i cap education scheme 2013
Post on 30-Dec-2015
19 Views
Preview:
DESCRIPTION
TRANSCRIPT
The Institute ofChartered Accountants
of Pakistan
Chartered Accountants Avenue, Clifton, Karachi-75600 (Pakistan)UAN: 111-000-422 PABX: 99251636-39 Fax: 99251626 Email: info@icap.org.pk
Signature Qualificationthat Empowers to LeadCA
Effective Autumn 2014
ContentsVision and Mission 2
Pakistan’s Premier Accountancy Body - ICAP 3
The Qualification Process 5
Full Time Studies Scheme 7
Trainee Scheme 8
Progression 9
Exemptions for High Achievers 10
Exemptions for Professionals of Other Accountancy Bodies 11
Study Options 12
Practical Training 13
Examinations 14
Transition for Existing Students 15
1The Institute of Chartered Accountants of Pakistan
Effective Autumn 2014
Our Vision The profession of Chartered Accountants in Pakistan should be the benchmark of professional excellence upholding the principles of integrity, transparency and accountability.
Our Mission Our mission is to achieve excellence in professional competence, add value to business and economy, safeguard public interest, ensure ethical practices and good corporate governance while recognizing the needs of globalization.
Pakistan’s Premier Accountancy BodyThe Institute of Chartered Accountants of Pakistan
Pakistan is blessed with many stupendous gifts of Nature. Located in the heart of the South Asian sub-continent, cosseted by the mighty mountain ranges of the Himalayas, the Karakoram and the Hindukush forming the northern highlands of Khyber Pakhtunkhawah Province and the spectacular and fascinating Northern Area of Pakistan. Pakistan is blessed with a blend of landscape varying from plains to deserts, forests, hills and plateaus to the golden beaches along the Makran coastal areas with the Arabian Ocean kissing the feet of the Southern Port city, Karachi.
Apart from the scenic wonders granted to Pakistan, the real beauty lies in its people. The people of Pakistan, whenever given a chance, demonstrate their unmatched ability to do wonders within very limited resources.
In 1961, Pakistan, a newly born country, established the Institute of Chartered Accountants of Pakistan through a Presidential Ordinance to regulate and monitor the accounting profession across the country.
Since its inception, the Institute has strictly adhered to the policy of recognizing merit and remained committed to safeguarding public interest and ensuring ethical practices. Institute’s commitment to quality has made Chartered Accountancy in Pakistan synonymous with professional excellence, integrity, transparency and accountability.
What is Chartered AccountancyChartered Accountancy is a rewarding career in various fields of business and finance, including financial reporting, audit, taxation, financial and general management. Chartered Accountants are largely engaged in public practice and private sector. They are also extremely successful entrepreneurs.
To become a Chartered Accountant, one needs to be motivated, possess analytical skills, numerical ability and intense cognizance of the world of business and finance. More specifically, it requires study of accountancy, auditing, taxation, corporate laws, corporate finance, economics, management and information systems.
3The Institute of Chartered Accountants of Pakistan
Effective Autumn 2014
Credentials of CA QualificationsChartered Accountants are recognized as the only professionals to
be appointed as Auditor of limited companies with large capital base. (Companies Ordinance, 1984)
The Chartered Accountancy is one of the required qualifications to be eligible to be appointed as Chief Financial Officer, Head of Internal Audit and Company Secretary. (Code of Corporate Governance applicable on listed companies)
About 25% of the chartered accountants are working in more than 40 countries globally at respectable management positions.
International RecognitionICAEW Under the MoU signed between ICAP and ICAEW, ICAP members get
exemption from the Professional Stage exams and mandatory training of ICAEW. ICAP members are required to complete the Advanced Stage exams and the Ethics module for admission to membership of ICAEW.
CICA ICAP members with 12 year experience, through Evaluation of Experience
(EvE) program, are eligible to become members of the Canadian Institute of Chartered Accountants without appearing in any further examinations.
ICAP members meeting the general membership criteria are also eligible for membership subject to:
a. Having a university degree granted by a recognized university;
b. Passing the final examination (the CA Profession’s Uniform Evaluation - UFE); and
c. Meeting the practical experience requirements (term, depth, breadth and progression) of the Canadian CA profession. Practical experience obtained pre- and post-qualification as a member of the ICAP is included.
4 The Institute of Chartered Accountants of Pakistan
www.icap.org.pk
The Qualification ProcessA snapshot of different streams to qualify as Chartered Accountant:
HSC/A Level4 Year Degree Holders(from Specified Degree
Awarding Institutes)
4 Year Degree Holders(from non specified
institutes)
Assessment of Fundamental
Competencies (AFC)(4 Papers)
Assessment of Fundamental
Competencies (AFC)(4 Papers)Exempted
Assessment of Fundamental Competencies
(AFC)(4 Papers)
Exemptions available subject to certain conditions
Commencement of Training
Commencement of Training
Certificate in Accounting and Finance (CAF)
(9 Papers)
Certificate in Accounting and Finance (CAF)
(9 Papers)Exemptions available from all papers subject to certain
conditions
Certificate in Accounting and Finance (CAF)
(9 Papers)Exemptions available from
4 non-core papers subject to certain conditions
Commencement of Training
Certified Finance and Accounting Professional
(CFAP)(6 Papers)
Certified Finance and Accounting Professional
(CFAP)(6 Papers)
Certified Finance and Accounting Professional
(CFAP)(6 Papers)
Multi subject Assessments (MSA)(2 Papers)
CHARTERED ACCOUNTANT
5The Institute of Chartered Accountants of Pakistan
Effective Autumn 2014
Package of Standalone QualificationsThe education program comprises of the following stages:
Entrance Test: Assessment of Fundamental Competencies (AFC)
Certificate in Accounting and Finance (CAF)
Certified Finance and Accounting Professional (CFAP)
Multi subject Assessments (MSA)
CAF and CFAP are standalone qualifications and candidates after passing these stages may use these descriptions with their names.
Schemes of EntryThe Institute provides entry to students from diverse disciplines i.e. Commerce, Science or Arts and from various educational levels such as Higher Secondary School Certificate/ A Levels, Graduation and Post-Graduation.
There are two schemes of entry:
Full Time Studies Scheme
Trainee Scheme
6 The Institute of Chartered Accountants of Pakistan
www.icap.org.pk
Full Time Studies SchemeThis scheme caters to the students who want to join the profession after completing their 12 year education, namely, Higher School Certificate, A Level and other equivalent qualifications. However, there is no bar for graduates to choose this stream.
Pre-requisitesCandidates who have Higher Secondary School Certificate with minimum 50% marks, ‘A’ Levels with minimum two passes, or equivalent qualification and graduates with minimum 45% marks.
Entrance TestBefore entering into the professional exams candidates pass or obtain exemption from entrance test; Assessment of Fundamental Competencies (AFC). A candidate may be provisionally registered for AFC exams as fulltime student if result of pre-requisite qualification is awaited.
Education Prior to TrainingThe candidates pass or obtain exemption from the papers of Certificate in Accounting and Finance (CAF) prior to training.
Training and EducationOn successful completion of CAF, it is mandatory for the student to join an authorized training organization of the Institute for a prescribed period. Training includes specific learning hours for each field of specialization through practical experience. These standard working hours are mentioned in detail in the Training Regulations and Guidelines of the Institute.
To become a chartered accountant, the candidates are required to qualify the following stages:
Certified Finance and Accounting Professional (CFAP)
Multi subject Assessments (MSA)
Financial Reporting Professional Competence; and Audit professional competence.
7The Institute of Chartered Accountants of Pakistan
Effective Autumn 2014
Trainee SchemeThis scheme is designed for university graduates who want to pursue CA qualification.
EntryCandidates who possess graduation and post-graduation qualification with minimum 45% marks may directly register as a trainee after passing or obtaining exemption from entrance test; Assessment of Fundamental Competencies (AFC). These candidates also have an option to commence training before passing AFC, but their training will be terminated if they do not pass AFC within one and a half year of training or within the maximum available attempts whichever comes earlier.
Training and EducationTraining includes specific learning hours for each field of specialization through practical experience. These standard working hours are mentioned in detail in the Training Regulations and Guidelines of the Institute. During training the candidate qualifies the following stages:
Certificate in Accounting and Finance (CAF)
Certified Finance and Accounting Professional (CFAP)
Multi subject Assessments (MSA)
Financial Reporting Professional Competence; and Audit professional competence.
8 The Institute of Chartered Accountants of Pakistan
www.icap.org.pk
ProgressionThe progression of a candidate of Chartered Accountancy takes place in the following manner:
Education and Written Assessments Achievement at Work Place
Multi-subject Assessments (MSA)Forming a firm opinion, advisory and decision making Leadership
Role as aChartered
Accountant
Financial Reporting Professional Competence
Audit professional competence
MSA - 1 MSA - 2
Certified Finance and Accounting Professional (CFAP)Application and analysis Operational
Role as Certified
Finance and Accounting Professional
Advanced Accounting
and Financial Reporting
Corporate Laws
Business Management and strategy
Business Finance
Decisions
Advanced Taxation
Audit, Assurance
and Related Services
CFAP - 1 CFAP - 2 CFAP - 3 CFAP - 4 CFAP - 5 CFAP - 6
Certificate in Accounting and Finance (CAF)Knowledge and comprehension Support Role
dulyCertified in Accounting and Finance
Introduction to
Accounting
Introduction to
Economics and Finance
Business Law
Business Management
&Behavioural
Studies
Financial Accounting
and Reporting - I
Principles of Taxation
Financial Accounting
andReporting - II
Cost and Management Accounting
Audit and Assurance
CAF - 1 CAF - 2 CAF - 3 CAF - 4 CAF - 5 CAF - 6 CAF - 7 CAF - 8 CAF - 9
Assessment of Fundamental Competencies (AFC)
Foundation for a career as
Chartered Accountant
Functional English Business Communication
Quantitative Methods
Introduction to Information
Technology
AFC - 1 AFC - 2 AFC - 3 AFC - 4
ENTRYGraduates/HSC/A Level
The scheme of professional development integrates practical experience with the education and assessments and ensures that competencies developed through education are fully aligned with the hierarchy of roles that a candidate of Chartered Accountancy generally performs during the practical training in a Training Organization.
9The Institute of Chartered Accountants of Pakistan
Effective Autumn 2014
Exemptions for High AchieversExemptions from examinations are available for bright and intelligent minds.
The application for exemption is approved by the Directorate of Examinations after scrutiny on the basis of pre-defined criteria.
The exemptions on the basis of academic qualification are available to the following categories:
Four year degree from Specified Degree Awarding Institute (SDAI) Four year degree from universities other than SDAI Two year degree from universities other than SDAI Higher Secondary School Certificate A Levels
A summary of exemptions is as follows:
Stages Available exemption and conditions applicable
4 year Graduates from
SDAI
4 year Graduates from
non-SDAI
2 year Graduates from
non-SDAI
HSSC A-levels
AFC Exemption from all papers of AFC
Without any other condition
Exemption from all papers of AFC
Minimum 65% marks in aggregate
80% marks or equivalent grades in relevant subject
Syllabus matches at least 70% with the prescribed syllabus of relevant subject
Exemption from all papers of AFC
Minimum 60% marks in aggregate
75% marks or equivalent grades in relevant subject
Syllabus matches at least 70% with the prescribed syllabus of relevant subject
Exemption from all papers of AFC
Minimum 70% marks in aggregate
75% marks or equivalent grades in relevant subject
Syllabus matches at least 70% with the prescribed syllabus of relevant subject
Exemption from all papers of AFC
Minimum two B grades
B grade in relevant subject
Syllabus matches at least 70% with the prescribed syllabus of relevant subject
CAF Exemption from all subjects of CAF
Minimum 75% marks or equivalent grades in relevant subjects
Syllabus matches at least 70% with that of the prescribed syllabus of relevant subjects
Exemption from CAF-1 to 4
Minimum 65% marks in aggregate
80% marks or equivalent grades in relevant subject
Syllabus matches at least 70% with the prescribed syllabus of relevant subject.
Note: SDAIs are degree awarding institutes recognized by the Institute on the basis of a pre-defined criteria and evaluation by the Institute. The degree courses of SDAIs are designed in close coordination with the Institute.
10 The Institute of Chartered Accountants of Pakistan
www.icap.org.pk
Exemptions for Professionals ofOther Accountancy Bodies
The Institute recognizes the quality and relevance of course contents and level of professional development that members of other accountancy bodies achieve during their career path. Accordingly, it offers the exemptions from various examinations to the members and affiliates of the following accountancy bodies:
a. Association of Chartered Certified Accountants (ACCA) of UKb. Chartered Institute of Management Accountants (CIMA) of UKc. Institute of Cost and Management Accountants of Pakistan (ICMAP)d. Pakistan Institute of Public Finance Accountants (PIPFA)
A Summary of exemptions is as follows:
Stages and papers ACCA CIMA ICMAP PIPFA
Assessment of Fundamental CompetenciesAFC-1 Functional English Y Y Y Y
AFC-2 Business Communication Y Y
AFC-3 Quantitative Techniques Y Y Y Y
AFC-4 Introduction to Information Technology Y Y
Certificate in Accounting and Finance (CAF)CAF-1 Introduction to Accounting Y Y Y Y
CAF-2 Introduction to Economics and Finance Y Y Y
CAF-3 Business Law Y Y
CAF-4 Business Management & Behavioral Studies
Y
CAF-5 Financial Accounting and Reporting – I Y Y Y
CAF-6 Principles of Taxation Y * Y
CAF-7 Financial Accounting and Reporting – II Y Y Y
CAF-8 Cost and Management Accounting Y Y Y
CAF-9 Audit and Assurance Y *
* the exemption from ‘CAF-6 Principles of Taxation’ shall be granted to candidates who have passed F6 Taxation - Pakistan variant and exemption from ‘CAF-9 Audit and Assurance’ shall be granted to candidates who have passed P7 Advanced Auditing.
11The Institute of Chartered Accountants of Pakistan
Effective Autumn 2014
Study OptionsA candidate of Chartered Accountancy may opt to either study independently or attend classes in a Registered Accounting Education Tutors (RAETs).
Self-StudyThe Institute does not recommend this mode of study, as the challenging professional examinations need guidance and mentoring of experienced teachers. However, students opting for self-study get full supports of high quality study material prepared by a renowned international developer.
Study in RAETsRAETs are affiliated with the Institute and work in close coordination with the Institute. RAETs are ICAP-specific tuition providers and have exceptional expertise and experience in providing tuition for ICAP examination.
RAETs generally offer AFC and CAF stage courses in all major cities of Pakistan. For admission, class schedules, fees and other details students directly contact the RAETs of their choosing.
A latest list of RAETs is available on the website of the Institute.
Study MaterialThe Institute has developed exam-aligned study material and that forms the basis of exam papers. This alignment of study material with examination channelizes the energy of the candidates in the required direction. Focusing examination preparation on study material will impact student success positively.
Clearly explained contents and their defined competency level aim to document clear goals and expectations and yield robust student learning without compromising the due uncertainty level required for an exam to be valid and reliable.
12 The Institute of Chartered Accountants of Pakistan
www.icap.org.pk
Practical TrainingThe Institute follows the competency based professional development approach whereby candidates pursuing CA qualification are trained to perform different work roles to a defined standard. Practical training is the core component of the CA program and provides an edge over other parallel programs in Pakistan.
A candidate of chartered accountancy is required to undergo mandatory practical training under the supervision of a member of the Institute. Practical training provides hands on experience of real life work situations through application of theoretical knowledge in the professional life.
Period of TrainingPresently, the Institute only authorizes the practicing firms of chartered accountants to offer practical training. The period of training varies with the academic education background of a trainee. The following table provides the information about the length of training:
S. No. Qualification on the commencement of training Period of Training
i. Candidates who have passed or obtained exemption from CAF 3.5 years
ii. Four year Graduate/Post Graduate from universities approved by the Education and Training Committee of the Institute 3 years
iii. Graduates/post graduates other than those mentioned at (ii) above 4 years
Currently, four year graduates from SDAIs are eligible for three year training mentioned in the above table.
Stipend during Training Students are paid prescribed stipend by the Training Organizations during the period of training, which allows financial independence.
Training OrganizationsAn updated list is available on the website of the Institute.
13The Institute of Chartered Accountants of Pakistan
Effective Autumn 2014
ExaminationsScheduleExaminations are held in the following sessions:
Months Session StageFebruary-March Spring AFC and CAF
May-June Summer CFAP and MSAAugust-September Autumn AFC and CAF
November-December Winter CFAP and MSA
Detailed schedule is available on the website of the Institute.
Papers to attemptStage Eligibility Maximum
number of paper permitted in one
session
Minimum training period
to be served
AFC After registration No limit NoneCAF After passing or obtaining exemption from AFC Five papers NoneCFAP After passing or obtaining exemption from CAF No limit One and half yearMSA - 1 After passing the following CFAP papers:
• Advanced Accounting and Financial Reporting
• Corporate Laws• Advanced Taxation
Not applicable No additional period
MSA - 2 After passing the following CFAP papers:• Advanced Accounting and
Financial Reporting• Corporate Laws• Audit, Assurance and Related
Services
Not applicable No additional period
Maximum number of attempts
Stage Maximum permitted attempts
Additional attempts
AFC Three attempt per paper NoneCAF Six attempt per paper Two more attempts after using all permitted attempts per
paper for those who have maximum two papers left.CFAP Six attempt per paper Two more attempts after using all permitted attempts per
paper for those who have maximum two papers left.MSA Unlimited Not applicable
14 The Institute of Chartered Accountants of Pakistan
www.icap.org.pk
Transition for Existing StudentsThe main principle driving the transition policy is to make the transition of the existing candidates simple and smooth from old to new scheme. Maximum equivalencies are being allowed and generous transition period has been allowed to existing students to qualify under the previous structure.
Modules A to D
Existing Fulltime Studentsof Modules A to D
Existing Trainee Studentsof Modules A to D
Obtain credit of passed papers against equivalent AFC and CAF papers(Before Autumn 2014 attempt)
Obtain credit of passed papers against equivalent AFC and CAF papers(Before Autumn 2014 attempt)
Pass remaining papers of AFC and CAF Pass remaining papers of AFC and CAF
Eligible for training Eligible for Modules E and F/CFAP and MSA exams as the case may be
15The Institute of Chartered Accountants of Pakistan
Effective Autumn 2014
The Institute ofChartered Accountants
of Pakistan
For details, visit www.icap.org.pk or contact
Head Office:Chartered Accountants Avenue,Clifton, Karachi-75600.UAN: 111-000-422Email.education@icap.org.pk
Faisalabad Office:36-Z, Commercial Center,Near Mujahid Hospital,Madina Town, Faisalabad.Tel: (041) 8531028Email: faisalabad@icap.org.pk
Multan Office:3rd Floor, Parklane Tower, Officers' Colony, Near Eid Gaah Chowk, Khanewal Road, Multan. Tel: (061) 6510511, 6510611Email: multan@icap.org.pk
Peshawar Office:House # 30, Old Jamrud Road, University Town, PeshawarTel: (091)5851648Email: peshawar@icap.org.pk
Regional Office:155-156, West Wood Colony,Thokar Niaz Baig, Raiwind Road,Lahore,UAN: 111-000-422Email: lahore@icap.org.pk
Islamabad Office:Sector G-10/4,Mauve Area, Islamabad. UAN: 111-000-422Email: islamabad@icap.org.pk
The Institute ofChartered Accountants
of Pakistan
For details, visit www.icap.org.pk or contact
Head Office:Chartered Accountants Avenue,Clifton, Karachi-75600.UAN: 111-000-422Email.education@icap.org.pk
Faisalabad Office:36-Z, Commercial Center,Near Mujahid Hospital,Madina Town, Faisalabad.Tel: (041) 8531028Email: faisalabad@icap.org.pk
Multan Office:3rd Floor, Parklane Tower, Officers' Colony, Near Eid Gaah Chowk, Khanewal Road, Multan. Tel: (061) 6510511, 6510611Email: multan@icap.org.pk
Peshawar Office:House # 30, Old Jamrud Road, University Town, PeshawarTel: (091)5851648Email: peshawar@icap.org.pk
Regional Office:155-156, West Wood Colony,Thokar Niaz Baig, Raiwind Road,Lahore,UAN: 111-000-422Email: lahore@icap.org.pk
Islamabad Office:Sector G-10/4,Mauve Area, Islamabad. UAN: 111-000-422Email: islamabad@icap.org.pk
top related