Professional Accounting Affiliate Scheme: ICAP authorised to recognise its students as affiliates

The federal government has allowed the Institute of Chartered Accountants of Pakistan (ICAP) to recognize its 2500 students as affiliates. "We were in talks with the government since 2014 to allow the institute to recognize its 2500 students as affiliates and the government has granted us permission this August," said Khalilullah Sheikh, VP South of ICAP, while talking to a group of journalists here on Wednesday.
He added that they are now launching Professional Accounting Affiliate Scheme for those who have completed the required practical training and passed a significant part of advanced stage of CA qualification, so that they can be adjusted in the job market at mid-management level positions. Chairman Education and Training, ICAP, added that this scheme will cover the students from year 2000 and this scheme would further enhance the recognition of ICAP's advanced level students, thereby, further improving their employment and career growth opportunities.
He added that the holder of this certificate will become an officially recognised part of the institute's professional family and would be entitled to use the designation of 'Professional Accounting Affiliate' or 'Affiliate'. Talking about the benefits of this certificate, he said they would become part of the institute's family and use designation of 'Professional Accounting Affiliate' or 'Affiliate' to improve their employment prospects.
"ICAP will monitor their development and progress as they have to complete at least 20 CPD hours of relevant professional development activity in each year. The CPD hours shall be determined in accordance with the CPD measurement policy specified by the Council," he added. He added that this scheme will greatly benefit some 400 plus students every year. "Such advanced stage students are well recognized for their competence locally and internationally, owing to the institute's high quality education, examination system, and rigorous training regime," he added.
The affiliates would receive all the institute's publications and other pronouncements, use libraries and register in CPD programs and other events at special fee applicable to 'Affiliates', said the Director Education and Training and Director Marcom, ICAP.
When asked who are eligible for this certificate, he said all those who have completed the practical training under the bye-laws. "Also, those passed papers of Modules E and F on or before August 1, 2016: Advanced Accounting and Financial Reporting; and any two papers of Modules E and F or equivalent examinations," said the VP South, ICAP.
Moreover, he added, those who have passed the papers of Certified Finance and Accounting Professional examinations effective from August 2, 2016: Advanced Accounting and Financial Reporting; Advanced taxation; and Business Management and strategy or equivalent examinations are also eligible for this certification," added Khalilullah.
He said those fulfilling the above mentioned criteria should fill the online form and pay the one-time certification fee of Rs 2000 along with first year affiliation fee of Rs 5000 either online or through cheques/pay orders. "So far we have received 580 applications and we would contact all such students for the certification," said Khalilullah, adding that the 'Affiliates' should not represent themselves as members of the ICAP as they can become the members only after passing all the remaining papers.