Page 10 - ICAP NL APR 2015

Newsletter The Institute of Chartered Accountants of Pakistan previous auditor for obtaining the professional clearance the counsel of the member during his hearing and the regarding audit of financial statements of the Employees information and evidence available on record, decided Provident Fund of a Company for the year ended June 30, 2011. to hold the member guilty of professional misconduct under Clause (3) of Part 4 of Schedule I of the Chartered The Council of the Institute provided opportunity of Accountants Ordinance, 1961 and decided to reprimand hearing to the member, however, he did not avail the said him with name under Section 20D of the Chartered opportunity. It was noted that the member failed to prove Accountants Ordinance, 1961. that he has communicated with the previous auditor for obtaining the professional clearance regarding the Quality Control Review aforementioned audit. The Quality Assurance Board (QAB) in its 63rd meeting The Council, after considering the report of the held on April 8, 2015 considered quality control review Investigation Committee and the information and (QCR) reports of eleven firms. The QCR conclusions of evidence available on record, decided to hold the member four firms were supported by appropriate audit evidence, guilty of professional misconduct under Clause (3) of Part whereas QCR of seven firms were concluded as not 4 of Schedule I of the Chartered Accountants Ordinance, supported by appropriate audit evidence. In the aforesaid 1961 and Clause (7) of Part 1 of Schedule I of the said meeting the QAB also decided to carry out early review of Ordinance for accepting a position as auditor previously two of the firms within next one year instead of two and held by another member of the Institute without first a half years. communicating with him in writing. Accordingly, the Council decided to reprimand the member without name under Section 20D of the Chartered Accountants New Fellow / Associate Members Ordinance, 1961. Fellow Members It was noted that the reports issued by a practicing S. No. R. No. Name member, Inaam-Ul-Haq, FCA [R-1609] on the financial 1. 4265 Muhammad Shahid Karim statements of a private limited company for the years 2. 4290 Atif Pervez ended June 30, 2009 & 2010 and half year ended 3. 4293 Omar Hasan December 31, 2010, were neither in accordance with 4. 4296 Kamran Hafeez the requirements of Section 255 of the Companies 5. 4313 Muhammad Adnan Akhter Ordinance, 1984 read with Form-35A of the Companies 6. 4331 Asad Hassan (General Provisions and Forms) Rules, 1985 nor as per the 7. 4332 Asma requirements of the International Standard on Related 8. 4334 Ahmar Mehboob Services (ISRS) 4400 (Engagements to Perform Agreed 9. 5520 Mohsin Hussnain Upon Procedures Regarding Financial Information). It was further noted that the said reports issued by the member Associate Members were clearly labelled as ‘Auditors’ Report/Audit Report’, S. No. R. No. Name whereas, the format and the wordings of the reports 1. 8035 Mariyam Haider were not in accordance with the requirements of the 2. 8036 Syed Imran Hasan Zaidi Companies Ordinance, 1984. 3. 8037 Amena Ali Jamall 4. 8038 Muhammad Shafqat Nadeem The Council was of the view that reports issued by the 5. 8039 Bakhtawar member are audit reports in which it was mentioned that 6. 8040 Aladia Ijaz the member has audited the accounts. In case, it was an 7. 8041 Malik Muhammad Omair assignment of preparation of accounts as contended by 8. 8042 Shuja Ur Rehman the member in his correspondence with the Institute, 9. 8043 Saad Hasan Aslam then the requirements of ISRS 4410 (Engagements to 10. 8044 Sana Imran Compile Financial Statements) were also not followed by 11. 8045 Zahid Hussain Zahid the member in this respect. 12. 8046 Umair Jamal 13. 8047 Mohammad Arsalan Siddiqui The Council, after considering the report of the 14. 8048 Mobeen Malik Investigation Committee, the submissions made by 15. 8049 Muhammad Ahsan Maqbool 10 April 2015