CPA scope in PAKISTAN

[candidate]

I am a Pakistani living in USA.  I completed my CPA and interned with Big 4.  I have also have 2 years of general accounting experience.  I have NO IDEA what is accounting profession like in pakistan.  I have heard of CA, ACCA and terms like these but don't really understand what they mean.  Can someone PLEASE help me in knowing what is the difference between CA and CPA, and is CPA applicable in PAK or not.  I know only that in PAK u guys do follow GAAS, however I think u go with internal standards versus GAAP here in the U.S.  I want to move back to my country, but I need information on my career... what are the salaries like but most importantly what is equivalent of a CPA in Pakistan? anyone who has information can post here or email me at [email protected] much appreciated!

[Pracs]

Candidate,

ACA is the Pakistani qualification for a public accountant in Pakistan, only we call it Chartered Accountant, as in rest of the Commonwealth, ie UK, Australia, Canada etc. An ACA is from the Institute of Chartered Accountant of Pakistan is the only qualification which allows you to Public practice as in audit and tax practice. Given this status it is also the most popular qualification with the employers.

ACCA is a UK qualification, popular in Pakistan in the last 5 years and is (members are going to bite me for this) is a second tier qualification simply because they do not have any statutory backing re public practice. (I am an ACCA as well, so think I am qualified to make the remark).

There aren't many CPAs in Pakistan, but as all foreign qualifications are revered in Pakistan it is acceptable. Ofcourse as job markets all over (and as in the US) you will need relevant experience with it to make dent in the local market. So its all about the right qualification with the right skill set.

As far as accounting standards are concerned, we use IFRS - International Financial Reporting Standards (as in the EU, South Africa and Australia) with some local Company law overtones. We have always used these. (I refer to listed public companies in all these cases). Your equivalent in the US is ofcourse the US GAAP.

As far as auditing standards are concerned, we use the International Auditing Standards, the ISAs.

[candidate]

thanks a lot for your reply. If I understood it correctly, did you say that CPA is still acceptable in Pakistan? I don't want to be an auditor in Pak, but I want to know how will my CPA help me otherwise in the accounting profession in Pakistan. According to you, CA is #1 tier, ACCA might b 2nd tier.. and wat about CPAs? What is their worth at all? Also, what are the expected salaries? I read an audit report today, issued by a Paksitani audit firm, and it said that they had followed GAAS not ISA. I'll wait for ur reply, much appreciated.. thanks in advnce

[Pracs]

All listed Public companies are required to draw their accounts under IFRS/IAS, was it a pvt limited company ? infact most banks now insist on accounts under IFRS when extending facility lines.

Care to tell us what company that was.

May be some one in Pakistan these days can shed some light on the salary ranges. infact one of the threads has a range around, try the search option.

Kamran, care to shed some light here

[abidraasheed5]

I am a Pakistani living in USA. I completed my CPA and interned with Big 4. I have also have 2 years of general ac****ing experience. I have NO IDEA what is accounting profession like in pakistan. I have heard of CA, ACCA and terms like these but don't really understand what they mean. Can someone PLEASE help me in knowing what is the difference between CA and CPA, and is CPA applicable in PAK or not. I know only that in PAK u guys do follow GAAS, however I think u go with internal standards versus GAAP here in the U.S. I want to move back to my country, but I need information on my career... what are the salaries like but most importantly what is equivalent of a CPA in Pakistan? anyone who has information can post here or email me at [email protected] much appreciated!