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ICAP Discussion Forum

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(322 Rate)

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Its an un-official page created with a vision so ICAP members & students may have an open discussion related to its different affairs.

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Featured Articles:

2013-07-19

ICAP is very silent on Govt Jobs. ACCA getting a clear dominance there. Matter of Worry really for ICAP management.rnRef: Express News (19 July, 2013)

2013-07-11

ICMAP Advertised JOB Info Services are much aggressive & user friendly. ICAP also need to update its services in this area. Advertised jobs shared here with courtesy of ICMAP.

2013-07-05

Sitting ICAP council member in Jail? rnrnICAP need to take due care in Election of Council as we already recommended that at least Members reprimanded with name should be declared as ineligible. CA's please awake up to save your parent institute. Like 'ICAP Discussion Forum' to give you input so may be presented to ICAP in a consolidated way.rnrnrnIn an unexpected development – a Pakistani Auditor,Adnan Zaman, has been arrested in a Rs 60 Crore fraud. rnrnAlthough its an old report but the surprising fact about the story is that the auditor Adnan Zaman is a member of ICAP council and Chairman of the Publication Committee. According to his social media profile, he’s also member of the Board of Governors of Pakistan Institute of Public Finance Accountants. (At the time of publication – we cannot confirm from either body about his affiliation and current standing with them)rn According to a report published by DAWN news – The Trade Development Authority of Pakistan (TDAP) paid about Rs 60 Crore to fictitious and bogus exporters under the garb of 25 per cent freight subsidy.rnrnAccording to the report – The ministry of commerce had introduced 25pc freight subsidy to promote export of new products to new markets while covering period for this export was 2002-05.rnrnPayments of Rs 150 Crore were made against the subsidy in 2009-10 while the subsidy claims were more than 100 in numbers. About 60 percent freight subsidy claims were made on fictitious exports documents.rnrnDuring the enquiry it was noted that TDAP/ NBP issued 11 pay orders amounting Rs76.4m under the subsidy scheme in favour of three bogus exporters’ companies namely M/S Vision Match Trading International, M/S Mollosses Traders and M/S Zahoor uddin and Co.rnrnOn scrutiny of account statements of above three companies it was found that from these accounts Rs4.2m transferred to the account of M/S RS International and its manager, proprietor of which is the wife of Mirchoo Mal Kathri, the then project officer of TDAP during 2009-10.rnrnAn amount of Rs 1 Crore were paid on the instructions and directions of Mirchoo Mal from these accounts to Mr. Laxman Das of M/S Shah Latif Brokers against business transactions took place between M/S Shah Latif Brokers and M/S RS International and others as well.rnrn The auditor M/S Avais Haider Noman Rizwani (Chartered Accountant) was appointed for the purpose of verification of subsidy claims by Export Promotion Bureau now TDAP under an agreement executed between them on February 18, 2005.rnrnDuring this period the Export Development Fund (EDF) was embezzled by the concerned TDAP officials, auditor and exporters in abatement of each other by allowing payments to fake exporters.rnrnIn this regard so-called exporters submitted fake freight subsidy claims directly to the auditor and TDAP. These were accepted and verified by the auditor and subsequently payments were made through NBP pay orders. Three separate FIRs have been registered company wise against TDAP officials, Auditors, owners of the companies and others.rnrnAccused Mirchoo Mal, Asim Rizwani and Adnan Zaman Auditors and Muhammad Rafi owner of the companies have been arrested. More arrests are expected as investigation is still continued.

2013-07-04

CCG is a good step but there is still needed a lot of work.

Review

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