Future of Pak Accountancy qualifications... A pic

ausmanpk2001 · 03-31-2006, 06:12 AM

ACCA is gaining repuatation in Pakistan gradually & many organisations are asking for ACCA's. ACCA could be a potential threat to ICAP but ICAP will remain the market leader but not the monopolist. Now firms are asking for ACCA part qualified students. (See recent ad from Sahihd & Tariq)

If ACCA's are allowed to do external audit, most organisations will hire ACCA's becasue ACCA's take less (salary) than CA's & they can do all the work that CA's can. atleast they can do audit like CA's can do audit. You cannot say that they are unable to do audit. If they are allowed to do audit, they'll do it in less than CA's, then who will hire CA's for lakhs of salary when they could have audit in much less than that.

Even if ACCA's are not allowed to do audit they will take up most places in Commerce & Industry. ACCA's have started to take Manager level positions in Pakistani Commerce & Industry sector. But the change will come gradually. ICAP may see great damage to its Commerce & Industry market in the future.

ICMA gives full membership to CIMA. People have started doing CIMA in Pak & then there would be not much problem in qualifying for ICMA (CIMA isn't difficult like ICMA) What will be the future of ICMA then? There will be bulk of ICMA's (CIMA's)..

ICAEW is starting its qualification in India & China after middle east & far eastern countries. It will take time but ICAEW WILL come to Pakistan in the future. Take it upto 10 years or maybe more than that. BUT THEY WILL COME...Once ICAEW's are here, CA's ki halat qabal-i-raham ho gee. Pehlay hi CA's ICAEW ko bohat cheez samajhtay hain bulkay yeh kehna behtar ho ga ka unkay aagay paani bhartay hai (correct me if i am wrong). ICAEW isn't difficult like CA but it difficulty level is like ACCA. So there will be lots of ICAEW's (as pakistanis rush after a qualification).

Think of this, ACCA's are allowed to do external audit & ICAEW's are taking up CA's places in most of the sectors.........& most orgs will prefer ICAEW.

This will happen, but will take time. All these changes will come gradually.

Everything changes with time..... The golden era of CA's will if not sooner, than not longer too.

I am not saying this because of any jealousy with ICAP.
i didn't meant to hurt anybody.Nor I meant ot disgrace any institution.

Note This post is in students section to let students c a picture of future pak market.

Everyopne is welcomed to share their views here..

Usman Arshad

accountant1 · 03-31-2006, 07:21 AM

what ever lol i hear ACCA LOSE ITS RAPO IN UK TO ........ ACCA JUST DO AUDIT OF PARLORS LOL GENRAL STORES ETC LOLLLLLLL COME ON ACCA qualified cant be groom like CA QUALIFIED OR ICMA ...

USEDLESS DISCUSSION ..........................

*A careful study of economics usually reveals that the best time to buy anything is last year
*Opportunist- a person who starts taking bath if he accidentally falls into a river
*Atom Bomb is an invention to end all inventions
[email protected]

Ali Akbar · 03-31-2006, 02:31 PM

Statement wise reply is as follows

How ACCAs will be allowed to do audits? Section 254 of the Companies Ordinance, 1984 is not forumulated just to promote the ICAP's monopoly. Problem is not that ACCAs can't do audits, even bcom can do audit with experience of 3-4 years. The potential matters and not the charm of world wide recognition. And the reward speaks for the potential itself; this is common psyche. Listed companies do not bother for the higher fees of auditors, just because they demand quality.

ACCAs taking higher positions in company? These are the employers who prefer CAs, as I said the potential itslef speaks, and money is not problem for big companies if you want a work of quality. As you might not have seen any ACCA being CFO of a company!

You said CIMA gives full membership to ICMA. No its not right, ICMA gives full exemption to CIMA and not CIMA to ICMA.

In UK ACCAs are allowed to do audits in presence of ICAEW, if ICAEW has not yet lost its repute, then how can ICAP? Supreme is the supreme no matter whoever compets. However, the govt. will not allow any foriegn Institute to come and takeover the profession with ease. And if ICAEW comes in Pakistan, they will come in the capacity of ICAP and, not independently.

During recent visit of IFAC's president to PAkistan, he said that "Accounting profession in Pakistan is on a higher pedestal" The credit of it goes to whom? To any forign Institute? No. Then how can any foriegn Institute take over the profession in the country?

Further to this statement it has also been expected and stated that 'Pakistan will soon become a centre of excellence in this profession'. The credit of it goes to whom? To any foriegn Institute? No. Then how can any foriegn Institute take over the profession in the country?

In ICAP's annual report 2005 ICAP has stated its strategy, as to how to maintain repo of its members.

Mr.Usman, you being student of CAT or ACCA remain to be student of CAT or ACCA, you can't give any statement about the Institute like ICAP in such capacity.

Since I m the member of this forum I have concluded one thing that people (even Pakistanis) can't accept the fact that how Pakistani degree is better than most of the foriegn degrees. This is the first degree/certificate of which you Pakistani should be proud of!

ICAPians, the unparalleled..

Mujahid Islam · 03-31-2006, 08:26 PM

Dear All

One should appreciate the benefits CA of ICAP is providing to Pakistan in particular and to the globe in common.And let there be no doubt in the mind of people that we are doing good in this competitive environment of Professionalism and IAS/IFRS/ISA Convergence, as the whole world is looking forward to the benefits, the global convergance of standards is going to offer.

Likewise, Pakistan's professionals are putting there efforts int this process. InshaAllah we will soon be seeing Pakistan, "A Center of Excellence in Accountancy" in near future(Aameen).

Regards

Mujahid

Muhammad Adnan Arshad · 03-31-2006, 08:36 PM

I'll second Mr. Syed Ali Akbar & Mr. Mujahid Islam.
But overall, in my perspective no single professional qualification is superior to other. CAs, ICMAs/CIMAs, ACCAs, CIAs, CFAs etc all are doing very good job in their area of professional authorities.

Â«Â·Â´`Â·.(*Â·.Â¸(`Â·.Â¸ Â¸.Â·Â´)Â¸.Â·*).Â·Â´`Â·Â»
Â«.......... A D N A N ...............Â»
Â«Â·Â´`Â·.(Â¸.Â·*(Â¸.Â·Â´ `Â·.Â¸)*Â·.Â¸).Â·Â´`Â·Â»
[email protected]

Shahbaz · 03-31-2006, 10:03 PM

I totally agree with adnan. Its the person who is superior to other not the qualification. Ive seen many ppl running their stupid little hole about the qualifications / Get a life ppl

Angootha Chaap P

mushi · 03-31-2006, 10:41 PM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by ausmanpk2001
 
You cannot say that they are unable to do audit. If they are allowed to do audit, they'll do it in less than CA's, then who will hire CA's for lakhs of salary when they could have audit in much less than that.

<hr height="1" noshade id="quote"></blockquote id="quote">
o yara kiyun ACCAs ko zalil kartay ho????? this is a reason among various, why ACCAs are treated like B.com in Pakistan!!!!!

"isi liyay to acca ko kai employer ziada rokra daynay per tayyar nahi hota"

mushi · 03-31-2006, 10:46 PM

is tarha to ACCAs kabhi bhi Pakistan may repo. nahi bana saktay!!!!magar market full kar k CAs k liye khatra paida kar saktay hain

MUBASHIR 'CAT'

ausmanpk2001 · 04-01-2006, 12:16 AM

ICAEW are working independently everywhere in the world.. Its just this simple that they authorise firms for ICAEW articleship...and ICAEW CA's will start producing. Even if they come with ICAP, one thing has to be accepted that ICAEW's will be starting to produce in Pakistan & almost in bulk. In their presence CA's reputation will decline dooooown.

I didn't meant that ICAP will become faqir i meant that it would not enjoy the same value in Pakistan. their value will be reduced much.

ACCA's are accepted widely in the UK & are considered equivalent to ICAEW. See Michael Page & Robert Walters salary surveys. These are considered as market leaders for financial recruitment in UK & around the world.

Thesew are qoutes from Robert Walter UK Survey

"Financail divisions control continue to attract part & newly qualified CIMA & ACCA canidtaes in significant volumes." Acording to Robert Walter survey Newly qualified ACA/ACCA/CIMA salary is 35-42 K in Sterling. I can send you the survey if you request & in Michael Page survey salaries for financial accountants listed as ACA/ACCA.

Everywhre in the surveys slary is listed as ACA/ACCA. Its not that ACA salary is listed apart from ACCA's. They both enjoy same salary & value. Check out global financial insiutions ad's around the world they ask for ACA/ACCA.

I dont know in this case who can say that ACCA is losing repute in the UK. Probabaly whoever says this is unable to accept the fact that ACCA's are valued aroud the world more than CA's. (with exception of some arab states).

ACCA's are not working as CFO in Pakistan primarily becaz ACCA has jsut its operations in Pak just a few years ago & there aren't ACCA's with huge experiences to become CFO's but many ACCA's are working at Manager level positions in Pakistan (Atleast this couldn't be denied).

This change will take time. I said that IF ACCA's are allowed to do audit because ACA has introduced Pak law variants (& ofcourse rules have to change before ACCA starts audit, ACCA's cant audit when not allowed)

Its not the thing that ACCA's audit is of a low quality & CA audit os of high quality. When ACCA's with articles from big4 & other firms will come, companies cannot say that they will do low quality audits. If some one says this then he means that an audit experience from KPMG or E&Y or Ferguson or anyother big firm is of low quality. Its illogical.

And if not allowed to do audit, even then ACCA will fill up the market & will create great damage to ICAP in their Commerce & Industry sector jobs. This has to happen.

Change will come gradually & ACCA's are gaining repo gradually. Now almost all of the companies ask for ACCA/ACMA/CA. It doesnt mean that they are equal to CA but this means that awarness about ACCA is increasing. Recently I saw ad of Punjab government in Daily Jang where they asked for ACCA only or part qualified ACCA with experience. The only qualification that was asked was ACCA/part qualified. No other qualification was asked. This means that ACCA is gaining recognition in the market.

Usman Arshad

Ali Akbar · 04-01-2006, 02:14 AM

[)] Keep expecting.

ICAPians, the unparalleled..

accountant1 · 04-01-2006, 02:29 AM

lol hahahhaha lol
lol

*A careful study of economics usually reveals that the best time to buy anything is last year
*Opportunist- a person who starts taking bath if he accidentally falls into a river
*Atom Bomb is an invention to end all inventions
[email protected]

ausmanpk2001 · 04-01-2006, 04:11 AM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by accountant1
 lol hahahhaha lol
lol

*A careful study of economics usually reveals that the best time to buy anything is last year
*Opportunist- a person who starts taking bath if he accidentally falls into a river
*Atom Bomb is an invention to end all inventions
[email protected]
<hr height="1" noshade id="quote"></blockquote id="quote">

Dear accountant1, do you have any other thing to say except

lol hahahahahahha lol lol

jahan bhi main aap ki post dekhta hoon tu wahan lol hahahaha lol ha ha lol zaroor likha hua hota hai.[p]

Usman Arshad

Ali Akbar · 04-01-2006, 08:59 PM

Sir Usman, akifa ki id se b reply kardiya karo. k woh block hogaye?

ausmanpk2001 · 04-02-2006, 01:37 AM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by Ali Akbar
 Sir Usman, akifa ki id se b reply kardiya karo. k woh block hogaye?
<hr height="1" noshade id="quote"></blockquote id="quote">

dear ali akbar. aap tu abhi tak ac****ant ki id say bhi reply kar rahay hain. Kia yeh abhi tak block nahi hoi???

Jab aap kay paas meri baatoon ka koi jawab nahi raha tu aap nay zatiaat par ilzaamaat lagane shoro kar diye.

Yeh achi nature ka sign nahin hai. Its better to ramin on topic.

Usman Arshad

Ali Akbar · 04-02-2006, 02:14 AM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by ausmanpk2001
 <blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by Ali Akbar
 Sir Usman, akifa ki id se b reply kardiya karo. k woh block hogaye?
<hr height="1" noshade id="quote"></blockquote id="quote">

dear ali akbar. aap tu abhi tak ac****ant ki id say bhi reply kar rahay hain. Kia yeh abhi tak block nahi hoi???

Jab aap kay paas meri baatoon ka koi jawab nahi raha tu aap nay zatiaat par ilzaamaat lagane shoro kar diye.

Yeh achi nature ka sign nahin hai. Its better to ramin on topic.

Usman Arshad
<hr height="1" noshade id="quote"></blockquote id="quote">

Konsi baaton ka bachay? Accountant1 yeh banda jald he pagal hojayega..hahaha