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2 Table of Contents SCHEME TITLE... 4 EFFECTIVE DATE... 4 REGISTRATION... 4 CURRICULUM AND SYLLABUS... 6 Curriculum... 6 Syllabus... 7 Changes in syllabus... 7 Revision of curriculum and syllabus... 7 Presentation and Communication Skills Course (PCSC)... 7 Course on Professional Values, Ethics and Attitude... 8 EXEMPTION FROM EXAMINATIONS... 9 Professional qualifications FEES AND REFUNDS EXAMINATIONS Admission to examination Scope of studies Time and place of examination Open book examinations Use of unfair means Examination results Review of answer scripts Special arrangements Persons not to involve in examination process USE OF DESIGNATION PROGRESSION RULES (1) Appearance in the Examination (2) Maximum number of attempts TRANSITION POLICY (1) Equivalencies (2) Transition of Foundation and Intermediate (Modules A to D)

3 (3) Transition of Final Stage (Modules E and F) EDUCATION DELIVERY SYSTEM TRAINING REGULATIONS AND GUIDELINES RELEVANT DEGREE AWARDING INSTITUTE (RDAI) AND SPECIFIED DEGREE AWARDING INSTITUTES (SDAI) REMOVAL OF DIFFICULTY

4 THE INSTITUTE OF CHARTERED ACCOUNTANTS OF PAKISTAN EDUCATION AND TRAINING SCHEME 2013 SAILENT FEAUTERS SCHEME TITLE : Education and Training Scheme 2013 EFFECTIVE DATE : March 15, 2014 REGISTRATION Registration as fulltime student Registration as trainee student Persons shall be registered as full time students if they: (i) are graduates from a local or foreign university recognized by competent authority of higher (ii) education in Pakistan and have undertaken: (a) minimum 16 years of education; or (b) minimum 14 years of education with 45% aggregate marks or equivalent grades; or (iii) have passed Higher Secondary School Certificate with (a) minimum 50% aggregate marks ; or (b) two subjects at A Levels; any other equivalent qualification recognized by the Council with minimum aggregate marks or grades as may be specified by the Council; (iv) have applied to the Institute for registration; and (v) have paid the specified registration fee. Persons shall be registered as trainee students if they: (i) have successfully completed the following qualification: (a) CAF stage or obtained exemption from CAF stage or equivalent examinations of the Institute; or (b) A degree comprising minimum of 14 years of education with minimum 45% marks in aggregate or equivalent grades in any discipline from any local or foreign degree awarding institute recognized by competent authority of higher education in Pakistan; (ii) have attained 16 years of age; (iii) have completed Presentation and Communication Skills Course specified at CAF stage as required under paragraph 4(8); 4

5 (iv) have been offered a training contract by an approved training organization and have applied to the Institute for registration; and (v) have paid the specified registration fee. Provisional registration A person may be provisionally registered in the following circumstances: (i) (ii) (iii) As fulltime student where result of pre-requisite qualification is awaited. Provided that the provisional registration shall stand cancelled if the person fails to pass required examinations or obtain minimum marks or grades required to be eligible for registration by the last date of submission of form for the first due examination with specified late fee; As trainee student where certificate or degree of prerequisite qualification is awaited in normal course; or Any other circumstances deemed appropriate by the Council for any category. 5

6 CURRICULUM AND SYLLABUS Any person seeking membership of the Institute under sub-section (1)(ii) of section 4 of the Ordinance shall be required to pass all the subjects forming part of the curriculum or obtain exemption therefrom. Curriculum The examinations of the Institute shall consist of the following stages and subjects: Assessment of Fundamental Competencies (AFC) AFC-1 Functional English AFC-2 Business Communication AFC-3 Quantitative Methods AFC-4 Introduction to Information Technology Certificate in Accounting and Finance (CAF) Knowledge CAF-1 Introduction to Accounting CAF-2 Introduction to Economics and Finance CAF-3 Business Law CAF-4 Business Management & Behavioural Studies Application CAF-5 Financial Accounting and Reporting I CAF-6 Principles of Taxation CAF-7 Financial Accounting and Reporting II CAF-8 Cost and Management Accounting CAF-9 Audit and Assurance Certified Finance and Accounting Professional (CFAP) CFAP-1 Advanced Accounting and Financial Reporting CFAP -2 Corporate Laws CFAP -3 Business Management and Strategy CFAP -4 Business Finance Decisions CFAP -5 Advanced Taxation CFAP -6 Audit, Assurance and Related Services Multi Subject Assessment (MSA) MSA-1 Financial Reporting and Assurance - Professional Competence MSA-2 Strategic Management - Professional Competence The curriculum shall be implemented in accordance with the transition policy specified in this Scheme. 6

7 Syllabus (i) (ii) The contents and learning outcomes of each subject are attached as Annexure A. Where specific reference to any legislation, guideline, standard and other similar document is given in the syllabus, it shall be deemed to cover any subsequent amendments that may be made therein from time to time. Changes in syllabus Corrections of editorial nature and changes in syllabus to reflect changes in any legislation, guideline, standard and other similar document or changes to add, delete or amend any topic not changing the syllabus of any subject significantly and changes in learning outcomes of individual topic of the syllabus shall be made by ETCOM with the consultation of Examination Committee. Revision of curriculum and syllabus Recommended by ETCOM to the Council for approval. Process ETCOM shall engage in formal consultation with Examination Committee during the process of revision in curriculum and syllabus. Revision Task Undertaken by ETCOM at least every fifth year from the date of last revision or earlier if deemed necessary. Presentation and Communication Skills Course (PCSC) Two compulsory courses on presentation and communication skills of 50 hours each as follows: Attended at Attended at PCSC 01 CAF stage before commencement of training Provided that this course may be completed during or after the period of training before attempting any CFAP or Module E examinations if the trainee: (a) is studying CAF stage during period of training; or (b) has completed AFC and CAF or equivalent examinations and joins training by December 31, PCSC 02 After commencement of training, but prior to attempting any MSA or Module F examinations. Provided that a trainee student who joins training by December 31, 2014 shall be deemed to have completed the Presentation and Communication Skills Course specified at CAF stage. 7

8 Provided further that a trainee student who joins training and has not completed period of training by December 31, 2014 shall have to complete PCSC 02 before June 30, The presentation and communication skills courses may be conducted by the Institute or other organizations including HEC recognized universities, RAETs, Toast Master Clubs as may be approved by the Institute. The learning outcomes and methodology of these Presentation and Communication Skills Courses are specified in Annexure A. Course on Professional Values, Ethics and Attitude (i) (ii) ICAP shall offer an online compulsory course on professional values, ethics and attitude. ICAP may consider similar in -house courses offered by TOs as equivalent to ICAP s course. Such course shall be completed by each trainee student during the period of training. Provided that a trainee student who qualify Module E and F examination by December, 2016 attempt shall be deemed to have completed the course. 8

9 Application Conditions for exemption EXEMPTION FROM EXAMINATIONS Apply to the Institute on the specified exemption form along with the prescribed fee. Exemption from AFC and CAF examinations or any subject thereof shall be granted subject to the following conditions: Graduates from Specified Degree Awarding Institutes (SDAI) Persons who hold minimum 04 year relevant degree from Specified Degree Awarding Institutes shall be eligible to claim exemption: (i) (ii) (iii) (iv) From AFC without fulfilling any criteria; and From subjects of CAF provided they fulfill the criteria specified in as follows: Syllabus contents and learning outcomes of the subject match at least 70% with that of the prescribed syllabus and learning outcomes of the Institute or are of more advanced level Person has secured minimum 60% marks or equivalent grades in aggregate and the subject from which exemption is sought. The procedure and criteria for granting the status of Specified Degree Awarding Institute is specified in directive 1.04 Graduates with minimum 16 years of education from institutions other than Specified Degree Awarding Institutes Persons who hold degree with minimum 16 year of education from any local or foreign institution recognized by HEC, shall be eligible to claim exemption from the following papers after fulfilling the criteria specified in this paragraph: AFC-1 Functional English AFC-2 Business Communication AFC-3 Quantitative Methods AFC-4 Introduction to Information Technology CAF-1 Introduction to Accounting CAF-2 Introduction to Economics and Finance CAF-3 Business Law CAF-4 Business Management & Behavioural Studies Criteria for exemption shall be as follows: (i) Minimum 60% marks or equivalent grades in aggregate; (ii) Minimum 60% marks or equivalent grades in relevant subject(s) from which the person is seeking exemption; and (iii) Syllabus contents and learning outcomes of the subject match at least 70% with that of the prescribed syllabus and learning outcomes of the Institute or are of more advanced level. Graduate with 14 years of education and certain non-graduates Persons holding a degree with 14 years of education from any degree awarding institution recognized by HEC or those holding, HSC, A Levels or other 9

10 Professional qualifications equivalent qualification shall be eligible to claim exemption from the following papers after fulfilling the criteria specified in this paragraph: AFC-1 Functional English AFC-2 Business Communication AFC-3 Quantitative Methods AFC-4 Introduction to Information Technology CAF-1 Introduction to Accounting CAF-2 Introduction to Economics and Finance Criteria for exemption shall be as follows: (i) For graduates with 14 years of education: (i) Minimum 60% marks or equivalent grades in aggregate; (ii) Minimum 75% marks or equivalent grades in relevant subject(s) from which the person is seeking exemption; and (iii) Syllabus contents and learning outcomes of the subject match at least 70% with that of the prescribed syllabus and learning outcomes of the Institute or are of more advanced level. (ii) For persons with HSC or other equivalent qualification: (i) Minimum 70% marks or equivalent grades in aggregate; (ii) Minimum 75% marks or equivalent grades in relevant subject(s) from which the person is seeking exemption; and (iii) Syllabus contents and learning outcomes of the subject match at least 70% with that of the prescribed syllabus and learning outcomes of the Institute or are of more advanced level. (iii) For persons with A Levels: (i) Minimum two B Grades; (ii) Minimum B Grade in the subject(s) from which the person is seeking exemption; and (iii) Syllabus contents and learning outcomes of the subject match at least 70% with that of the prescribed syllabus and learning outcomes of the Institute or are of more advanced level. Persons who have passed all examinations of the following accountancy bodies shall be eligible to claim exemption from papers of AFC and CAF specified under the name of each professional body: Professional Body Association of Chartered Certified Accountants (ACCA) of UK Exempt Paper AFC-1 Functional English AFC-3 Quantitative Methods CAF-1 Introduction to Accounting CAF-5 Financial Accounting and Reporting I CAF-6 Principles of Taxation 10

11 CAF-7 Financial Accounting and Reporting II CAF-8 Cost and Management Accounting CAF-9 Audit and Assurance Chartered Institute of Management Accountants (CIMA) of UK Institute of Cost and Management Accountants of Pakistan (ICMAP) Pakistan Institute of Public Finance Accountants (PIPFA) Other relevant professional bodies Provided that the exemption from CAF-6 Principles of Taxation shall be granted to persons who have passed F6 Taxation -Pakistan variant and exemption from CAF-9 Audit and Assurance shall be granted to persons who have passed P7 Advanced Audit and Assurance. AFC-1 Functional English AFC-3 Quantitative Methods CAF-1 Introduction to Accounting CAF-2 Introduction to Economics and Finance CAF-5 Financial Accounting and Reporting I CAF-7 Financial Accounting and Reporting II CAF-8 Cost and Management Accounting AFC-1 Functional English AFC-2 Business Communication AFC-3 Quantitative Methods AFC-4 Introduction to Information Technology CAF-1 Introduction to Accounting CAF-2 Introduction to Economics and Finance CAF-3 Business Law CAF-4 Business Management & Behavioural Studies CAF-5 Financial Accounting and Reporting I CAF-6 Principles of Taxation CAF-7 Financial Accounting and Reporting II CAF-8 Cost and Management Accounting AFC-1 Functional English AFC-2 Business Communication AFC-3 Quantitative Methods AFC-4 Introduction to Information Technology CAF-1 Introduction to Accounting CAF-2 Introduction to Economics and Finance CAF-3 Business Law Exemptions shall be granted on basis of qualification on a case to case basis by the Council. (i) (ii) A person shall be eligible to claim exemption on the basis of different qualifications that the person holds. The reference to passing of examination in this scheme means attempting and passing the examinations of relevant qualification and does not include obtaining exemption from such examinations. 11

12 FEES AND REFUNDS Fees Schedule of fee shall be specified through separate directive. Refunds Fee paid by a person shall not be refunded except in the following circumstances: (i) Registration as fulltime student if person is found ineligible and applies to the Institute on prescribed form. (ii) Registration as a trainee student shall be refunded if the person is found ineligible for registration as trainee student and applies to the Institute on the prescribed form. (iii) Examinations fee shall be refunded in accordance with the provisions of bye-law

13 EXAMINATIONS Admission to examination Persons shall be admitted to examinations if they: 1. Have been registered either as fulltime students or trainee students; 2. Are eligible to appear in the examination, under the progression rules specified in this scheme; and 3. Have submitted examination form along with prescribed fee, within the specified dates. Scope of studies The syllabus of each subject along with indicative grid is attached as Annexure-A. Any revision and amendment in legislation, standard, code, guideline and statement Standards on accounting and auditing and code of ethics Standards on accounting and auditing and code of ethics if revised & published or notified by ICAP Shall not be part of syllabus before 06 months period elapsed from the date of publication thereof. Provided that Finance Act or Ordinance, and notifications and circulars relating to Finance Act or Ordinance, issued 04 months prior to the date of examination shall be considered forming part of syllabus in case of CFAP. Period of six months shall be counted from the date of publication thereof in Pakistan, by the ICAP After six months from the date of publication or notification by the Institute even if they are applicable on a later date. Time and place of examination Determine by Notification by Change of time & place Examination Committee Director examination on website by January each year After giving prior notice to the examinees through any or all of the mediums: 1. Website, 2. , 3. Short messaging service, 4. Institute s social networking sites and 5. Postal service. 13

14 Open book examinations Examinees shall be permitted to carry books in certain examinations as have been specified below: Paper Paper Name Number CAF - 7 Financial Accounting & Reporting II CFAP 1 Advanced Accounting and Financial Reporting CFAP 4 Business Finance Decisions CFAP 6 Audit, Assurance and Related Services MSA 1 Financial Reporting and Assurance - Professional Competence MSA 2 Strategic Management - Professional Competence Permitted Books Handbook of International Financial Reporting Standards Handbook of International Financial Reporting Standards Any three books Handbook of International Auditing and Assurance Pronouncements and Code of Ethics for Chartered Accountants Any five books Any five books 1. Only original books duly bound shall be permitted. 2. Examinees shall be permitted to highlight or underline the text in the permitted books. 3. Any decision taken by the Institute regarding permission to carry a book in the examinations shall be final. Use of unfair means 1. An examinee shall be considered guilty of using unfair means if the examinee s actions are likely to give an unfair advantage to the examinee or to any other examinee. 2. The unfair means may include but are not limited to: (a) Cheating, helping or taking help from others while attempting an examination; (b) Using electronic gadgets, other than those permitted by the Institute through notification, while attending the examination; (c) Mentioning name/roll number/ any other identification mark or signing on answer script except on the specified portion which is specifically provided for this purpose; and (d) Writing unsolicited remarks on the answer script. 3. The Examination Committee shall have the power to take appropriate action in the matter, which may include any of the following: (a) Cancel the result of the paper in which the examinee is found guilty of using unfair means. (b) Cancel results of any number of papers attempted by the examinee in addition to the paper in which the examinee is found guilty of using unfair means. 14

15 (c) Suspend admission to examination for a period deemed appropriate, but not exceeding two years. (d) Suspend registration for a period deemed appropriate, but not exceeding two years. Examination results Passing Marks 50% in each subject Marks Disclosure Only the marks obtained by persons in paper(s) in which they fail shall be disclosed to them. Review of answer scripts Policy Procedure Response Examinee who fails in an examination may apply to the Institute within 30 days from the declaration of result on a specified form after paying specified fee for a review of answer script. 1. Checking that the marking process is free from errors and omissions. 2. Marks were correctly counted and reflected in the results of the examinee. Shall be sent to the applicant within 40 days of the receipt of application by the Institute. Special arrangements 1. Examinee may apply to the Institute 20 days prior to the first day of the month in which examinations are to be held for special arrangements required due to any health or physical condition. 2. The limit of 20 days prior notice may be waived or relaxed by the Institute in case of emergency or under circumstances beyond the control of the examinee. 3. The Institute shall have sole discretion to accept or reject the application or accept it to the extent deemed appropriate by the Institute. Persons not to involve in examination process Following persons shall not involve in any process of paper setting, paper moderation, invigilation, exam supervision, paper marking, result moderation, result compilation and meeting of the Examination Committee where results are being discussed: 1. Any person whose close relatives are appearing in any examination of the Institute. Close relative shall mean parents, spouse, children, grandchildren, brother, sister, son-in-law, daughter-in-law. 15

16 2. Any person who has coached a student for the purpose of institute s examination and such student is appearing or has appeared in such examination. Provided that imparting training required under the bye-laws shall not be considered as coaching. 3. Any person who is associated with any institution involved in tuition or coaching of students for any examinations of the Institute or who has written or published any book for the guidance of the examinees. 4. Any person who has been found guilty of professional misconduct. Provided that the debarment shall be for a period specified by the Council. 5. Any person who has conflict of interest of any nature. 6. Same restriction shall also apply to the members of Examination Committee and employees of the Institute. 16

17 Designation Certified Finance and Accounting Professional (CFAP) Certified in Accounting and Finance (CAF) USE OF DESIGNATION Criteria 1. Passed the CFAP stage 2. Completed the training prescribed under the byelaws 3. Completed required Presentation and Communication Skill Course 1. Passed CAF stage or equivalent examinations of the Institute 2. Completed required Presentation and Communication Skill Courses Equivalence with CAF Eligible for an equivalence certificate upon applying and paying the specified fee if: 1. Fall in transition scheme announced by ICAP. 2. Completed required Presentation and Communication Skill Courses. Obtained CAF under exemption policy Prohibition Eligible to use the designation Certified in Accounting and Finance (CAF) upon completing: year training in a Training Organisation 2. Completing required Presentation and Communication Skill Course. Prohibited from using the designation such as CA (Inter) or CA (CC) or CA (Group I, II) or any other designation purporting to convey a qualification of any sort on the letterhead, forms, business cards or on any other stationery or form of communication, other than those allowed under this regulation to following persons: 1. Person who has completed his training 2. Passed CA Intermediate Examination 3. Part of Final Examination 17

18 (1) Appearance in the Examination PROGRESSION RULES When to attempt CAF Number of papers to appear When to attempt CFAP When to attempt MSA 1 (Financial Reporting & assurance Professional Competence) CAF Rules Passed or obtained exemption from all AFC papers Maximum 05 papers in one sitting. CFAP Rules 1. Completed 18 months of training prescribed under the bye-laws on or before the first day of the month in which examination is to be held. 2. Passed or obtained exemptions from all CAF papers. MSA Rules Examinees who have passed or obtained exemptions from the following papers of CFAP shall be eligible to attempt MSA-1: When to attempt MSA 2 (Strategic Management Professional Competence) (a) Advanced Accounting and Financial Reporting (b) Audit, Assurance and Related Services Examinees who have passed or obtained exemptions from the following papers of CFAP shall be eligible to attempt MSA-2: (a) Business Management and Strategy (b) Business Finance Decisions Provided that the application of progression rules shall be subject to transition policy specified in this Scheme. 18

19 (2) Maximum number of attempts Stage Maximum Permitted Additional Attempts Attempts AFC 03 attempts per paper 02 more attempts for each remaining paper who have passed two papers in three attempts. CAF 06 attempts per paper 02 more attempts after using all permitted attempts per paper for those who have maximum 02 papers left. CFAP 06 attempts per paper Unlimited attempts for those who passed all except 03 papers. MSA Unlimited Not applicable Attempt Counting Person is issued the admit card & signs the attendance sheet. 19

20 TRANSITION POLICY (1) Equivalencies 1. There shall be no equivalency for Multi Subject Assessment (MSA). 2. Subject equivalencies for AFC and CAF at the commencement of the Education Scheme 2013 is as follows: 20

21 (2) Transition of Foundation and Intermediate (Modules A to D) Rule # 01 AFC & CAF (1 st Examination) Autumn Attempt Rule # 02 After Spring attempt, Rule # There will be no old CA Foundation & CA Intermediate Attempt. 2. All persons shall be admitted to AFC and CAF examinations for Autumn attempt. The examinees who are registered at the commencement of the Education Scheme 2013: 1. Shall be given credit in AFC and CAF of their passed papers as per equivalency schedule. 2. Progression rules shall not be applicable to old students in any paper of AFC and CAF. 3. Allowed attempts: AFC CAF 03 Attempts per paper 06 Attempts per paper Provided that examinees who have left with two papers of either AFC or CAF shall be permitted two additional attempts for each remaining paper. (3) Transition of Final Stage (Modules E and F) Rule # 01 Rule # 02 Rule # 03 1 st CFAP Winter 2016 Attempt 1 st MSA Summer 2017 Attempt Join training on or after January 1, 2015 Pass CFAP examinations & MSA to qualify as Chartered Accountants 21

22 Rule # 04 Commence training before January 1, 2015 Pass Modules E and F examinations up to Summer to qualify as Chartered Accountants Rule # 05 Commence training before January 1, 2015 & unable to qualify as Chartered Accountants by Summer 2016 Attempt 1. Up to Winter 2017 attempt, shall be required to Pass remaining papers of CFAP + ITMAC + MAC based on last applicable syllabus to qualify as Chartered Accountants attempts per paper rule will be applicable. Rule # 06 Commence training before January 1, 2015 & unable to qualify as Chartered Accountants by Winter 2017 Attempt 1. Shall be given credit in CFAP according to the equivalencies specified above. 2. Shall appear in remaining papers of CFAP and MSA to qualify as chartered accountants; attempts per paper rule will be applicable. Provided that: Passed or are exempted from any three papers of CFAP shall have unlimited number of attempts. Rule # 07 Effective from Winter 2016 attempt, the persons who join training before January 1, May opt in writing to obtain credit of their passed papers according to the equivalencies specified above and attempt remaining papers of CFAP and MSA to qualify as chartered accountant. 2. Shall be subjected to regulation on limitation on attempts as a fresh examinee for remaining papers of CFAP. 22

23 EDUCATION DELIVERY SYSTEM The Education Delivery System is specified in Directive Directive 1.02 Registered Accounting Education Tutors Scheme

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26 TRAINING REGULATIONS AND GUIDELINES The Training Regulations and Guidelines are specified in Directive training20regulations.pdf RELEVANT DEGREE AWARDING INSTITUTE (RDAI) AND SPECIFIED DEGREE AWARDING INSTITUTES (SDAI) The procedure to grant the status of Relevant Degree Awarding Institutes and Specified Degree Awarding Institute to a university is specified in Directive 1.04 and 1.18 available at ICAP website. 26

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28 REMOVAL OF DIFFICULTY Chairman ETCOM and the Chairman Examination Committee may jointly take a decision. 28