IN 2012 the Institute of Chartered Accountants of Pakistan (ICAP) notified all the audit firms in Pakistan not to recruit any Association of Chartered Certified Accountants (ACCA), UK, in their firms, which were already recruiting ACCAs at meagre stipends.
The ICAP did not stop there, but went further to the extent of cancelling the exemptions it was offering to ACCA students in CA Pakistan degree. Thousands of students of ACCA became jobless as a result of this cruel step of the ICAP.
Taking timely action, ACCA Pakistan officials filed an appeal to the Competition Commission of Pakistan as the action of the ICAP was subject to creating monopoly in accountancy in Pakistan.
Fortunately, the CCP gave its verdict in favour of ACCA Pakistan and fined the ICAP for trying to damage the careers of thousands of Pakistani students.
However, within a few days, the Lahore High Court granted stay to the ICAP against the decision of the CCP till an undisclosed date.
Students of ACCA are facing grave problems in getting jobs in the market. I request the authorities concerned on behalf of ACCA students in Pakistan to resolve this matter immediately.
