Quality control review by ICAP

irfanahmedmeer · 10-14-2003, 07:37 PM

Institute of Chartered Accountants of Pakistan (ICAP) has recived a proposal for AGM from some of the senior members which asks ICAP members to pass a resolution doing following

1. Limiting Quality control review (QCR) to listed companies
2. Limiting QCR to first audit by an auditor of listed company with no QCR in subsequent years untill the auditor is changed.

I think this is an effort to seriously undermine the QCR program of ICAP what do you think

Irfan

jbladeus · 10-15-2003, 12:11 AM

Hahaha...

Nothing good in this country can work for long....

Even while one is putting the final brick in the wall, there are always a few who have already started to demolish the foundation!!

Allah khair karey ICAP aur iss mulk ka!

Waisey irfan, how did this news reach your ears?

________________________
Arrrgh... it sure's gonna be mighty rough sailin' today ... mates!

irfanahmedmeer · 10-15-2003, 03:37 AM

I came to know when I got a resolution proposed by certain members of institute to ICAP which was criculated by ICAP to all members for disscussion at its AGM to be held in Lahore

They are all very senior member one of them had a registration number R-022 imigine how senior he must be

Irfan

Usman Zubair · 10-15-2003, 02:07 PM

I have also received such circular.

It also contains an other seggestion i.e for the permision of the graduate students to join ICAP members for trainning. I think this is a good suggestion specially for the new practicing members.

As far as QCR is concerned I think it is a good work of the ICAP and should be continued unintereputed, otherwise WTO will eat ICAP members.

USMAN

Bowman · 10-16-2003, 06:36 PM

Me too has recieved the same from ICAP.... basically they are three

Graduates to allow training w/o passing PPT... (totally against it....atleast the entrants should be above average to enter this profession)

For commerce graduates 4 year articles and for non-commerce 5 years... (agreed)

I believe that QCR should be for all and on revolving basis....

And to my surprise, the resolution is also signed by an ex-president of ICAP......

Hats off......I should attend this meeting

irfanahmedmeer · 10-16-2003, 07:11 PM

Well they even do not realize that ICAP carrying out QCR is not only in the intrest of general public but also in the intrest of the members themslves.

I am working in a professional firm and we used this QCR to our advantage making clients understand how important our work is and how reliable we are. As our audit files are subject to review by regulater.

In my opinion all those who oppose QCR, are not intrested in maintaining the quality of audit and are not intrested in imporving the image of profession in the eyes of Public.

I think this proposal to limit QCR must be rejected by the members. So all of you who are members of ICAP (As i am not right now) are requested to please attend the meeting and vote against the resilouion. Specially those who live in Lahore as the AGM will be in Lahore.

Regards

Irfan

Usman Zubair · 10-17-2003, 01:36 PM

Yes !

WE the new entrants in the profession should take up the task to build the immage of our profession in the eyes of all, as noble and men of principle, when quality controll is not there we as acountants crosses all rules to please our clients , (in the past) examples are there.

So we should take up the task of saying No to this resolution, to escape from the QCR.

Plesae some one e-mail all members to say NOOOOOOOOOOOOOOOO. with big bang.

Usman

jbladeus · 10-18-2003, 03:39 AM

Yeah, totally agreed with irfan that QCR enhances the credibility of our work. We can claim to the clients that our work is regulated by a higher body on a regular basis.

Those of you who are in Lahore must attend the meeting and vote against this lousy proposal.

________________________
Arrrgh... it sure's gonna be mighty rough sailin' today ... mates!

fidarsi · 10-18-2003, 05:14 PM

As salam u aliykum!!!

well i m new in this forum and really nice to know that every participant is adding very valuable comments

today is the day for voting and its in lahore ......and i will inshaAllah vote

regarding "graduate input without PPT" .... i m totally against it ....bcoz of vary standard of education in our country.... one must be tested while joining the profession.

regarding "trainnig periods" .......... agreed.

regarding "QCR" ............ well its a quite hot topic and i personally know some new CAs who r facing this prob ..... my view is very straight one should be adhered to the standards maintained by ICAP....... No compromise on quality, irrespective of listed or non listed clients........

I hope that majority who will attend AGM and consider this.......

Best Regards



Edited by - fidarsi on Oct 18 2003 121703 PM

smraza · 10-20-2003, 07:08 AM

Entrance of graduates, <img src=icon_smile_big.gif border=0 align=middle>, now ICAP is following ICMA (trying to raise its income),
As far as QCR is concerned, there were two members in QCR team till last year, Mr. Haroon Tabrez and Mr.Asif Iqbal, (ICAP, Karachi), in my opinion, the ICAP should increase the staff, keeping in view the dependence of SECP on QCR, (ref. COCG),
they take 4 to 5 hours to review the files a listed company, in my opinion, it normally takes 2 to 3 days to review the files of a listed company, so the time taken by QCR team is very short,
what do u think people.

S M R

jbladeus · 10-20-2003, 08:59 PM

Totally agreed on the point made by SMR.

Although QCR is a good initiative by ICAP, but the staff is certainly not enuff. Secondly, the time allotted for the QCR is totally insufficient to carry out a good enough review. I have no doubt on the abilitites of these two guys as i know them quite well, but ICAP should increase this number to atleast 8-10 ppl.

________________________
Arrrgh... it sure's gonna be mighty rough sailin' today ... mates!

zubair · 10-21-2003, 06:15 AM

AOA
I have been following this discussion, but I have not have an update as to what happened on the voting day. Could someone kindly post the results of the voting procedure.
Thanks
zubair

Usman Zubair · 10-21-2003, 01:25 PM

Nothing!

After a long session of 4 hours, AGM concluded after a hot debate and exchange of hot words between a ex-president of ICAP and a council member which was very much likr our honourable members of National Assembly, the all matters were referred to a task force to report on the all 3 points of agenda.

The meeting cocluded with a hot thanks to the chair.

Usman

Bowman · 10-21-2003, 02:03 PM

two words...... Ha Ha

jbladeus · 10-21-2003, 06:27 PM

Three words ... time wasting as*****s!

________________________
Arrrgh... it sure's gonna be mighty rough sailin' today ... mates!