementary question(s)
What is Management Consultancy? and can a CA do Cost Audit?
ALLAH HAFIZ
Make efforts not excuses!
<hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Tahoma, Arial" size=2 id=quote>
hi!
ok, first i'll try and discuss the questions in your initial post;
1. as a matter of fact i was having this very discussion with my principal a few days ago. In the UK and the EU and even in other countries in the far east and the middleast, ACCAs are often allowed to conduct statutory(external) audits and sign reports, but ive heard until recently, in the UK, like in Pakistan, the ICEAW held a monopoly and held the power in being the only body, the members of which could carry out audits. even right now, there are some sort of limitations on other bodies, while ICEAW remains the leader in auditing. let's see how this changes in a few years from now.
2. in pakistan, ICAP has always been the only body, qualified and approved by the SECP to qualify members who could carry out audits and sign them. ICAP has mnaitained high levels of professionalism through the years and now holds a monopoly which not even the SECP is willing to question. and so, no other bodies and their members can carry out external audits. not ICMA memebers, not CIMA,not ACCA. they can however carry out their internal audits or nonstatutory audits.
3. ACAs, being new memebers to the ICAP often dont end up starting heir own practise becasue this field is very specialized and requires a lot of exprience, expertise, one has to be very well versed and vigilant and even a minor mistake can prove fatal. like in any bsiness, one needs to gain sufficient experience in the particular field before staring their own work, similarly new associates need to gain a lot of experience working in old reputed firms under old and seasoned FCA partners. the reason is the same as why most doctors upon graduating dont open their own clinic. and to get success, one needs a lot of clients and reputation which can be had through years of interaction and presence in the profession under the wings of an older bird.
noe about your last post
im not sure but i think a CA can sign cost audits. if the SECP hasnt provided the authority solely to ICMAP then they can, otherwise, legally they cant.
management consultancy includes everything from offering help to individuals or companies regarding the amount of capital they beed to invest for starting a prticular business, or once their business has commenced, offer them legal, taxational, financial, actuarial guidance etc. helpinmg them analyze the risks, expected profits, make calculations etc. many professionals like CAs, CMAs, ACCAs, Actuaries, lawyers and a lot of others join the mngmt consultancy fields. it's very intereting and are little restriction son who can or cannot offer these services.
hope the info is of some use.
