06-14-2011, 08:31 PM
@Shiraz sb
I request you to use decent language about other professions and the professionals if you really carry some knowledge thirst. This is itself a stupidity, if a professional of one field, for the sake of something of which he knows NOTHING and for the sake of his own understanding dilemma, calls the other professional a stupid. Certainly an engineer will not be telling a surgeon how to operate a heart. If he does, it would itself be a stupidity. So, please try to avoid it because it shows some personal grudge and incapacity to grasp the things professionally.
There are a wide ranged professional pronouncements on fair value concept that have been worldwide deliberated, discussed, accepted and approved AND on which brains from USA, Europe and other countries have worked for different phases over a long period. The development of IASs and IFRSs entails a whole process which you need to understand. Yes, disagreements do occur and are recorded properly, but, the thing that attains finality is the one which is approved with majority's global consensus after a greater deal of research.
Still, the work on Fair Value accounting has not been stopped and this process is going on globally, keeping in view the emerging dynamics of global markets, which possess a varying level of characteristics.
Further, such pronouncements, IASs, IFRSs, ISAs etc are followed by auditors in any country when its regulator statutorily or legally notifies them. Once notified, these become legally enforceable. These IAS-36 and 39 are not a piece of trash as you have expressed. These are legally enforced standards in Pakistan and any departure from these standards has to be questioned / pointed out. A thing that is worldwide accepted and then adopted by Pakistan and is legally enforced; how could it be ignored by the auditors? Yes, the regulator who enforces them can provide the exemptions / relaxations from such requirements, if it deems fit. Do the auditors have any personal issues with you or your entity or carry any malafied intentions? If yes, do raise this point with your board of directors or shareholders or as a last resort, contact ICAP or the SECP to get the issue resolved. If all of them are not listening to you (as your frustration speaks about it) then try to develop a habit of calling an apple as apple and factually understanding a stupid as stupid. )
The audit profession in Pakistan is the most regulated profession when listed companies and large scale entities come under question. Their work is always subject to review by regulators, their own professional body, international firms of which they carry the memberships (mind it; these international firms hail from the most advanced USA or Western countries) and Even by internal quality control reviewers under the requirements of ISQC-1. Specially the firms that use e-audit techniques, their work is uploaded on the cyberspace which always remains subject to review by their mother international firms. The adverse results of reviews carry irreparable impacts on the professional stature of the firms, if you can understand it properly. Had the thing you are pointing out been a stupidity, such stupidity must have been captured through so many of these deterrents. If it has not been captured, questioned, surfaced or highlighted, then this should make sense for you.
I hope you would try to understand above brief insights on the subject and would try to mind your own business of actuarial services instead of poking nose in the specialized audit job without having its knowledge and understanding. There are usually finance/accounts departments, audit committees, board of directors etc (and eventually the direct and indirect regulators) to take care of the issues regarding what auditors are doing and objecting. Let them do their job since they are the right people to do it. If you are really interested to know what is what, advice for you is to jump into this profession, undergo the whole process and then learn what is what. Theoretically no effort can make you a master through any shortcuts.
If you have any concrete question or logic, do come forward with it, and I am here to respond.
Regards,
I request you to use decent language about other professions and the professionals if you really carry some knowledge thirst. This is itself a stupidity, if a professional of one field, for the sake of something of which he knows NOTHING and for the sake of his own understanding dilemma, calls the other professional a stupid. Certainly an engineer will not be telling a surgeon how to operate a heart. If he does, it would itself be a stupidity. So, please try to avoid it because it shows some personal grudge and incapacity to grasp the things professionally.
There are a wide ranged professional pronouncements on fair value concept that have been worldwide deliberated, discussed, accepted and approved AND on which brains from USA, Europe and other countries have worked for different phases over a long period. The development of IASs and IFRSs entails a whole process which you need to understand. Yes, disagreements do occur and are recorded properly, but, the thing that attains finality is the one which is approved with majority's global consensus after a greater deal of research.
Still, the work on Fair Value accounting has not been stopped and this process is going on globally, keeping in view the emerging dynamics of global markets, which possess a varying level of characteristics.
Further, such pronouncements, IASs, IFRSs, ISAs etc are followed by auditors in any country when its regulator statutorily or legally notifies them. Once notified, these become legally enforceable. These IAS-36 and 39 are not a piece of trash as you have expressed. These are legally enforced standards in Pakistan and any departure from these standards has to be questioned / pointed out. A thing that is worldwide accepted and then adopted by Pakistan and is legally enforced; how could it be ignored by the auditors? Yes, the regulator who enforces them can provide the exemptions / relaxations from such requirements, if it deems fit. Do the auditors have any personal issues with you or your entity or carry any malafied intentions? If yes, do raise this point with your board of directors or shareholders or as a last resort, contact ICAP or the SECP to get the issue resolved. If all of them are not listening to you (as your frustration speaks about it) then try to develop a habit of calling an apple as apple and factually understanding a stupid as stupid. )
The audit profession in Pakistan is the most regulated profession when listed companies and large scale entities come under question. Their work is always subject to review by regulators, their own professional body, international firms of which they carry the memberships (mind it; these international firms hail from the most advanced USA or Western countries) and Even by internal quality control reviewers under the requirements of ISQC-1. Specially the firms that use e-audit techniques, their work is uploaded on the cyberspace which always remains subject to review by their mother international firms. The adverse results of reviews carry irreparable impacts on the professional stature of the firms, if you can understand it properly. Had the thing you are pointing out been a stupidity, such stupidity must have been captured through so many of these deterrents. If it has not been captured, questioned, surfaced or highlighted, then this should make sense for you.
I hope you would try to understand above brief insights on the subject and would try to mind your own business of actuarial services instead of poking nose in the specialized audit job without having its knowledge and understanding. There are usually finance/accounts departments, audit committees, board of directors etc (and eventually the direct and indirect regulators) to take care of the issues regarding what auditors are doing and objecting. Let them do their job since they are the right people to do it. If you are really interested to know what is what, advice for you is to jump into this profession, undergo the whole process and then learn what is what. Theoretically no effort can make you a master through any shortcuts.
If you have any concrete question or logic, do come forward with it, and I am here to respond.
Regards,
