Institute of Chartered Accountants of Pakistan

Frequently Asked Questions

	Changes in Examination Policy FAQs

Q1:	Can I apply and deposit examination fee for one or any number of papers I wish to appear in or I am supposed to apply and pay for full module?
Ans:	You can appear in any number of papers for the same module however your attempt will be counted for that module irrespective of the number of papers you pay your examination fee for.

Q2:	Will my attempt be counted if I appear only in one paper of Module A, B, C or D?
Ans:	Yes, your attempt will be counted.

Q3:	I have already appeared in Module A examination three times till Spring 2010 examinations. How many attempts are now left for me to pass Module A?
Ans:	You have six attempts to qualify Module A examinations, which will be counted from Autumn 2010 examinations. As per policy, the examinations attempted by all students before Autumn 2010 will have no effect on their limit of six attempts for each module from A to D.

Q4:	I am a student of Module D. What if I am not able to pass Module D in six attempts? Am I required to redo from Module A or will I be given credit for Foundation?
Ans:	As per present policy, you will not be allowed to pursue chartered accountancy in any manner.

Q5:	With the introduction of policy of permanent credit in papers irrespective of marks in other papers, one may apply and deposit examination fee for any number of papers. Does it mean that he/she can select any paper out of total 12 papers of Module A to D or there is any restriction to it?
Ans:	The progression rules to attempt modules have not been changed and one can attempt one or any two consecutive modules up to D module.

Q.6 (a)	I have passed PPT/have been given exemption from PPT. When would my attempts be counted for Module A or B?
Ans:	Your attempts for Module A or B would be counted from the attempt for which you submit your examination form for the first time.
Q.6 (b)	I have been given exemption from Foundation examinations. When would my attempts be counted for Module C or D?
Ans:	Your attempts for Module C or D would be counted from the attempt for which you submit your examination form for the first time.

Q7:	When will be the eligibility for the first attempt of a student of Module B-D?
Ans:	As soon as you pass the full module you are automatically eligible for the next one and your attempt will start to count, or if you have not cleared all the papers of the existing module and have paid the examination fee for the next module then your attempt will be counted for both the modules.

Q8:	In spring 2010 I appeared in Module C and D. I have cleared one paper of each module; will my attempt of both the modules be counted in autumn 2010 attempt?
Ans:	Your attempt of C will be counted even if you don’t register for it. However if you register for Module D then attempts of both the modules will start to count. Generally the attempt will only be counted for the module which is due whether the student enrolls for examination or not. The attempt will only be counted of both the modules if the student also enrolls for examination of consecutive module (under the progression rule).

Handbook of International Standards on Auditing, Assurance and Ethics Pronouncements 2008 Edition

Q1:	The latest (2008) edition of International Standards of auditing hand book has two parts (volumes) where as part II includes the revised and redrafted standards. Kindly let me know whether revised code of ethics for chartered accountants and part II standards are applicable for the upcoming final exam.
Ans:	Yes, it has already been made applicable.

Q2:	What about the applicability date of code of ethics and revised and redrafted standards which are in the syllabus of intermediate auditing paper.
Ans:	They have already become applicable and examined from March 2009 intermediate attempt.

Q3:	What about applicability of revised and redrafted standards which are effective for audits of financial statements for periods beginning on or after December 15, 2009.
Ans:	Those will remain applicable for examination purposes irrespective o f their date of effectiveness.

Trainee Students

Question:	The Institute has revised the prescribed period of training for all students effective November 01, 2008. Is this applicable for those who have commenced their training on or after November 01, 2008 or for those who have sent their registration papers on or after November 01, 2008?

Answer:	Revised prescribed period of training is applicable for those students who have commenced their probationary period of training on or after November 01, 2008.

Question:	I joined a training organization before November 01, 2008 on the basis of graduation and signed a contract for 5 years. What will be the duration of my training under new scheme?

Answer:	You will be entitled to a pro rata credit for the period served. This credit will be worked out in a way illustrated as follows:

	(a) If you have not attempted Module E and F:

	Original contract period (Say) 60 months Served up to October 31, 2008 (Say) 20 months Permissible credit (20/60 * 36) 12 months Balance to be served (36 less12) 24 months




	(b) If you have passed Module E in first attempt and have not attempted Module F:

	Original contract period (Say) 60 months
	Served up to October 31, 2008 (Say) 40 months
	Permissible credit (40/60 * 36) 24 months
	Balance to be served (36 less24) 12 months

	(c) If you have appeared in Module E or F before November 01, 2008 and have failed in any such attempt:

	Original contract period (Say) 60 months
	Served up to October 31, 2008 (Say) 40 months
	Permissible credit (40/60 * 42) 28 months
	Balance to be served (42 less 28) 14 months

Question:	I qualified all papers of Module A to C, can I join training?

Answer:	You cannot join training unless you qualify Foundation and Intermediate examination or acquire graduate degree from any degree awarding institute recognized by Higher Education Commission.

Question:	My training period of 3.5 years will end on May 31, 2009. I have passed Module E and F in first attempt. Am I eligible for three years training period effective from November 01, 2008?

Answer:	You are only eligible for a pro rata credit worked out as under.

	Original contract period 42 months
	Served up to October 31, 2008 35 months
	Permissible credit (35/42 * 36) 30 months
	Balance to be served (36 less 30) 06 months

	Your period shall now end on April 30, 2009.

Question:	I commenced training before November 01, 2008 on the basis of ACCA. Will my training period be increased by six months if I fail in any attempt of Module E and F?

Answer:	Your training period will remain 3 years.

Question:	I joined a training organization on November 01, 2008 on the basis of ACCA. What will be the duration of my training period?

Answer:	Your training period will be 3 years, however if you do not pass your Modules E or F in first attempt it shall be extended to 3.5 years.

Service Break for Female Students

Question:	I started my training before November 01, 2008. Does the policy related to one year break apply to me?

Answer:	Yes, it applies to you.

Question:	Being a female trainee student, can I take service break due to marriage and maternity more than once during my training period?

Answer:	Yes you can avail such leave more than once during the training period. However, the aggregate leave period should not exceed 12 months.

Question:	How will the break affect my training contract?

Answer:	Your firm will send an addendum to the original Training Contract duly signed by your MRT and yourself before you proceed on leave each time. The Performa of such addendum is available on the web site of the Institute.
Examinations
Question:	There is a compulsory six months training period requirement for students of Direct Graduate Stream, to be eligible to sit in any module of Foundation and Intermediate examinations.

Answer:	With the introduction of three-year training period for all streams, there is no compulsory period of training for Direct Graduate Trainees to be eligible to sit in any module of Foundation and Intermediate.

Question:	In spring 2010 I appeared in Module C and D. I have cleared one paper of each module; will my attempt of both the modules be counted in autumn 2010 attempt?
Answer:	Your attempt of C will be counted even if you don’t register for it. However if you register for Module D then attempts of both the modules will start to count. Generally the attempt will only be counted for the module which is due whether the student enrolls for examination or not. The attempt will only be counted of both the modules if the student also enrolls for examination of consecutive module (under the progression rule).