Page 11 - NewsletterOctober2015
P. 11
Governance, Transparency and Service to Members & Students www.icap.org.pk Membership of Overseas 2. It was noted that a practicing member, Amir Hussain, FCA (R-2306) failed to address the following irregularities Coordination Committee during the audit of financial statements of a private limited company resulting in non-compliance with the The Council in its meeting held on October 14, 2015 has relevant requirements of the Companies Ordinance, approved names of following members of the Overseas 1984 and the International Standards on Auditing (ISAs). Coordination Committee (OCC), for the term 2015-16: Sarmad Ahmad Khan (R-3721): i) The Statement of Changes in Equity was not Chairman; Mohammad Maqbool (R- prepared/annexed with the financial statements of the 1574); Rashid Ibrahim (R-1504); Riaz Company and the member failed to express his opinion A. Rehman Chamdia (R-2074); and M. on the true and fairness of the Cash Flow Statement and Sharif Tabani (R-1649). the Statement of Changes in Equity; OCC members, being ex-officio presidents of Overseas Chapters of ICAP ii) The member did not address the aforesaid non- Sarmad Ahmad Khan compliances of the Accounting & Financial Reporting members: Muhammad Iqbal: president KSA Chapter; Khalid Mahmood: president UAE Chapter; Standards for Small & Medium Sized Entities and did Kamran Qazi: president UK Chapter: Abdul Aziz Abdul not evaluate properly whether the financial statements Qadir: president Bahrain Chapter. are prepared in all material respects in accordance with the requirements of the applicable financial Canada Chapter president is still to be named by the reporting framework resulting in non-compliance of the managing committee of the chapter, as the result of International Standards on Auditing (ISA) 200 and ISA Canada chapter election was announced on October 14, 700. 2015. iii) The audit report issued by the member on the Professional Misconduct subject financial statements was not dated resulting in non-compliance of Section 257 of the Companies Ordinance, 1984. Findings and Decisions of the Council under Section 20I of the Chartered Accountants iv) The member also failed to provide certain Ordinance, 1961 information which was required by the Institute in respect of the matter. 1. It was noted that the then practicing member, Aamer Amin, FCA (R-1910) failed to provide certain information During the hearing, it was revealed to the Council that required by the Institute in relation to a matter. blank pre-signed letterheads of the member’s firm were maintained for issuing reports on those letterheads The Council after considering the report of the which in view of the Council was not appropriate and Investigation Committee, on the said matter, provided this aspect has further intensified the sensitivity of the an opportunity of hearing to the member which he did offence of the member. not avail. In view of the above, after considering the report of the In view of the above, after considering the report of Investigation Committee, the information and evidence the Investigation Committee and the information and available on record and the submissions made during evidence available on record, the Council decided to hearing, the Council decided to hold Amir Hussain, FCA hold Aamer Amin, FCA guilty of professional misconduct guilty of professional misconduct under Clause (3) of Part under Clause (3) of Part 4 of Schedule I of the Chartered 4 of Schedule I of the Chartered Accountants Ordinance, Accountants Ordinance, 1961 for not supplying the 1961 for not supplying the information called for by the information called for by the Institute. Institute and for not complying with the fundamental principles of 100.4(c) (Professional Competence & Accordingly, the Council decided to reprimand Aamer Due Care) and 100.4(e) (Professional Behaviour) of the Amin, FCA (R-1910) under Section 20D of the Chartered Code of Ethics for Chartered Accountants (May, 2008) Accountants Ordinance, 1961. contained in Directive 6.04 of the Institute. October 2015 11