IFAC Education Committee Meeting
March 2005 – New York, United States
Agenda Item 21.2
23 February 2005
The Institute of
Chartered Accountants
Of Pakistan
Country Update
The Institute of Chartered Accountants of Pakistan
Training Regulations and Guidelines
1.
Training Regulations and Guidelines have been revised in accordance with IES 5
requirements, IFAC Discussion paper on Practical Experience, and the best
practices in vogue at major accounting institutes. These regulations will be
effective upon approval amendments to CA Bye-laws, 1983.
The salient features include:

introduction of Training Organisation concept;

structured training in a way that there is a blend of work experience in core
and non-core specified competencies and theoretical education;

planned competence based training in key technical areas and other
approved training such as Personal and Professional Development in
managerial & communication skills, and Ethics, Values and Attitudes
alongwith duration of such training in each area;

employment of named member(s) Responsible for Training; Counseling
person(s) and supervisor(s) at each Training Organisation / office;

the pre-requisites for authorization and appraisal / monitoring process of
Training Organisation;
Prepared by: Claire Egan (February 2005)
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IFAC Education Committee Meeting
March 2005 – New York, United States

gaining of experience in industrial /
Agenda Item 21.2
commercial and other suitable
organizations, secondments and students exchange programmes for a
limited duration;

formats for students’ training records to be maintained; and

transitional arrangements for SMPs have been provided.
International Education Standards
2.
The Institute is compliant with IESs 1 to 6 with the following exceptions:
IES 5:
Would be compliant when revised Training Regulations and
Guidelines become effective upon approval of amendments to
relevant bye-laws of ICAP by the government. This is expected by
June this year.
IES 4:
Ethics, Values and attitudes are embedded in ICAP syllabi and
have also been included in the Training Regulations and Guidelines
for imparting training in these areas.
Once IFAC guidelines on
IES4 are received it would be considered whether to introduce
these as a subject in the curriculum or through a course of
interactive workshops at which the students would be assessed
before they can become members of ICAP.
Disclosure of Pass Marks at ICAP Examinations
3.
In the past the Institute had followed the policy on non-disclosure of pass marks.
However, in October 2004, it was decided to disclose pass percentage in each
paper in the interest of transparency. A student is required to obtain fifty percent
marks in each paper at all ICAP examinations.
Prepared by: Claire Egan (February 2005)
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IFAC Education Committee Meeting
March 2005 – New York, United States
Agenda Item 21.2
Continuing Professional Development
4.
A member survey was conducted through a questionnaire to receive views and
suggestions for improvements of CPD activities, as well as, their mode of
conduct. In this context a comparative analysis of the Institute’s CPD framework
and the framework of other major institutes is also underway and provisioning of
CPD programmes through video conferencing is under study.
An E-portal on ICAP’s website for member’s login and online technical discussion
forum will be soon available.
Since the last country update, the Institute’s Committees responsible for
organizing CPD programs, which are also open to the public, organised seminars
and workshops on: Business Success through Human Resource Management;
Corporate Fraud – Responsibilities of the Board; Management and Auditors to
Prevent and Deter Financial Crime; Leadership Qualities & Seeing Business
Opportunities beyond the Financial numbers; Treasury Management; Islamic
Banking – A Complete Business Solution; Mutual Funds & Investments in Capital
Market; Islamic Business Values; Overview of the Changes in International
Accounting Standards; Paradigm Shift in Taxation System;
Money Market
Operations; Accounting Profession-New Horizons; Earnings Per Share IAS-33;
Impairment of Assets IAS-36; Virtual World Management Challenges; Collective
Zakat System & Single Page Return; Concept of Islamic Banking; Investment
Climate in Pakistan.
Some members of the Institute attended SAFA Conference on Corporate
Governance in Colombo on 5 December 2004 and a paper was read by an ICAP
Council member on “Corporate Governance through Market Demand: an
approach beyond compliance”.
Prepared by: Claire Egan (February 2005)
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IFAC Education Committee Meeting
March 2005 – New York, United States
Agenda Item 21.2
The Institute organized a two day joint conference of ICAP and ICAI on 14 / 15
January 2005 at Lahore on the theme – “Accounting Profession – New
Horizons”. About thirty members of the Indian Institute and over three hundred
members of ICAP attended the Conference at which eight presentations were
made on topics of professional interest on: Education; Training; CPD; Regulatory
Environment; Business Development including Cross Border Opportunities in
Post WTO Scenario; and Marketing of the Profession – the Way Forward.
Members from the institute also attended a regional standard setters meeting
with Chairman ISB on 23 February 2005 where papers were presented by
members of the Institute on: “SAFA Countries Accounting Standards – Status
vis-à-vis IAS/IFRS” and “Challenges faced and steps taken by SAFA Countries
for speedy adoption of IAS/IFRs”
Student Exchange programme – ICAP / ICASL
5.
Six students of the Institute of Chartered Accountants of Sri Lanka visited on a
two month Student Exchange Programme from 20 June 2004 to 19 August 2004
to gain auditing experience in Oil and Gas industry. The visit was hosted by
ICAP.
Seven students of ICAP visited India in December 2004 / January 2005 for a ten
day study tour upon invitation of ICAI.
Nine Students of ICAI visited Pakistan on a seven day study tour in January
2005. The tour was hosted by ICAP.
Abdul Rahim Suriya
Member IFAC EDCOM
Prepared by: Claire Egan (February 2005)
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