Can an ACCA sign an audit report in Pakistan?

[raheelcpa]

I'm still in the research phase of my endeavor in Pakistan, but i wanted to ask first hand from people on this forum which professionals can sign an audit (attestation) report in Pakistan?

ACA?
ACCA?
Other?

Of course CA's can.. but i'm trying to compile the benefits of getting an ACCA as opposed to CA for the PRACTICAL Pakistan market (not the theme of theoretical benefits of ACCA vs. CA)

[arsenal.gooner]

only CA's can sign the audit report of a ltd company in Pakistan

[awaisaftab]

No, an ACCA cannot even attest the accounts of a company or any organization.

[shani420]

Complete monopoly of CA(ICAP) in Pakistani market.Even ICMAP(other local Acc. body) lags behind CA's.

[zorro]

Yea it is bitter, but TRUE.

[raheelcpa]

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by zorro</i>
<br />Yea it is bitter, but TRUE.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

So if that's true, what then is the ultimate benefit of getting an ACCA as opposed to completing a CA?

Now of course if someone wants to go to UK etc, then maybe ACCA is a recognizable credential, but my thinking is, that if one has to spend so many hours learning something, why not spend it getting the CA in Pakistan as opposed to ACCA?

[shani420]

Dear Raheel,
Majority of people pursuing ACCA ,including me,want to move abroad(but exceptions do exist).
Another reason may be the fear in youngsters regarding low pass rate of CA(ICAP)(though it has improved a bit in recent years).
Exemptions in CA on ACCA basis could be a factor but if one is good enough he can do CA inter(A+B and C+D) in 12 months but ACCA takes at least 2 years.

[yasir_live]

If U R not planning to settle outside Pakistan in Future, Then 4 sure, CA is most Best option, rather to do ACCA ETC. Regards to monopoly, CA ko kumuskam Pakistan main to sakoon say chalnay do, What you Say Jab Poori Dunya main Pak CA ko mentally koi accept nahi karna chatha over ACCA Etc ? Woh bhi to phir Monopoly hoi ? To itni bari poori dunya ki monopoly k against ek Adh choti si Monopoly ICAP nay kardi to karnay do Yar!

[shani420]

Dear Yasir
I am in favour of CA(ICAP) monopoly in Pakistan although I am pursuing ACCA.That is the way it should be.Native body's qualification must be superior locally(although international mobility of accountants is good but must be on reciprocal basis).
And also CA's(ICAP) r not doing badly in middle east.They r well accepted.

[shani420]

Icap's MOU with Icaew is nice.Although they must have asked for more(Indian CA's get maximum 14 papers exemptions while Pak CA's 12 in Icaew).
But I don't know why Icap give 18 paper exemptions to CA's of Australia,Scotland and Ireland while all those 3 give CA(icap) zero exemptions.It must be reciprocal.

[raheelcpa]

) on a lighter note, the movie 3-idiots has some theme about education not be a race, but a quest for knowledge.

As a 14-year veteran of the accouting field, and a US citizen, i am quite aware of the business climate both abroad and Pakistan.. and therefore, i am sometimes surprised at how much value is placed on credentials, exemptions, details etc..

I think that if Pakistan's elite accounting credential is the CA (whether a monopoly or not), the most effort should be spend in securing that first. Accounting is pretty much the same all over the world (with some difference in presentation and taxation laws).. so even if someone was to become a Pakistani CA, then the opportunities abroad are endless.. your knowledge will make you pass the toughest accounting exam anywhere on the planet.

But i also see the benefit of ACCA nonetheless.. it can open doors to a lot of people who otherwise may not be fully prepared for the advanced standing of a CA.

[shani420]

Dear Raheel,
Obviously CA(ICAP) is full of accounting knowledge and they may pass any exam but my point is WHY THEY BE REQUIRED TO PASS EXAMS AGAIN AND AGAIN.
Take example of CA(AUSTRALIA).They get all 4 CPA(US) papers waived and just required to sit for a single 100 marks reciprocity exam.They have reciprocal MOU's with ICAEW,ICAS.ICAIreland,South africa,NZICA,HKICPA,Singapore CPA,Canadian CA,Pakistan and now starting with Indian and restarting with Zimbabwean CA.So Point is that they just pass 5 papers of CA(AUSTRALIA) and then not asked to repeat them again(just 1 or 2 paper required).
Even US CPA r required to pass more papers around the globe(in Icas,Icai,INDIA,PAK,HONG KONG etc and just 8 paper exemptions in ACCA) due to lesser Mou's.Although new pathway to Icaew membership is easy for AICPA.U ur self would be required to pass a few in Pakistan although u might find them easy.

[haidereen]

hi fellow's
well i have read all the discussion above but still cant find the major result ever spoken by any fellow..always do things by common sens.all the knowledge developed in this world is through common knowledge..you must watch 3 idot movie the main concept provide by amir khan
PAK CA is no doubt is good just like other bodies infect all accountancy bodies are good,why ! because all bodies deliver same knowledge..the knowledge of accountancy..preparation of statutory financial statements.tax.fiance and management.
but different bodies have different way of passing the students.this what make them difference
im taking about average student now..Pakistan ca an average student will take time total 7 years 4 years of study + 3 year of work
a good human life is 60 year average which mean pak ca take 11.6% of life to make professional accountant on the other hand other professional bodies ACCA take 6.6% to make professional accountant
and even all the other bodies take the same steps as do acca plus a benefit of exemption from various other bodies and international repute
a professional qualification is recognize by its countries.if pak ca was strong enough (as they often say) Pakistan corruption would be about 10% only because of integrity of accounts and corporate governance but Pakistan re-known in world for its corruption and poor structure of education (now still Pakistan student compare himself with oversea education and say he is best, then i dont think so because your repute is know by ur country) and ca paper team often fail the student why because to make repute of ca and demand in market
which is unethical and still they say them professional accountant
and ACCA is qualification of ENGLAND who is re-known in research inventing ships and aircraft low corruption rate high economy....etc
those people make ACCA papers and chek it with fairness
now you can judge yourself clearly
im ACCA and ICAS member and done alot of research in business like risk.budgetary audit method control systems...etc
my last word suggest to my fellows that your own work make ur repute not ur qualification...qualification just help you to launch in market and to do work on fairness basis