EXEMPTIONS AWARDED BY ICAP TO VARIOUS DEGREE, CERTIFICATE HOLDERS

For Other Professional Qualifications
All candidates seeking exemptions are required to apply on the prescribed Exemption form alongwith the fee and supporting documents / certificates as mentioned on the form to the Directorate of Examinations before the prescribed date of submission of Examination forms.
No exemptions shall be given from any ICAP examination or paper(s) thereof to any individual, Professional Accountancy Institution or body or University unless such request:

Is received from the Certificate awarding body;
The said body is making the request on a reciprocal basis; and
The request is subjected to a detailed evaluation procedure to be laid down by ICAP and made transparent.
As per conditions mentioned in Para above, the under mentioned specific exemptions as approved by the Council of ICAP are presently available:

The examination and the training prescribed by the following Chartered Accountancy Institutes will be treated as equivalent to the examinations and training prescribed under the Chartered Accountants Bye-Laws 1983 for the purpose of membership of ICAP:
The Institute of Chartered Accountants in England & Wales (ICAEW);
The Institute of Chartered Accountants in Ireland (ICAI);
The Institute of Chartered Accountants in Scotland (ICAS);
The Institute of Chartered Accountants in Australia (ICAA);
The Canadian Institute of Chartered Accountants (CICA).
Provided that if such members desire to start practice as Chartered Accountants, they will have to pass the papers of “Advanced Taxation” and “Corporate Laws” of the Final Examinations.
Provided also that such members desire to start practice as Chartered Accountant or Management Consultant, he shall do so if his training comprises of atleast two years training with training organization in practice or has undergone further training with training organization in practice so as to complete the aggregate training of two years with training organizations in practice.

Under the Council’s Directive 1.14 dated December 31, 2010 the candidates who have successfully completed all examinations of specified accountancy bodies will be eligible for exemption as follows:

i. Association of Chartered Certified Accountants (ACCA)


ICAP Modules
Papers Exempted
Additional Condition


Pre-Entry Proficiency Test
-

A
Functional English
-

A
Quantitative Methods
-

B
Introduction to Financial Accounting
-

C
Financial Accounting
-

C
Taxation
Exemption will be granted to only those candidates who have passed F6 Taxation (Pakistan variant)

D
Cost Accounting
-

D
Auditing
Exemption will be granted to only those candidates who have passed F8 Audit and Assurance; and P7 Advanced Audit and Assurance


II. Chartered Institute of Management Accountants (CIMA)

ICAP Module
Papers Exempted


Pre-Entry Proficiency Test

A
Functional English

A
Quantitative Methods

B
Introduction to Economics & Finance

B
Introduction to Financial Accounting

C
Financial Accounting

D
Cost Accounting


III.Institute of Cost and Management Accountants of Pakistan (ICMAP)



ICAP Module
Papers Exempted


Pre-Entry Proficiency Test

A
Functional English

A
Quantitative Methods

B
Introduction to Economics & Finance

B
Introduction to Financial Accounting

B
Mercantile Law

C
Financial Accounting

C
Taxation

C
Business Communication & Behavioural Studies

D
Company Law

D
Cost Accounting

D
Information Technology




IV.American Institute of Certified Public Accountants (AICPA)

Candidates who have successfully completed all examinations of American Institute of Certified Public Accountants (AICPA) will be dealt with on case to case basis. Such candidates are advised to complete the prescribed exemption form and submit it alongwith copies of certificates, copies of syllabus certified by AICPA for evaluation.

V. Pakistan Institute of Public Finance Accountants (PIPFA)

Candidates who have successfully completed all examinations of Pakistan Institute of Public Finance Accountants (PIPFA) under the Private Sector Scheme and Syllabi will be exempted from the under mentioned entrance test and examinations of ICAP:

Pre-Entry Proficiency Test (PPT);
Foundation Examinations: All papers of Module A & B


Those candidates who hold graduation degree in addition to the above qualifications may join training at training organizations upon obtaining exemptions from above mentioned paper(s). Such candidates will undergo a continuous training period of 3 years in training organizations. However, if they are unable to pass their Module E and F examinations in first attempt, their training period shall be extended to 3.5 years. Such candidates will attempt their examinations after completing the prescribed eligibility period for trainee students.

Those candidates who do not hold a graduation degree will have to pass the remaining subjects of Foundation & Intermediate Examinations (Module A to D) for being eligible to register as a trainee student