ICAP Told To Withdraw Circular Against ACCA
The Lahore High Court has given an opportunity to Institute of Chartered Accountants of Pakistan (ICAP) to withdraw its circular that deprives foreign qualified accountants of Association of Chartered Certified Accountants (ACCA) from getting training at organisations registered with the former.
Justice Syed Mansoor Ali Shah asked counsel for the ICAP to ensure withdrawal of the circular by April 7 or the court would issue a direction.
ACCA professional Safwan Salim filed a petition through Advocate Sheraz Zaka contending that ICAP has been exploiting its regulatory powers to attract students and damage the market share of ACCA.
He said ICAP in July 2012 issued a directive ruling that students doing non-ICAP qualifications, like ACCA, would not be able to do training with any accountancy firm approved by the institute. He said there should be a level-playing field in accountancy profession.
The ICAP opposed the petition saying the institute being a regulatory body had the power to put the impugned bar. The Higher Education Commission in its version said the impugned act of the ICAP was a disdainful measure, destroying future of ACCA professionals.
This news was previously published in DAWN and is being republished here with permission.