02-09-2010, 05:36 AM
Awais
To be more precise, it's not Tax Audit Right. Such rights have not been given to any one including even CAs as people normally construe about generalized practicing rights.
For Tax audits CMAs have been given an eligibility (like CAs), on the prerogative of FBR for making an appointment. Right rests with FBR and not with any generalized clients of CAs or CMAs (in practice) to make such appointment.
Making CMAs eligible is good but we cannot name even a few good CMA firms in Pakistan having desired number of partners, qualified and support staff, number of offices, other resources to carry out audit practice, and international renowned affiliation etc that are pre-requistes to establish audit practice in this age. Certainly we are not living in dark ages.
ICMAP has not introduced any quality assurance system so far to ensure the effective and positive usage of any such eligibility. Can any of you explain any such self-regulation introduced?
Personally I am in favor of open competition. This, in my view, clarifies so much which otherwise remains hidden behind the walls of grouses and complaints.
I always have been requesting all aspirant ACCAs and CMAs that if they wish to get some thing then at least try to prove yourself. For professional accountants, Audit is not the only one facet of carrying out business and practice. There is lot more to do on advisory and consultancy side. I can here let you know 100 avenues of professional practice. Why they don't first establish such practices, combine resources, get affiliations, implement internal quality assurance system and procedures and (may be at some later stage) ask ICMAP (or local chapter of ACCA in their case) to institute such external quality assurance system as well.
When this all will be in place, people will be bound to look at these professionals as well. Without doing this all, if some one will complaint, it will be wastage of time.
You know what happened in tax audits for tax year 2008 (latest audit appointments being made by FBR these days). CMAs might have been given any eligibility but in practice not even a single audit has been allocated to any CMA or his firm. I said not even a single audit. To me reasons are obvious. CMA firms don't carry resources to do it. There may be one or two firms working on any specific front but one has to see their strength and resources. What eligibility will do in such circumstances?
So, dears one has to endeavor to get what he believes he should get.
I hope time has come when CMAs and the institute should make innovative changes, change the direction, discard worthless politics at institute level that we see in elections, focus on strengthened practices, self regulation system, quality assurance system, audit procedures development, proper training of professionals being produced (that is vital and is most ignored todate) and lot more. This will fetch the results which CMAs are looking for.
Keeping yourself distanced from improvements, developments, changes, and requisites that are vital to do something cannot produce good results.
I request to readers not to take it negatively. This in fact is the only recourse.
And yes, no one is doing any injustice. If you will read this post carefully and honestly, then you will certainly realise what is resposnible for the things you are discussing.
Wishing you all best future.
Regards,
Kamran.
To be more precise, it's not Tax Audit Right. Such rights have not been given to any one including even CAs as people normally construe about generalized practicing rights.
For Tax audits CMAs have been given an eligibility (like CAs), on the prerogative of FBR for making an appointment. Right rests with FBR and not with any generalized clients of CAs or CMAs (in practice) to make such appointment.
Making CMAs eligible is good but we cannot name even a few good CMA firms in Pakistan having desired number of partners, qualified and support staff, number of offices, other resources to carry out audit practice, and international renowned affiliation etc that are pre-requistes to establish audit practice in this age. Certainly we are not living in dark ages.
ICMAP has not introduced any quality assurance system so far to ensure the effective and positive usage of any such eligibility. Can any of you explain any such self-regulation introduced?
Personally I am in favor of open competition. This, in my view, clarifies so much which otherwise remains hidden behind the walls of grouses and complaints.
I always have been requesting all aspirant ACCAs and CMAs that if they wish to get some thing then at least try to prove yourself. For professional accountants, Audit is not the only one facet of carrying out business and practice. There is lot more to do on advisory and consultancy side. I can here let you know 100 avenues of professional practice. Why they don't first establish such practices, combine resources, get affiliations, implement internal quality assurance system and procedures and (may be at some later stage) ask ICMAP (or local chapter of ACCA in their case) to institute such external quality assurance system as well.
When this all will be in place, people will be bound to look at these professionals as well. Without doing this all, if some one will complaint, it will be wastage of time.
You know what happened in tax audits for tax year 2008 (latest audit appointments being made by FBR these days). CMAs might have been given any eligibility but in practice not even a single audit has been allocated to any CMA or his firm. I said not even a single audit. To me reasons are obvious. CMA firms don't carry resources to do it. There may be one or two firms working on any specific front but one has to see their strength and resources. What eligibility will do in such circumstances?
So, dears one has to endeavor to get what he believes he should get.
I hope time has come when CMAs and the institute should make innovative changes, change the direction, discard worthless politics at institute level that we see in elections, focus on strengthened practices, self regulation system, quality assurance system, audit procedures development, proper training of professionals being produced (that is vital and is most ignored todate) and lot more. This will fetch the results which CMAs are looking for.
Keeping yourself distanced from improvements, developments, changes, and requisites that are vital to do something cannot produce good results.
I request to readers not to take it negatively. This in fact is the only recourse.
And yes, no one is doing any injustice. If you will read this post carefully and honestly, then you will certainly realise what is resposnible for the things you are discussing.
Wishing you all best future.
Regards,
Kamran.
