History of Auditing

[Qamber Murtaza]

Hi to all. i want ur help on d topic of History of Auditing in Pakistan. if u tell me som source regarding d topic, thanx.

[ali4u3]

ask the babas of ICAP

Never seek advice from a Chartered Accountant. They are trained to find problems not solutions.

[Pracs]

I am not sure if there is a lot out there documenting the history in itself, but here is a little from the ICAP official website

http//www.icap.org.pk/Institute/INTRO.htm?PHPSESSID=ff9095bef5ed97eb81be7b5537b1b4f3

The accountancy profession in this subcontinent originated with the concepts of limited liability and statutory audit which were introduced in the subcontinent with the promulgation of the Companies Acts in 1850 and 1857. However, the accountancy profession took some discernible shape in early part of the current century and in 1920 the Government of India formed an Indian Accountancy Board to advise the government on the conduct and development of this profession. The Auditor's Certificate Rules were published in 1932 whereby government authorities sought to regulate the accountancy profession.

When Pakistan came in existence in 1947, the 1932 Auditors Certificate Rules were adopted temporarily. In 1950 a new set of Auditor's Certificate Rules mainly based on the old rules, was published for regulating the profession in Pakistan. A person who satisfied the conditions laid down regarding practical training and theoretical knowledge could have his name placed on the register maintained by the Ministry of Commerce and was entitled to use the designation Registered Accountant". The Companies act in force allowed only a Registered Accountant to act as the auditor of a public company.

In 1952 the Registered Accountants formed a body known as the Pakistan Institute of Accountants to look after their interest and to take up with the Ministry of Commerce matters affecting the profession. The Government began to realize that the accountancy profession was growing in importance and in June 1959 the Department of Accountancy was set up in the Ministry of Commerce with a Controller of Accountancy to deal with the profession instead of a Section Officer. In 1961 The Institute of Chartered Accountants of Pakistan was formed as a statutory autonomous body.






"Allah does not change the state of people unless they change what is within themselves" Quran 1311

[fahim239]

yaar i have just started auditing in mod D.When i become an auditor i will make history in auditing and my kids will tell u that.

best of luck to everyone for result

fahim

[Syeda N]

I need help in making my internship report.i have done my internship from a chartered Accountant firm . Do anybody have some idea?

syeda