Should ACCA be allowed public practice in Pakistan

[msc286]

Please do not indulge in arguing on such tiny matters. This forum should only be used to discuss the matters relating to the profession. We should have the guts to listen to everyone without any bias on our mind.

Regards,

Mahmood Chaudhry
ACCA, ACA

[kamranACA]

Correct Mahmood Sahib.

Thanx,

Kamran.

[Muhammad Adnan Arshad]

No! ACCAs/FCCAs (UK) should not be given permission to practice publicly in Pakistan. The main reason is that a chartered accountant of ICAP is not allowed to publicly practice in UK without getting permission from ICAEW/ACCA. So, tit for tat. It may affect the practice of chartered accountants locally.
Frther, ACMAs/FCMAs of ICMAP are already publicly practising in Pakistan but the number of firms are restricted to 30-35 firms all over Pakistan. They are cost & management accountants; they cannot affect the practise of chartered accountants of ICAP too much.

[Muhammad Adnan Arshad]

Statistics of ICAP Membership as on 02 April 2007

The total membership as on 02 April, 2007 is 4164. The classification of members is as follows

---------------------------------------------North-------South-------Total
Non-Practicing Overseas---------------------- 259 ------- 593 ------- 852
Public Practicing (Overseas)-------------------- 2 --------- 11 ------- 13
Public Practicing (Pakistan)---------------------331 ---------288 ------ 619
Commerce/Industrial Sector ------------------ 1006 ---------1403 ------2409
Financial Institutions/Banks ------------------- 28 -----------98 ------- 126
Government Sector Services --------------------14 ------------2 -------- 16
Education Sector------------------------------15 -----------13 -------- 28
Corporations --------------------------------- 5 ----------- 9 -------- 14
Others/Miscellaneous -------------------------18 -----------69 -------- 87
TOTAL ---------------------------------------1678 ---------2486 ------ 4164

Five Year Statistical Data of ICAP Members

Year ----------------- 2002 --- 2003 --- 2004 --- 2005 --- 2006
Members -------------- 3,036 -- 3,226 -- 3,377 -- 3,591 -- 3,864

[msc286]

Dear Adnan,

I agree with you that ACMAs are allowed into public practice, but that does not offer any competition to CAs as the scope of ACMAs particularly in audit engagements is restricted. According to Company law they can be auditors of the company where the capital does not exceed Rs. 1,000,000 (quoting on the basis of my memory without going through the relevant provision of companies ordinance. Please correct me if my memory is betraying me ))

[kamranACA]

I fully support the views of Mr. Adnan.

Regards,

Kamran.