CA Syllabus PDF

Contents
INTRODUCTION
FOUNDATION
M odu le A
Paper A1 Functional English
Paper A 2 Quantitative Methods
7
9
M odu le B
Paper B 3 Introduction to Economics and Finance
Paper B 4 Introduction to Financial Accounting
Paper B 5 Mercantile Law
INTERMEDIATE
12
15
19
21
Module C
Paper C 6 Financial Accounting
Paper C 7 Taxation
Paper C 8 Business Communication and Behavioural Studies
23
26
29
Module D
Paper
Paper
Paper
Paper
D
D
D
D
9 Company Law
10 Cost Accounting
11 Auditing
12 Information Technology
FINAL
32
34
37
40
49
Module E
Paper E 13 Information Technology Management, Audit and Control
Paper E 14 Advanced Accounting & Financial Reporting
Paper E 15 Corporate Laws
Paper E 16 Business Management
51
58
61
66
Module F
Paper
Paper
Paper
Paper
F
F
F
F
17
18
19
20
Management Accounting
Business Finance Decision
Advanced Taxation
Advanced Auditing
The Institute of Chartered Accountants of Pakistan
72
77
81
83
INTRODUCTION
The Institute of Chartered Accountants of Pakistan has tailored its syllabus
keeping in view the latest developments in the accounting profession worldwide.
The Chartered Accountancy courses do not only comprise of the core areas of
accounting but also encompass other relevant areas such as taxation, law,
business management, business finance decision and information technology.
Therefore, our professionals are not only sound in technical knowledge but are
also equipped with the right set of management skills to express their unique
potential, exchange innovative ideas, disseminate prompt and accurate
information and establish leading standards to achieve greater success in
business.
The syllabus booklet aims to explain these areas of study through a detail and
precise description of syllabus of all subjects in the Foundation, Intermediate and
Final Stage Examinations. This would define the study route that the student
needs to follow to study fo his/her examinations.
Students should be consciously aware of their learning abjective right from the
start of their professional studies at the Foundation level. Similarly,. the teachers
at all levels of studies for prospective Chartered Accountants should ensure that
the learning outcomes of all syllabi are aimed not only towards awareness and
completion of the subject but more importantly towards application in each and
every area of the syllabus coverage.
LAYOUT OF THE BOOKLET

Syllabus
The syllabus for each subject is bifurcated into:
Introduction
Indicative Grid
Contents
Please note that the weightages given in the indicative Grid are for guidance
purposes only and some deviations in setting of paper could be expected.
Recommended Reading
The individual syllabi are followed by a list of Recommended Reading which
contains:
Reference Books
Supplementary Study Materials
Students are advised to take caution while studying from Supplementary Study
Material that the edition is latest and covers the syllabus contents.
F O U N D AT I O N
Challenges are what make life interesting; overcoming them what makes life meaningful.
(Joshau J. Marine)
Foundation Examination
Functional English
Module A
PA PE R A 1 : F u n c t io n a l E ng l is h
(100 marks)
Objective
The objective of this syllabus is to help students communicate effectively in English language through
proper usage of vocabulary & knowledge of English grammar.
Indicative Grid
Syllabus Content Area
Weightage
1. Vocabulary
10
2. Practical use of Grammar
40
3. Composition and Comprehension
50
Total
Note:
100
The weightages given above are for guidance purposes only and some deviations in setting
of papers could be expected.
Contents:
1. Vocabulary
a. Frequently confused words
b. Frequently misused words
c. Phrases, synonyms, antonyms, idioms

d. General vocabulary
2. Practical Use of Grammar

a.
b. Sentences
Grammar
i.
ii.
iii.
iv.
v.
Nouns
Pronouns
Verbs
Adjectives
Adverbs
vi.
vii.
viii.
ix.
x.
Prepositions
Conjunctions
Articles
Interjections
Tenses
i.
ii.
iii.
iv.
v.
vi.
vii.
Types of sentences
Parts of sentences
Rules for structuring sentences
Phrases Types and functions
Clauses Types and functions
Direct and Indirect Speech
Active & Passive Voice
c.
Functional English
d. Writing Mechanics
Punctuation
Capitals, Abbreviations
Periods, Question Marks, Exclamation

marks, Semicolons, Colons, Commas,
Apostrophes, Quotation Marks
3. Composition and Comprehension

a. Story writing from outlines
b. Letter writing (informal and formal)
c. Prcis writing
d. Essay writing
e. Comprehension
Recommended Reading
PAPER A 1: Functional English

About the Book
Book Name & Author

1.
High School English Grammar &

Composition by Wren and Martin.
2.
Learners Companion Series Vocabulary

by George Davidson.
}
}
3.
Word Power Made Easy by Norman Lewis.
4.
Understand & Communicate (book 2 and

3) published by FEP International (Pvt.)Ltd.
5.
Concepts (book 3 and 4) by P.C. Wren.
This is a very useful book on grammar and

composition and helps a lot in building a
strong foundation for the language.
These books are very useful on vocabulary and
help immensely in vocabulary building.
These are very useful books on grammar and

comprehension.
Supplementary Study Material

1.
Functional English Study Text and Revision Series by AT Foulks Lynch Pakistan.
2.
Functional English Study Text and Revision Series by Professional Business Publications (PBP).
3.
Prcis writing by R. Dhillon.
4.
Systems Student Companion English for lower secondary schools by Magdalene Chew &
Surinder Kaur.
Quantitative Methods
Module A
PA PE R A 2 : Q u a n t it a t iv e M e t h o d s
(100 marks)
Introduction
The role of an accountant has changed over the years; it has become imperative for him to have
knowledge of various Mathematical and Statistical Techniques, which are being used in Financial
Analysis and Decision Making. The latest research carried out in the above areas is mostly based on
such techniques. The syllabus includes topics which the students will use not only in their later studies
but throughout their career.
Objective
The objective of the course is to train the students in the use of Quantitative Techniques in business
and finance. The students are required to gain thorough theoretical knowledge of the subject and
understanding of the application of such knowledge.
Indicative Grid
Weightage
M a the m at ic s
1.
2.
3.
4.
Basic Mathematics
Financial Mathematics
Calculus
Matrix and Determinants
50
S ta ti s tic s
5.
6.
7.
8.
Statistical Methods
Methods of Least Square & Regression
Probability & Probability Distribution
Sampling & Decision Making
Total
Note:
50
100
Contents:
1. Basic Mathematics
Rates, ratios, percentages; discounts, markup, markdown; indices, exponential and logarithmic
functions.Use of brackets, simplification rules, co-ordinate system, concept of equation, gradient,
equation of straight line, application of straight line in business and economics; simultaneous equations;
quadratic equations; factorization of equations including factorization by completion of squares,
arithmetic progression and geometric progression.
2. Financial Mathematics
Simple interest, present and future values; discounting notes; bank discount; compound interest and
annuities; sinking funds, present value; perpetuities; effective rate of interest.
(Note: The students should be able to use both formulas as well as mathematical table)
3. Calculus
Techniques of differentiation; sum, difference, product and quotient rules of differentiation. Marginal
function, calculation of revenue, cost & profit of marginal unit. Use of second order derivatives; maxima,
minima and point of inflexion.
4. Matrix and Determinants

Addition, subtraction, multiplication, inverse of matrices. Solution of equations using matrix; inequalities,
graphical presentation of inequalities; graphical method for linear programming; problems in graphical
solutions such as no feasible solution, alternative optimum solution, unbounded solutions and redundant
constraints.
5. Statistical Methods
Collection, presentation, tabulation, graphical presentation through graphs, charts and diagrams, stem
and leaf display, box and whisker plot. Measures of central tendencies. Measures of dispersions. Index
numbers, weighted index numbers, concept of purchasing power and deflation of income.
6. Methods of Least Square and Regression

Scatter diagram, linear relationship, simple linear regression lines by method of least square. Simple
linear correlation, Coefficient of correlation, determination and interpretation. Rank correlation
7. Probability and Probability Distribution

Counting techniques, probability, addition law for mutually exclusive and not mutually exclusive events.
Multiplicative laws for dependent and independent events. Binomial, Poisson, hypergeometric and
normal distribution.
(Note: The students should be able to use both formulas as well as mathematical tables)
8. Sampling and Decision Making

Simple random sampling, sampling distribution of mean, standard error of mean. Sampling with and
without replacement. Testing of hypothesis for population mean, difference between population means,
10
population proportion, difference between two population proportions, single population variance and
test of association through z, t and Chi-square. Confidence interval for estimating population mean.
Population and variance. Difference between means, proportion and difference between proportion and
population variance. Problems of determination of sample size for the study of population mean and
proportion.
Note: Although the use of scientific calculators is allowed, the use of programmable calculators/
devices is not allowed. (Refer our website ww.icap.org.pk for list of permissible calculators)
Recommended Reading
PAPER A 2: Quantitative Methods

Book Name & Author
About the Book
Mathematics
1.
Mathematics
Applied Mathematics
for Business and
for Finance
Business,
by
Economics
Hamid
A Hakeem
and the Social Sciences by
Frank S. Budnick.
Business Mathematics by M. M. Hasan and
M.
Mathematics
A. Mirza for Business and Finance by
Hamid A Hakeem.
Theabook
almost
all cover
the topics
Its
very covers
useful book
and
mostwith
of the
easy examples
and is a good question bank.
topics
of syllabus.
3.
Mathematics
Business
Mathematics
for Business
by M.
and
M.Economics
Hasan and
M. A.
by
Robert
Mirza.
H. Nicholson.
for Finance
The book
book is
is useful
specifically
writtenMathematics.
for students of
finance and management and covers the entire
syllabus.
4.
Mathematics for Business and Economics

by Robert H. Nicholson.
The book is useful for Financial Mathematics.
2.
2.
The book is specifically written for students of

finance
and
management
the easy
The
book
covers
almost alland
the covers
topics with
entire syllabus.
examples
and is a good question bank.
Business Statistics
1.
5.
2.
6.
3.
7.
Mathematics Statistics
Introductory
for Business
for and
Economics
Finance by
and The book covers almost
the entire
all syllabus
the topics
and
with
is very
Management
Hamid
A Hakeem
by Hamid A Hakeem.
easy examples
useful
covering and
theoretical
is a good
as question
well as practical
bank.
aspects of statistics.
Business Mathematics by M. M. Hasan and The book is specifically written for students of
M.
Statistics
A. Mirza Concepts and Methods by The
finance
book
and management
is very useful
and covers
for conceptual
the
Khursheed Alam.
entire syllabus. of statistics.
understanding
Mathematics to
Introduction
forStatistics
Business(Third
and Economics
edition) by The book
bookis useful
is very
for Finance
useful Mathematics.
especially for:
Ronald
by
Robert
E. Walpole.
H. Nicholson.
probability, normal distribution and hypothesis
testing.

1.
Quantitative Methods Study Text and Revision Series by AT Foulks Lynch Pakistan.
2.
Quantitative Methods Study Text and Revision Series by Professional Business

Publications (PBP).
11
Introduction to Economics & Finance
Module B
PA PE R B 3 : I n t r o d uc t io n t o E c o n o m ic s & F in a n c e
(100 marks)
Introduction
The object of the course is to enable candidates to equip themselves with the main economic concepts
and their use, relevance in economic analysis and as an introduction to the economic environment of
trade, industry and banking as well as to methods of analysis relevant to the study of financial decisions.
Indicative Grid
Weightage
1. Economic Concepts
10
2. Microeconomics
40
3. Macroeconomic
50
Total
Note:
100
Contents:
1. Economic Concepts
a.
b.
c.
d.
e.
f.
Basic concepts;
Natural resources, labour, capital and enterprise;
Allocation of scarce resources production, distribution and consumption;
Production possibility frontier and the opportunity cost;
Key characteristics of market economy, planned economy and mix economy;
Microeconomics and Macroeconomics.
2. Microeconomics
a) Concept of Market
i.
ii.
iii.
iv.
v.
vi.
Market forces of demand and supply;

Demand and supply;
Equilibrium of demand and supply;
Elasticity of demand and supply;
Utility analysis and indifference curve;
Consumer, producers and efficiency of
market.
b) Theory of the Firm

i.
ii.
iii.
iv.
v.
vi.
Production function and isoquants;

Cost, revenue and profits;
Maximization of profits;
Cost and revenue curves;
Distinction between long run and short
run assumptions;
Equilibrium of firm under perfect
competition, monopoly, oligopoly and
monopolistic conditions.
12
c) Factors of Production
i.
ii.
iii.
Laws of returns;
Pricing of factors of production
Marginal productivity theory.
3. Macroeconomics
a.
National Income
i.
ii.
iii.
iv.
v.
vi.
Circular flow of income;

Measurement of national income including knowledge of basic concepts like GDP, GNP, NNP;
Marginal propensity to consume and save;
Consumption, saving and investment functions;
Multiplier and accelerator;
Equilibrium of national income;
b. Government and the Economy

i.
ii.
iii.
iv.
v.
c.
Fiscal Budget
Unemployment;
Inflation;
Growth, price stability and employment;
Recession
Fiscal Policy
i.
ii.
Direct and indirect taxation;

Principles, methods and forms of taxation.
d. Money & Monetary Policy

i.
ii.
iii.
iv.
v.
vi.
vii.
e.
Types of money;
Value of money;
Nature and functions of money;
Definitions of banking, banking system and its institutions;
Financial intermediaries;
Role of State Bank;
The supply of money and interest rate policy.
Capital
Role of the money and capital markets.
f.
International Trade
i.
ii.
iii.
iv.
v.
vi.
Trade and balance of payments;

Foreign exchange rates (floating and fixed exchange rates) their nature, function and
determination;
Trade and its determinants;
Markets and demand for imports and exports;
Open Economy (Basic concept)
Introduction to World Trade Organization
13
Recommended Reading
PAPER B 3: Introduction to Economics and Finance

Book Name & Author
1.
2.
2.
3.
3.
About the Book
Mathematics
Modern Economic
for Business
Theory by
andK.Finance
K. Dewett.
by
Hamid A Hakeem
covers all
almost
allofthe
topics with
The book covers
topics
syllabus,
written in
easy examples
and language.
is a good question
bank.
simple
and plain
It is especially
useful for micro economics.
Business Mathematics by M. M. Hasan and The book is specifically written for students of
M.
Introduction
A. Mirza to Economics & Finance by
finance
and ismanagement
covers
The
book
specificallyand
written
fortheICAPs
Abdul Haleem Khawaja.
entire syllabus.
students
and contains all syllabus areas. It is
especially recommended for macro economics.
Mathematics for Business and Economics
The book is useful for Finance Mathematics.
by
Economics
Robert H.byNicholson.
Samuelson and Nordhaus. The book covers almost all topics of syllabus in
detail.
4.
Macro Economics by Paul Crompton,

Michael
Swann,
Sandra
Hopkins,
William A. McEachen.
This book covers the entire syllabus contents

and includes case study questions which will
help students in studying the subject with a
practical point of view.
5.
The Monetary and Financial System by

David Goacher.
The book discusses all the relevant topics at an

introductory stage in simple language.

1.
Introduction to Economics & Finance Study Text and Revision Series by AT Foulks Lynch
Pakistan.
2.
Introduction to Economics and Finance Study Text and Revision Series by Professional Business
Publications (PBP).
3.
First Principles of Economics: by Richard G Lipsey and Colin Hardbury.
4.
Stanlakes Introductory Economics: by SJ Grant.
14
Introduction to Financial Accounting
Module B
PA PE R B 4 : I n t r o d uc t io n t o F i n a n c ia l Ac c o un t i n g
(100 marks)
Objective
The objective of this course is to enable candidates to understand fundamentals of accounting theory;
apply theory to basic financial accounting and prepare accounting statements of sole proprietorships
and partnerships. To develop knowledge and understanding of financial statements and the techniques
used to prepare financial statements including necessary underlying records.
Indicative Grid
Weightage
1. Introduction to business and accounting theory
10
2. Financial accounting practices
35
3. Receipt and payment accounts, income and expenditure

accounts and preparation of accounts from incomplete
records
20
4. Other specialized areas
35
Total
Note:
100
Contents:
1.
a) Introduction to business and accounting theory

i. Definition and scope of business;
ii. Economic setup of business;
iii. Organization structures;
w
Sole proprietorship;
w
Partnership (its merits and demerits);
w
Limited Companies (their advantages
and disadvantages);
iv. Types of finances including

w
Long term finance;
w
Short term finance;
15
v.
vi.
vii.
viii.
ix.
Commercial Banks;
Stock Exchange
Insurance Companies;
Procurement and production of goods;
Marketing and sales;
x.
Marketing channels;
w
Sole Distributors;
w
Wholesalers and;
w
Retailers.
b) Accounting Theory
i
Fundamental accounting concepts including:

w
w
w
w
w
w
w
w
Accrual basis
Consistency
True and fair view
Materiality
Prudence
Completeness
Going Concern
Substance over form
ii
Financial statements;
w
w
w
w
iii
Components
Responsibility
Presentation
Users of financial statements;
Asset valuation alternatives;

w
w
w
w
Historical cost;
Fair value;
Net realizable value;
Replacement cost;
2. Financial accounting practices

a)
Accounting Records
i.
ii.
Petty cash book and imprest system;

Cash books (including transactions
with banks and their documentation);
iii. Sales journal and the sales ledger;
iv. Purchase journal and the purchase
ledger;
v. General journal;
vi. General ledger
vii. Computerized Accounting
b) Introduction to Double Entry
i.
ii.
iii.
iv.
v.
vi.
Double entry System, Accounting

Equation and Rules of Debit & Credit
Concept of capital and revenue
expenditure;
Concept of liability and income
Effect of profit or loss on capital;
Balancing of accounts;
Trial balance;
c) Adjustments before Final Accounts

i.
Methods and recording of

depreciation on Fixed Assets;
ii. Provisions for bad debts/ write off;
iii. Provisions for discounts on debtors;
iv. Prepayments and accruals;
v. Inventory adjustments
vi. Bank reconciliation and related
adjustments;
vii. Control accounts reconciliation and
adjustments
viii. Errors in trial balance
ix. Suspense accounts
x. Other adjustments;
d) The Final Accounts of Sole Traders &
Partnership
i.
ii.
iii.
Statement of financial position

Statement of comprehansive income
Cash flows statements
16
3. Receipt and payment accounts and accounts from incomplete records

a)
b)
c)
Receipt and payment accounts;

Income and expenditure accounts;
Preparation of accounts from incomplete records.
4. Other specialized areas

a) Accounting for inventories (IAS-2)
i
ii
iii
iv
Cost formulas (LIFO/ FIFO/ weighted average cost);

Cost of inventories (cost of purchase, cost of conversions, other costs);
Measurement of inventories (lower of cost or Net realizable value);
Presentation of inventories in financial statements.
(Note: Cost Ac co un ting t ec hniqu es will no t be te ste d at th is sta ge )
b) Accounting for property, plant and equipment (IAS-16)

i
ii
iii
iv
Initial measurement of property, plant & equipment (components of cost, exchange of

assets);
Subsequent costs;
Depreciation Unit of measure, depreciable amount, depreciation period and
depreciation method
Derecognition
c) Branch accounts (excluding foreign branches);

d) Treatment of the following in partnership accounts:
i
ii
iii
Admission;
Retirement / death of partner (excluding life insurance policies, annuities etc);
Goodwill.
Note:
Reference to IAS shall be deemed to have been changed whenever the same is replaced by a
new reporting standard.
17
Recommended Reading
PAPER B 4: Introduction to Financial Accounting

About the Book
Book Name & Author

1.
Accounting The Basis of Business The book is very useful for conceptual
Decisions by Meigs William Haka Bettner.
understanding.
2.
Modern Accountancy
Mukherjee & Hanif.
3.
Business Accounting by Frank wood and The book contains almost all syllabus areas
Alan Sangster.
and is recommended for: accounting theory,
financial accounting practices, branch
accounts, syllabus topics of partnership etc.
4.
Gripping IFRS Vol.I
5.
Framework for the preparation and The book contains detailed material including
presentation of financial statements and background, rationale and practical examples
International Accounting Standards(1, 2 of various topics included in the syllabus.
and 16) issued by IASB and is published by
ICAP as IFRS Bound Volume 1.
(Volume
1)
by The book covers substantial part of the syllabus

and is very useful for: final accounts of sole
traders and partnership, receipts and payments
accounts, accounts from incomplete records,
branch accounts, and syllabus topics of
partnership.
published by ICAP. Chapters related to inventories (IAS-2) and

fixed assets (IAS-16) may be studied from this
book.

1.
Introduction to Financial Accounting Study Text and Revision Series by AT Foulks Lynch
Pakistan.
2.
Introduction to Financial Accounting Study Text and Revision Series by Professional Business
Publications (PBP).
18
Mercantile Law
Module B
PA PE R B 5 : M e r c a n t i le L a w
(100 marks)
Objective
The syllabus aims to enable the students to develop a professional approach towards matters
connected with Mercantile Law in the performance of their duties as Chartered Accountants.
Indicative Grid
Weightage
1. Introduction to legal system

2. Contract Act 1872
40
3. Partnership Act 1932

4. Negotiable Instruments Act 1881
30
5. Sale of Goods Act 1930

6. Trust Act 1920
7. Carriage of Goods by Sea Act 1925
30
Total
Note:
100
Contents:
1. Introduction to Legal System
Sources of law; process of legislation; and
the legal system in Pakistan
2. Contract Act 1872

All sections
3. Partnership Act 1932

All Sections
4. Negotiable Instruments Act 1881
5. Sale of Goods Act 1930

All Sections
6. Trust Act 1920

Duties and Liabilities of Trustees; Rights,
powers and liabilities of the beneficiary;
Revocation of Trust
7. Carriage of Goods by Sea Act 1925

All Sections
All Sections
19
Mercantile Law
Recommended Reading
PAPER B 5: Mercantile Law

Book Name & Author
1.
About the Book
Bare Acts: Contract Act 1872, Sale of

Goods Act 1930, Partnership Act 1932,
Negotiable Instruments Act 1881, Trust Act
1920 and Carriage of Goods by Sea Act
1925.
Bare Acts are the primary source and also

contain a large variety of practical examples.
2.
Elements of Mercantile Law by N.D Kapoor. This book covers the entire syllabus and is
written in simple language.
3.
Mercantile Law by M.C. Kuchhal.
4.
Mercantile Law by M.C. Shukla.
6.
Mercantile law by Luqman Baig.
This book covers most of the syllabus area

especially useful for the topic Introduction to
Legal System.
5.
Business Law: Khalid Mehmood Cheema.
A concise book on mercantile

recommended for revision purposes.
These books cover most of the syllabus area.
law,

1.
Mercantile Law Study Text and Revision Series by AT Foulks Lynch Pakistan.
2.
Mercantile Law Study Text and Revision Series by Professional Business Publications (PBP).
20
I N T E R M E D I AT E
Clear your mind of cant

(Samuel Johnson)
Intermediate Examinations
Financial Accounting
Module C
PA PE R C 6 : F i na nc ia l Ac c ou n t i n g
(100 marks)
Objective
This course is designed to provide understanding of accounting methods and procedures as followed
by business organizations. It systematically covers the accounting process of classification,
summarization, presentation in the light of established accounting practices and application of
principles set out by International Accounting and Reporting Standards in the preparation of financial
statements.
The course is built on the basic accounting techniques covered in Paper B 4 and is designed to develop
and broaden the knowledge and understanding of more financial accounting concepts.
Indicative Grid
Weightage
1. Accounts of limited companies
25
2. Specialized accounting treatments
40
3. Other accounting and reporting issues
35
Total
Note:
100
Contents:
1. Accounts of limited companies
a) Accounting and preparation of Financial Statements of limited companies in line with the
requirement of the Companies Ordinance, 1984 and International Financial Reporting
Standards (referred to at the end of syllabus); (excluding liquidation. reconstruction, merger
and consolidation);
b) Significant accounting ratios and their relationship.
2. Specialised accounting treatments

a) Accounting for Income Taxes
i
ii
iii
Current year tax;

Prior years tax;
Deferred tax.
23
b) Accounting treatment of tangible and intangible assets including their recognition,

derecognition, depreciation / amortization and subsequent remeasurement (revaluation,
impairment, fair value etc);
c) Accounting treatment of contingent losses and contingent gains;
d) Related party disclosures;
e) Revenue Recognition
3. Other accounting and reporting issues

a) Conversion of partnerships to a limited company and merger of firms;
b) Accounting treatment of profit and loss for the period including:
i
Changes in accounting policies;
ii
Changes in accounting estimates and errors;
iii Events occurring after the balance sheet date;
c) Recognition of borrowing costs.
d) Accounting for leases
The IFRS included in Syllabus are:

IAS 1
IAS 12
IAS 24
IAS 2
IAS 16
IAS 36
IAS 7
IAS 17
IAS 37
IAS 8
IAS 18
IAS 38
IAS 10
IAS 23
Note:
1.
2.
3.
All items included in the syllabus of Introduction to Financial Accounting paper of Module B
may again be tested in the above paper.
To encourage proper understanding and application of knowledge no questions requiring
word by word reproduction of contents of IASs \ IFRS will be asked.
Reference to local and international pronouncements shall be deemed to have been changed
whenever the same is replaced by a reporting standard.
24
Intermediate Examinationss
Recommended Reading
PAPER C 6: Financial Accounting

Book Name & Author
About the Book
1.
Gripping IFRS Vol.I published by ICAP.
The book contains useful material on various

IASs/IFRS with examples.
2.
Gripping IFRS Graded Question published

by ICAP.
The book contains useful question bank on

various IASs/IFRS.
3.
Framework for preparation and presentation

of financial statements and International
Accounting Standards (listed in syllabus)
published by ICAP as IFRS Bound Volume 1.
The book contains detailed material including

background, rationale and practical examples
of various topics included in syllabus.
4.
IFRS Practical Implementation Guide and

Workbook (Wiley Series) by Abbas Ali
Mirza, Graham J. Holt and Magnus Orrell
(Relevant topics).
It contains interpretation of IFRS with practical

examples.
5.
Companies Ordinance, 1984; (Fourth &

Fifth Schedules and provision related to
preparation of accounts of limited
companies).
Preparation of financial accounts of a limited

company is regulated by the Companies
Ordinance 1984 and therefore it is necessary to
study it to understand the disclosure
requirements.
6.
The following books by Javed H. Zuberi:

i.
Company Accounts
ii. Preparation and interpretation of
financial statements
iii. Cash Flow Statements
iv. Accounting for leases
Each book explains the concerned topic in

context of accounting treatment prescribed by
IASs.

1.
Financial Accounting Study Text and Revision Series by AT Foulks Lynch Pakistan.
2.
Financial Accounting Study Text and Revision Series by Professional Business Publications
(PBP).
3.
Published financial statements of listed companies.
25
Taxation
Module C
P AP ER C 7 : T a x a t i o n
(100 marks)
Objective
The aim of this paper is to develop basic knowledge and understanding in the core areas of Income
Tax and its chargeability as envisaged in the Income Tax Ordinance 2001 and the Income Tax Rules
2002 (relevant to the syllabus), Sales Tax Act 1990 and the Sales Tax Rules (relevant to the syllabus).
Indicative Grid
Weightage
1. In co me T ax
a. Basic concepts of taxation
15
b. Heads of income, Computation of income,

Determination of tax liability
40
c. Types of persons and their taxation
10
d. Procedures and Administration

e. Income Tax Rules 2002
10
2. Sales T ax
Prescribe chapters of Sales Tax Act and Rules.
Total
25
100
Note:
a. Finance Act / Ordinance, Notifications and circulars issued within a period of less than 4
months from the date of examination shall not be tested
b. Chapters, Parts and Divisions not mentioned here specifically are excluded from the syllabus.
However, it is clarified to eliminate any ambiguity that if only a chapter is mentioned it includes
all parts and if only a part is mentioned it includes all divisions.
c. The weightages given above are for guidance purposes only and some deviations in setting of
papers could be expected.
d. Students are not expected to remember the tax rates. Same if applicable shall be given in the
question paper.
26
Taxation
Contents:
1. Income Tax Ordinance 2001
a
Basic concepts of taxation

i.
ii.
iii.
Chapter I
Chapter II
Chapter IV
Preliminary (concepts of terms defined)

Charge of tax (excluding section 7)
Common rules (Part I & II)
b. Heads of income, Computation of income, Determination of tax liability
c.
i.
Chapter III
ii.
iii.
iv.
Chapter IX
Chapter X Part V
Chapter XII
Tax on taxable income (excluding Sec

29A, 30 & 31)
Minimum tax
Advance tax and deduction of tax at source
Transitional Advance Tax provisions
Types of persons and their taxation

i.
ii.
iii.
iv.
Chapter
Chapter
Chapter
Chapter
V Part I
V Part II - Div I
V Part III
VII Part II
Central concepts
Individuals
Association of persons
Taxation of foreign-source income of
residents
d. Procedures and Administration

i.
ii.
iii.
iv.
v.
vi.
e.
Chapter
Chapter
Chapter
Chapter
Chapter
Chapter
X Part I
X Part II
X Part III
X Part IV
X Part VIII
XI Part I
Returns
Assessments
Appeals including Alternative Dispute Resolution
Collection and recovery of tax (Sections 137 to 140)
Audit (Section 177)
Administration General (excluding section 224 to 227)
Income Tax Rules 2002
The rules related to the above chapters of the Income Tax Ordinance 2001 shall also be examined
2. Sales Tax Act 1990

i.
ii.
iii.
iv.
v.
Chapter
Chapter
Chapter
Chapter
Chapter
I
II
III
IV
V
Preliminary (concepts of terms defined)

Scope and payment of tax
Registration
Book keeping and invoicing requirements
Returns
vi. The following rules (excluding annexure and forms) of the Sales Tax Rules 2006 related to
the relevant chapters of the Sales Tax Act may be examined. Rules other than the following
shall not be examined at this stage:
w
w
w
w
Chapter
Chapter
Chapter
Chapter
I
II
III
IV
Registration, Voluntary registration and De-registration

Filing of returns
Credit and Debit Note and Destruction of Goods
Apportionment of Input Tax
27
Business Communication & Behavioural Studies
Module C
PAPE R C 8 : Bu s ine s s C om m un ic at io n & Be h av io ur a l S tu di es
(100 marks)
Objective
The course aims to introduce students to the key concepts of business communication and their
application. The course also intends to incorporate an understanding of the concepts of organizational
behaviour to develop problem solving skills, negotiation skills and leadership qualities in the students.
Indicative Grid
Weightage
1. Principles of Effective Business Communication
25
2. Communication methods and skills
40
3. Organizational Behavior
35
Total
Note:
100
Contents:
1. Principles of Effective Business Communication
a.
Introduction
i
ii.
iii.
Concepts and benefits of effective communication

Components of communication including effective listening
Problems of communication
b. Basic Principles of Business Communication

Seven Cs of effective communication
c.
Interpersonal Communication (IPC)

i.
ii.
iii.
Universals of IPC
Axioms of IPC
Types of IPC
29
2. Communication Methods and Skills

a.
Business Messages
i.
ii.
iii.
iv.
v.
vi.
vii.
viii.
ix.
Planning before communication

Basic organizational plans
Appearance and design
Letters to customers
Circular letters
Job application and Curricular Viatea (Rsum)
Good news messages & bad news messages
Persuasive messages
Business letters, memos, faxes and e-mail
b. Meetings
Preparation of Agenda, Notice and Minutes of meetings
c.
Report and proposal writing

i
ii.
iii.
Short report
Long report
Proposals
3. Organizational Behaviour (OB)

a.
Introduction
i.
ii.
iii.
Approaches to Organizational Behaviour

Definitions and characteristics of OB
Challenges faced by the management Globalization, Information Technology,
Diversity and Ethics
b. Organizational processes
i.
ii.
iii.
c.
Organizational structure & design (principles of organization, different ways of structuring

organization)
Organizational Change (nature of change process, resistance to change)
Organizational culture (concept, dysfunctional aspect of culture)
Individual Behaviour
i.
ii.
iii.
iv.
Perception
Attitude
Job Satisfaction
Job Stress
30
d. Motivation
i.
ii.
iii.
iv.
v.
Types of Motivation
Theories of Motivation
Applications Job Design
Goal setting and Management by Objectives (MBO)
Management by Exception (MBE)
e. Leadership
i.
ii.
iii.
iv.
Type of Leadership
Theories of Leadership
Applications Roles, Activities, Skills of Leaders
Group Dynamics and teamwork (types of groups, group formation, group structure, individual
in groups, team work)
f. Conflict and Negotiation

i.
ii.
iii.
iv.
Levels of Conflict
Conflict Resolution
Negotiation & Stages of Negotiation
Peculiar Negotiation Situations
Recommended Reading
PAPER C 8: Business Communication and Behavioural Studies

Book Name & Author
About the Book
1.
The Effective Business Communication by

Herta A Murphy, Herbert Hildebrandt, Jane
P. Thomas.
2.
Organizational Behavior by Stephen P.

Robbins.
3.
Organizational Behavior by Fred Luthans.
The book covers substantial part of the syllabus

area of business communication.
These are very useful books for understanding

the theoretical and practical aspects of
organizational behavior.

1.
Business Communication and Behavioral Study Text and Revision Series by Professional
Business Publications (PBP).
2.
Business Communication and Behavioral Study Text and Revision Series by AT Foulks Lynch
Pakistan.
31
Company Law
Module D
P AP E R D 9 : C O M PA N Y LA W
(100 marks)
Objective
This course aims to provide candidates with knowledge of the Companies Ordinance, 1984 and to
develop amongst them an understanding of their application to corporate and other business
environment, excluding advanced topics such as provisions relating to arbitration, arrangements and
reconstruction, prevention of oppression and mismanagement, winding up etc. that are covered at the
Final Examination stage.
Indicative Grid
Weightage
1. The Companies Ordinance, 1984 Sections 1 to 51

2. The Securities and Exchange Commission of Pakistan
Act, 1997
20
25
55
Total
Note:
100
Contents:
1.
The Compani es Or dinanc e, 1984 Se ctions 1 to 51
a.
b.
c.
d.
e.
Part I; Preliminary (concepts of terms defined)

Part II; Jurisdiction of courts
Part III; Section 12 and Section 13
Part IV; Incorporation of companies and matters incidental thereto
First schedule to the Companies Ordinance, 1984
32
Company Law
2.
The Se curi ti es a nd Ex cha nge Commis sion of P ak is ta n Act, 1997
3.
a. Part V; Prospectus, allotment, issue and transfer of shares and debentures, deposits,
etc.
b. Part VI; Share capital and debentures.
c. Part VII; Registration of mortgages, charges etc.
4.
a. Part VIII Management and Administration (excluding investigation & related matters)
b. Third Schedule to the Companies Ordinance, 1984
Recommended Reading
PAPER D 9: Company Law

Book Name & Author
About the Book
1.
Complete Company Law S. A. Salam

(Relevant topics).
Bare Law and brief explanation thereon are

included in the book.
2.
Practical Approach to the Companies

Ordinance, 1984 by Nazir Ahmed Shaheen
(Relevant topics).
The book is useful for understanding practical

application of law.

1.
Company Law Study Text and Revision Series by A T Foulks Lynch Pakistan.
2.
Company Law Study Text and Revision Series by Professional Business Publications (PBP).
33
Cost Accounting
Module D
PA PE R D 10 : Co s t A c c o u nt in g
(100 marks)
Objective
The course is designed to equip candidates with fundamentals of accounting for material, labour and
manufacturing expenses; an understanding of the importance of the role of cost accounting in planning
and controlling the wide range of organizational and manufacturing cost. The students are expected to
acquaint themselves with a comprehensive knowledge of established practices of cost accumulation
methods and learn the application of this knowledge to basic planning, control and decision making.
The course also covers job order, process costing and standard costing systems.
Indicative Grid
Weightage
1. Cost Concepts, Uses and Classification

2. Elements of Cost Accounting
i. material
ii. labour
iii. overhead
40
3. Costing Systems
4. Cost Behaviour
30
5. Planning and Control

6. Decision Making
30
Total
Note:
100
Contents:
1. Cost Concepts, Uses and Classification
a. The nature and scope of Cost Accounting; Sources of Cost data
b. Definition of and distinction between financial accounting, cost accounting and management
accounting
c. The concept of Cost for different types of entities
d. Cost classification
34
Cost Accounting
2. Elements of Cost Accounting

a.
Material
i.
ii.
iii.
iv.
Material purchasing, receiving and issuing procedures and its documentation

Inventory recording system (Perpetual and Periodic)
Basis of valuation Cost formulas
Stock taking, Reconciliation of Bin Card and Stock Card, and adjustments for inventory
differences
v. Valuation of inventory at lower of Cost and NRV
vi. Economic Order Quantity and Inventory Levels
vii. Segregation of material for selective control (ABC Plan)
b. Labour
i.
ii.
iii.
iv.
v.
c.
System and documentation

Basis for Labour Cost Control
Labour turnover, Productivity and Efficiency measurement
Accounting entries for payroll and statutory deductions
Wage incentive plans (piece work plan, bonus and group bonus plans)
Overheads
i.
ii.
iii.
iv.
Manufacturing expenses actual and applied

Over or under applied overhead
Concept of production & Service Departments
Basis of apportionment and allocation of service department overheads to production
department
3. Costing Systems
a.
b.
c.
d.
e.
f.
g.
h.
Fundamentals of Cost Accounting Information System

Manufacturing Cost Accounting Cycle
Chart of accounts
Factory Ledger and accounting entries
Reconciliation of Cost and Financial accounts
Job order Costing
Process costing
Treatment of Joint Products and By-Products
4. Cost Behaviour
a.
b.
c.
d.
e.
f.
Analysis of fixed, variable and semi variable expenses

Direct cost and Indirect cost
Cost estimation using high-low points method and linear regression analysis
Marginal costing and Absorption costing
Product cost and Period cost
Breakeven analysis and charts
35
Cost Accounting
5. Planning and Control

a.
b.
c.
d.
e.
f.
Principles of Budgeting
Cash Budgets
Revenue Budgets
Flexible Budgets
Projected Income statement and Balance Sheet
Standard Costing concepts
6. Decision Making
a.
b.
c.
d.
e.
f.
g.
Opportunity Cost
Relevant Cost
Make or buy decisions
Pricing for special orders
Further processing decisions
Utilization of spare capacity
Decision with limiting factors (excluding linear programming)
Recommended Reading
PAPER D 10: Cost Accounting

Book Name & Author
About the Book
1.
Cost Accounting, Planning and Control by

Matz and Uzry.
The book covers almost all the parts of the

syllabus and ensures concept building by
giving examples on related topics especially
good for variances analysis and process
costing.
2.
Management and Cost Accounting by

Colin Drury.

giving a variety of questions for each topic.
3.
Cost accounting by T. Lucey.
It is a very useful book especially for theoretical

aspects of costing.

1.
Cost Accounting Study Text and Revision Series by A T Foulks Lynch Pakistan.
2.
Cost Accounting Study Text and Revision Series by Professional Business Publications (PBP).
36
Auditing
Recommended Reading
PAPER D 11: Auditing

Book Name & Author
About the Book
International Standards on Auditing,

International Framework for Assurance
Engagements and International Standards
on Review Engagement issued by IAASB &
IAPC and published by ICAP as Handbook.
(ISAs and ISRE mentioned in syllabus).
The book covers all topics of syllabus except

for Laws and Regulations contained in
Companies Ordinance, 1984.
2.
Code of Ethics for Chartered Accountants

issued and included in Handbook given at
(1) above.
Part B of the Code covers the topics of client

acceptance and continuance procedure.
3.
Companies Ordinance, 1984.
Provisions related to Appointment, Removal,

Report etc. of auditor of limited companies are
also governed by the Companies Ordinance
1984.
4.
Advanced Auditing by Dr. Khawaja

Amjad Saeed.
5.
Practical Auditing by Javed H. Zubairi.
1.
It contains detailed material including

background, rationale and practical examples
of each subject of the syllabus.
These books contain almost all syllabus areas

and explain various topics in context with the
ISAs.

1.
Auditing Study Text and Revision Series by A T Foulks Lynch Pakistan.
2.
Auditing Study Text and Revision Series by Professional Business Publications (PBP).
39
Information Technology
Module D
PA PE R D 12 : I n f o rm a t io n T e c h n o lo g y
(100 marks)
Objective
The objective of this syllabus is to provide the students with adequate knowledge of the following areas
and their applications with particular reference to business and finance:
a.
b.
c.
d.
e.
f.
Computer hardware and software.

Important elements and concepts of information systems.
Basic principles of computer programming
Computer software application.
IT Security and controls .
Practical experience on performing various general procedures and use of standard packages
Indicative Grid
Weightage
1. Computer Hardware and Related Matters
10
2. Information Systems
10
3. Computer Programming and Software Applications
20
4. System Development and Internal Controls
20
5. Computer Practical Examination
40
Total
Note:
100
Contents:
1. Computer Hardware and Related Matters:
1.1 Parts and accessories of computer
i.
Recent developments in computer hardware
1.2 Networking
i.
ii.
iii.
Networking components
Network configuration and design
Types of networks
iv. Use of communication devices

vi. Transmission medium
vii. Network administration and controls
40
2. Information Systems:
a.
Fundamentals of Information Systems

i.
ii.
General system concepts

System architectures
b. Organizational Information Systems

i.
ii.
iii.
iv.
v.
vii.
viii.
ix.
c.
Information flow in an organization

Management Information System
Transaction Processing Systems
Financial reporting systems
Order processing and inventory control systems
Personnel systems
Sales and marketing systems
Integrated systems
Commonly used ERPs
d. Knowledge Based Systems

i.
ii.
iii.
e.
Decision Support System (DSS)

Executive Information System (EIS)
Expert System (ES)
Transaction processing in business and accounting applications

i.
ii.
iii.
iv.
v.
vi.
vii.
viii.
ix.
x.
xi.
General application processing

Data entry/ capturing / editing
Master file update
Reporting and queries
Processing modes
Batch processing
On-line processing
Real time processing
Distributed processing
Multi tasking
Multi processing
3. Computer Programming and Software Applications:

a.
Introduction to Computer Programming

Basic principles and concepts of program writing
b. Flow Charts
i.
ii.
Benefits and limitation of flowcharts

Types of flowcharts
41
c.
Decision Tables
i.
ii.
Benefits and limitation of decision tables

Types of decision tables
d. Computer Aided Software Engineering (CASE)

Types of CASE tools, their applications and advantages
e.
Operating System
Introduction to commonly used operating systems including DOS,
Windows, Novell NetWare, Unix and Linux
f.
Utility Software
Compression utilities, disk maintenance utilities, antivirus programs and audio and video
software etc., their features, benefits and limitations
g. Communication Software
Features, benefits and limitations of Internet browsers, email software, chatting programs,
telephony via Internet and video conferencing etc.
h. E-Commerce
Basic concepts covering:

i.
ii.
iii.
iv.
v.
vi.
Current trends in e-commerce

E - commerce Tools and technologies
Electronic data capture
Publishing systems
Communication systems
E-commerce services for example electronic trading, online banking and online information
services etc.
vii. Electronic Payment Systems
viii. Payment options
ix. Security technologies
i.
Web Hosting and Surfing

i.
ii.
iii.
Website hosting
Downloading software from web
Use of search engines
42
4. Introduction to System Development and Control Activities

a.
Systems Development Life Cycle (SDLC)

i.
ii.
iii.
iv.
v.
Feasibility study based on investigation and analysis of existing systems

Structured systems analysis, planning, designing and implementation
Evaluation and control of Information Systems and needs
Documentation
Post implementation review
b. Data organization and access Methods

i.
ii.
iii.
c.
Data structures and file organizations

Access methods and file maintenance
Types of data files
Database Management System (DBMS)

Introduction to commonly used DBMS like Oracle and SQL Server etc. (their characteristics,
advantages and limitations)
d. Control Activities
Introduction to:
i.
ii.
iii.
iv.
e.
Control over Data Integrity, Privacy, and Security

i.
ii.
iii.
iv.
v.
f.
Control design
General controls
Preventive, detective and corrective controls
Audit trails
Logical access controls

Physical access controls
Program security techniques
Data security and public networks
Monitoring and surveillance techniques
Disaster Recovery Planning

i.
ii.
iii.
iv.
Threat and risk management

Software and data backup techniques
Alternative processing facility arrangements
Disaster recovery procedural plan
43
Computer Practical Examination
5. Computer Practical Examination

ICAP will conduct a practical examination of 2 hours duration to test hands on experience covering 40%
credit of the course. Theory paper of Information Technology will cover 60%. The result shall be based
on the combined marks obtained at practical and theory examinations. The computer practical
examination will be held soon after the Intermediate examination.
Contents:
M icr oso ft Win do ws and Inter net
a.
Window s A cce ss orie s

i.
ii.
iii.
b.
c.
Window s K ey board S hortcuts

Ba sic Netw orking Ta sks
i.
ii.
d.
Sharing drives, folders and devices

Protecting files and folders on a network
Cor e Window s Tas ks

i.
ii.
iii.
iv.
v.
e.
System Tools
Communication & Entertainment
Accessibility
Customizing Desktop and Start Menu

Working with files and folders
Managing Windows
Logging on and off
Searching for information
Pr ote cting your c ompute r

i.
ii.
iii
Locking the computer

Screen Saver password
Password reset disk
f.
Window s F irew a ll
g.
Inte rnet
i.
ii.
iii.
iv.
v.
Internet browsing
Making a dial-up connection
Internet explorer
Commonly used Internet search engines and web based email services
Voice and video chatting
44
M icr oso ft Excel

a.
Orga nizing and Ana ly zi ng Da ta

i.
ii.
iii.
iv.
v.
vi.
vii.
b.
For ma tti ng Da ta and C onte nts

i.
ii.
iii.
c.
Protecting cells, worksheets, and workbooks

Sharing workbooks
Merging workbooks
Tracking, accepting, and rejecting changes to workbooks
Mana ging D ata and Wor kbook s

i.
ii.
e.
Creating and modifying customised data formats

Using conditional formatting
Formatting charts and diagrams
S ha ring a nd S ec urity
i.
ii.
iii.
iv.
d.
Construction and application of customised formulas

Application of advanced filters
Performing data analysis using automated tools
Creating PivotTable and PivotChart reports
Application of built in functions and formulas
Use of Tools menu commands like Goal Seek and Formula Auditing etc
Defining, modifying, and using named ranges
Importing and exporting data to and from Excel

Creating and editing templates
C us tomi zi ng Ex ce l
i.
ii.
Customizing toolbars and menus

Creating, editing, and running macros
M icr oso ft Wor d

a.
For ma tti ng C ontents

i.
ii.
iii.
b.
Orga nizing Contents

i.
ii.
iii.
iv.
c.
Creating custom styles for text, tables, and lists

Inserting and modifying objects
Creating and modifying diagrams and charts using data from other sources
Sorting contents in lists and tables

Performing calculations in tables
Modifying table formats
Preparing letters, labels and envelopes using mail merge tools
For ma tti ng Doc uments

i.
ii.
iii.
Creating and modifying document background

Creating and modifying document index and table of contents
Inserting and modifying endnotes, footnotes, captions, and cross-references
45
d.
Ma naging Wor d Documents

i.
ii.
iii.
iv.
v.
e.
Application of Track Changes tool

Publishing and editing Web documents
Managing document versions
Protecting and restricting documents
Ways of viewing a Word document
Cus tomizing Mic rosoft Word

i.
ii.
Creating, editing, and running macros

Customizing menus and toolbar
M icro soft P ower Poi nt

a.
Cre ating Conte nts

i.
ii.
iii.
b.
Formatting Conte nts

i.
ii.
iii.
iv.
v.
vi.
vii.
c.
Creating new presentations from templates

Inserting and editing text-based contents
Inserting and editing tables, charts, diagrams, pictures, shapes, graphics and objects
Formatting text-based contents

Formatting pictures, shapes, and graphics
Formatting slides
Applying animation schemes
Applying slide transitions
Customizing slide templates
Working with slide master
Ma naging a nd De liv eri ng P re se nta ti ons

i.
ii.
iii.
iv.
v.
vi.
vii.
Tracking, accepting, and rejecting changes in a presentation

Adding, editing, and deleting comments in a presentation
Comparing and merging presentations
Setting up slide shows for delivery
Rehearse timing
Printing slides, outlines, handouts, and speaker notes
Exporting a presentation to another Microsoft Office program
Micr oso ft Access

a.
S tr ucturing Da ta bas es
i.
ii.
iii.
iv.
Creating and modifying tables

Defining and modifying field types
Creating and modifying one-to-many relationships
Creating and modifying queries, forms and reports
46
b.
Mana ging Databa ses

i.
ii.
iii.
iv.
v.
vi.
Entering, editing, and deleting records

Importing and exporting data to and from Access
Compacting and repairing databases
Creating and modifying calculated fields and aggregate functions
Sorting records
Filtering records
Micr oso ft Pr oj ect

a.
Tas k Mana gement

i.
ii.
iii.
iv.
v.
vi.
vii.
viii.
b.
Defining the project

Defining general working times
Listing the tasks in the project
Organizing tasks into phases
Scheduling tasks
Linking to or attaching more task information
Adding columns of customised information
Setting deadlines and constraints
Re sourc e Manage ment

i.
ii.
iii.
iv.
v.
c.
Specifying resources (people and equipment) for the project

Defining working time and availability of resources
Assigning resources to tasks
Linking to or attaching more resource information
Adding columns of customised information
P roje ct Tr ac king
i.
ii.
iii.
iv.
d.
Saving a baseline to compare with later versions

Incorporating progress information into the project
Checking the progress of the project
Tracking risks and issues associated with a project
V iew and Repor t P roje ct Status

i.
ii.
iii.
iv.
Selecting and modifying views and reports

Viewing critical tasks, allocation of resources and project costs
Sharing project information with other applications
Changing the look or contents of the Gantt chart
Mi cr o so ft Outl oo k / Ou tlo ok E xpr ess

a.
Mes sagi ng
i.
ii.
iii.
iv.
v.
Originating and responding to e-mails and instant messages

Attaching files to messages
Creating and modifying a personal signature for messages
Modifying e-mail message settings and delivery options
Creating and editing contacts
47
b.
Sc heduling
i.
ii.
iii.
Creating and modifying appointments, meetings, and events

Customizing calendar settings
Creating, modifying, and assigning tasks
Orga nizing
i.
ii.
iii.
Creating and modifying distribution lists

Linking contacts to other items
Creating and modifying notes
Recommended Reading
PAPER D 12: Information Technology

Book Name & Author
About the Book
1.
Management Information Systems Strategy

and Action by Charles Parker and Thomas
Case.
The book is useful for understanding

management information systems.
2.
Management Information Systems by

Gerald Gerald V. Post and David L.
Anderson.
The book contains adequate material on MIS,

networking, database management systems
and e-business for CA Intermediate students.
3.
Management Information Systems (Sixth

edition) by James A. O Brien.
The book gives good explanation of MIS,

networking and e-business solutions along with
real world case studies.
4.
System Analysis and Design by

Kenneth E. Kendall and Julie E. Kendall.
The book contains useful material on various

types of information systems, system
development
life
cycle,
e-commerce,
fundamentals of computer programming and
computer aided software engineering.

1.
Information Technology Study Text and Revision Series by A T Foulks Lynch Pakistan.
2.
Information Technology Study Text and Revision Series by Professional Business Publications
(PBP).
3. Computers by Larry Long and Nancy Long.
48
FINAL
There are two ways to meeting difficulties: You alter the difficulties, or you alter yourself to meet them
(Phylis Bottome)
Final Examination
Information Technology Management, Audit and Control
Module E
P AP E R E 1 3: I nf or m a t io n T e c h n o lo g y M a n a g e m e nt ,
A u di t a n d C on t r o l
(100 marks)
Introduction
This sy llabus aim s to p rovid e:
a.
b.
c.
Essential body of IT knowledge related to business information systems.

IT security, control and governance knowledge related to business information systems.
Application of knowledge to manage the above and evaluate IT.
The Case studies in ICAP study material for this syllabus are designed to assist the students in
enhancing their knowledge and skills in: Managerial role; Evaluator role; Enterprise resource planning;
and Electronic Commerce.
Case studies / scenario based questions will be set in the examination.
Contents:
1. IT Strategy and Management
Broad know ledg e /
sk ill area
M ain t opic
cov erag e
IT strategy
Strategic
considerations in
IT development
Illus trat ive sub -top ics

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E-Business models
Management of IT
Management of
computer operations
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Planning of information systems

based on business success factors/criteria
Position of the entity within its industry/sector
Alignment/integration with business
objectives/success factors
Risks: economic, technical, operational,
behavioral
Components of long range plans
Operational dynamics that influences the
entitys business/programs
Business to Consumer (B2C)
Business to Business (B2B)
Business to Employee (B2E)
Consumer to Consumer (C2C)
Government to Citizen (G2C)
Developing operational priorities
Compatibility of computers
Planning IT capacity
Impact of IT on procedures
Data/information architecture
IT infrastructures (hardware, facilities,
networks)
51
Final Examination
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Management of
interorganizational
computing
Management of
end-user
computing
Financial analysis
and control
IT control
objectives
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Software
E-business
enabling software
IFAC Guidelines /
discussion papers
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Software (systems, applications, utilities)

Performance measurement (productivity,
service quality)
Collaborative computing
Distributed system
EDI and electronic commerce
Outsourced services (ISPs,
ASPs, etc.)
Technology diffusion
Information center, help desk
End-user system security
Support for end-user applications
Capital budget
Time/expense tracking
Cost charge out / monitoring
Accounting for system costs
Effectiveness, efficiency, economy of
operations
Reliability of financial reporting
Effectiveness of controls (design, operation)
IT asset safeguarding
Compliance with applicable laws and
regulations
System reliability:
r Availability and continuity (back-up,
recovery)
r Access controls (physical, logical)
r Processing integrity (completeness,
accuracy, timeliness, authorization)
r Data integrity
Supply chain management (SCM)
Enterprise resource planning (ERP)
Sales force automation (SFA)
Customer relationship management (CRM)
Electronic commerce systems:
r Brochure, catalog, order entry, payment
processing, fulfillment
r Knowledge management systems
r Knowledge creation, capture, sharing,
maintenance
Managing Information Technology Planning
for Business Impact
Acquisition of Information Technology
The Implementation of Information
Technology Solutions
IT service Delivery and Support
Executive Checklist.
52
Final Examination
2. Information Technology Security, Control and Management

Broad k nowled ge /
s kill area
Control frameworks
Main top ic
coverage
Risks and exposures in w

computer-based
information systems
IT control frameworks
Control objectives
I llust rativ e s ub-t opics
Effectiveness,
efficiency, economy of
operations
Reliability of
financial reporting
Error, fraud, vandalism/abuse, business

interruption, competitive disadvantage,
excessive cost, deficient revenues, statutory
sanctions, social costs, etc.
Effect of IT audit on organization, controls
r Economic, technical, operational,
behavioral considerations
r Cost/benefit
COBIT, ITCG, SysTrust, WebTrust, etc
Cost effectiveness of control procedures
Effectiveness of control w
(design, operation)
IT asset safeguarding
Compliance with
applicable laws and
regulations
System reliability
Data integrity
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Layer of control
Responsibility for
control
Societal Organizational w
environment
Technology
infrastructure Software w
Business process
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Role and
responsibilities of
key parties
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Relevance, reliability, comparability /

consistency
At a point in time; during a period of time
Evaluation of facilities management and IT
asset safeguarding
Prevention/detection of fraud, error and illegal
acts
Privacy, confidentiality, copyright issues
Availability and continuity (back-up, recovery)
Access control (physical, logical)
Processing integrity (completeness, accuracy,
timeliness, authorization)
Completeness, accuracy, currency /
timeliness, consistency/comparability,
authorization, auditability,
Input /output; reception/distributic controls
Attitudes, laws and regulations Board level,
management level, IT administrative
/operational level
Hardware, facilities, network
System, application
User departments, individual user
Board, top management
IT management and IT personnel
User departments, individuals
Auditors
53
Final Examination
Control environment
External regulatory
controls
Board/audit committee w
governance
Management
philosophy and
operating style
Plans/structure of
organization
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Method to
communicate the
assignment of authority
and responsibility
Management
control methods
Human resource
policies and
practices
Financial policies
and practices
Risk Assessment
Risk Categories
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Probability of loss
Consequences
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Record keeping, privacy, copyright, taxation,

etc,
Regulatory compliance, fiduciary obligations,
IT governance, system reliability
Integrity and ethical values, commitment to
competence
Leadership for IT organization, organization of
IT function, segregation of incompatible IT
and user functions, partnership with other
organizations
Business practices, codes of conduct,
documentation of systems, operations, user
responsibilities, reporting relationships
Strategic planning, business system/IT
integration planning, budgeting, performance
measurement, monitoring, compliance with
policies
Hiring, training, evaluation, compensation of IT
personnel, career paths
Budgeting process; Cost charge out methods;
Economic, technical, operational behavioral
Main reason for failure of computer Projects
Error, fraud , vandalism/abuse, business
interruption, competitive disadvantage,
excessive cost, deficient revenues, statutory
sanctions, social costs, etc.
Quantitative / qualitative
Monetary, non-monetary
Balancing costs of controls vs. costs of
unmitigated risks
54
Final Examination
Control activities
Control design
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Control
procedures
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Control over data
integrity, privacy
and security
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Control activities
Availability / continuity w
of processing, disaster
recovery planning and
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control
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Objectives, framework, environment, activities,

monitoring
Legal, ethical, professional
standards/requirements
Preventive/detective /corrective strategies
Effective control environment (personnel
management methods)
Preventative application controls
Detective application controls
Contingency plans, insurance
Authorization
Separation of incompatible functions
(organizational design, user identification,
data clarification, user/function/data
authorization matrix, user authentication)
Adequate documents and records
Asset safeguards; limitation of access to
assets
Independent check on performance;
verification of accounting records, comparison
of accounting records with assets
Computer-dependent controls (edit,
validation, etc.)
User controls (control balancing, manual
follow-up, etc.)
Audit trails
Error identification/investigation /correction /
tracking
Understanding of data protection
legislation
Consideration of personnel issues and
confidentiality
Classification of information
Access management controls
Physical design and access control
Logical access control (user authorization
matrix)
Network security (encryption, firewalls)
Program security techniques
Monitoring and surveillance techniques
Threat and risk management software and
data backup techniques (problems of on-line
systems, etc.)
Alternate processing facility arrangements
Disaster recovery procedural plan,
documentation
55
Final Examination
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IS processing
/operations
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Planning and scheduling; service levels; Risks

Standards
r Infrastructure (hardware, facilities,
networks)
r Software
r Human resources (skill sets and staffing
level)
Business processes
Performance monitoring Costs / benefits
(quantitative and qualitative impact on
management Jobs and office procedures)
Business drivers that impact IT (e.g.,
scalability, rightsizing, flexibility of change in
technology) or business, speed to market,
cross-platform capability)
Control over productivity and service quality
Software /data library management
Input/output distribution and control
Security and backup, and recovery
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Internal monitoring processes

Performance review processes
External monitoring processes
Processes for addressing-non-compliance
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Monitoring of control
compliance
Roles of management,
users, auditors
(internal, external)
Computer assisted
audit techniques
Integration with business continuity plans

Periodic tests of recovery procedures
Insurance
Familiarisation with:
r System analysis and documentation (e.g.,
flowcharting package, review of program
logic, etc.)
r System /program testing (e.g., test data
,integrated test facility, parallel
simulation etc.),
r Data integrity testing (e.g., generalized
audit software, utilities, custom programs,
sampling routines, etc.)
r Problem solving aids (e.g. spreadsheet,
database. Online data bases, etc)
r Administrative aids (e.g., word
processing, audit program generation,
work paper generators etc).
56
Final Examination
Recommended Reading
PAPER E 13: Information Technology Management, Audit and Control

Book Name & Author
About the Book
1.
Information Systems Control and Audit by

Ron Weber.
The book is useful for gaining the

understanding of information systems audit
function. Management and application control
framework have been explained in an effective
manner. Ways to collect and evaluate the audit
evidence are also explained in the book in
detail.
2.
Strategic Management &

Systems by Wendy Robson.
Information
The book is useful for the topic of strategic

management of information system.
3.
Auditing in a Computerized Environment by

Mohan Bhatia.
The book explains the fundamentals of

information systems audit, business continuity
management and the application of CAATs in
an effective manner.

1.
Information Technology Management, Audit and Control Study Text and Revision Series by A T
Foulks Lynch Pakistan.
2.
Information Technology Management, Audit and Control Study Text and Revision Series by
Professional Business Publications (PBP).
3.
Information Technology Management Audit & Control by Mohammad Amjad Bhatti and
Muhammad Qaiser Sheikh.
4.
International Information Technology Guidelines developed by IFACs IT Committee, available at

IFACs website.
5.
Useful information is also available at the website: www.isaca.org.
57
Final Examination
Advanced Accounting & Financial Reporting
Module E
PA PE R E 1 4 : A dv a n c e d Ac c o un t i n g & F in a n c i a l R e p o rt in g
(100 marks)
Introduction
The purpose of this syllabus is to prepare the students to appreciate prevailing financial regulatory
environment and to apply the knowledge gained to practical situations for arriving at pragmatic
solutions.
Students will be expected to be aware of the requirements of the International Accounting Standards
(IASs) and International Financial Reporting Standards (as and when issued) as applicable in Pakistan
and their application to practical situations and the informational needs of different users of accounts.
Students will be expected to analyse, interpret and explain the commercial activities of an organisation
as shown by its financial statements. The emphasis will be on the presentation, interpretation and use
of data.
Students should be able to prepare financial statements for complex business arrangements (e.g.
reorganisations, demergers, business combinations, dissolutions, etc.) in accordance with applicable
statutory disclosure requirements.
Students will be expected to be familiar with the preparation of the financial statements of enterprises
engaged in specialised industries.
The students should be able to demonstrate an integrated knowledge of Financial Reporting.
The students are encouraged to be abreast of current accounting and financial issues. The examinees
are expected to possess profound understanding of the subject over and above what they have learnt
at the Foundation and Intermediate stages. Topics examined at the earlier stages may or may not be
directly re-examined here, however, examinees would need to utilise knowledge and skills learnt at an
earlier stage. Case studies / scenario based questions will be set in the examination.
Indicative Grid
Weightage
1. a. Financial Statements and Reporting

b. International Financial Reporting Standards and
Statutory Requirements
30
2. Specific Accounting Areas
45
3. Analysis of Financial Statements
15
4. Specialised Financial Statements
10
Total
Note:
100
58
Final Examination
Contents:
1 a. Financial Statements and Reporting
i.
ii.
iii.
iv.
v.
vi.
vii
viii.
Preparation of financial statements including consolidated financial statements and their

disclosure.
Accounting for investments in subsidiaries and associated undertakings
Financial reporting on interests in joint venture
Interim financial reporting
Reporting on discontinued operations
Preparation of statutory and directors report
Related party transaction
Segment reporting
b. International Financial Reporting Standards (IFRSs) and Statutory Requirements

i.
Recognition, measurement, accounting treatment and disclosure of various transactions

and items in accordance with the requirements of IFRSs and their interpretations issued
by International Accounting Standards Board (IASB) and International Financial
Reporting Interpretations Committee (IFRIC) respectively, adopted by the Institute of
Chartered Accountants of Pakistan.
ii. Accounting treatments and disclosure requirements under the Companies Ordinance,
1984
iii. Specific departures from IFRSs under the local statutory requirements
2. Specific Accounting Areas

a.
b.
c.
d.
e.
f.
g.
h.
Accounting of taxes on Income

Accounting for leases
Accounting for construction contracts
Retirement benefits costs and pension plans
Foreign currency transactions
Business combinations
Accounting for Investments
Accounting treatment on changes in accounting policies and estimate including fundamental
errors
i. Recognition and measurement of financial instruments
j. Valuation of intangible assets
k. Impairment of assets
l. Provisions and contingencies
m. Revenue recognition
3. Analysis of Financial Statements

a. Needs of various users of financial statements and its importance
b. Techniques for analysis
i. Horizontal and vertical analysis
ii. Ratio analysis
iii. Common-size statements
c. Earning per share (EPS)
d. Business and share valuations
59
Final Examination
4. Specialized Financial Statements

d. Mutual funds and similar enterprises
e. Employee benefit plans
a. Banks
b. Leasing companies
c. Insurance companies
Recommended Reading
PAPER E 14: Advanced Accounting & Financial Reporting

Book Name & Author
About the Book
1.
International Financial Reporting Standards

(IFRS) Published by ICAP.
It is the primary source and explains the topics

with illustrations and appendices.
2.
Gripping IFRS Vol. 1 published by ICAP.
3.
Gripping IFRS Graded Question published

by ICAP.
Contains useful material on various IASs and

IFRSs with examples.
Contains questions for practice on various IASs
and IFRSs.
4.
Companies Ordinance 1984.
Schedule IV and V covers disclosure

requirements for listed public companies and
unlisted companies repectively.
5.
Insurance Ordinance 2000 and Banking

Companies Ordinance 1962.
Contains disclosure requirements for financial

statements of insurance and banking
companies.
6.
IFRS Interpretation and Application of

International Accounting and Financial
Reporting Standards (Wiley Series) by
Barry J. Epstein and Abbas Ali Mirza.
The book contains detailed material and many

practical examples of topics included in
syllabus. Gives in-depth understanding of
accounting issues in context with the IFRS and
international pronouncements.
7.
IFRS Practical Implementation Guide and

Workbook (Wiley) by Abbas Ali Mirza,
Graham J. Holt and Magnus Orrel.
The concepts built by Interpretation of IFRS

series are further explained with practical
examples.
8.
Published Financial Statements of Leasing

Companies, Mutual Funds, Banks and
Insurance Companies.
Reading and understanding of these published

information will help in the preparation of these
specialized financial statements.

1.
2.
3.
4.
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Advanced Accounting & Financial Reporting Study Text and Revision Series by A T Foulks
Lynch Pakistan.
Advanced Accounting & Financial Reporting Study Text and Revision Series by Professional
Business Publications (PBP).
Selected Opinions and Technical Releases (Accounting).
The websites of following audit firms provides free online financial reporting tools for.
understanding IFRS. The links can be viewed from the e-learning section of ICAPs website:
Deloitte IFRS e-learning
EY Resource for IFRS
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KPMG issues and insight

PWC research and publications
60
Final Examination
Corporate Laws
Module E
PA PE R E 1 5 : C or p o r a t e L a w s
(100 marks)
Introduction
The syllabus aims to provide the knowledge and understanding of corporate and other relevant laws,
rules and regulations and to familiarize with the secretarial practices including the knowledge of
handling various matters usually expected to be performed by the secretary of a corporate entity.
Case studies / scenario based questions in addition to descriptive Questions will be set in the
examination.
The examinees are expected to possess detailed knowledge of the Companies Ordinance 1984 over
and above what they have learnt at the Intermediate stage. Topics examined at the Intermediate stage
may or may not be directly re-examined here, however, examinees would need to utilize knowledge and
skills learnt earlier. The knowledge required for Companies Rules would also be comprehensive but for
other Laws and regulations only general knowledge would suffice.
Indicative Grid
Weightage
1. Companies Ordinance, 1984
40
2. Various Rules under the Companies Ordinance

3. Secretarial Practices
4. Other laws and regulations
30
15
15
Total
Note:
100
Contents:
1. Companies Ordinance, 1984
a.
Areas of the Companies Ordinance, 1984 covered at Module D Examination in Company

Law Paper.
In the Corporate Laws paper at Final level, students should have a more in-depth knowledge and
understanding of those parts of the Companies Ordinance, 1984 which were covered in the Company
61
Final Examination
Business Management
Module E
P AP ER E 16 : Bu s i ne s s M a n a g e m e n t
(100 marks)
Introduction
The ob ject ive of t his p aper is t hat the ind ivid ual s hould b e ab le to:
Identify the principles and concepts in the theories and practices of strategic business
management;
Asses the impact of environmental forces such as global microeconomic forces, international trade
and financial system on organizational strategies and plans;
Understand the importance of linking information systems development and management to
business goals and needs;
Understand the interplay of marketing with other vital functional areas in business management and
to understand the accountants role in servicing the needs of marketing and other functions of
business;
Recognize the role of global marketing and international business;
Assess the importance of human resources development to organisations and identify methods of
managing people effectively;
Evaluate ways in which change can be managed successfully;
Appreciation of social and ethical implication of strategic policies in business;
Understand the aims of corporate codes of conduct and their role in improved corporate
governance; and
Understand the managers role and responsibilities in relation to the working environment.
Indicative Grid
Weightage
1. Strategic management and planning

2. Corporate social responsibility and business ethics
30
3. Human resource management

4. Management of the working environment
30
5. Marketing Management
6. International Business
20
20
Total
Note:
100
66
Final Examination
Business Management
Contents:
1. Strategic management and planning:
a.
b.
c.
The purpose of strategic management and business planning and their inter relationship
The methods which organisations use to plan for the future including the role of information
technology
Pos ition ap prais al and analys is :
i.
ii.
iii.
Identifying the organizations strengths and weaknesses, opportunities and threats

Identification and quantification of the planning gap
Closing the planning gap through the identification and evaluation of alternative courses
of action: improved efficiency; improved product(s);or service(s); introducing new
product; entering new markets; merging with or acquiring other organisations
iv. Use of alternative strategies
v. Quality and a strategic variable; its implementation and management
vi. Performance against operational and strategic targets; flexibility economy, efficiency and
effectiveness
vii. Performance against that of competitors; benchmarking; use of inter-firm comparisons;
the limitations of external data
viii. Performance of costs, profit and investment centres using financial and non-financial
measures
ix. Problems of measuring divisional and subsidiary company performance
x. International and multinational trading; transfer pricing of goods and services and their
impact on trading results
xi. Impact of changing price level on current performance and the future projections
xii. Customer outlets, including customer profitability analysis
d.
The eff ect of ex ternal environm ent on st rateg y and p lans and ap prais ing t he env ironment :
i.
ii.
iii.
iv.
v.
Scanning the environment of the organisation and the context in which it is set for
changes, developments and opportunities
Forecasting trends and developments in relevant areas through the use of relevant
quantitative and qualitative analysis
Future basing (i.e Anticipating long-term prospects for the business and its likelihood of
survival) and other scenario-building techniques
Impact on the organisation of changing national and international influences:
demography; technology (progressional alternative / acceptability); economic resources;
social attitudes and aspirations; legislation and regulation; political forces; government
and other agencies, including pressure groups
Competitive advantage:
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its meaning in different markets and industries of nations and the implications of this
for organisational success
the different approaches used by organisations and management in different
countries and the lessons which can be applied to Pakistan
the effect on organisations of working in an international environment, the key
aspects of that environment and methods of entry into it
67
Final Examination
Business Management
vi.
Use of renewable and non-renewable resources including the ethical implications of

such use; the effect of the environment on corporate performance
vii. External sources of information, including databases, both private and public, and their
usefulness to the organisation
viii. Impact of innovation, substitution and obsolescence on business process (including
marketing and production)
ix. Impact of international market integration on the transfer of goods, services and labour
x. Comparative organizational performance: market share production capacity
e.
Methods of gaining support and commitment for strategies
f.
Es tab lishing the corporat e object ives:

i.
ii.
iii
iv
v.
Organizational missions, aims, goals and objectives

Long-term (strategic) and short-term (operational) objectives: quantitative and
qualitative evaluation
Application of decision theory
Problems of achieving balanced growth and development
Internal and external factors effecting decisions; implication of short-termism
g.
Formulating and evaluating plans with an awareness of the various techniques available to
managers
h.
Understanding and managing the risk of a proposed business plan for the plan itself and for
all the aspects of business which it will influence
i.
Reviewing strategy for the effect it will have on the organisation and the local and global
community
2. Corporate social responsibility and business ethics

a.
Understanding of obligation towards society by business organisations and the individuals

associated with it, in carrying out the business and professional activities
b.
Understanding ethical and social implications of business strategic policies and decisions
and their impact on the stockholders; consideration thereof in the formulation and
implementation of strategic planning and management decisions
c.
Disclosure and confidentiality
d.
Profit motives versus other corporate objectives
e.
Goal congruence and corporate performance measurement
f.
The role of professional bodies in regulating the activities of members
68
Final Examination
Business Management
3. Human resource management

a.
b.
c.
d.
e.
f.
g.
h.
i.
The purpose and forms of personnel specifications in the recruitment of personnel

Methods of identifying competencies and other attributes required
Specifying personnel requirements
Evaluating and determining the benefits and costs of new or additional personnel
Identifying and determining suitable methods of recruitment
Selection methods and their use
Methods of motivating and supporting personnel
Staff appraisals and the assessment of competence
Warning and dismissing personnel: legal and organizational policies and procedures; the role
of internal and external specialists in the process
j.
The role of employee group in promoting the welfare of personnel
k. National legislation which affects recruitment, selection, employment and dismissal of
personnel
l.
The management of organizational and personal changes
m. Concep ts and princip les of hum an resource dev elopm ent
i.
ii.
iii.
iv.
n.
The role which individual and team development can play in growth and development
The different concepts and models of competence
Methods of encouraging and supporting individuals and teams to grow and develop
The effect of internal and external factors on development
Human relations management
4. Management of the working environment

a.
b.
c.
d.
Interpretation, applying and monitoring best practices for managing the working environment
National Legislation which affects the working environment
The role and purpose of health , safety and security requirements, procedures and guidelines
Roles and responsibilities of management for managing and improving the working
environment
5. Marketing Management
An introduction to marketing principles, the purpose of marketing philosophy and concepts in
providing for customer needs. Areas include:
a. S trat egy in t he m arket place
i.
ii.
iii.
iv.
v.
Assessing threats and opportunities to the marketing plan; determining the need for
change in the planning area
Development of marketing strategies to meet organisation objectives
Assessing the nature and size of the market using internal records, market intelligence,
market research
The process of creating, reviewing, selecting and marketing the right product in the right
place, to the right customer at the right time, while achieving the right price; relevance of
the product life cycle
The product portfolio; formulation, management, the relevance of
branded merchandise
69
Final Examination
Business Management
vi. Consumer power within the marketing environment

vii. Strategic management of markets through mergers, acquisitions and divestments
viii. Problems associated with the acquisition of the foreign subsidiaries especially in respect
of performance appraisals
b.
Analyzing the impact of globalization on marketing to assess competitive advantage
c.
Techniques for analyzing the market, choosing the target market and the appropriate
marketing mix, distribution channels, promotions, and developing a marketing plan
6. International Business
a.
The environment of global marketing, global opportunities and threats; difficulties in

International business and alternative approaches to managing the process
b.
The development of multinational organisations and transnational corporations and their role
in the world economy
c.
Int ernational f inancial m anagem ent d ecisions

i.
ii.
iii.
Alternative methods of financing imports and exports

The workings of international money and capital markets and the opportunities that they
offer to companies as a source of finance and as a repository for the investment of funds
The management of financial resources within a group of companies including:
iv.
payments between companies

cash management
transfer pricing
judging the performance of companies within a group
the financial control of a group of companies
The appraisal of international capital investments, applying the appropriate techniques,

and the consideration of the major issues in the decision-making process, including:
strategic objectives
the principle of foreign home country versus host country returns
the form of foreign investments, including the use of branches versus subsidiaries
the different methods of financing foreign investments
the effect of taxation on foreign investment decisions
repatriation of sales amounts, earnings and charges to foreign operating companies
political risk analysis
70
Final Examination
Business Management
Recommended Reading
PAPER E 16: Business Management

Book Name & Author
About the Book
1.
Strategic Management Concepts and

Cases by Fred R. David.
The book ensures concept building for the

topics on strategic management.
2.
Principles of Marketing by Kotler Armstrong.
The book gives an in-depth knowledge of the

principles of marketing and a good explanation
of basic marketing concepts.
3.
Human Resource Management by H. John

Bernardin.
The book is relevant for various syllabus topics

under the mentioned grid.
4.
Management and Organizational Behaviour

by Laurie J. Mullins.
A comprehensive and detailed explanation of

managerial practices is given in this book. The
book is a good guide for concepts in the field
of organizational behavior.
5.
Business Studies by Dave Hall Rob Jones

and Carlo Raffo.
6.
AS Level and A Level Business Studies by

Peter Stimpson.
The books comprehensively cover the following

topics: Business Strategy and environment,
marketing and human resources.

1.
Business Management Study Text and Revision Series by AT Foulks Lynch Pakistan.
2.
Business Management Study Text and Revision Series by Professional Business Publications
(PBP).
71
Final Examination
Module F
P AP ER F 1 7 : M a n a g e m e n t Ac c o u n t in g
(100 marks)
Introduction
The object ives of this sy llabus are:
The
The
The
The
The
understanding of cost accounting in relation to management functions.

application of financial information for control purposes.
development and interpretation of data for decision making.
techniques for performance appraisal and operational research.
candidates ability to design and present plans and schemes to the management.
The examinees are expected to possess comprehensive understanding of the subject over and above
what they have learnt at the Intermediate stage. Topics examined at the Intermediate stage may or may
not be directly re-examined here, however, examinees would need to utilize knowledge and skills learnt
earlier. The paper is designed to cover theory and practical aspects of management accounting with
special reference to Pakistan and real life situations.
Indicative Grid
1. a.
b.
c.
d.
Cost accounting objectives, classifications and systems

Cost concept in decision making
Marginal costing and decision making problems
Pricing and output decisions
Weightage
30
2. a. Standard Costing
b. Budgetary controls
c. Management control systems
d. Activity based costing
e. Preparation and interpretation of financial forecasts
f. Cost control
g. Total quality management
h. Non financial risk management
40
3. Working capital management
15
4. Quantitative techniques
a. Learning curve
b. Network planning
c. Operational research and cost reduction
d. Linear programming
15
Total
Note:
100
72
Final Examination
Contents:
1. a. Cost accounting
Objective of a costing system; inventory valuation; cost classification; costing methods and
systems, cost estimation; cost apportionment; job order costing; product costing (including
process costing); and joint-and by-product.
b.
Cos t concep t in decis ion m aking

Relevant and apportioned costs; differential cost, incremental cost; opportunity costs, and
break-even & cost volume profit analysis
c.
Marg inal cost ing

Distinction between marginal costing and absorption costing; break-even analysis, cost
volume profit analysis. Various decision making options.
d.
Pricing and outp ut d ecisions

Full cost pricing policies, including ROI; pricing of new products; opportunity cost; full cost vs
marginal cost; transfer pricing methods and optimisation.
2. a. Standard costing
Nature and method of standard, marginal and absorption costing; standard setting; variance
analysis and disposals of variances; use of standard costs in internal and external reporting;
responsibility accounting, comparison with budgets; classification of variances; and
planning and operational variances.
b.
Budg ets
Concepts of budgetary control; advantages, administration and preparation of budget;
functional budgets leading to preparation of master budget; fixed and flexible budgets;
performance budgeting; the budget as part of the overall business plan; sales budget; sales
forecast; production budget; direct materials budget; direct labour budget; manufacturing
overhead budget; inventory budget; cost of goods sold budget; selling and administrative
expenses budget; inflation aspects; zero based budgets, capital expenditure budgets and
human & motivational aspects of budgets.
c.
Manag ement control sy st ems

Responsibility accounting; decentralised divisional control; transfer prices; residual income
and ROI as tools of control; centralised control and budgetary systems; evaluation of
performance; performance budgeting. Reporting on performance at different levels.
73
Final Examination
d.
Activ ity bas ed cost ing

Activity based costing for control and decision making purposes.
e.
Prep aration and int erpret ation of f inancial forecas ts

Preparation of projected financial forecast and application of probability and regression
analysis in preparation of estimates
f.
Cost Control Cost control as distinct from cost determination. Control over wastages, scrap,
spoilages, and defects.
g.
Total quality management

Basic concepts and application of TQM
h.
Non f inancial ris k m anagem ent

i.
ii.
iii.
iv.
Aspects of risk, such as: political, economic, social, technological and fraud
Techniques of minimising the risk of fraud, such as: fraud policy statements, effective
recruitment policies and good internal controls especially over procurement and cash
Principle of diversifying risk (no numerical calculations required)
Risk of loss while goods are in transit and the risk of litigation
3. Working Capital Management

a.
Working capit al- g eneral

i.
ii.
iii.
iv.
v.
b.
Inv entory manag ement

i.
ii.
iii.
iv.
v.
vi.
vii.
c.
Working capital requirements

Short term financial ratios
Working capital and the operating cycle
Sources of short and medium term finance
Problems relating to working capital management
Costs associated with the acquisition and holding of inventories

The derivation and use of the economic order quantity (EOQ) model
Optimal production plans
Financial ratios of inventory
Lead-time, buffer stocks and stock-out costs
Perpetual inventory and continuous stocktaking
Just-in-time (JIT) stock management
Deb tor/ credit ors m anagement

i.
ii.
iii.
iv.
v.
Collection policies
Credit policies
Customer evaluation
Credit financing (including factoring)
Financing of imports and exports
74
Final Examination
d.
Cas h manag ement
i.
ii.
iii.
iv.
v.
Solvency and liquidity

Cash flow forecasting
Uncertainty in cash forecasting
Short term investment opportunities
Cash handling and transmissions
4. Quantitative Techniques
a.
Learning curve
The theory of learning curve and its effect in cost estimation
b.
Net work planning

Concept and application; drawing simple networks; concept of critical path and float;
accelerated project times; cost analysis; uncertainly; probability analysis; loading analysis;
gantt charts; and time management.
c.
Operat ional research and cos t reduct ion

Introduction to operational research, application concepts and its advantages. Cost reduction:
techniques for cost reduction such as work study, time and motion study and value analysis.
Employee participation in cost reduction programmes, significance of constituting special cost
reduction cells.
d.
Linear prog ramming

Introduction to mathematical programming and major forms of linear programming, principles,
formulation of problems, graphical solutions, limitations of linear programming and shadow
price concept.
Not e: Questions will not be set involving application of simplex or assignment techniques.
75
Final Examination
Recommended Reading
PAPER F 17: Management Accounting

Book Name & Author
About the Book
1.
Cost Accounting by Matz and Uzry.

giving examples on related topics especially
good for variances analysis and process
costing.
2.
Management Accounting by Colin Drury.

giving a variety of questions for each topic.
3.
Financial Management by P.K. Jain and M.

Y. Khan.
The book is relevant for various syllabus topics

and contains a large number of questions for
practice.

1.
Management Accounting Study Text and Revision Series by AT Foulks Lynch Pakistan.
2.
Management Accounting Study Text and Revision Series by Professional Business Publications
(PBP).
76
Final Examination
Business Finance Decisions
Module F
PA PE R F 1 8 : B u s in e s s F in a n c e D e c i s io n s
(100 marks)
Introduction
The aims of the syllabus are to provide a sound understanding of the conceptual principles and
practical applications of modern analysis of financial decisions and of the relationship between sources
of finance and financial management.
The candidates are expected to have complete understanding for the preparation, evaluation and
implementation of practical business plans and reports on strategic and operational business
decisions.
The paper is designed to cover theory and practical aspects of financial management with special
reference to Pakistan and real life situations.
Indicative Grid
1. a.
b.
c.
d.
Sources of local finance

International financing and financial management
Capital structure, interest rate risks and cost of capital
The dividend decision
2. a. Capital investment decisions and project planning

b. Inflation and financial management
c. Risk and Returns, including portfolio management
3. a. Analysis and interpretation of published financial
statements
b. Strategic planning
c. Valuation
d. Mergers, amalgamations and acquisitions
e. Reports to management
Total
Note:
Weightage
30
40
30
100
77
Final Examination
Contents:
1. a. Sources of local finance
i.
ii.
iii.
iv.
v.
vi.
b.
Int ernational f inancing and f inancial m anagem ent

i.
ii.
iii.
iv.
c.
Raising international finance

Introduction to international financial management
Exchange rate risk management
Foreign exchange transactions
Cap ital s truct ure, interes t rat e ris ks and cost of capit al
i.
ii.
iii.
d.
Credit, money and capital markets in Pakistan

Raising capital, equity, debt, mezzanine debt, convertibles, factoring, warrants, term
finance certificates, venture capital financing, project financing, short term finance.
Financial leasing
Futures
Pakistani stock markets
Prudential regulations
Capital structure: business and financial risk, financial gearing and operating gearing, the
effect of taxes ( except calculations involving the effect of personal taxes on capital
structure), and impact on earnings per share
Interest rate risk management including the use of interest rate swaps
Cost of capital, equity, debt, convertibles, weighted average rate and use of cost of capital
in investment appraisal.
The div idend d ecision

i.
ii.
Dividend and valuation

Information content of dividend, clientele effect and other factors affecting dividend levels.
2. a. Capital investment decisions and project planning

i.
Investment appraisal techniques: NPV, IRR, payback, ROI; and comparison of NPV and
ROI
ii. Investment appraisal under inflationary conditions
iii. Relevant costs
iv. The effect of taxation upon investment appraisal
v. Replacement decisions using the equivalent annual cost method and deciding
replacement policy
vi. The effect on accounting profits and investor ratios of undertaking a particular investment
decision
vii. Lease or buy decisions
viii. Make or buy decisions
ix. Decisions under uncertainty, including expected values, sensitivity analysis and value of
information
78
Final Examination
x.
Decisions under constraints, including interpretation of the linear programming output

including dual values (shadow prices and opportunity costs), assumptions and limitations
of linear programming, application of linear programming to capital rationing problems
xi. Preparation of project report and evaluation of proposals
xii. Social cost benefits analysis
xiii. Project planning techniques
b.
Inf lation and f inancial manag ement

Inflation and financial analysis; project appraisal under inflationary conditions; relationship with
interest rates
c.
Risk and returns , includ ing port folio m anagement

i.
ii.
iii.
iv.
Measures of risk and return, and their relationship

Portfolio analysis; risk reduction effects and diversification
Attitudes to risk
Capital assets pricing model and its practical use
3. a. Analysis and interpretation of published statements

i.
ii.
b.
Strategic planning
i.
ii.
iii.
iv.
v.
vi.
vii.
viii.
ix.
c.
Inter-firm and intra-firm comparisons through ratio analysis

Limitations of ratio analysis
Objectives
Production functions and resource analysis
Production strategy
Manpower planning
Financial strategy
Competition strategy
Information strategy
Business and corporate plans
Implementation of business plans
Valuat ion
i.
Valuation of business
w
w
w
w
ii.
Earnings and asset valuation models

Merger valuation models
Attitudes to risk and analytical procedures for dealing with uncertainty
Other factors ( e.g. the impact of the accounting treatment of goodwill and intangibles
on debt covenants; the nature of executives incentive contracts)
Valuation of shares
w
w
Earnings dividend and assets valuation models

Valuing minority interests
79
Final Examination
w
w
w
d.
Valuing controlling interest

Other factors influencing share values ( including uncertainty)
Identify components of shareholder value and identify ways in which shareholders
value can be increased.
Merg ers, amalg amat ion, acquis ition, et c

Amalgamation, reconstruction, takeovers and mergers, including devising schemes and
advising management.
e.
Report s t o m anagem ent

i.
ii.
iii.
The design and presentation of plans and reports

Designing various forms and reports for different levels of management
Specific reports
w
w
w
w
On
On
On
On
acquisition and disposal of business or assets

application for new or additional borrowings
specialised one-off assignments (e.g. management buyouts)
other problem areas.
Recommended Reading
PAPER F 18: Business Finance Decisions

Book Name & Author
About the Book
1.
Financial Management by Eugene F.

Brigham and Michael C. Ehrhardt.
The book covers substantial part of the

syllabus.
2.
Essentials of Financial Management by

George E. Pinches.

syllabus.
3.
Financial Management & Policy by James

C. Van Horne (Pearson Education).

syllabus.
4.
Modern Investments and Security Analysis

by Russel J. Fuller & James L. Farrel Jr.
The book is specifically written for security

analysis. It is a good source for concept
building.
5.
Foundations of Finance by Keown, Petty,

Scott & Martin.
The book covers substantial area of syllabus.

Provides firm foundation for the subject.

1.
Business Finance Decision Study Text and Revision Series by AT Foulks Lynch Pakistan.
2.
Business Finance Decision Study Text and Revision Series by Professional Business
Publications (PBP).
80
Final Examination
Advanced Taxation
Module F
P AP E R F 1 9 : A dv a n c e d T a x a t i on
(100 marks)
Introduction
The objective of this paper is to test comprehensive knowledge and understanding of the examinees
on the income tax and sales tax laws prevailing in Pakistan, as are described below. The examinees
shall also be expected to have command on the practical application of the laws. A general knowledge
of the Central Excise Law will also be examined.
The paper covers the following laws.
w
w
w
w
w
The
The
The
The
The
Notifications, Rules, General orders and Circulars issued under the above mentioned laws
Income Tax Ordinance, 2001

Sales Tax Act, 1990
Sales Tax Ordinance, 2000 promulgated by the Provinces
Islamabad Capital Territory (Tax on Services) Ordinance, 2001
Federal Excise Act, 2005
As candidates are required to have comprehensive knowledge of the laws described above, detailed
contents are, therefore, not given hereunder. The examinees are expected to possess profound
understanding of the subject over and above what they have learnt at the Intermediate stage. Topics
examined at an earlier stage may or may not be directly re-examined, however, examinees would need
to utilize knowledge and skills learnt at the Intermediate stage.
Knowledge of specific agreements for avoidance of double taxation will not be required. Candidates
are also not expected to quote specific legal cases.
Notifications and circulars in respect of Finance Act/Ordinance, issued within a period of less than six
months from the examination date will not be tested. However, the Finance Act/Ordinance would be
examined from the attempt following its date of enforcement.
Indicative Grid
Weightage
A comprehensive knowledge and practical applications in

respect of:
1. Income Tax Laws
2. Sales Tax Laws
55 65
25 35
General knowledge in respect of :

3. The Federal Excise Act, 2005 (Chapters I & II only)
7 15
Total
100
Note:
81
Final Examination
Advanced Taxation
Recommended Reading
PAPER F 19: Advanced Taxation

Book Name & Author
About the Book
1.
Complete Income Tax Law by S.A. Salam.
2.
Law & Practice of Income tax by

Dr. Ikram-ul-Haq.
3.
Sales Tax Ready Reference Act by S.A.

Salam.
Bare Act, Rules, Notifications; Circulars etc on

syllabus topics are included in the book with
brief explanations.
4.
Federal Excise Act, 2005 including relevant

notifications, circulars etc. by Tariq Najeeb
Choudhry.
The book covers the related topics of syllabus.
5.
Practical Handbook of Income Tax by Dr.

Ikram-ul-Haq.
6.
Synopsis of taxation by Mirza Munawar

Hussain.
7.
Pakistan income tax law Principles and

Practice by Mian Safiullah & Kashif Aziz
Jahangiri.
These books cover all topics of syllabus,

regularly updated and also gives background
of any changes made to the law.
These are very useful books for understanding

practical application of taxation.
82
Final Examination
Advanced Auditing
d.
The examination of prospective financial information and its effects on different stages of audit.
e.
Obtaining knowledge of business and significant business risks, and using it to develop overall
audit approach plan.
f.
Cons iderat ions in using the work of :

i.
ii.
iii.
iv.
Internal auditors;
experts;
another auditor; and
audit committees.
g.
Determining the components of audit risk i.e. inherent risk, control risk, detection risk and use
of this assessment to formulate overall audit plan in order to keep the audit risk to an
acceptable low level.
h.
Relationship between materiality and audit risk.
i.
Development of the overall audit plan identifying the significant/critical audit areas.
j.
Development of detailed audit programmes.
k.
Organising and planning complex audit situations, including group audits, joint audits, multilocation engagements, special purpose engagements including due diligence reviews and
related service engagements.
l.
Identification of related parties and effects of transactions with related parties on the financial
statements and auditors opinion.
m. Securit y is sues in com put erised s ys tem s:

(i) IFAC guideline on Managing Security of Information; and
(ii) Information Security Governance Guidance for Boards of Directors and Executive
Management. Both of these publications are available on IFAC website www.ifac.org.
n.
Time budgeting, staffing and costing.
o.
Changes to overall audit plan and audit programmes.
p.
Maintenance and updating of Permanent audit files.
3. Audit techniques and procedures

Students should be able to identify objectives for particular audits, select and apply test of controls
and substantive procedures to obtain appropriate evidence, evaluate the evidence, and draw
reasonable conclusions including the following:
85
Final Examination
a.
Advanced Auditing
Id entif ying risk s of m aterial mis st atem ents in:

i.
ii.
iii.
Existence, ownership / obligation, accuracy / measurement, valuation and completeness

of assets and liabilities;
appropriateness of accounting policies and their consistent application; and
disclosures in the financial statements of an entity, including additional information relating
to capital commitments and contingencies and effects of post balance sheet events.
b.
Selecting one or more analytical procedures from comparison, averaging, ratio analysis and
quantitative analysis (but excluding correlation, regression, time-series analysis and more
advanced statistical techniques) to yield informative results relevant to identified risks.
c.
Applying selected analytical procedures to given financial and other data.
d.
Selecting one or more tests of controls and substantive procedures (using CAATs where
applicable) from inspection, observation, enquiry (including management representations,
assessment of the work of other auditors and specialists, and independent confirmations) and
computations to provide evidence relevant to identified risks which will be sufficiently
reliable and which avoid duplication of work.
e.
Outlining the differences between statistical and non-statistical methods of sampling and
selecting samples from random, value-weighted, systematic, haphazard and block
populations.
f.
Documentation of audit work alongwith evidence of review and conclusions drawn. Reporting
of significant issues identified during the audit.
g.
Drawing straightforward conclusions regarding financial statements, given the results of

analytical procedures, audit tests and post balance sheet events.
These conclus ions should :

i.
ii.
iii.
Present and justify a view, where there is sufficient evidence to do so;

identify and justify requirements of further evidence, where there is insufficient evidence
to form a view but such evidence could practicably be obtained; and
state that it is not possible to form a view, where there is insufficient evidence to do so and
such evidence could not practicably be obtained.
4. Evaluation of critical areas

a.
Appropriateness of going concern assumption.
b.
Ev aluating the eff ects on rep orting resp onsib ilities of an aud itor res ulting f rom:
i.
ii.
iii.
iv.
v.
c.
pending legal action;

fraud and error;
non-compliance with laws and regulations; and
taxation and tax related contingencies.
other post balance sheet events
Audit of accounting estimates.
86
Final Examination
Advanced Auditing
5. Completion stages and the reporting function

a.
Review of financial statements including comparative information, directors report and other
information included in documents containing audited financial statements to identify any
departures from legal requirements and / or IFRSs, inadequacies in disclosures, internal
inconsistencies and / or inconsistencies with other available information.
b.
Adequate disclosure of events occuring after reporting period and their effect on the auditors
opinion.
c.
Management representations regarding all significant matters.
d.
Forming and justifying an opinion on financial statements in the light of supervisory reviews
and the results and conclusions from audit tests and procedures, which would comply with the
requirements of the Companies Ordinance, 1984 or other laws related to special entities.
e.
Preparation of management letters, internal control memoranda of entities which include clear
and concise statements of facts, their potential effects and recommendations for actions
relevant to the needs and nature of the entity.
6. Special reports
a.
b.
c.
d.
e.
f.
g.
h.
i.
j.
k.
l.
Special purpose reports e.g. on forecasts and estimates etc.

Reporting and related services (compilation and review engagements).
Reports on prospectuses.
Certificates of auditors on statutory reports.
Reports relating to bonus issues.
Reports on prospective financial information.
Audit reports on special purpose audit engagements.
Special audit reports relating to forensic assignments.
Reporting on due diligence engagements.
Reporting on compliance with the Code of Corporate Governance.
Report on component of financial statements
Certificates on break-up value, net worth, right issue, other matters as specified from time to
time by Regulating authorities.
7. Special audits
a.
Non statutory audits, cost audits, management audit, systems audits, operational audits,
forensic assignments (including money laundering aspects), due diligence reviews, internal
audit functions (in house and outsourced).
b.
Audits of specialised enterprises e.g. banks, insurance companies, investment companies,

housing finance companies, employees retirement funds.
8. Quality control for audit work

a.
Quality control policies and proced ures:

i.
ii.
at audit firms (peer reviews); and

at individual audits.
87

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Contents

The Institute of Chartered Accountants of Pakistan

LAYOUT OF THE BOOKLET

2. Practical use of Grammar

3. Composition and Comprehension

c. Phrases, synonyms, antonyms, idioms

2. Practical Use of Grammar

The Institute of Chartered Accountants of Pakistan

Periods, Question Marks, Exclamation

3. Composition and Comprehension

PAPER A 1: Functional English

Book Name & Author

High School English Grammar &

Learners Companion Series Vocabulary

Word Power Made Easy by Norman Lewis.

Understand & Communicate (book 2 and

Concepts (book 3 and 4) by P.C. Wren.

This is a very useful book on grammar and

These are very useful books on grammar and

Supplementary Study Material

Prcis writing by R. Dhillon.

The Institute of Chartered Accountants of Pakistan

The Institute of Chartered Accountants of Pakistan

4. Matrix and Determinants

6. Methods of Least Square and Regression

7. Probability and Probability Distribution

8. Sampling and Decision Making

PAPER A 2: Quantitative Methods

About the Book

Mathematics for Business and Economics

The book is useful for Financial Mathematics.

The book is specifically written for students of

Supplementary Study Material

Quantitative Methods Study Text and Revision Series by Professional Business

The Institute of Chartered Accountants of Pakistan

Introduction to Economics & Finance

Market forces of demand and supply;

The Institute of Chartered Accountants of Pakistan

b) Theory of the Firm

Production function and isoquants;

Introduction to Economics & Finance

Circular flow of income;

b. Government and the Economy

Direct and indirect taxation;

d. Money & Monetary Policy

Trade and balance of payments;

The Institute of Chartered Accountants of Pakistan

Introduction to Economics & Finance

PAPER B 3: Introduction to Economics and Finance

About the Book

Macro Economics by Paul Crompton,

This book covers the entire syllabus contents

The Monetary and Financial System by

The book discusses all the relevant topics at an

Supplementary Study Material

First Principles of Economics: by Richard G Lipsey and Colin Hardbury.

Stanlakes Introductory Economics: by SJ Grant.

The Institute of Chartered Accountants of Pakistan

Introduction to Financial Accounting

1. Introduction to business and accounting theory

2. Financial accounting practices

3. Receipt and payment accounts, income and expenditure