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ICAP circular

July 26, 2012

ISLAMABAD, July 26: The Competition Commission of Pakistan (CCP) has taken notice of an Institute of Chartered Accounts of Pakistan (ICAP) circular, barring member audit firms from engaging non-ICAP students or those having foreign qualifications.

The commission has asked the ICAP to explain reasons behind imposition of such a restriction by July 23.

The CCP had received complaints concerning the circular which barred member firms from providing training opportunities to non-ICAP students, particularly the students of foreign accountancy bodies. In terms of the ICAP circular, the bar has been imposed under Section 22 of the Chartered Accountant Ordinance, 1961.

However, the ICAP has requested for an extension in filing the reply up to July 31 owing to a meeting of the ICAP’s council on July 28.

The commission has granted the extension.