I believe that supermacy is given to CA is just because of organized structure for conducting an audit. In Karachi only we have almost more than 500 audit firms who have a licence for conducting an audit. . . How many cost audit firm we have in Karachi for ACMA's to conduct cost audit ? ? ? ? Than how law can be passed for giving licence to ACMA's for this . . .At least we should a cost audit firms first than we can claim the right to conduct cost audit.
To: accountants_forum@yahoogroups.com
From: szk101@yahoo.com
Date: Thu, 7 Jul 2011 03:11:18 -0700
Subject: Re: [accountants_forum] Re: COST AUDIT Authority
From: Ashraf Usman <au@tloglobal.com>
To: accountants_forum@yahoogroups.com; FinProS@yahoogroups.com
Sent: Thu, July 7, 2011 7:28:24 AM
Subject: RE: [accountants_forum] Re: COST AUDIT Authority
Dear Professionals
I am following the current debate on the rights of audits by the two institutes in Pakistan. Over the years I have failed to understand why the people associated with ICMAP are insisting on rights for audit. I believe that they have perhaps not thoroughly understood the role of Management Accountants. To me while the Chartered Accountants plays the role of auditors, internal auditors and makes the team for financial management in the business organizations, the Management Accountants have a special role to play related to Budgeting, Costing, Operational efficiencies, feasibilities for new projects and capital expenditures, scenario building for business projections etc. Unfortunately the ICMAP has never positioned its professionals for this very important role and trying to position itself with ICAP which is more of working with the historical data.
I believe that the Management Accountants have a more important and proactive role to play in the organization helping the management to make informed strategic decisions through their critical analysis rather than crying over the historical data. A role model for them is CIMA UK , where its professionals are very well positioned in the market sometimes even better than the CAs.
With the current mindset, I have hardly come across the ACMAs who actually know there role in the profession. Unfortunately they take CAs as their role models and end up nowhere.
I would strongly suggest that both the ICMAP and its members should revisit their mission and reposition themselves so that professional management accountants are available to the industry especially for a country like us where 20-40% of operational costs are wasted making us uncompetitive in the local and foreign markets.
Jazakallah.
Sincerely
Ashraf Usman
Chief Learning Officer
The Learning Organization
206, The Square,
Shaheed-e-Millat Road
Karachi- Pakistan
Phones: 92-21-34948043
92-21-34948053
URL- www.tloglobal.com
From: accountants_forum@yahoogroups.com [mailto:accountants_forum@yahoogroups.com] On Behalf Of A Malik
Sent: Wednesday, July 06, 2011 11:50 AM
To: accountants_forum@yahoogroups.com; FinProS@yahoogroups.com
Subject: Re: [accountants_forum] Re: COST AUDIT Authority
Dear All
As CA are allowed to audit the cost accounting record CMA should be allowed to conduct audit of fincial statements of a limited company. Limited scope audit to ensure preparation of financial statements in agreement with companies act 1984 and IAS/IFRS not a big issue. Many CMA are responsible for preparation of periodic financial statements in limited companies and CMA have required knowledge and expertise to audit a financial statement of any limited company.
I agree with mohsin we do not need a formal dress code we need rights equal to a CA under companies ordinance
Regards
From: Saleem Ahmed GM Finance Pakistan Steel Mills Corporation . <cfo@cyber.net.pk>
To: accountants_forum@yahoogroups.com; mmy_mohsin@yahoo.com; FinProS@yahoogroups.com
Sent: Wed, July 6, 2011 10:39:46 AM
Subject: RE: [accountants_forum] Re: COST AUDIT Authority
I my humble view audit is special job. It can be Tax audit, fraud audit, forensic audit, operational audit, cost audit etc. all need is an audit approach and mindset that is not available in accountant be it cost accountants or chartered accountants. May be because of this only audit firms are allowed to carry out audit under the statute be it cost audit or any other audit.
It's not a matter of CA or CMA it's actually a matter of having expertise in the field. A good car driver cant be a good mechanic and vice versa.
Not all CAs are good auditors and I know so many CMAs that are actually working as auditors and are well known and reputed for their work.
Rgds
From: accountants_forum@yahoogroups.com [mailto:accountants_forum@yahoogroups.com] On Behalf Of Mohsin Yousuf
Sent: Tuesday, July 05, 2011 2:56 PM
To: Samreen Feroz; FIN PRO; accountants_forum@yahoogroups.com
Subject: [accountants_forum] Re: COST AUDIT Authority
Dear all friends
First, i appreciate the effort and courage to raise this topic. Here the problem is that, top management of ICMAP are also chartered accountant, and they intentionally do not want to take the step to remove the clause from company ordinance for eligibility of chartered accountant to conduct the cost audit of firm. Even, i personally believe that course structure of CA is not much relevant to cover the all aspect of cost audit, but i don't know why they give them authority to conduct the Cost Audit.
With reference of this topic and forum, I am hereby requesting to respected management of ICMAP that, take needful action in this regard, do not let you down yourself even your own identity. We do not need the implementation of formal dress code, we need our identity.
Regards
Mohsin Yousuf
CMA(finalist)
________________________________________
From: Samreen Feroz <samreen_cma@yahoo.com>
To: FIN PRO <FinProS@yahoogroups.com>
Sent: Monday, July 4, 2011 10:14 PM
Subject: [FiNpRoS] Re: COST AUDIT Authority
Members Please comments.....
From: Rizwan Farooque <rizwancma@yahoo. com>
Subject: Re: Management Accountants: : COST AUDIT Authority
To: ManagementAccountan ts_Forum@ yahoogroups. com
Date: Friday, July 30, 2010, 4:19 AM
Dear Memeber.
its good quetion why CA conduct cost audit ?
its
________________________________________
From: some one <forsome148@yahoo. com>
To: managementaccountan ts_forum@ yahoogroups. com; cost-accountants@ yahoogroups. com
Sent: Thu, July 29, 2010 5:12:29 PM
Subject: Management Accountants: : COST AUDIT Authority
Refer to cost audit hand book issued by ICMAP…
India is the pioneer in introducing "COST AUDIT" since late 60s and now over 40 industries are covered under cost audit scheme. In India and Bangladesh, ONLY Cost & Management Accountants are eligible to conduct cost audit. In Pakistan, Chartered Accountants are also eligible to conduct cost audit.
Members are requested to comments on it;
WHY CHARTERED ACCOUNTANTS ARE ELIGIBLE TO CONDUCT COST AUDIT IN PAKISTAN ???
