The costing studies in CA are not too short to give an opportunity of finger-pointing. That is tought in two specific papers that cover the topics at length. This Icap's style that it gets max bucket for its students (instead of offering step baskets, as is done for example by other professional bodies).
Any way, if there is a discrepancy in any CA doing cost audit, that should be pointed out.
Aarish
From: waseem fawad <waseemfawad@yahoo.com>
To: "accountants_forum@yahoogroups.com" <accountants_forum@yahoogroups.com>; "FinProS@yahoogroups.com" <FinProS@yahoogroups.com>
Sent: Wednesday, July 6, 2011 12:09 PM
Subject: Re: [accountants_forum] Re: COST AUDIT Authority
In my technical opinion, Cost Audit is the expert field of ACMA/ FCMA/ CMA / etc.It is the responsibility of ICMAP to protect the interest of its member in Pakistan especially in the area of Cost & Management Accountancy and Audit.The right way is to create pressure by members and students on management of ICMAP to develop the standard for cost audit and create amendment in Institute of Cost & Management Accountant Act 1966.ICMAP Send the Amendment and Standard in ICMAP Act 1966 to National assembly / Standing committee on Finance to protect the interest of ICMAP members and student.it is the most relevant way to create ICMAP as cost audit authority and SECP, SBP, CCP, and other Govt. institutions are bound to follow the Act of National Assembly.RegardsSyed waseem Fawad, CFE, CICAPresident,Association of Certified Fraud Examiners - Pakistan Chapter
From: Mohsin Yousuf <mmy_mohsin@yahoo.com>
To: "accountants_forum@yahoogroups.com" <accountants_forum@yahoogroups.com>; "FinProS@yahoogroups.com" <FinProS@yahoogroups.com>
Sent: Wednesday, July 6, 2011 11:21 AM
Subject: Re: [accountants_forum] Re: COST AUDIT Authority
Dear Sir SaleemWe are just hereby doing effort to find identity, to resolve the ambiguity among accountants that who should be responsible for which type of audit. If this is only about the matter of mind set then, i know some graduate students, whose are working in audit firm, and can efficiently audit any type of firm, so in this way they should also authorized to conduct audit.Here we are discussing the external audit of the firm, and as per ISA, auditor is not responsible to find fraudulent matters in the company, during audit, auditor is just responsible to find materiality, and ensure his own opinion about true and fact view of financial statements.All audit what you have mentioned are not relevant with this topic. Fraud audit is actually investigation. Tax audit is external but it only perform to ensure the true transaction of tax, conducted by tax authorities. Forensic audit is also kind of investigation, mostly conducted by security agencies and doctors etc. Operational audit is conducted by internal auditor.All above mentioned details are not relevant with subject matter, these all are only mentioned to make your understanding about audit. Please guide me if i am wrong anywhere.RegardsMohsin Yousuf
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: Wednesday, July 6, 2011 10:39 AM
Subject: RE: [accountants_forum] Re: COST AUDIT AuthorityDear Mohsin
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 ???
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