Career Pack

Institute of Cost and Management Accountants of Pakistan(Constituted under Cost & Management Accountants Act 1966)Head Office: ST-18/C, Block-6, Gulshan-E-Iqbal, Karachi-75300

Telephone: (92- 21) 9243900,1,2 & 4 Fax: (92- 21) 9243342 Website: www.icmap.com.pk

CAREER PACK

&

SYLLABUS

VISION

“To be the Preference in Value Optimization for Business”

MISSION STATEMENT

“To develop strategic leaders through imparting quality education and training inManagement Accounting, to continually set and upgrade professional standards

and to conduct research, bringing value-addition to the economy”

Estd 1951

ICMAP Career Pack

Printed in December 2007

23

Alhamdulillah, the Institute of Cost and Management Accountantsof Pakistan (ICMAP), has launched its new syllabus. The newsyllabus provides our students the best professional education,which is in line with the latest developments in the professionand responds positively to the rapidly changing global businessenvironment. It is also in accordance with the requirements ofInternational Education Standards (IESs) prescribed by theInternational Federation of Accountants (IFAC). After launchingof the new syllabus, many students reported problems. These

problems have been considered seriously and almost all of them have been resolved.

Improvement and reorganisation of the syllabus:

The new syllabus has made many improvements over the previous one, the most significantbeing the introduction of important business and management related subjects, such asRisk Management, Integrated Management, Project Management, and ManagementAccounting- Business Strategy and Decision Making. Moreover, additional topics havebeen included in many subjects to bring them in line with the latest developments in theprofession. Courses including Fundamentals of Cost and Management Accounting,Management and Marketing, Introduction to Information Technology, Cost and ManagementAccounting – Performance Appraisal, Information System and I.T. Audit and ManagementAccounting – Decision Making have been redesigned. The exemption policy has also beenrevisited.

The transitional arrangement and switchover plans are explained in this Career Pack.

Practical training:

Yet another salient feature of the revised curriculum is the emphasis on practical training,which has been made compulsory for ICMAP students in view of the importance of workexperience. Students will now be required to complete at least six months of workexperience to be eligible to get their Two Year Post Graduate Certificate in Cost andManagement Accounting and an over-all one year of work experience to be eligible toget Certified Management Accountant (CMA) Certificate.

Comprehensive examination:

Effective Spring 2006 session, the students, who have passed all the examinations ofInstitute, will be required to pass a Comprehensive Examination in order to be eligibleto receive their CMA final certificate. This examination will be conducted 30 days afterthe result of Spring (Summer) or Fall (Winter) Examination. This will be a three-hourexamination, comprising multiple choice questions (MCQs) and short case studies.

An e-copy of the new syllabus is available online at our website www.icmap.com.pk. Thenew syllabus has come into effect from spring 2006.

Message of the President

Revision of the syllabus is part of ICMAP’s never-ending endeavour to provide its studentsthe best that comes in accounting education the world over. We are confident that thenew syllabus would help enhancing the competence of our students and would betterprepare them to face the challenges of the ever-changing business world.

Internet Based Distance Learning Programme (IBDLP):

The IBDLP method of learning is a step towards facilitation to correspondence students.This digital technology will allow students to enjoy the flexibility of correspondencecourse without losing much of the benefits of coaching classes. The programme willprovide lectures in a digital format so they may get maximum learning without losing thespirit of distance learning i.e., acquiring knowledge conveniently outside class environmentat their own place.

IBDLP has been launched to facilitate the students living in remote areas where there islack of education, institution facilities and no existence of ICMAP centres nearby theirresidence and employed persons, who are constrained by their office timings to attendthe scheduled coaching classes.

The magnificent features of IBDLP are the digital access to lecture through CDs, whichwill be helpful in learning lesson during convenient timings and online availability ofcourse counselors for providing guidance and interactive learning environment to students.

Through this program, students will get the opportunity to interact with the coursecounselors on a regular basis through telephone and internet, who would provide guidanceto students related to subjects they are enrolled in and will provide student friendlyenvironment.

Sher Afgan Malik, FCMAPresident

ICMAP Career Pack

Contents 45

DESCRIPTION Page No.

1. Introduction1.1 About ICMAP 81.2 National Council 81.3 International And National Standing 81.4 Centres 81.5 Facilities 81.6 Web Site 91.7 Publications 9

2. The Programme2.1 The Role of Management Accountants 122.2 How Management Accountants Add Value to Business 122.3 Salient Features of the new Syllabus 122.4 Membership of the Institute 132.5 Methodology 142.6 Courses of Studies 14

3. Admission Policy & Procedure3.1 Admissions 183.2 Entry Test 183.3 Exemption Policy 183.4 Registration 213.5 Cancellation and Suspension of Registration 223.6 Admission Procedure 223.7 Transfers 233.8 Code of Conduct 233.9 Admission on Paper to Paper basis 243.10 Correspondence Course 243.11 Internet Based Distance Learning Programme (IBDLP) 263.12 Switch over Plan for the Students of 1998 Syllabus 263.13 Equivalency Schedule 29

4. Examination Policy and Procedures4.1 Eligibility 324.2 Examination Application 334.3 Instructions to the Examinees 334.4 General Procedures 354.5 Examination Scheme 354.6 Examination Results 354.7 Proficiency Awards 364.8 Comprehensive Examination 37

5. Fee and Concession5.1 Fee Payable 405.2 Concession in Fee 405.3 Scholarship / Financial Assistance 405.4 Payment of Fee 415.5 Refund/Adjustment 415.6 Fee Structure 42

6. Syllabus 44

ICMAP Career Pack

1.1 About ICMAP 81.2 National Council 81.3 International And National

Standing 81.4 Centres 81.5 Facilities 81.6 Web Site 91.7 Publications 9

67

1. Introduction

1.1 ABOUT ICMAPThe Institute of Cost and ManagementAccountants of Pakistan (ICMAP), established in1951, was granted statutory status under theCost and Management Accountants Act, 1966for the regulation of Cost and ManagementAccountancy profession in Pakistan. ICMAP isthe sole provider of cost and managementaccounting education, training and professionalcertification in the country. Over the years, theInstitute has maintained high standards inimparting education and testing and has thusbeen meeting an important national humanresource need through a steady flow ofprofessional Management Accountants to occupyleadership positions in the corporate sector.ICMAP has around 3,300 members, who holdsenior positions in trade, commerce, industryand government within the country and abroad.The number of active registered students isaround 15,000, which makes ICMAP one of thelargest professional institutions in Pakistan.

1.2 NATIONAL COUNCILThe affairs of ICMAP are governed by the NationalCouncil, which discharges the functions assignedto it under the Cost and ManagementAccountants Act, 1966. The National Council hastwelve members; out of whom eight are electedby members of the Institute while the remainingfour are nominated by the Federal Government.

1.3 INTERNATIONAL AND NATIONALSTANDING

1.3.1 International AffiliationsICMAP is a member of the following internationalaccounting bodies:

l International Federation of Accountants (IFAC)

l International Accounting Standards Board(IASB)

l South Asian Federation of Accountants (SAFA)

l Confederation of Asian and Pacific Accountants(CAPA)

ICMAP Career Pack

Introduction

1.3.2 International/ National RecognitionThe following accounting bodies have recognisedICMAP qualification and granted exemptions toICMAP Members/Qualified Students in differentpapers:

l Institute of Management Accountants (IMA),USA

l The Chartered Institute of ManagementAccountants (CIMA), UK

l The Society of Management Accountants(SMA), Canada

l The Association of Chartered CertifiedAccountants (ACCA), UK

l Instituted of Chartered Accountants ofAustralia (ICA- Australia)

l Certified General Accountants (CGA), Canada

l The Institute of Chartered Accountants ofPakistan (ICAP)

l The Institute of Internal Auditors (IIA), USA

l The Institute of Corporate Secretaries ofPakistan (ICSP)

l Pakistan Institute of Public FinanceAccountants (PIPFA)

1.4 CENTRESICMAP is a truly national level institute, having12 centres throughout Pakistan. It also has oneoverseas examination centre, in Dubai, UAE.

1.5 FACILITIES1.5.1 Buildings

The Institute has its own buildings in all themajor cities of Pakistan which are fully equippedwith all the necessary facilities, like air-conditioned classrooms, computers, modernaudio-visual devices and well-equipped libraries.

1.5.2 FacultyThe faculty comprises of professionals havingrich business and teaching experience. Theybring real life working environment to the

classroom and make learning more meaningfuland effective with the help of different teachingaids.

1.5.3 Computer LabsThe Institute has adequate and well-equippedcomputer labs at all centres. Students have e-mail and internet access in these labs. The HeadOffice in Karachi also offers computer facilitiesto students and members in job search.

1.5.4 LibrariesICMAP libraries contain thousands of books onaccountancy and business-related subjects. TheInstitute is a regular subscriber to about 50international journals. Members in Islamabadalso have access to a digital library database,which gives them online access to a number ofperiodicals, journals and articles.

1.5.5 AuditoriaThe ICMAP buildings at Karachi, Lahore,Islamabad and Multan have auditoria, whereseminars and guest speakers’ sessions are heldas part of the overall educational programme.This provides the students with an opportunityto interact with policy makers and employerswho, in turn, get a chance to spot suitablecandidates for employment in their organisations.

1.6 WEB SITEICMAP has a well-designed web site(www.icmap.com.pk) which provides comprehen-sive useful information, such as introduction ofthe Institute, its Council, various centres, syllabi,admission procedure, coaching classes, corre-spondence course, Internet Based Distance Learn-ing Programme (IBDLP) course, exemption policy,fee structure and information regarding theInstitute’s programmes and Continuing Profes-sional Development (CPD) activities.

1.7 PUBLICATIONS“Management Accountant” is the official organof the Institute, which is considered to be oneof the leading professional journals in Pakistan,having bi-monthly circulation of over 15,500copies. It has been playing a proactive role inupdating its readers on the International FinancialReporting and Auditing Standards, NewManagement Concepts, Changing BusinessScenario and latest developments, which aretaking place in Information Technology.

Through interviews of eminent personalities andsubject experts, the Journal has been instrumentalin the dissemination of their thinking and vision.

Besides, ICMAP also publishes on its web sitemonthly e-Research Journal & e-News Letter forits members and Students.

Introduction

89

ICMAP Career Pack

2.1 The Role of ManagementAccountants 12

2.2 How Management AccountantsAdd Value to Business 12

2.3 Salient Features of the newSyllabus 12

2.4 Membership of the Institute 132.5 Methodology 142.6 Courses of Studies 14

1011

2. The Programme

2.1 THE ROLE OF MANAGEMENTACCOUNTANTSThe Management Accountants produced by theInstitute have met the requirements of theindustry over the years and performed creditablyin the assigned roles. Today, the members ofICMAP occupy top to middle managementpositions in the leading public and private sectororganizations, financial institutions, NGOs andconsultancy firms as Chief Executive Officers,Managing Directors, General Managers,Controllers, Directors of Finance, and CompanySecretaries. Because of their professionalcapabilities, Management Accountants areincreasingly involved in the strategic managementdecision-making. Studying at ICMAP providesthe students with an opportunity to sharpentheir accounting, finance and business skillsthrough world-class comprehensive syllabus,effective education and testing system, and on-the-job training.

2.2 HOW MANAGEMENT ACCOUNTANTSADD VALUE TO BUSINESSManagement Accountants are trained to turnknowledge into value addition, they aresuccessfully competing in the employment marketfor senior positions, even in the generalmanagement areas. The Management Accountantis now become more a business advisor, whounderstands the dynamics of business as anorganic whole, rather than being a typical “financeperson” with tunnel vision. Some importantfunctions performed by the ManagementAccountants are summarised as under:

l Devising ways and means for improving theoverall profitability of organizations theyserve and maximizing the value of business.

l Ensuring optimum utilisation of availableresources.

l Developing standards for all operating areasand evaluating actual results with thestandards.

l Analysing overall business and operationaldata.

ICMAP Career Pack

The Programme

l Suggesting alternatives to improve produc-tivity, by identifying areas of wastages, leak-ages and inefficiencies or invisible losses.

l Deploying informative tools for an efficientmanagement information system.

l Rationalizing cost/expenditure into functionsand processes, to facilitate cost control ateach operational level.

l Contributing to Total Quality Management(TQM).

l Assisting in decision-making process at allcadres of management.

2.3 SALIENT FEATURES OF THE NEWSYLLABUSThe syllabus of ICMAP has been revamped inorder to enhance the competence of the studentsenabling them to face the challenges of a dynamicbusiness environment, confidently.

Many new subjects, such as Risk Management,Integrated Management, and ManagementAccounting-Business Strategy and DecisionMaking, have been added. Moreover, additionaltopics have been included in many subjects tobring them in line with the latest professionaldevelopments.

The syllabus comprises 21 subjects, to be taughtin six stages over a total period of three years.

l The course of Fundamentals of Cost andManagement Accounting has been introducedin Stage 2, by merging the major areas ofCost Accounting and Operational CostAccounting of the 1998 syllabus.

l A new course of Management and Marketinghas been introduced in Stage 2 of the newsyllabus, by merging the contents of StrategicManagement and Marketing Managementcourses of the 1998 syllabus.

l The subject of Cost and ManagementAccounting – Performance Appraisal (Stage-3) has been redesigned after merging themajor areas of Operational Cost Accounting,Cost Accounting and Strategic ManagementAccounting courses of the 1998 syllabus.

l Information System and IT Audit course(Stage-6) has been redesigned. It now coversareas from Computer Systems, MIS-II andInformation Management and Auditing cours-es of the 1998 syllabus. It also contains addi-tional topics reflecting recent developmentsin the profession.

l A new paper of Management Accounting –Decision Making has also been introduced inStage-5, after merging Strategic ManagementAccounting and Operational Cost Accountingcourses of the 1998 syllabus.

l After passing the prescribed examinationsand fulfil l ing the practical trainingrequirements, students will be awardedfollowing certificates:

l After passing all papers of Stage-1 and Stage2, students will be awarded a One-year PostGraduate Certificate in Accounting.

l After passing all papers of Stage-1 to Stage-4 and on meeting the work experience

requirements of six months, the students willbe awarded a Two-year Post GraduateCertificate in Cost and ManagementAccounting.

l Once the student passes all the Stages ofICMAP, he/she will be required to undergo acomprehensive examination of three hours.Upon qualifying this examination and onmeeting one-year work experiencerequirement, the student will be awardedCost and Management Accounting FinalCertificate.

2.3.1 Practical TrainingIn view of the importance of work experience,the requirement of acquiring practicaltraining/hands on-job experience has been madecompulsory for ICMAP students. The studentswill be required to complete at least six monthsof practical training in business or profession,in order to be eligible to get their Two-Year PostGraduate Certificate in Cost and ManagementAccounting, and a total of one year of workexperience to be eligible to get Cost andManagement Accounting Final Certificate.

2.3.2 Comprehensive ExaminationFrom the Spring 2006 session, ICMAP studentsare required to pass a ComprehensiveExamination in order to be eligible to receivetheir CMA Final Certificate. This examination isconducted 30 days after the announcement ofStage-6 examination result. This will be a three-hour examination, comprising multiple choicequestions and case studies covering the wholesyllabus.

2.4 MEMBERSHIP OF THE INSTITUTEMembership of the Institute comprises Associate(ACMA) and Fellow (FCMA) members. CMA FinalCertificate holder becomes eligible for admissionas Associate Member of the Institute if he/shehas gained a total of three years work experiencein Financial or Management Accounting. AnACMA becomes eligible for admission as FellowMember of the Institute (FCMA) if he/she has

Cost and Management Accounting Final Certificate

Comprehensive Examination

PROGRESSION SCHEME

Stage-6

Stage-5

Two-Year Post Graduate Certificate in Cost andManagement Accounting

Stage-4

Stage-3

One-year Post Graduate Certificate in Accounting

Stage-2

Stage-1

The Programme

1213

gained additional work experience of five yearsin a senior position in Finance and AccountsDepartment or related work experience afterbecoming ACMA.

2.5 METHODOLOGY

2.5.1 Medium of instruction and examination atICMAP is English. Communication between thefaculty and the students as well as among thestudents is also in English.

2.5.2 The completion of each Stage requires a periodof about six months, of which 16 weeks are spenton course study (through coaching, correspon-dence or Internet Based Distance Learning Pro-gramme (IBDLP)), and the rest is spent on self-study and examination.

2.5.3 The syllabus serves as a guideline for the students,teachers and examiners as to the scope ofsubjects and the study time to be allocated tovarious topics.

2.5.4 A list of books prescribed for core-reading andreferences is also enclosed. The books adequatelycover the syllabus of the relevant subjects. Thestudents are encouraged to go through otherrelated books and study material for furtherexpanding their horizon of knowledge.

2.5.5 The case study method is also used to equip thestudents with the knowledge and ability to faceproblems in their practical life.

2.5.6 The percentage of the weightage is shown againstdifferent sections of the syllabus. This serves asa guide to devote the study time each section

requires. The weightage does not necessarilyspecify the number of marks to be allocated tothe topics shown in each area in the examination.The students, therefore, should study all thetopics in the syllabus. This weightage may notbe exactly followed by the examiners.

2.5.7 The Institute’s Curriculum is competency- basedand the major aim is to prepare the prospectivemembers of the Institute not only for thepositions of Chief Financial Officers in differentorganisations but also for the ultimate positionof Chief Executive Officers, if they are associatedwith some industrial or commercial organisations,and for the position of Auditors as well asManagement Consultants, if they are in publicpractice.

2.6 COURSES OF STUDIESThe scheme of professional studies is accom-plished by satisfying the requirements of educa-tion, examination, work experience, comprehen-sive examination and practical training. Theeducation requirement includes courses in ac-counting, business and related areas. The exam-ination assesses knowledge, skills and applicationof the subject matter.

In addition, all candidates must satisfactorilycomplete at least one year of relevant workexperience, in addition to passing a comprehen-sive examination. The course of studies alongwith Classroom Hours (Coaching) and numberof assignments (Correspondence Course) foreach subject are listed in the following table:

ICMAP Career Pack

Stage-1

S-101 Fundamentals of Financial Accounting 70 5 12

S-102 Business Economics 60 4 10

S-103 Business Laws 60 4 10

S-104 Business English 60 4 10

Stage-2

S-201 Fundamentals of Cost and ManagementAccounting 70 5 12

S-202 Management and Marketing 60 4 10

S-203 Business Mathematics & Statistics 60 4 10

S-204 Introduction to Information Technology 60 4 10

Stage-3

S-301 Financial Accounting 80 5 15

S-302 Business Taxation 60 4 10

S-303 Cost and Management Accounting –Performance Appraisal 70 5 10

S-304 Presentation & Communication Skills 70 5 10

Stage-4

S-401 Advanced Financial Accounting & Analysis 80 5 15

S-402 Integrated Management 60 4 10

S-403 Corporate Laws & Secretarial Practices 60 4 10

Stage-5

S-501 Financial Reporting 60 4 10

S-502 Management Accounting -Decision Making 60 4 10

S-503 Risk Management and Audit 70 5 12

Stage-6

S-601 Strategic Financial Management 80 5 15

S-602 Information Systems and I.T. Audit 70 5 10

S-603 Management Accounting - Business Strategy 60 4 10

Total Hours 1380 93 -

SCHEDULE OF LECTURES, ASSIGNMENTS AND CREDIT HOURS OF ICMAP COURSES

Graduation credit hours 60 ICMAP's credit hours 93 Total credit hours 153

Coaching Correspondence

No. ofAssignments

Class RoomHours Credit Hours

Code Name of Subjects

The Programme

1415

ICMAP Career Pack

3.1 Admissions 183.2 Entry Test 183.3 Exemption Policy 183.4 Registration 213.5 Cancellation and Suspension of Registration 223.6 Admission Procedure 223.7 Transfers 233.8 Code of Conduct 233.9 Admission on Paper to Paper basis 243.10 Correspondence Course 243.11 Internet Based Distance Learning Programme (IBDLP) 263.12 Switch over Plan for the Students of 1998 Syllabus 263.13 Equivalency Schedule 29

1617

3. Admission Policy & Procedures

ICMAP Career Pack

Admission Policy & Procedures

3.1 ADMISSIONSThe minimum qualification required forenrolment in ICMAP’s Courses is Bachelor’sDegree. Students are admitted twice a year - forSpring Session in December and for Fall Sessionin June. The students may opt studies through:

a. Coaching Classes,b. Correspondence Course, orc. Internet Based Distance Learning Programme

(IBDLP)

Admission to Stage 1 can be taken after passingthe Entry Test or being eligible for exemption.

Admission to a higher stage may be given, if acandidate qualifies for /or gets exemption fromentry test and/or exemptions in the subjects oflower stage(s).

3.2 ENTRY TEST

3.2.1 The entry test assesses the general intelligence,proficiency of English and Arithmetic skills ofthe candidate.

3.2.2 Entry Test EligibilityThe following candidates are required to appearin the entry test:

l Holders of B. Com. degree.

l Graduates in other disciplines.

l An equivalent qualification approved by theNational Council.

l A candidate who has appeared in the finalexamination of a Bachelor’s Degree and iswaiting for the examination results. If suchcandidate passes the Entry Test, he/she willbe granted a provisional admission. However,registration will be granted only when he/shepasses the Degree examination.

3.2.3 Exemption from Entry TestThe candidates having the following qualificationswill be exempted from the Entry Test

l Masters degree, B.E., MBBS, LL.B.l 1st division graduates of any discipline.

l B.Com (1st & 2nd Division)

l Intermediate/FE-I & FE-II/Module-D of theICAP.

l Intermediate of PIPFA (formerly AAT) sub-ject to holding bachelor's degree.

l Intermediate of the Institute of CorporateSecretaries of Pakistan.

l The candidates seeking admission incorrespondence course and Internet BasedDistance Learning Programme (IBDLP).

l Candidates who have already passed CSS,FPSC and PCS examinations.

l Overseas students.

l Any other professional institute approved bythe Council.

The candidates who do not qualify the EntryTest may appear in the next Entry Test onpayment of the prescribed Entry Test fee. Thesuccessful result of an Entry Test will be validfor two sessions/terms only i.e. one for whichthe test is taken and the other following it.

3.3 EXEMPTION POLICY

3.3.1 General Rules

The students, who have passed Bachelor’s orMaster’s examinations from a recogniseduniversity are eligible to apply for exemptionaccording to the schedule of exemptions. Inaddition they must have obtained at least 50%marks in the specified subject(s) and thesesubject(s) shall cover 80% course outlines of theinstitute subject(s) in which exemption is sought.

Exemption is granted on the basis of completedqualification. Those having passed only part(s)of various qualifications will not be allowed anyexemption from any subject of the course. Detailsof papers exempted for members of professionalaccounting bodies and holders of other qualifi-cations are given in the schedule of exemptions.


1819

SCHEDULE OF EXEMPTIONS FOR ACADEMIC QUALIFICATIONS

Stage-1Fundamentals of Financial Ex. - Ex. - - - - - - Ex. Ex. Ex. - -Accounting

Business Economics Ex. - Ex. - Ex. Ex. - Ex. - Ex. Ex. Ex. Ex. -(Eco.) (Eco.) (Eco.) (Eco.)

Business Laws Ex. - - - - - Ex. - - Ex. Ex. Ex. - Ex.

Ex.Business English - - BBA - - - - Ex. Ex. Ex. Ex. Ex. Ex. Ex.

(Hons.) (Eng.)

Stage-2Fundamentals of Cost andManagement Accounting - - - - - - - - - Ex. Ex. - - -

Management andMarketing - - - - - - - - - Ex. Ex. Ex. - -

Ex.Ex. Ex. Ex. (MathsBusiness Mathematics - - BBA Ex. (Maths or - - (Maths or Ex. Ex. Ex. Ex. or -& Statistics (Hons.) Statistics) Statistics) Statistics

or Eco.)

Introduction to Ex. Ex. Ex. Ex.- Ex. (Computer (Computer (Computer - - (Computer Ex. Ex. Ex. Ex. - -Information Technology or I.T.) or I.T.) or I.T.) or I.T.)

Stage-3Financial Accounting - - - - - - - - - - - - - -

Business Taxation - - - - - - - - - - - - - -

Cost and ManagementAccounting - Performance - - - - - - - - - - - - - -Appraisal

Presentation &Communication Skills - - - - - - - - - Ex. Ex. Ex. - -

Stage-4Advanced FinancialAccounting & Analysis - - - - - - - - - - - - - -

Integraated Management - - - - - - - - - - - - - -

Corporate Laws &Secretarial Practices - - - - - - - - - - - - - Ex.

Stage-5Financial Reporting - - - - - - - - - - - - - -

Management Accounting-Decision Making - - - - - - - - - - - - - -

Risk Management andAudit - - - - - - - - - - - - - -

Stage-6Strategic FinancialManagement - - - - - - - - - - - - - -

Information Systems &I.T. Audit - - - - - - - - - - - - - -

Management Accounting-Business Strategy - - - - - - - - - - - - - -

Total Exemption 3 1 5 2 3 1 1 4 3 9 9 8 3 3

SUBJECT B.Com BCS BBA B.Engg. B.Sc. B.A. LLB M.Sc. M.Com MBA MPA MA LLMMCS

SCHEDULE OF EXEMPTIONS FOR PROFESSIONAL QUALIFICATIONS

Stage-1

Fundamentals of FinancialAccounting Ex. Ex. Ex. Ex. Ex. Ex. Ex. Ex. Ex. Ex.

Business Economics Ex. Ex. Ex. Ex. Ex. Ex. Ex. Ex. Ex. Ex.

Business Laws - Ex. Ex. Ex. - Ex. Ex. - - -

Business English - Ex. Ex. Ex. Ex. Ex. Ex. Ex. Ex. Ex.

Stage-2

Fundamentals of Cost andManagement Accounting - - - Ex. - Ex. Ex. Ex. Ex. -

Management and Marketing - - - - - Ex. Ex. Ex. - -

Business Mathematics & Statistics - Ex. - Ex. - Ex. Ex. - Ex. -

Introduction to InformationTechnology - Ex. Ex. Ex. Ex. Ex. Ex. Ex. Ex. Ex.

Stage-3

Financial Accounting - Ex. Ex. Ex. Ex. Ex. Ex. Ex. Ex. Ex.

Business Taxation - - - Ex. - - - - - -

Cost and Management Accounting-Performance Appraisal - - - - - Ex. Ex. Ex. Ex. -

Presentation & CommunicationSkills - - - Ex. - Ex. Ex. - Ex. -

Stage-4

Advanced Financial Accounting &Analysis - - - - - Ex. Ex. - Ex. -

Integrated Management - - - - - Ex. Ex. - - -

Corporate Laws & SecretarialPractices - - Ex. Ex. - - - - - -

Stage-5

Financial Reporting - - - - - - - - - -

Management Accounting - DecisionMaking - - - - - Ex. Ex. Ex. - -

Risk Management and Audit - - - - - Ex. Ex. - - -

Stage-6

Strategic Financial Management - - - - - Ex. Ex. - - -

Information Systems & I.T. Audit - - - Ex. Ex. Ex. Ex. Ex. Ex. Ex.

Management Accounting - BusinessStrategy - - - - - Ex. Ex. - - -

Total Exemption 2 7 7 12 6 18 18 10 11 6

SUBJECT IBPDAIBP

PIPFAAPA

ICSPACIS

ICAPACA

ACCA(UK)

CIMAACMA(UK)

SMACMA

(Canada)

IMACMA/CFM

(USA)

CGA(Canada)

IIA(USA)

ICMAP Career Pack

The abbreviations used in the foregoing paragraphs represent the following:

ACCA (UK) Association of Chartered Certified Accountants of United KingdomACA (Pak) Associate Member of Institute of Chartered Accountants of PakistanACIS (Pak) Associate Member of Institute of Corporate Secretaries of PakistanAPA (Pak) Associate Member of Institute of Public Finance Accountants of PakistanACMA (UK) Associate Member of Chartered Institute of Management Accountants of United KingdomIMA (USA) Institute of Management Accountants (USA)SMA (Canada) The Society of Management Accountants of CanadaCGA (Canada) Certified General Accountants, CanadaIIA (USA) The Institute of Internal Auditors (USA)MBA Master of Business AdministrationM.Com Master of CommerceMPA Master of Public AdministrationM.Sc. Master of ScienceMCS Master of Computer ScienceMA Master of ArtsLLM Master of LawsBBA Bachelor of Business AdministrationB.Engg. Bachelor of EngineeringBCS Bachelor of Computer ScienceBA Bachelor of ArtsLLB Bachelor of LawsB.Com Bachelor of CommerceB.Sc. Bachelor of ScienceDAIBP Diplomaed Associate of the Institute of Bankers Pakistan

3.3.2 Members of other professional accountingbodies, which are member of IFAC, may beconsidered for exemption on case by case basis.

3.3.3 Exemption CertificateThe students, who meet the requirements ofexemption policy given in para 3.3.1 will begranted exemption in the relevant subject(s) andawarded exemption certificates.

3.4 REGISTRATIONTo register as a student of the Institute, acandidate:

l Must have passed the Entry Test of theInstitute unless otherwise exempted from it.

l Must have passed the Bachelor's Degreeexamination of any University or degree-awarding institute recognised by HigherEducation Commission, Government ofPakistan.


2021

l Must have attained 18 years of age on thedate of application.

l Must have paid the prescribed RegistrationFee.

l Must have paid the prescribed AnnualSubscription.

A registration card is issued to each registeredstudent of the Institute.

3.5 CANCELLATION AND SUSPENSION OFREGISTRATION

3.5.1 A student of the Institute deemed to be guiltyof misconduct, will face cancellation/suspensionof registration, if he/she:

l fails to comply with the rules and regulationsof the Institute;

l fails to supply correct information to theInstitute;

l fails to comply with any of the directivesissued by the management of the Institute;

l involves himself/herself in such activitieswhich cause damage to the image of theInstitute;

l uses unfair means in an examination;

l is found indulged in any under-hand dealingwith any official or officials of the Institute.

3.5.2 In the event of any misconduct or breach of anyregulation by a registered student, the Councilmay, if it is satisfied after such investigation asit may deem necessary and after giving anopportunity of being heard, suspend or cancelthe registration of the student.

3.5.3 Registration of a student shall be cancelled andall fees paid shall be forfeited if educationaldocuments are found fake at any later stage.

3.5.4 Registration of a student, who does not pay theannual subscription within six months from thedate it falls due, i.e. 1st July of every year, isliable to be cancelled but can be restored onpayment of 100% prescribed registration fee.

3.6 ADMISSION PROCEDURE

3.6.1 Registration, admission and exemption formsare available at all centres. Candidates mustfollow the instructions and ensure that therequired information has been provided whilefilling in the forms. The items which are notapplicable should be crossed (X). The candidatesmust state in the admission form whetherenrolment is desired for the Coaching Classes,Correspondence Courses, or Internet BasedDistance Learning Programme (IBDLP).

In case of coaching, it should be stated whetherit is required in mornings, afternoon or evenings.

Students, who are interested to enroll themselvesin correspondence course, Internet BasedDistance Learning Programme (IBDLP) andcoaching for different subjects, are required totick in appropriate box in the admission form.

Students should fill in the Exemption Form, incase they want to apply for exemption.

3.6.2 Documents to be Provided

Following documents are to be attached alongwith the admission form:

l Photocopies of educational certificates anddegrees from matric to graduation and post-graduation.

l Photocopy of Computerised National IdentityCard.

l Four recent passport size photographs.

l Copies of marks sheets of the examinationsbased on which exemption(s) is/are sought.

Students are required to produce the originaldocuments to the office of the Institute forattestation of copies thereof.

Candidates seeking admission in correspondencecourse or Internet Based Distance LearningProgramme (IBDLP) should send the prescribedforms along with copies of documents (attested

ICMAP Career Pack

by the officer in-charge of the nearest office ofthe Institute), to the nearest centre offering thefacility. Currently, Correspondence Course andInternet Based Distance Learning Programme(IBDLP) are being offered at Karachi, Lahore andIslamabad centres only. Overseas candidatesshould send copies attested by the PakistaniEmbassy to the Institute’s Head Office, Karachicentre. In addition to the above, they shouldprovide copies of passport, visa/aqamah andemployment certificate.

The foreign students are required to obtain N.O.C.from Government of Pakistan before applyingfor admission in the Institute.

3.7 TRANSFERS

3.7.1 From one shift to another: The Institute allowstransfer of students in the same academic sessionfrom the morning to the evening shift and viceversa, provided the seats are available in theclasses.

3.7.2 From one centre to another: It is possible fora coaching student to be transferred from onecoaching centre to another, due to change ofresidence or employment, during the course ofan academic term. Such a student is required toobtain the following certificates from his originalcoaching centre:a) Attendance Certificate.

b) Certificate showing the payment of AnnualSubscription and all other dues.

c) Clearance from library.

3.7.3 From Coaching to Correspondence Course/Internet Based Distance Learning Programme(IBDLP): A student who has enrolled for theCoaching Classes can be transferred to theInternet Based Distance Learning Programme(IBDLP) or Correspondence Courses of thatsubject(s). He/she will have to complete therequired number of assignments within theprescribed time- frame in case of Correspondencecourse, and will have to appear in two (2) online

tests at the prescribed dates in case of InternetBased Distance Learning Programme (IBDLP).

This facility can be availed within one month ofthe commencement of Coaching Classes onpayment of 50% tuition fee. The student willhave to pay 100% tuition fee, if he/she decidesto change to the Correspondence Courses orInternet Based Distance Learning Programme(IBDLP) on the expiry of one month after thecommencement of Coaching Classes.

3.7.4 From Correspondence Course / Internet BasedDistance learning Programme (IBDLP) toCoaching Classes: A Correspondence Course orInternet Based Distance Learning Programme(IBDLP) student can be transferred to theCoaching Classes on payment of 50% tuition feewithin one month’s time from enrolment inCorrespondence Course or Internet BasedDistance Learning Programme (IBDLP), and onpayment of 100% tuition fee after one month’stime from enrolment in Correspondence Courseor Internet Based Distance Learning Programme(IBDLP). The facility is subject to availability ofcapacity in coaching classes. He/she will have tocomplete 75% attendance in all subjects.

Note: The student, who has taken admission incorrespondence course and is not eligible forexemption from entry test (as per rule 3.2.3) isrequired to pass or obtain exemption from theentry test before transfer from correspondencecourse to coaching classes.

3.8 CODE OF CONDUCTThe code is aimed at encouraging and shapingprofessional behaviour and ethics among thestudents. The code, as laid down, is to be strictlyobserved:

l Behave courteously and politely.

l Respect the teachers, fellow students, staffand visitors to the Institute.

l Be punctual in attending their classes and labsessions.


2223

l Maintain the layout and arrangement of theclassroom, computer lab and library.

l Maintain discipline and decorum in thereading study areas, classroom, computer laband library.

l Maintain cleanliness in and outside theclassrooms.

l Keep voice low while walking throughcorridors, so that classes in progress are notdisturbed.

l Refrain from passing any derogatory andinsulting remarks about the Institute and itsfunctionaries.

l Display Identity Card of the Institute while inthe premises of the Institute.

l Protect the Institutes’ property.

l Park the vehicles only in the parking lot andnot wander around the campus.

l Should not smoke, eat betel leaf (Pan) and/orchew gum inside the premises of the Instituteor in the vicinity.

3.8.1 Dress Code

Following dress-code is prescribed for thestudents:

Male Students

(a) From Ist October to 31st March: Coat, shirtand trousers with necktie or shirt and pantswith necktie. Or Qameez/kurta and shalwarwith waistcoat.

(b) From Ist April to 30th September: Same asabove, but coat is not compulsory.

(c) Chappals are not allowed. (However,Peshawari chappal is allowed to studentswearing shalwar qameez/kurta, withwaistcoat).

Female Students

Should wear shalwar qameez with chaader ordupattah.

3.8.2 Students will be fined on violation of this code.

3.9 ADMISSION ON PAPER TO PAPERBASISAs a policy, ICMAP encourages students tocomplete all the six (6) Stages in their logicalsequential order. However, students are allowedto take admission and examinations on paperto paper basis in the Syllabus.

The same policy is applicable for the existingstudents of ICMAP. Due to restructuring of thesyllabus, some of the courses for the existingstudents have been moved to other Stages.These lower Stages, with rearranged subjectsin them, will not be counted towardsmaximum number of Stages allowed to thestudents for admission and examination.

3.10 CORRESPONDENCE COURSECorrespondence Course facility is availablethrough Karachi, Lahore and IslamabadCampuses of the Institute. Those students whocannot attend Coaching Classes can avail it of.

3.10.1 Duration of Correspondence CourseCorrespondence students will be required tocomplete all assignments of courses of theStage in which they are enrolled in the sameacademic session. If they fail to complete 100%assignments within that session, they shall berequired to re-enrol themselves in the nextsession by paying 100% correspondence coursefee and completing the remaining assignments.

ICMAP Career Pack

3.10.2 Preparation of AssignmentsThe students are advised to observe thefollowing guidelines:

l Review the core and additional readings asprescribed in syllabus.

l Read the relevant chapters of the prescribedtext or other reading material.

l Read the assignment questions thoroughlybefore writing answers.

l Avoid referring to the textbooks whilewriting the answers to the assignmentquestions.

l Prepare assignments with due care anddiligence.

l Organise and present the material foranswers carefully so as to reflect an analyticalapproach to the understanding of theseproblems.

l Produce narrative answers adequately andexpress them with clarity and conviction.

l Provide complete answers and include allpertinent points.

3.10.3 Model SolutionModel solutions are not provided to thestudents as it is against the policy of theInstitute. In order to pass the examination ofany Stage, within the specified period, it isnecessary that the students must work hardand equip themselves with the requisiteknowledge of the subject. Consistent hard workwill enable them to develop self-confidenceand self-reliance.

3.10.4 Evaluation of AssignmentsThe assignments are checked and returnedwith necessary corrections and comments ofthe evaluators. All assignments of a subjectconsist of a specified number of questions. Atotal of 100 marks is allocated to eachassignment and each question carries differentmarks.

3.10.5 Rules for Submitting AssignmentsIn order to streamline the flow of assignments

at the Institute, the students are required tosubmit assignments according to the followingrules:

a) The particulars noted below must be indi-cated on the face sheet of the assignmentscript:i. Registration Numberii. Nameiii. Full Mailing Addressiv. Stagev. Subjectvi. Assignment Number

b) Assignments must be written in ink, instudent's own handwriting. Typewrittenassignments are not accepted.

c) The assignment should be submitted to theofficer In-charge of Correspondence Courseat the Centre.

d) Answers to the assignments questionsshould be sent in accordance with theschedule, minimum three (3) or maximumsix (6) assignments per subject in a monthshall be submitted. The assignments, morethan the prescribed maximum limit, will notbe accepted.

e) Students must not copy the answers fromthe textbooks or other students 'assignments.

f) The student must obtain 50% marks in eachassignment. If he/she fails to obtain the saidpercentage of marks, he/she has to re-writeand resubmit the assignment to therespective Centre as per instructions of theevaluator; otherwise he/she will not beeligible to appear in the examination. Theoriginal assignment must accompany theresubmissions.

g) 100% assignments of those subject(s) mustbe submitted in the session in which theexamination is to be taken. Last date forsubmission of 100% assignments for MayExamination is 20th March and forNovember Examination, it is 20th September.

The student who is not appearing in a spe-


2425

cific subject(s) in the particular examinationmay, however, submit the assignments latestby 15th May and 15th November respec-tively.

h) Checked assignments are returned to thestudents as soon as these are received fromthe evaluators. The concerned centre shouldbe contacted if assignments are not receivedback within 30 days from the date ofsubmission. The Institute will not beresponsible for misplaced/ lost assignments.If the students, registered for a Corres-pondence Course, do not receive theInstitute’s Identity Card and CorrespondenceCourse materials within 15 days of theirregistration/ enrolment, they should contactthe nearest Centre of ICMAP.

3.11 INTERNET BASED DISTANCELEARNING PROGRAMME (IBDLP)Internet Based Distance Learning Programme(IBDLP) is the method of study through digitaltechnology. This Programme will facilitate thestudents who are unable to attend coachingclasses or submit the assignments. Under this

Programme subject wise lecture in digitalformat on CDs will be provided to students sothat they can get maximum learning andguidance on all subjects.

3.11.1 Study ProcedureStudents, who would take admission underthis Programme, will get a complete set oflecture CDs with manual on all subjects at thetime of admission. Course counsellors will alsobe available online to attend the queries of thestudents on IBDLP website.IBDLP students will be required to appear intwo (2) online tests for each subject and willhave to pass one test to be eligible to appearin the examination. Each test will contain 40MCQs and 50% marks will be required to passthe test. First test will cover 40% of the syllabusand second test will be taken out of 80% of thesyllabus of each subject.Two online tests will be held in each session.First online test will be held, during prescribedhours, in the first week of March/Septemberand Second online test will be held in the firstweek of April/October for Spring and Fallsessions respectively. Dates of the tests will beannounced in the beginning of every session.

*The students who have attempted/passed Professional-III and Professional-IV examination would be allowed toappear in Professional-III and Professional-IV examination along with their remaining papers from Foundation-Ito Professional-II in Fall (November 2007) and Spring (May-2008) examinations under 1998 Syllabus.

3.12 SWITCH OVER PLAN FOR THE STUDENTS OF 1998 SYLLABUS

PART 1998 SYLLABUS 2005 SYLLABUS

LAST EXAMINATION FIRST EDUCATION FIRST EXAMINATIONSESSION UNDER SESSION UNDER NEW SESSION UNDER NEW

PRESENT SYLLABUS SYLLABUS SYLLABUS

FOUNDATION-Ito FALL (NOVEMBER-2005) DECEMBER 2005 - MAY 2006 SPRING (MAY-2006)

PROFESSIONAL-I

PROFESSIONAL-II SPRING (MAY-2006) JUNE 2006-NOVEMBER 2006 FALL (NOVEMBER-2006)

*PROFESSIONAL-IIIto SPRING (MAY-2008) JUNE 2008-NOVEMBER 2008 FALL (NOVEMBER-2008)

PROFESSIONAL-IV

ICMAP Career Pack

a. Those, who have passed any subject(s) of anyPart/Stage of the 1998 syllabus, shall be allowedexemption from the subject(s) of 2005 Syllabus,as provided in the equivalency schedule. Thestudents will not be required to take coachingclass or to submit assignments of correspondencecourse in the remaining equivalent subject(s) ofnew syllabus provided they have completed allrequirements of coaching class or correspondencecourse of 1998 syllabus.

b. Completed Foundation-I:

Those, who have passed all examinations ofFoundation-I under the 1998 syllabus, will beexempted from the following subjects:

They will be eligible to appear in the examinationof the following subject(s) after taking admissionand fulfil the eligibility requirements for sittingthe examination:

c. Completed upto Foundation-II:

Those, who have passed all examinations up toFoundation-II under the 1998 Syllabus, will beexempted from the following subjects:


d. Completed up to Professional-I:

Those, who have passed all examinations up toProfessional-I under the 1998 Syllabus, will beexempted from the following subjects:


STAGES SUBJECTS

Stage-1 Business Laws

Stage-2 Fundamentals of Cost and ManagementAccountingBusiness Mathematics & StatisticsIntroduction to Information TechnologyManagement and Marketing

STAGES SUBJECTS

Stage-2 Fundamentals of Cost and ManagementAccountingBusiness Mathematics & StatisticsManagement and Marketing

Stage-3 Cost and Management Accounting -Performance AppraisalBusiness TaxationPresentation & Communication Skills

STAGES SUBJECTS

Stage-1 All Subjects

Stage-2 Fundamentals of Cost and ManagementAccountingIntroduction to Information TechnologyBusiness Mathematics and Statistics

Stage-3 Financial AccountingPresentation and Communication Skills

STAGES SUBJECTS


Stage-2 Introduction to Information Technology

Stage-3 Financial Accounting


2627

STAGES SUBJECTS

Stage-1 Fundamentals of Financial AccountingBusiness EnglishBusiness Economics

Stage-2 Introduction to Information Technology

f. Completed upto Professional-III:Those, who have passed all examinations up toProfessional-III Stage under the 1998 Syllabus,will be exempted from the following subjects:


e. Completed upto Professional-IIThose, who have passed all examinations up toProfessional-II stage under the 1998 Syllabus,will be exempted from the following subjects:


STAGES SUBJECTS

Stage-4 Integrated Management

Stage-6 Strategic Financial ManagementInformation Systems & IT AuditManagement Accounting - BusinessStrategy

STAGES SUBJECTSStage-1 All Subjects

Stage-2 Fundamentals of Cost and ManagementAccountingIntroduction to Information TechnologyBusiness Mathematics & Statistics


Stage-4 Advanced Financial Accounting andAnalysisCorporate Laws & Secretarial Practices

STAGES SUBJECTS

Stage-2 Management and Marketing

Stage-4 Integrated Management


STAGES SUBJECTS




Stage-4 Advanced Financial Accounting andAnalysisCorporate Laws & Secretarial Practices


ICMAP Career Pack

STAGES SUBJECTS

Stage-2 Management and Marketing

Stage-3 Cost and Management Accounting -Performance AppraisalBusiness Taxation


New Subjects:

Syllabus-1998 Syllabus-2005

Stage Subjects Code Stage Subjects

F-I Principles of Accounting S-101 Stage-1 Fundamentals of Financial Accounting

F-I Computer Systems S-204 Stage-2 Introduction to Information Technology

F-I Business English S-104 Stage-1 Business English

F-I Economics & Business Environment S-102 Stage-1 Business Economics

F-II Financial Accounting S-301 Stage-3 Financial Accounting

F-II Management Information Systems-II S-204 Stage-2 Introduction to Information Technology

F-II Industrial & Commercial Laws S-103 Stage-1 Business Laws

P-I Cost Accounting S-201 Stage-2Fundamentals of Cost and ManagementAccounting

P-I Business Communication & Report Writing S-304 Stage-3 Presentation & Communication Skills

P-I Quantitative Methods S-203 Stage-2 Business Mathematics & Statistics

P-I Management Science Applications - - -

P-II Advanced Financial Accounting S-401 Stage-4 Advanced Financial Accounting & Analysis

P-II Operational Cost Accounting S-303 Stage-3 Cost and Management Accounting -Performance Appraisal

P-II Business Taxation S-302 Stage-3 Business Taxation

P-II Corporate Laws & Secretarial Practices S-403 Stage-4 Corporate Laws & Secretarial Practices

P-III Financial Reporting S-501 Stage-5 Financial Reporting

P-III Strategic Management Accounting S-502 Stage-5 Management Accounting - Decision Making

P-III Organisational Behaviour & Strategic S-202 Stage-2 Management and MarketingManagement

P-III Auditing S-503 Stage-5 Risk Management and Audit

P-IV Strategic Financial Management S-601 Stage-6 Strategic Financial Management

P-IV Corporate Performance Audit & Evaluation S-503 Stage-5 Risk Management and Audit

P-IV Marketing Management S-202 Stage-2 Management and Marketing

P-IV Information Management & Auditing S-602 Stage-6 Information Systems & I .T. Audit

S-402 Stage-4 Integrated Management

S-603 Stage-6 Management Accounting - Business Straegy

3.13 (A) Equivalency Schedule


2829

Syllabus-2005 Syllabus-1998

Code Stage Subjects Stage Subject

S-101 Stage-1 Fundamentals of Financial Accounting F-I Principles of Accounting

S-102 Stage-1 Business Economics F-I Economics & Business Environment

S-103 Stage-1 Business Laws F-II Industrial & Commercial Laws

S-104 Stage-1 Business English F-I Business English

S-201 Stage-2 Fundamentals of Cost and Management P-I Cost AccountingAccounting

S-202 Stage-2 Management and Marketing P-III Organisational Behaviour & StrategicManagement OR

P-IV Marketing Management

S-203 Stage-2 Business Mathematics & Statistics P-I Quantitative Methods

S-204 Stage-2 Introduction to Information Technology F-I Computer Systems OR

Management Information Systems-II

S-301 Stage-3 Financial Accounting F-II Financial Accounting

S-302 Stage-3 Business Taxation P-II Business Taxation

S-303 Stage-3 Cost and Management Accounting- P-II Operational Cost AccountingPerformance Appraisal

S-304 Stage-3 Presentation & Communication Skills P-I Business Communication & Report Writing

S-401 Stage-4 Advanced Financial Accounting & Analysis P-II Advanced Financial Accounting

S-402 Stage-4 Integrated Management - -

S-403 Stage-4 Corporate Laws & Secretarial Practices P-II Corporate Laws & Secretarial Practices

S-501 Stage-5 Financial Reporting P-III Financial Reporting

S-502 Stage-5 Management Accounting-Decision Making P-III Strategic Management Accounting

S-503 Stage-5 Risk Management and Audit P-III Auditing OR

P-IV Corporate Performance Audit & Evaluation

S-601 Stage-6 Strategic Financial Management P-IV Strategic Financial Management

S-602 Stage-6 Information Systems & I .T. Audit P-IV Information Management & Auditing

S-603 Stage-6 Management Accounting - Business - -Strategy

3.13 (B) Equivalency Schedule

ICMAP Career Pack

4.1 Eligibility 324.2 Examination Application 334.3 Instructions to the Examinees 334.4 General Procedures 354.5 Examination Scheme 354.6 Examination Results 354.7 Proficiency Awards 364.8 Comprehensive Examination 37

4. Examination Policies & Procedures

3031

ICMAP Career Pack

Examination Policies and Procedures

4.1 ELIGIBILITYThe following regulations cover the eligibilityrequirements for taking the ICMAP examination:

4.1.1 The students, who are enrolled under theCoaching Course programme in a particularsession, must have attended at least 75%lectures in the class and secured 60% marks inClass Test, Class Presentation and ClassParticipation in order to become eligible toappear in the final examination of the subject.

Class Participation = 15%Class Presentation = 25%1st Class Test = 30%2nd Class Test = 30%

100%

4.1.2 The students, who are enrolled under theCorrespondence Course programme, must havesubmitted 100% assignments on or before 20thMarch and 20th September (which are also thelast dates for submission of examinationapplications for May and Novemberexaminations, respectively), and must haveobtained 50% marks in each assignment.

4.1.3 The students, who are enrolled under theInternet Based Distance Learning Programme(IBDLP) must have to appear in two online testsand should pass at least one test to becomeeligible to appear in the examination.

4.1.4 If a student fails to qualify any stage withintwo years, the student shall be required to takefresh admission in either Coaching Classes orthe Correspondence Course, so that he/shemay acquire the requisite degree of knowledgein the subjects of that Stage in order to passthe examination.

4.1.5 Examination Progression SchemeThe students who are eligible for exemptionsand join ICMAP for the first time, are allowedto appear for examination in a maximum oftwo Stages at a time, including any partiallyexempted Stage. In order to progress to thenext higher stage, they must pass the lowestlevel Stage in which they are enrolled.

l A student can only appear in any subject(s)of Stage-3 examination, if he/she has passedall the papers of Stage-1 examination.

Note: However a student, who hasavailed exemption(s) from various subject(s)upto Stage-3 on the basis of his/her otherqualifications, is allowed to appear inexamination in maximum remaining fourcourses upto Stage-3 irrespective of numberof stages involved.

l A student can only appear in any subject(s)of Stage-4 examination, if he/she has passedall the papers of Stage-1 & 2 examinations.

l A student can only appear in any subject(s)of Stage-5 examination, if he/she has passedall the papers of Stage-1, 2 & 3 examinations.

l A student can only appear in any subject(s)of Stage-6 examination, if he/she has passedall the papers of Stage-1, 2, 3 & 4 examina-tions.

4.1.6 Work Experience RequirementWork experience plays a very important rolein the profession of management accounting.What students learn in the classroom can onlybe suitably applied to a specific job of anenterprise. Keeping in view this importantaspect, it has been decided to make itcompulsory for the students to obtain at leastone year practical training as indicated below:

The experience may be in the form ofinternship, full time or part time, paid or unpaidjob in any organisation. The experience shouldbe in the field of financial accounting, costaccounting, finance and banking, internal orexternal auditing, treasury or any otheraccounting or management-related area.

Part time job must be at least of three hoursper day and would be treated as 50% of a fulltime job in terms of time. It will be theresponsibility of the students to get the job.The Institute would however, help the studentsin finding an internship, part time or a full timeemployment.


3233

The certificates will be issued to the studentprovided he/she has completed the followingrequirements:

l Two-year Post Graduate Certificate in Costand Management Accounting shall be issuedto a student only if he/she has completed aminimum of 6 months work experience, inaddition to passing 1st four stages.

l Final Certificate in Management Accountingshall be issued to a student only if he/shehas completed at least one year of workexperience, in addition to passing all six (6)stages and a comprehensive examination.

4.1.7 Students’ TrainingRecordThe students shall be required to complete thestudents training record. Each student isrequired to submit this form, duly filled-in andattested by his/her employer, to the EducationDepartment of the Institute. In lieu of this form,he/she is allowed to submit an experiencecertificate from his/her employer on theletterhead of the company, showing the jobdescription and duration of his/her service.

4.2 EXAMINATION APPLICATION

4.2.1 Examinations are conducted twice a year inMay and November.

4.2.2 Applications for examination are to besubmitted by the candidates on the prescribedform, which may be obtained from any Centreof the Institute, from 1st March to 20th Marchfor the May Examination and from 1stSeptember to 20th September for the NovemberExamination. Applications providing completedetails should be sent so as to reach the Instituteon or before the prescribed date. Applicationsfor examination are to be accepted only if allthe requirements, including payment of alldues, have been met.

4.2.3 All outstanding dues, including annualsubscription, must be paid along withexamination fee, through pay order/demanddraft or deposit voucher.

4.2.4 Examination application forms with 100% latefee are accepted upto 31st March for the Spring(Summer) Examination and upto 30thSeptember for Fall (Winter) Examinationrespectively. If there is a public holiday on thelast date, the payment will be accepted on thefirst working day after the holiday. Noapplication for examination is accepted ifsubmitted after due date.

4.2.5 Candidates are advised to write their full nameas well as mailing address on the examinationapplication forms, legibly and in block lettersto ensure correct mailing and delivery at thestated address. Examination application forms,which are incomplete or do not meet theserequirements, are likely to be rejected.

4.3 INSTRUCTIONS TO THE EXAMINEES

4.3.1 On receipt of their Admit Card/Slip, thecandidates are advised to check the particularsentered therein. Inaccuracy, if any, must bebrought immediately to the notice of theDirector Examination.

4.3.2 Examinees must possess and be ready toproduce on demand their Identity Card, StudentRegistration Card and Admit Card, issued bythe Institute, failing which they may not beallowed to appear in the examination.

4.3.3 If a candidate is late by more than thirtyminutes, he/she will not be allowed to enterthe examination premises. Similarly, noexaminee will be allowed to leave theexamination hall earlier than one hour afterthe commencement of the examination.

4.3.4 No candidate is allowed to change the seatallocated to him/her for a particular examinationpaper without the permission of the CentreSupervisor, who has the authority to changeor interchange seats of any candidate, ifcircumstances so demand. Candidates foundreluctant will be liable to disciplinary action.

4.3.5 Possession of books, notes, previous questionpapers, course outlines and other related matter

on any subject, if brought to the examinationhall, should be handed over to the invigilatorbefore the commencement of the examinationand taken back when leaving the examinationhall.

4.3.6 Candidates found talking, whispering, gossipingor seeking assistance or exchanging notes oranswer scripts and so on with any person,possessing any notes or using any unfair means,shall be asked to leave the examinationpremises at once, and a note to this effect willbe inserted on his/her script for the attentionof the examiner, along with a simultaneousreport to the Examination Department forfurther necessary action.

4.3.7 Candidates must make sure that they havereceived the appropriate question paper fromthe invigilator so as to avoid any confusion inthis regard.

4.3.8 The examinees, on receipt of blank answerscripts and supplementary sheets in theexamination hall, should instantly record theirroll numbers and registration numbers thereon.

4.3.9 If so required, candidate may ask for additionalsupplementary sheets, graph paper and log-table from the invigilator.

4.3.10 Only fountain pen or ballpoint with blue orblack ink should be used for writing answerscripts. No marks will be given for questionsattempted with pencil.

4.3.11 Candidates must answer the questions exactlyin the manner as they are printed on the paper.Amendments and corrections may be acceptedonly if the Examination Supervisor, or any otherappropriate authority of the Examination Centreannounces them officially.

4.3.12 Candidates must start the answer of eachquestion from the new page. They should putdown question number, its part and sub-parton each page of answer script so as to facilitatecorrect assessment of the answers.

4.3.13 Candidates should not, as far as possible, leaveany blank page in the answer script. In case itis unavoidable, the examinees should put across line (/), meeting the two ends of the blankpage.

4.3.14 Candidates must tie up all supplementarysheets, graph papers, working papers and roughsheets to the main script at least five minutesbefore the examination time is over. He/sheshould arrange them in correct sequence withsufficient space left for an easy reading of theanswer before handing it over to the invigilator.

4.3.15 No candidate is allowed to take away examina-tion stationery from the examination hall.

4.3.16 Every candidate must ensure to sign theattendance sheet for each examination paperavailable with the invigilator.

4.3.17 The examination timetable is supplied alongwith roll number slips to the candidates.Students should carefully note the examinationcentre, date and timings of the papers and alsoascertain, in advance, the exact location of theexamination centre.

4.3.18 During the examination, an examinee may usethe washroom/toilet facility, subject to permis-sion of the Examination Supervisor.

4.3.19 Smoking is not permitted in the ICMAP pre-mises.

4.3.20 Refreshments are not permitted in theexamination hall.

4.3.21 The examinees are not allowed to bring mobilephone, PDA, Laptop, Pocket PC, Arms &ammunition or any type of computers in theexamination hall.

4.3.22 The examinees are not allowed to writeanything on question paper except tick mark(v) on the questions attempted.

4.3.23 No irrelevant appealing or indecent sentencesshould be written in the answer script. Thiswill be treated as an unfair means and dealtwith accordingly.

ICMAP Career Pack

4.3.24 The above mentioned rules pre-suppose thatthe candidates have duly submitted the requisiteexamination applications on the prescribedform and completed all other formalities inthis regard and that the same have beenaccepted and approved by the appropriateauthority of the Institute.

4.4 GENERAL PROCEDURES

4.4.1 Roll NumbersCandidates not receiving their admit cardsseven days prior to the commencement of theexamination should contact the Officer In-charge of their examination centre, which haveparticulars of all the examinees with them tofacilitate the examinees.

4.4.2 Change of Examination CentreCandidate whose applications have beenaccepted for a particular examination, mayapply for change of their examination centre,by not later than 10th April for the MayExamination, and by not later than 10th Octoberfor the November Examination.

4.4.3 Electronic CalculatorsUse of non-programmable scientific calculatorsof any model is allowed subject to the followingconditions:

l Calculators must be self-contained, fullyportable and silent in operation.

l Calculators must have their own powersupply since they cannot be plugged intothe main supply in the examination hall.

l Calculators must not have printout facilities.

Candidates are strongly recommended to bringtheir own calculators in the examination. Theywill not be allowed to borrow calculators fromother candidates.

4.5 EXAMINATION SCHEME

4.5.1 The question papers are set in accordance withthe laws and regulations effective as atpreceding 1st January for the Spring (Summer)

examinations, and effective as at preceding 1stJuly for the Fall (Winter) examinations inBusiness Laws, Business Taxations andCorporate Laws and Secretarial Practices.

4.5.2 The question papers of all accounting subjectsare set in accordance with InternationalFinancial Reporting Standards (IFRS) andInternational Auditing Standards (IAS) as wellas the Accounting and Auditing Practices andGuidelines, issued by the professional bodiesof Pakistan upto 31st December of thepreceding year for May Examination and upto30th June for the November Examinationrespectively.

4.5.3 Examination questions of any specific part/stage may be set from the syllabus of similarsubjects of a preceding part/stage. However,in order to maintain the professional standard,it is not necessary to confine examinationquestions to core readings and additionalreadings.

4.6 EXAMINATION RESULTS

4.6.1 Communication of Examination ResultsThe result of the examination in the form of aGrade Sheet is communicated to each candidateat the mailing address mentioned in theexamination application form. Students, whodo not receive the Grade Sheets within a monthfrom the date of official announcement of theresults, should approach the ICMAP Head Officefor a duplicate copy. The result is also uploadedon the Institute’s website and posted on noticeboard of centres.

4.6.2 Passing PercentagePassing percentage in the examination of eachsubject is 50%.

4.6.3 Publication of ResultThe result of students who have passed allstages i.e. Stage 1 to 6 and the comprehensiveexamination are published in the “Gazette ofPakistan.” The list of successful students ofeach stage and the comprehensive examination


3435

is also published in the Institute’s Journal andin the leading newspapers.

4.6.4 Failure of Candidatesa- Candidates, who have failed to qualify an

examination, may re-appear in any subse-quent examination of the Institute.

b- The Institute does not enter into any corre-spondence with students as to the reasonsof failure or re-totalling of examinees’ answerscripts.

4.6.5 Examination Result Code

The following codes are used on the GradeSheets sent to examinees after the announce-ment of the result of each examination::

Pass : Stage passed

Fail : Stage failed

AB : Absent

Ex : Exemption granted on the basis ofother qualifications.

PE : Permanent exemption in the subjecton the basis of examination.

A : Upto pass standard

B : Not upto pass standard.

C : Considerably below pass standard.

D : Very poor

4.6.6 Permanent Exemption on Paper-to-PaperBasisAs per the examination policy, a student isgranted Permanent Exemption (PE) on paper-to-paper basis either he/she appears and passall subjects or any number of subject(s) of anystage under 2005 Syllabus or upto Professional-IV under 1998 Syllabus. The condition forappearing once in all subjects of a part/stageunder 2005 Syllabus or upto Professional-IVunder 1998 Syllabus has been withdrawn. Thispolicy has been effective from Spring (May-2006) and Fall (November-2007) Examinationfor 2005 Syllabus respectively.

The scheme for granting Permanent Exemption(Ex-E), Temporary Exemption (TE) and Referralfor the students of Professional-IV under 1998Syllabus has been withdrawn from Fall(November- 2007) Examination.

The students of Professional-IV who haveTemporary Exemption (TE) valid upto Spring/Fall(November-2007) Examination under 1998Syllabus have been converted into PermanentExemptions after the result of Spring 2006Examination.

4.7 PROFICIENCY AWARDSThe Institute has been providing professionaleducation of high standard to its students sinceits inception.

To encourage the brilliant students, it offerssubsidies to position holders, at the time ofadmission as well as during their education.Moreover, Proficiency Awards are given tocandidates in recognition of their outstandingperformance in the examination.

4.7.1 M. Shoaib Gold MedalThis medal is awarded to a candidate passingall the subjects of Stage 6 in his/her first attemptin the same examination and obtaining highestmarks in the subject of Strategic FinancialManagement.

4.7.2 NDFC Gold MedalThis Medal is awarded to the candidate securingfirst position with at least 65% marks in theaggregate in Stage 6 in his/her first attempt inthe same examination provided he/she hasalready cleared the earlier Stages of theInstitute’s examination.

4.7.3 Billimoria Gold MedalThis Medal is awarded to a candidate whosuccessfully passes all subjects of Stage 4 infirst attempt in the same examination andsecures highest marks, but not less than 65%marks, in the subject of Advanced FinancialAccounting and Analysis.

ICMAP Career Pack

4.7.4 D. R. Patton Gold Medal

This Medal is awarded to a candidate whopasses all the subjects of Stage 6 in his/her firstattempt in the same examination and obtainshighest marks in the subject of ManagementAccounting-Business Strategy.

4.7.5 KRB Medal

This medal is awarded to a candidate whosuccessfully passes all subjects of Stage-5 infirst attempt in the same examination andsecures highest marks but not less than 65%marks in the subject of Risk Management andAudit.

4.7.6 Certificate of Merit

A certificate of Merit is only awarded to theexaminee securing first position in the subject,provided that:

i. he/she obtains the highest marks in thesubject amongst the students appearing inthat examination.

ii. he/she secures at least 65% marks in thesubject.

iii. he/she passes all the subjects of that stageat the same time.

4.7.7 Special Certificate of Merit & CashAward

Examinees securing the highest marks inaggregate in any stage are awarded SpecialCertificate of Merit, subject to the following:

i. he/she secures at least 65% marks in theaggregate in a stage.

ii. he/she passes all the subjects of that stagein that examination.

In addition to the Special Certificates of Merit,the examinee is awarded a cash prize of Rs.5000.

4.8 COMPREHENSIVEEXAMINATIONTo secure CMA Certification, all those studentswho qualify all Examinations of the Instituteupto Stage. 6 under 2005 Syllabus will berequired to attempt and succeed a“Comprehensive Examination” which will beheld one month after the announcement ofICMAP result for Spring (Summer) and Fall(Winter) Examination, as the case may be. Thedetails and essential requirements includingapplication form, examination fee, schedule ofexamination, nature of examination, resultannouncement etc., are given hereunder:

1. Eligibility to Must have passed allappear in the examinations fromComprehensive Stage-1 to 6 underExamination: 2005 Syllabus and must

possess one year com-pulsory practical training.

2. Application End July and End Januarysubmission for Spring and Fall sessiondeadline: respectively (for first

attempt only).

3. Fee for the Rs. 2,500Examination:

4. Expected date of Mid. August andthe Examination: Mid-February for Spring

and Fall sessionrespectively (for firstattempt only).

5. Time (Duration): 14 Hrs to 1700 Hrs PST(03 Hours)

6. Venue: Only those ICMAP Centreswhere eligible candidatesare available.

7. Passing %: 50%

8. Announcement Last week of August andof Result: February for Spring and

Fall session respectively(for first attempt only).


3637

4.8.1 Proposed Structure of ComprehensiveExamination Paper

4.8.2 For such students who fail to qualify FirstComprehensive Examination, their secondComprehensive Examination will be conductedafter two months of declaration of the resultof 1st Comprehensive Examination i.e., [withnormal Examinations for Spring and Fall sessionrespectively].

4.8.3 The result of ICMAP qualified students under2005 Syllabus will be published in the OfficialGazette of Pakistan only after they have passedthe Comprehensive Examination and have alsocompleted the other criteria of compulsorytraining / work experience of one year.

4.8.4 Need for Comprehensive ExaminationThe main objective of introducing thisexamination is to ensure whether or not astudent has acquired a desired level of

competency in the prescribed subjects of thesyllabus. This is in accordance with therequirements of International Federation ofAccountants (IFAC) International EducationStandards for Professional Accountants (IES-6).This standard requires qualified accountantsto undergo an “Assessment of ProfessionalCapabilities and Competence” to enable themto play their role effectively.

This competence includes not only coverageof all subject areas of the syllabus but also in-depth coverage of Financial Management,Management Accounting, Business Taxationand Business Laws. The comprehensiveexamination will upgrade the professional skillsand competency of the students and they canbetter apply these skills in understanding thebusiness opportunities and threats as well asmeeting challenges faced by the managementaccounting and finance professionals in thefast changing business environment.

4.8.5 Eligibility to sit for the ComprehensiveExamination

The students, who have passed theexaminations of all the Stages i.e. Stage 1 to6, are eligible to appear in the comprehensiveexamination. The CMA designation will onlybe awarded to those students who have passedexaminations of all the Stages, a comprehensiveexamination and meet the minimum one-yearpractical experience requirement.

ICMAP Career Pack

PART DURATION ITEMS MARKS TOTALMARKS

1 One Hour 30 MCQs One 30 Marks(From all subjects) mark

each

2 Two Hours 02 Cases either 30 70 Marksfrom: (Cost and marksManagement eachAccounting,Strategic FinancialManagement,Business Taxation& Business Laws)

TOTAL 100 Marks

5.1 Fee Payable 405.2 Concession in Fee 405.3 Scholarship/Financial Assistance 405.4 Payment of Fee 415.5 Refund/Adjustment 415.6 Fee Structure 42

5. Fee and Concession

3839

ICMAP Career Pack

Fee and Concession

5.1 FEE PAYABLE

5.1.1 The Institute collects fees from students aslisted below:

a- Registration Feeb- Annual Subscriptionc- Restoration Feed- Coaching/Correspondence Course

/Internet Based Distance learning Programme (IBDLP) Fee

e- Exemption Feef- Examination Feeg- Identity Card / Registration Card Feeh- Any other fee prescribed by the Council

from time to time

5.1.2 Annual subscription becomes due on 1st Julyof each year. The student, who fails to payannual subscription by 31st December, has topay arrears of annual subscription along withRestoration Fee. Restoration Fee is equal toRegistration Fee.

5.1.3 CMAs whose associate membership is notapproved by the Council, are required tocontinue paying subscription at the existingrate as applicable to students. This provisionalso applies to those finalists/qualified whothemselves do not apply for membership.

5.1.4 As admissible under the Regulations, paymentof annual subscription by the finalist at studentrates is allowed only for a period of four years.After the expiry of this period, a finalist isexpected to qualify for membership by virtueof his/her experience attained during thisperiod.

5.2 CONCESSION IN FEE

5.2.1 If two or more real brother(s)/sister(s) takeadmission, concession upto 50% of tuition feeis permissible to the other(s) as explained under:

If real brother(s)/sister(s) take admission in thesame session, one pays full fee while the othercan avail of the concession.

If real brother(s)/sister(s) take admission in a

subsequent session, the brother(s)/ sister(s)taking admission later can avail of theconcession.

This concession is admissible to those studentswho are:l wholly depending upon their parentsl not employed anywherel regular in their studies and show a good

progress with the Institute.

The above concession also applies to father,mother, sons and daughters taking admissionsimultaneously.

5.2.2 The concession is restricted only in respect ofthe tuition fee and is non-assignable. It doesnot apply to examination fee, registration fee,annual subscription, or for any othereducational programme.

5.2.3 The concession is withdrawn if the recipientgets employment or ceases to be a student ofthe Institute.

5.3 S C H O L A R S H I P / F I N A N C I A LASSISTANCEFollowing is the detail of Scholarship andFinancial assistance will be granted to thestudents.

5.3.1 Subsidies and GrantsICMAP offers fee subsidy to those studentswho cannot afford to pay tuition fee. There isa scheme to offer Qarz-e-Hasanah wherebystudents are offered loan to be repaid whenthey start earning.

5.3.2 The Scholarship Policy

Merit-based scholarship for fresh intake is asunder:

Position holder in Bachelor’s or Master’s degree:

a) First class (or ‘A’ grade) first position: 100%waiver in tuition fee for 6 regular sessionsfrom the date of admission.

b) First class (or ‘A’ grade) second position:75% waiver in tuition fee for 6 regularsessions from the date of admission.

Fee and Concession

c) First class (or ‘A’ grade) third position: 50%waiver in tuition fee for 6 regular sessionsfrom the date of admission.

5.3.3 Performance-based scholarship for existingstudents is as under:

a) Securing the highest aggregate marks in apart in the latest result-100% waiver of tuitionfee for the next stage/session to be admitted.Scholarship in the following stages/sessionswill be performance-based.

b) Securing the second highest aggregatemarks in a part in the latest result-75% waiverof tuition fee for the next stage/session tobe admitted. Scholarship in the followingstages/sessions will be performance-based.

c) Securing the third highest aggregate marksin a part in the latest result-50% waiver oftuition fee for the next stage/session to beadmitted. Scholarship in the following stag-es/sessions will be performance-based.

5.3.4 Upto 100% waiver in tuition fee will be grantedto the students only on need cum merit basis.

5.3.5 Financial Assistance/Qarz-e-Hasanah is availableto the students studying in coaching/ corre-spondence courses at ICMAP centres or autho-rised coaching Centres.

Note: The tuition fee also includes exemptionfee.

5.4 PAYMENT OF FEEAt Head Office, Karachi

5.4.1 Crossed demand draft/pay order in the nameof the “Institute of Cost & ManagementAccountants of Pakistan” payable at Karachiare acceptable by the Finance Department ofthe Institute.

5.4.2 Payment can be made at the designated bankand branch.

At Branch or Coaching Centres

5.4.3 All payments are required to be made throughpay orders/bank drafts favouring the “Institute

of Cost & Management Accountants of Pakistan”in the bank authorised by the Head Office/Branches.

5.4.4 The payment by students studying at aauthorized coaching centre may be made inthe designated bank of the authorised coachingcentres.

5.4.5 Correspondence Course Fee Payment ByOverseas Students: The overseas studentsare required to pay registration, enrolment andother fees to the Institute in US Dollars/PakRupees. Such students will pay US$ 100 inaddition for postage charges.

5.4.6 Examination Fee

Students are required to pay the examinationfee as approved by the Council from time totime.

5.5 REFUND/ADJUSTMENT

5.5.1 Examination Fee

Examination fee paid by a candidate will notbe refunded or carried over for any subsequentexamination(s).

Examination fee of a candidate, who has notbeen admitted to an examination, can beadjusted for the next examination session onlyon the written request of the student, beforethe issuance of admit card for the session forwhich he/she deposited the examination fee.

5.5.2 Coaching/Correspondence/Internet BasedDistance learning Programme (IBDLP) FeeThe fee paid on enrolment for subject(s) willnot be refunded if studies are discontinued bythe student after the commencement of classes.

Students, joining coaching classes/ correspon-dence courses/Internet Based Distance learningProgramme (IBDLP) during next or subsequentsessions, are required to pay full fee for theparticular session. The previous payments, fora session not completed by the students, arenot available for adjustment.

4041

The students will be allowed refund of feedeposited by them if financial assistance isgranted subsequently.

Correspondence Course/Internet Based Distancelearning Programme (IBDLP) fee and dues areto be paid at the designated campuses only.

5.5.3 Re-Coaching FeeStudents, who have already completedexamination requirements by attendingcoaching classes or submitting assignments inany subject, can update their studies afterpaying 50% fee prescribed for that subject(s).This fee is not refundable.

ICMAP Career Pack

5.6 FEE STRUCTURECoaching / Correspondence / Exemption

Note: Fee paid by students are non-refundable

*Application to be submitted along with police FIR and a cutting of newspaper advertisement for the lostcertificate.

Students Subscription and Fees Rs.

Student Registration Fee 1,100

Student Registration Restoration Fee 1,100

Student Annual Subscription 1,650

Entry Test/Entry Test Exemption Fee 1,650

Student Registration Card (Once) 1,100

Student Identity Card (Annual) 1,050

Overseas Examination Fee Dubai

UAE Dirham

Stage-1 to Stage-4 400 per stage

Stage-5 to Stage-6 500 per stage

Grade Sheet and Certificate Fee Regular Fee in Rs. Urgent Fee in Rs.

Duplicate Grade Sheet 100 200

Consolidated Grade Sheet 500 1,000

Part Completion Certificate 250 —

Intermediate Certificate 250 —

Duplicate Final Examination Certificate* 2,000 —

Rs. Rs. Rs.

1 Fundamentals of Financial Accounting 3,440 4,125

2 Business Economics 2,750 3,440

3 Business Laws 2,750 3,440

4 Business English 2,750 3,440

Total 11,690 14,445

5 Fundamentals of Cost and Management 3,440 4,125Accounting

6 Management and Marketing 2,750 3,440

7 Business Mathematics & Statistics 2,750 3,440

8 Introduction to Information Technology 2,750 3,440

Total 11,690 14,445

9 Financial Accounting 4,125 4,815

10 Business Taxation 3,440 4,125

11 Cost and Management Accounting – 3,440 4,125Performance Appraisal

12 Presentation & Communication Skills 3,440 4,125

Total 14,445 17,190

13 Advanced Financial Accounting & Analysis 4,815 5,500

14 Integrated Management 4,125 4,815

15 Corporate Laws & Secretarial Practices 4,125 4,815

Total 13,065 15,130

16 Financial Reporting 4,815 5,640

17 Management Accounting-Decision Making 4,815 5,640

18 Risk Management and Audit 4,815 5,640

Total 14,445 16,920

19 Strategic Financial Management 5,500 6,465

20 Information Systems and I.T. Audit 4,815 5,775

21 Management Accounting - 4,815 5,775Business Strategy

Total 15,130 18,015

COMPREHENSIVE EXAMINATION

a) For Students appearing from any Examination Centre in Pakistan. Pak Rs. 2,500b) For Students appearing from Examination Centre in Dubai, U.A.E. UAE Dirham 625

FEE STRUCTURE

Stage Sr. # Subjects

Subject WiseCoaching/Correspondence/Internet

Based Distance LearningProgramme (IBDLP) Fee

Subject WiseExemption Fee

Stage WiseExamination Fee

Stage-1

Stage-2

Stage-3

Stage-4

Stage-5

Stage-6

2,065

2,065

2,200

2,200

2,620

2,750

N.B.The fees are applicable for current session and may be revised with the approval of the National Council, if neededin future.

Fee and Concession

4243

ICMAP Career Pack

Contents

List of Course

Code Stage-1 Page No.

S-101 Fundamentals of Financial Accounting 46

S-102 Business Economics 49

S-103 Business Laws 53

S-104 Business Eglish 57

Stage-2

S-201 Fundamentals of Cost and Management Accounting 60

S-202 Management and Marketing 63

S-203 Business Mathematics & Statistics 66

S-204 Introduction to Information Technology 70

Stage-3

S-301 Financial Accounting 74

S-302 Business Taxation 77

S-303 Cost and Management Accounting - Performance Appraisal 80

S-304 Presentation & Communication Skills 84

Stage-4

S-401 Advanced Financial Accounting & Analysis 88

S-402 Integrated Management 91

S-403 Corporate Laws & Secretarial Practices 93

Stage-5

S-501 Financial Reporting 98

S-502 Management Accounting Decision Making 100

S-503 Risk Management and Audit 104

Stage-6

S-601 Strategic Financial Management 110

S-602 Information Systems and I.T. Audit 114

S-603 Management Acounting - Business Strategy 118

S-101 Fundamentals of FinancialAccounting 46

S-102 Business Economics 49

S-103 Business Laws 53

S-104 Business English 57

4445

Stage-1

ICMAP Career Pack

Stage-1

i. Introduction:This course basically deals with the Fundamentalsof Financial Accounting. The students are expectedto learn an understanding of accounting concepts,principles, procedures and systems for preparationof financial statements, computer-based accountingapplication, accounting treatment of current assetsand liabilities, tangible and intangible assets.Students should become adept at classifyingproblems, situations and applying the requiredaccounting principles.

ii. Objectives:To provide the students with:

l an applied knowledge of accounting principles,concepts and skills of accounting, and preparingfinancial statements manually and throughcomputer.

iii. Outcomes:On completion of this course, students should beable to:l apprehend and explain the fundamental

accounting principles and concepts,l record transactions in journal,l prepare ledger accounts, trial balance,l prepare bank and cash accounts, bank

reconciliation statements and petty cashstatements,

l make year-end adjustments, prepare adjustedtrial balance,

l prepare profit and loss account and balancesheets from adjusted trial balance,

l prepare manufacturing accounts,l calculate depreciation by using different

methods,l prepare bad debts accounts and provision for

doubtful debts,l compute inventory by using different valuation

methods,

Fundamentals of Financial Accounting S-101

Note: The weightage shown against each section indicates, study time required for the topics in that section. Thisweightage does not necessarily specify the number of marks to be allocated to that section in the examination.

INDICATIVE GRID:

SYLLABUS CONTENT AREA WEIGHTAGE

SECTION – A1. Accounting Concepts and Principles (IAS 1,2, & 18) 20%2. Accounting Procedures and Systems

SECTION-B3. Control Accounts4. Inventory Accounting5. Accounts Receivable6. Accounting for Bills of Exchange7. Payroll Accounting8. Cash Control 60%9. Tangible Non-Current Assets (IAS–16 including Revaluation of Assets)10. Intangible Non-Current Assets (including IAS – 38 portion only)11. Rectification of Errors12. Computer based Accounting Systems

SECTION-C13. Preparation of Financial Statements of a Sole Proprietor (both trading & manufacturing

concern) 20%

TOTAL 100%

Stage-1

CONTENTS

SECTION – A

1. Accounting Concepts and PrinciplesDefinition and scope of financial accounting; basicprinciples of accounting; concepts and conventionsunderlying accounting statements, the impact ofInternational Accounting Standards as applicablein Pakistan. (IAS 1,2, & 18).

2. Accounting Procedures and SystemsPrinciples of double-entry book-keeping; accrual-based accounting system, adjusting, closing andreversing entries, methods of keeping and present-ing books of prime entry (cash book, petty cashbook, sales journal, purchase journal, purchaseand sales return journals etc); principal and sub-sidiary ledgers, trial balance.

SECTION-B

3. Control AccountsReceivable control accounts; payable control ac-counts, errors of control accounts (including sub-sidiary ledger) and reconciliation of control ac-counts and subsidiary ledger.

4. Inventory AccountingNature and classes of inventories, periodic andperpetual inventory systems, periodic and perpet-ual inventory system; requirements and applicationof IAS-2.

5. Accounts ReceivableReceivables and its subsidiary ledger; recordingbad debts and its recovery; estimation of allowancefor bad and doubtful debts (both income statementand balance sheet approaches of estimation).

6. Accounting for Bills of ExchangeRecording bills of exchange, endorsements anddiscounting of bills, accommodation bills.

7. Payroll AccountingObjectives of payroll accounting; internal controlover payroll, gross earnings of employees, com-

puting gross earnings; calculation and recordingof payroll taxes and deductions; maintenance ofpayroll journal; accounting for payroll taxes.

8. Cash Control

Preparation of petty cash statement and mainte-nance of petty cash system; preparation of bankreconciliation statement; cash receipts and pay-ments accounts. The purpose, requirements andprocess of internal audit relating to cash control;financial control, errors and frauds.

9. Tangible Non-Current Assets (IAS-16 includingRevaluation of Assets)

Recognition and measurement of tangible non-current assets; distinction between and applicationof principles of capital and revenue expenditures,concept of depreciation; methods and recordingof depreciation; change of method; revision of lifeof an asset; accounting for disposal and exchangeof tangible non-current assets; application of IAS-16.

10. Intangible Non-Current Assets (including IAS-38 Portion only)

Nature and composition of intangible assets; ac-counting treatment of intangible assets of goodwilland research and development; methods of good-will computation; impairment of goodwill (conceptand recording entry); capitalization of developmentcost; amortization development cost (concept andrecording entry); application of IAS-38 in respectof research and development and goodwill.

11. Rectification of Error

Type and corrections of errors not affecting trialbalance; corrections of errors affecting trial balanceincluding suspense accounts.

12. Computer-based Accounting Systems

Computer-based application in accounting; advan-tages of computer-based systems, ways of achiev-ing Internal controls in a computer-based account-ing system.

4647

SECTION- C13. Preparation of Financial Statements of a Sole

Proprietor (both trading & manufacturingconcern)Elements and components of Financial Statementsin accordance with format of IAS-1; Financial

Statements (balance sheet, income statement andcash flow statement) of sole proprietor in respectof trading; reference to basic financial ratios(liquidity ratios only).

ICMAP Career Pack

Frankwood Business Accountancy Frankwood Pearson Education Ltd, England

Accounting Principles Jerry. J John Willey & Sons. Inc., England

IFRSs/IASs IASB International Accounting StandardsBoard, London.

Accounting: The Basis for Business Robert F. Meigs, Irwin McGraw-Hill, New YorkDecision Jan R. Williams,

Susan F. Hakar,Mark S. BettnerJack L. Smith

Accounting Principles Jack L. Smith McGraw-Hill Company Inc.,New York

Financial Accounting Fundamentals PBP Professional Business Publications,Lahore.

ADDITIONAL READINGS

An Introduction to Accountancy S.N. Maheshwari Vikas Publishing House,New Delhi.

Advanced Accounting S.P. Jain Kalyani Publisher,New Delhi.

CORE READINGS

TITLE AUTHOR PUBLISHER

i. Introduction:This course is designed to focus on fundamentalsof economic concepts, and develop understandingand skill of the students, in order to enable themto identify and correlate various economic issues,to cost and management accounting for takingmanagerial decisions.

ii. Objectives:This course enables the students to:

l identify how a market economy functions,l develop an understanding of the economic

environment, under which business operates,l develop the economic analysis for the guidance

and information of decision-makers, andl identify the economic factors, influencing the

behaviour and performance of firms andindustries.

iii. Outcomes:On completion of this course, students should beable to:

l explain the basic concepts of scarcity choice,

l describe the consumer behaviour and itsanalysis,

l differentiate between small and large-scaleproduction,

l identify and explain types of internal andexternal economies,

l explain law of demand and causes of changein demand other than change in price,

l describe types of elasticity of demand, deter-minants and measurement of elasticity and lawof supply, elasticity,

l explain the cost of production,l distinguish between implicit costs and explicit

costs,l explain how under perfect competition the

equilibrium price of a commodity is equal toits marginal cost and average cost of production,

l explain the functioning of a market economy,l explain how the price system works by applying

appropriate economic concepts and principles,l identify macro-economic concepts to explain

the measurement and determination of nationalincome,

l explain inflation and its causes,l differentiate between domestic and interna-

tional trade,l explain the problems and performance of

industrial sector in Pakistan and tol explain foreign private investment and its

impact on Pakistan economy.

Business Economics S-102

Stage-1

4849


CONTENTSSECTION-A

MICRO-ECONOMICS

1. Nature and Scope of EconomicsBasic concepts- economic wants and allocation ofscarce resources. Natural resources, labour capitaland enterprise. Production possibility frontier andconcept of opportunity cost. Key features ofmarket, planned and mixed economy-merits anddemerits.

2. Consumer Behaviour and its AnalysisUtility-kinds and aspects. Cardinal and ordinalapproaches of utility. Law of diminishing marginal

utility. Indifference curve analysis and consumerequilibrium. Price effect, income effect and sub-stitution effect.

3. Demand, Supply and Price DeterminationDemand- Determinants of demand, law of demand,shift in demand, elasticity of demand, measure-ment of elasticity of demand. Percentage and totaloutlay methods. Brief description of cross andincome elasticity of demand. Determinants andimportance of elasticity of demand. Supply stocksand supply. Determinants of supply, law of supply,shift in supply. Elasticity of supply-Determinantsof elasticity of supply. Market equilibrium-surplusand shortage conditions. Consumer and Producerssurplus.

ICMAP Career Pack

INDICATIVE GRID:


SECTION – AMICRO-ECONOMICS1. Nature and Scope of Economics2. Consumer Behaviour and its Analysis3. Demand, Supply and Price Determination 40%4. Scale of Production5. Cost and Revenue6. Market Structure, Price and Output Determination

SECTION-BMACRO-ECONOMICS7. Concept of National Income8. Keynes Theory of Employment and National Income 30%9. Money Banking and Finance10. International Trade

SECTION-CECONOMY OF PAKISTAN

11. Growth, Structure and Performance of Pakistan Economy12. Agriculture Sector 30%13. Industrial Sector14. Foreign Trade and Economic Assistance

TOTAL 100%

4. Scale of ProductionProduction function. Small and large scale produc-tion-advantages and disadvantages. Internal andexternal economies of scale. Laws of returns.(Special emphasis on law of diminishing returns).Very brief introduction of returns to scale.

5. Cost and RevenueAverage, marginal and total cost. Marginal, averageand total revenue in perfect and imperfect com-petition. Concept of implicit and explicit cost.

6. Market Structure, Price and Output Determi-nationCharacteristics of perfect and imperfect competi-tion (monopoly, oligopoly and monopolistic com-petition) in short run and long run. Price discrim-ination in monopoly.

SECTION- BMACRO- ECONOMICS.

7. Concept of National IncomeCircular flow of national income. Concepts ofnational income GDP, GNP, NNP, NI at factor costand PI. Methods to measure national incomeDifficulties and importance.

8. Keynes Theory of Employment and NationalIncomeConsumption saving and investment function.Investment multiplier, acceleration, inflationaryand deflationary gaps, taxation, budget.

9. Money Banking and FinanceNature and functions of money, quantity theoryof money; inflation- its causes , effects and mea-sures to control. Functions of commercial banks,credit creation and role of commercial banks ineconomic development of Pakistan. Functions ofcentral bank , monetary policy and role of central

bank in the economic development of Pakistan.Brief introduction of money and capital market.

10. International TradeBalance of trade and balance of payment, causesof adverse balance of payment and methods tocorrect them. Exchange rate determination. Pro-tectionism or barriers to free international trade.Arguments in favor or against protection. WTO.

SECTION- C

ECONOMY OF PAKISTAN

11. Growth, Structure and Performance of Paki-stan EconomyGrowth and structure of economy- overview ofeconomic policies in Pakistan.

12. Agriculture SectorRole of agriculture in economic development;performance and problems of agriculture sector;needs and types of agriculture credit; problemsand solutions of rural credit, case for and againstagriculture tax. Role of ZTBL in the supply of ruralcredit. Agriculture marketing, its problems andmeasures for its improvement.

13. Industrial SectorOverview of industrial sector of Pakistan; perfor-mance and problems of industrial sector; causesof industrial backwardness; privatization of state-owned enterprises; needs and types of industrialcredit.

14. Foreign Trade and Economic AssistanceExchange rate and convertibility of Pak rupee;devaluation and its impact on Pakistan’s economy;forms of foreign economic assistance, cost andbenefit of foreign economic assistance; foreignprivate investment and its impact on Pakistan’seconomy.

Stage-1

5051

ICMAP Career Pack

Economics David Begg / Stanley Fischer McGraw Hill Book Co.& Rudiger Dornbusch Europe Shoppenhanaers Road,

Maidenhead, Berkshire SL6 2QL,England.

Economics Paul A. Samuelson and McGraw-Hill Companies, Inc.William D. Nordhaus 1221 Avenue of the Americas,

New York, NY 10020

Economics Campbell R. McGraw-Hill, Co. Inc.,McConnell/Stanley L. Brue Princeton Road, S-1 Hightslown,

NJ 08520, New York.

Economics for Business PBP Professional Business Publications,Lahore.

Economy of Pakistan Prof. Dr. Khawaja Amjad Saeed Distributed by Oxford UniversityPress, Karachi.

Pakistan Economic Survey Finance Division, Economic Government of Pakistan(Latest) Advisor Wing

Economy of Pakistan 2004-2005 Saeed Nasir and Kamal Haider ---

ADDITIONAL READINGS

Pakistan: Economic and Prof. Dr. Khawaja Amjad Saeed Institute of Business Management,Social Statistics G.P.O. Box No. 1164, Lahore.

Micro Economics 4th Edition David N. Hyman McGraw-Hill, Co. Inc.,Princeton Road,S-1 Hightslown, NJ 08520,New York.

Macro Economics 4th Edition David N. Hyman McGraw-Hill Co. Inc.,Princeton Road, S-1 Hightslown,NJ 08520, New York.

Modern Economic Theory Kewal Krishan Dewett/ Shyam Lal Charitable Trust,Adarsh Chand Ram Nagar,

New Delhi-11055

Issues in Pakistan’s Economy S.A. Zaidi Oxford University Press,Karachi.

CORE READINGS


i. Introduction:This course is designed to focus on the importanttopics of Business Laws, governing the operationalaspects of business. A thorough study of thiscourse will develop students’ knowledge and abilityto comprehend the salient features of businesslaws easily.

ii. Objectives:To provide the students with a knowledge ofbusiness laws, enabling them to:

l formulate various business plans helpful foroperational and long-term decisions-making,

l advise the management on the financial andnon-financial implications of business laws, forthe effective operations of the business.


l identify and describe the sources of businesslaws,

l identify and explain various aspects of contractssuch as communication, acceptance and revo-cation of proposals, essentials of valid contractperformance, discharge, breach of contract anddamages for breach of contract, contract ofbailment,

l describe how an agency is created,

l differentiate between contract of Indemnityand Guarantee,

l explain the classes of agent and describe theagent’s duty to the principal and principal’sduty to agent,

l identify and explain the rights and liabilitiesof parties to a contract, when principal isdisclosed or undisclosed,

l describe the ways when an agency is terminat-ed,

l explain the kinds of contract of sales,

l differentiate between hire-purchase contractand deferred payment sale,

l identify and explain the conditions of sale ofgoods, transfer of property, transfer of title ofgoods, performance of the contract of sale,

l identify and explain various laws contained inPartnership Act, 1932,

l identify and explain the provisions containedin Negotiable Instruments Act, 1881.

l Identify and explain the provisions enunciatedin Industrial Relations Ordinance, 2002, Work-men’s Compensation Act, 1923 and West Paki-stan Industrial and Commercial Employment(Standing Order) Ordinance, 1968.

Business Laws S-103

Stage-1

5253

CONTENTS

SECTION-A

1. Introduction to Legal System in Pakistana. Definition and sources of lawb. Interpretation of Statutes (Acts and Ordinances)c. Structure of Subordinate and Superior Courtsd. Legal Maxims

LEGAL MAXIMS

1.1 Maxims expressing fundamental legal princi-plesa) Ubi jus ubi remedium – There is no wrong

without a remedy.b) Ignorantia Facit Excusat - Ignorantia Juris Non

Excusat – Ignorance of fact excuses, Ignoranceof law does not

1.2 Maxims Relating to the Mode of Administer-ing Justice.a) No man is to be a judge in his own cause.

1.3 Maxims Relating to Property.a) Nexo Dat Quod non Habet - No one gives what

he does not possess.b) Sic utere tus utalienum non laedas - Enjoy

your own property in such a manner as not toinjure that of another person.

1.4 Maxims Relating to Contracts & Tortsa) Caveat Emptor - Let the Buyer Beware.b) Ex turpi causa non oritur actio / Ex dolo malo

non oritur actio - A contract founded uponan illegal or immoral consideration cannot beenforced.

c) Respondeat Superior – Let the principal beheld responsible.

ICMAP Career Pack

INDICATIVE GRID:


SECTION – A1. Introduction to Legal System of Pakistan 10%

SECTION-BBUSINESS LAWS2. The Contract Act, 18723. Sale of Goods Act, 1930 60%4. Partnership Act, 19325. Negotiable Instruments Act, 18816. TRIPS and TRIMS

SECTION-CINDUSTRIAL LAW

7. Industrial Relations Ordinance, 20028. West Pakistan Industrial and Commercial Employment (Standing Order) Ordinance,

1968. 30%9. Factories Act 1934 / Workmen’s Compensation Act 192310. Social Security Ordinance, 1965

TOTAL 100%


1.5 Maxims Expressing Rules Founded on PublicPolicya) Salus populi est suprema lex – Regard for the

public welfare is the highest law.b) Vigilantibus, Non Dormientibus jura Subveni-

unt - The law assists those who are vigilant,not to those who sleep over their rights.

SECTION- B

BUSINESS LAWS

2. The Contract Act, 1872Difference between Contract and agreement; Void,voidable and enforceable agreements; Ele-ments/ingredients of a contract; proposal; accep-tance and revocation; void agreements; Free con-sent, Coercion, Undue Influence, Fraud, Mistake,Misrepresentation; flaws in capacity; quasi – con-tracts; contingent contracts; contracts which mustbe performed; time and place for performance;performance of reciprocal promises, appropriationof payments; contracts which need not be per-formed; anticipatory breach of contract; actualbreach of contract; remedies of breach of contract;doctrine of frustration; various discharges of con-tracts; Bailment; contract of indemnity and guar-antee; Principal and agent; creation of agency;kinds of agents; duties and rights of an agent;duties and rights of principal scope, extent andkinds of agent’s authority; liabilities of principalto third party; personal liability of agent to thirdparty; termination of agency.

3. Sale of Goods Act, 1930Contract of sale and its kinds; formalities of thecontract of sale; subject matter of contract of sale;the price, conditions and warranties; transfer ofproperty as between seller & buyer; the Doctrineof “nemo dare potest quod non-habet” and itsexceptions; the Doctrine of “caveat emptor”,performance of the contract of the sale; rights ofun-paid seller; suits for breach of the contract ofsale; auction sale.

4. Partnership Act, 1932Essentials and the nature of partnership; kinds of

partnership; general duties of partners; qualifiedduties of partners; rights of partners; liabilities ofpartners; the Doctrine of implied authority; theDoctrine of holding out; admission of a minor tothe benefits of partnership; re-constitution of afirm (incoming & outgoing partners); modes ofdissolution of a firm; registration of firm; effectof non-registration.

5. Negotiable Instruments Act, 1881Promissory note; bill of exchange; cheques; inlandinstruments; foreign instruments; ambiguous in-struments; inchoate stamped instruments; partiesto negotiable instruments; liabilities of parties;negotiation of instruments and its kinds; present-ment of instruments; discharge from liabilities onnegotiable instruments; presumptions as to nego-tiable instruments.

6. TRIPS and TRIMSLaws relating to TRIPS and TRIMS including intel-lectual property rights, Trade marks Act and CopyRight Act.

6.1 Introductiona) Concept of Intellectual Propertyb) Intellectual Property Rightsc) Necessity of Intellectual Property Rights Pro-

tectiond) International Intellectual Property Organizationse) Future of Intellectual Property Rights

6.2 Intellectual Property Rights Laws in Pakistana) The Copyright Ordinance, 1962b) The Registered Designs Ordinance, 2000c) The Registered Layout-Designs of Integrated

Circuits Ordinance, 2000d) The Patents Ordinance, 2000e) The Trade Marks Ordinance, 2001f) The Merchandise Marks Act, 1889g) The Trade Marks (Invalidation and Summary

Registration) Act, 1950h) The Electronic Transaction Ordinance, 2002i) Section relating to infringement of Trade, Prop-

erty and other Marks in the Pakistan PenalCode, 1860.

Stage-1

5455

6.3 International Treaties, Agreements Conven-tions, Protocols and Regulations, etc. (OnlyIntroduction)

SECTION- C

INDUSTRIAL LAW

7. Industrial Relations Ordinance, 2002Trade unions; workers’ participation and disputeresolution, labour courts, National Industrial Rela-tions Commission; authorities, decisions, settle-ments and awards, penalties and procedures,causation and remoteness of damage.

8. Standing OrderWest Pakistan Industrial and Commercial Employ-ment (Standing Order) Ordinance, 1968.

9. Factories Act 1934 / Workmen’s CompensationAct 1923:Provisions regarding health and safety, workinghours including rest intervals, working holidaysand overtime, employment of women and childrenetc. Workman’s Compensation Act 1923, provisionsregarding definitions, employers’ liability for com-pensation, amount of compensation, methods ofcalculating wages, review, commutation and dis-tribution of compensation, report of fatal accidents,and medical examination etc.

10. Social Security Ordinance, 1965.Provincial Social Security Ordinance 1965: provi-sions, regarding definitions, amount and paymentof contributions, records and returns, benefitsincluding sickness and maternity benefits, deathgrants, disablement pension etc.

ICMAP Career Pack

Business Law M.C. Kuchhul Vikas Publishing House, New Delhi.(A Manual of) Mercantile Law M.C. Shukla S. Chand & Co., Ram Nagar,

New Delhi 110055, India.Bare Acts Govt. of Pakistan Publications Division, Govt. of Pakistan.Mercantile Law Luqman Baig Ghazanfar Academy Pakistan

30, Urdu Bazar, Karachi.Mercantile and Industrial Prof. Dr. Khawaja Institute of Business Management,Laws in Pakistan Amjad Saeed G.P.O. Box No. 1164, Lahore.Labour Code M. Shafi / P. Shafi Bureau of Labour Publications,

8, Business Centre, Mumtaz Hasan Road,P.O. Box 5833, Karachi-74000

ADDITIONAL READINGSElements of Mercantile Law N.D. Kapoor Sultan Chand & Sons, New Delhi.Mercantile Law and Q.A. Wadud Sun-rise Publishing Qazi Villa,Industrial Law A/17-2-B, National Cement

Housing Society, Rashid Minhas Road,Gulshan-e-Iqbal, Karachi-75300

The Intellectual Property, G.M. Chaudhry Federal Law House, Main Plaza,Intellectual Property Laws in Chaudhry M. Zafar Iqbal Chandni Chowk, Murree Road,Pakistan and International Rawalpindi.Treaties on IPRs.Broom’s Legal Maxims Herbert Broom Sweet and Maxwell London

Pakistan Law House, Karachi.Handbook of Legal Terms & M. Ilyas Khan Pakistan Law House, Karachi.Phrases Judicially Defined

CORE READINGSTITLE AUTHOR PUBLISHER

i. IntroductionBusiness English consists of the following three sections:

(a) English Grammar and Usage,(b) Reading and Writing,(c) Listening and Speaking.

ii. ObjectivesThis course enables students to:

l write and speak grammatically correct English,

l listen and comprehend various situations ofbusiness environment,

l develop their writing and speaking skills indifferent business situations.

CONTENTS

SECTION – A

1. English Grammar and UsageStructure of a sentence, subject and predicate,correct use of articles, parts of speech; use ofauxiliaries (can, could, shall, will, should, would,etc).; prepositions; tenses; direct and indirectnarration; active and passive; prepositional com-binations and verbal phrases, antonyms and syn-

Business English S-104

iii. OutcomesOn completion of the course, students should beable to:

l know the correct use of grammar,

l listen, understand and speak English correctlyand fluently,

l write business letters, précis and reports cor-rectly,

l give presentation on a given business situationeffectively.


onyms, words often confused and misused, pairsof words, phrases and clauses; types of sentences(affirmative/negative, interrogative, exclamatory,imperative), kinds of sentences (simple, complex,compound), synthesis of sentences, punctuation.

SECTION – B

2. Reading and WritingReading comprehension of paragraphs and articles.Writing essays; informal letters, report, and précis.

Stage-1

5657

INDICATIVE GRID:


SECTION – A1. English Grammar and Usage 30%

SECTION-B2. Reading and Writing 40%

SECTION-C

3. Listening and Speaking 30%

TOTAL 100%

SECTION – C

3. Listening and SpeakingIn the class rooms, the students must be givendifferent business situations for learning presen-tation skills and situations can be such as: talking

about responsibilities at work, receiving visitors,seeking information, sales negotiations etc; par-ticipation in group discussions; expressing effec-tively in meetings and interviews; making effectivepresentation.

ICMAP Career Pack

Mastering English Grammar S.H. Burton Macmillan Education Ltd.,Houndmills, Basingstoke,Hampshire RG 21 2XS and London.

Understanding and Using Betty Schramfer Azar Pearson Longman ESLEnglish Grammar St. Laurent, Quebec

Canada - H4S 1R3

English for Business Studies L. Gartside Pitman Publishing Ltd.,3rd Edition 128, Long Acre, London

WC2E 9AN U.K.

Language Three & Four Sadler Hayllar Macmillan Education,Powell 627 Chapel Street,

South Yarra,Victoria 3141.

ADDITIONAL READINGS

A Quick English Reference J.S. Hooper Oxford University Press, Karachi.

High School English Grammar P.C. Wren / H. Martin S. Chand & Company Ltd.,and Composition 7361, Ram Nagar, New Delhi-110055

CORE READINGS


Note: Teachers and students are encouraged to use authentic materials from newspapers, magazines and electronicmedia to develop reading, writing, listening and speaking skills.

S-201 Fundamentals of Cost andManagement Accounting 60

S-202 Management and Marketing 63

S-203 Business Mathematics &Statistics 66

S-204 Introduction to InformationTechnology 70

5859

Stage-2

ICMAP Career Pack

Stage-2

i. Introduction:This course is designed to make the studentsfamiliar with the application of basic methods andtechniques of cost and management accounting.The course deals with the cost concepts, costclassification and cost flows, material, labour,factory overhead costing, marginal costing, stan-dard costing and budgeting.

ii. Objectives:To provide the students with an appropriate knowl-edge of Cost and Management Accounting toenable them to:

l apply cost methods and techniques for prepar-ing and presenting information for decision-making and cost control, and

l prepare standard costs and variances.


l understand cost concepts, objectives, scope,cost flow and classification,

l prepare cost of production report and coststatement under process cost accounting sys-tem and job order costing system, respectively,

l understand and explain material, labour, factoryoverhead costing and control,

l calculate and interpret material, labour, over-heads variances,

Fundamentals of Cost and Management Accounting S-201

INDICATIVE GRID:


SECTION – AINTRODUCTION1. Concept and Scope of Cost Accounting 20%2. Cost Classification and Flows

SECTION-BCOST ACCOUNTING3. Material Costing and Control4. Labour Costing and Control 50%5. Factory Overhead Costing and Control5. Costing Systems

SECTION-CINFORMATION FOR PLANNING AND CONTROL

7. Standard Costing 30%8. Marginal Costing and Break-even analysis

TOTAL 100%


Stage-2

CONTENTS

SECTION –A

INTRODUCTION

1. Concepts and Scope of Cost AccountingDefinition and concept of cost, Cost object, Costelements, Sources and uses of cost data, Costaccounting v/s financial accounting, Costing de-partment and its relationship with other depart-ments, Role of cost accounting in a managementinformation system, Uses of cost data.

2. Cost Classification and FlowsDirect and indirect cost, Product and period cost,Controllable and uncontrollable cost, Fixed andvariable cost, Semi-variable and step fixed cost,Cost flow, Statement of cost of goods manufacturedand sold.

SECTION – B

COST ACCOUNTING

3. Material Costing and ControlProcedure of material procurement, Two-bin sys-tem, The use of FIFO, LIFO and weighted averagefor material, valuation and the pricing for materialissue, Stock taking and perpetual inventory, Treat-ment of differences between physical and bookstock, Economic order quantity, Effect of quantitydiscount on EOQ, Reorder level, safety stock andmaximum stock, ABC Control.

4. Labour Costing and ControlDirect and indirect labour, Productivity and effi-ciency, Remuneration methods, Straight piece rateand differential piece rate, Incentive wage plan,Group bonus, Time sheet and job cards, Overtimeand idle time, Payroll, Labour turnover rate.

5. Factory Overhead Costing and ControlClassification and collection of overhead, Prede-termined overhead applied rate, Factory overheadcost: planned, applied and actual, Over and underapplied factory overhead and its disposal, Depart-mentalisation of overhead, Allocation, apportion-ment and reapportionment of overhead costs,Repeated distribution and algebraic method forreciprocal, service department costs.

6. Types of Costing Systems

Establishment of cost accounting system, Principlesof double entry system of costing, Integrated andinterlocking cost accounts, Chart of account andcoding for costing, Introduction to process costing,Incomplete process and concept of equivalentunits, Format of process account and cost ofproduction report Job order costing, Operation /service costing.

SECTION - C

INFORMATION FOR PLANNING AND CONTROL

7. Standard Costing

Preparation of standard cost, Material price andusage variances, Labour rate and efficiency vari-ances, Variable overhead expenditure and efficiencyvariances, Fixed overhead budget and volumevariances.

8. Marginal Costing and Break-even Analysis

Marginal cost and contribution margin, Contribu-tion margin to sales ratio (C/S ratio), Break-evenin units and value, Margin of safety ratio (M/Sratio), Break-even graph.

6061

ICMAP Career Pack

Cost Accounting F. Usry, H. Hammer & South Western Publishing Co.,Adolph Matz Cincinnaci, Ohio, U.S.A.

Cost Accounting T. Lucy DP Publications,Aldyne Place,142-144 Uxbridge Road,Shepherds Bush Green,London W12 8AW.

Management Accounting PBP Professional Business Publications,Fundamentals Lahore.

ADDITIONAL READINGS

Cost & Managerial Accounting Jack Gray & Don Ricketts McGraw-Hill Company Inc.,Princeton Road,S-1 Hightslown, NJ08520,New York.

Management and Cost Colin Drury Thomson Learning,Accounting High Holborn Ouse,

50-51 Bedford Row,London.

Cost Accounting Charles T. Horngren, Srikant Prentice Hall of India,M. Datar New Delhi.George Foster

CORE READINGS


i. Introduction:This course consists of management, human re-source management, change management, oper-ations management and marketing management.This will help the students to identify, correlateand apply these concepts to other core subjectsof Professional stages for decision-making.

ii. Objectives:This course enables the students to:

l appreciate the theoretical approaches of organ-isational management,

l visualise and analyse business model of anorganisation,

l understand methods and procedures to managethe people, and

l understand the techniques for strategic mar-keting management to promote business.


l explain the various functional areas of an or-ganisation,

l assess various means for introducing change,

l examine and analyse the problems associatedwith quality in an organisation,

l examine the career planning activities of anorganisation,

l make available chain management as a strategicprocess, and

l evaluate and describe the marketing concepts,and the role of technology in modern market-ing.

Management and Marketing S-202

Stage-2

6263

INDICATIVE GRID:


SECTION – AMANAGEMENT1. Introduction to Organisations and Management2. Management Process 50%3. Understanding Groups & Teams4. Human Resource Management

SECTION-BMARKETING MANAGEMENT5. Introduction to Marketing Management6. Product and Services Strategy 50%7. Pricing Products: Pricing Considerations Approaches and Pricing Strategies8. Advertising, Sales Promotion and Public Relations9. Distribution Channels and Logistics Management10. Other Topics in Marketing Management

TOTAL 100%


CONTENTS

SECTION-A

MANAGEMENT

1. Introduction to Organisations and Manage-menti. Definition of Managementii. Roles of a Manageriii. Definition of an Organizationiv. External Environment of an organizationv. Internal Environment of an organizationvi. Linkage between Individual, Group, and Struc-

tures within an organization.

2. Management Process2.1 Planning and Decision-Making

The definition of planning; types of plan; theplanning process; planning tools and techniques;Managerial ethics and decision Making process.

2.2 Organizing and Managing Change

Defining organizational structure and design;factors affecting organizational design; forms oforganizational design; application of organizationaldesign; sources of power; line and staff authority;effective delegation; decentralization and central-ization; Management and Organizational Change;the forces of change; need of change; the change process; resistance to change. Lewin’s three stepchange modes; reorganization (merger and acqui-sition); restructuring; rightsizing.

2.3 Controlling and Decision Making

Concept of control; types of control; InventoryManagement; Demand and Capacity Management;TQM & ISO Systems, Business Process Re-engineering; Six Sigma and Kaizen.

3. Understanding Groups and Teams3.1 Difference between groups and teams; understand-

ing group behavior and group decision-makingprocess; groups and team work; turning groupsinto effective teams.

3.2 Leadership

Managers verses leaders; contemporary theoriesof leadership; contemporary issues in leadership;developing and managing effective teams.

3.3 Motivating Employees

Concept of motivation; current issues in motivationfrom theory to practice.

4. Human Resources ManagementThe human resource management process; humanresources planning; recruitment and selection;orientation; performance appraisal (in MBO); em-ployees training; compensation and benefits; thehuman resources environment; competition influ-ences; labor relation influences; legal and regulatoryinfluences; Global influences; technological, eco-nomic and social influences.

SECTION - B

MARKETING MANAGEMENT

5. Introduction to Marketing ManagementMarketing defined, needs, wants, exchange, trans-actions and relationships, markets, 4P’s of market-ing; Market Segmentation; levels of market seg-mentation; evaluating and selecting marketsegment; market targeting; positioning productin the market.

6. Product and Service StrategyWhat is a product and product life cycle. Theproduct service continuum; levels of product;product classifications: consumer products, indus-trial products, organisations, persons, places andideas; individual product decision; product at-tributes: branding, packaging, labelling, productsupport services; product line decisions; productmix decisions; services marketing; nature andcharacteristics of a service.

7. Pricing Product: Pricing Considerations ap-proaches and Pricing StrategiesGeneral pricing approaches: cost-based pricing,value-based pricing, and competition-based pricing;new-product pricing strategies; market-skimming

ICMAP Career Pack

pricing, market-penetration pricing; product mixpricing strategies: product-line pricing, optional-product pricing, captive-product pricing, by-product pricing, product bundle pricing; price-adjustment strategies: discount and allowancepricing, segmented pricing, psychological pricing,promotional pricing, geographical pricing, inter-national pricing; price changes; initiating pricechanges, responding to the price changes.

8. Advertising, Sales Promotion and Public Re-lationsMajor decisions in advertising: organising foradvertising; setting objectives; setting the adver-tising budget; advertising strategy; advertisingevaluation; international advertising decisions;sales promotion: rapid growth of sales promotion;setting sales-promotion objectives; selecting sales-promotion tools; developing the sales-promotionprogramme, public relations; major public relationstools.

9. Distribution Channels and Logistic Manage-mentThe nature of distribution channels; why are mar-keting intermediaries used? Distribution channelfunctions, number of channel levels; channel be-haviour and organisation; vertical marketing sys-tems, horizontal marketing systems, hybrid mar-keting systems; physical distribution and logisticsmanagement: nature and importance of physicaldistribution and marketing logistics; goals of thelogistics functions; integrated logistics manage-ment.

10. Other Topics in Marketing ManagementMarketing research; Marketing in the Digital Age;major Forces shaping the digital age; marketingstrategy in the digital age; E-marketing domains;conducting e-commerce.

Stage-2

6465

Strategic Management John Thompson CIMA London.10th EditionManagement Stephen P. Robinson & DP Publications,6th Edition Mary Coulter New York.Principles of Marketing Philip Kotler and Gary Prentice Hall International Inc.,8th Edition Armstrong New York.Strategic Management Fred R. David Prentice Hall International Inc.,7th Edition New York.Organisational Management and PBP Professional Business Publications,Information Systems Suite # 3, 5 Third Floor,

Taj Arcade, 73-Jail Road,Lahore.

ADDITIONAL READINGSHR. Management Manual --- Penguin Books, New Delhi, India.(Managers Pocket Guide Series)HRM/HRD: Personnel Prof. Dr. Khawaja Amjad Institute of Business Management,Management Saeed G.P.O. Box No. 1164, Lahore.Management: Text & Cases Prof. Dr. Khawaja Amjad Institute of Business Management,

Saeed G.P.O. Box No. 1164, Lahore.Marketing Cases Prof. Dr. Khawaja Amjad Institute of Business Management,

Saeed G.P.O. Box No. 1164, Lahore.

CORE READINGS


i. Introduction:

This course comprises basic concepts and tech-niques of mathematics and statistics. A thoroughknowledge in the areas of basic mathematics andpresentation of data, is an essential skill for man-agement accountant. The management accountantshould understand statistical concepts, becauseof the need to estimate the uncertainties of busi-ness decisions. This course also gives basic under-standing of mathematical techniques applied for,forecasting in corporate planning and FinancialManagement.

ii. Objectives:To provide the students with the basic knowledgeof mathematics and statistics to enable them to:

l use and interpret mathematical and statisticalmethods, and

l present the results of quantitative nature, in asuitable form for taking business decisions.


l describe and demonstrate the use of mathe-matical and statistical techniques,

l understand the proper use of formulae andratios,

l describe reasonableness in the computation ofanswer,

l understand and apply techniques for summa-rising and analysing data,

l describe and demonstrate the use of probability,in case of involvement of risk and uncertainty,

l describe and apply financial mathematical tech-niques, and

l describe and demonstrate forecasting tech-niques.

Business Mathematics & Statistics S-203

ICMAP Career Pack

CONTENTS

SECTION-A

BUSINESS MATHEMATICS

1. PreliminariesFactorization, Equations, Inequalities, AbsoluteValue Relationships. Quadratic Equation and Natureof Roots, Mid-Points, Two Point Formula, DistanceFormula, Rectangular Co-ordinate System.

2. Mathematical FunctionsFunctions, Domain Range Relationship, RestrictedDomain and Range, Univariate, Bivariate and Mul-tivariate Functions. Value of the Functions. Graph

Representation of the Functions, Type of Functions(Constant, Linear, Rational, Combinations, Com-posite, Polynomial, etc.), Applications of the LinearFunctions, Break-Even Models (Analysis).

3. DifferentiationThe Limit and Introduction, Average rate of change,Concepts of derivative and differentiation, BasicRules of Differentiation. Instantaneous-rate ofchange. Partial Derivatives and Mixed Partial De-rivatives.

4. Optimisation: ApplicationDerivatives, Maxima and Minima, Curve Sketching,1st and 2nd Derivative Tests, Restricted-domain

Stage-2

6667


INDICATIVE GRID:


SECTION – ABUSINESS MATHEMATICS1. Preliminaries2. Mathematical Functions3. Differentiation4. Optimisation: Application 50%5. Integral Calculus6. Matrix Algebra7. Sequence and Series8. Mathematics of Finance

SECTION-BSTATISTICS9. Probability Theory10. Probability Distributions 25%11. Decision-Making12. Statistical Forecasting

SECTION-COPERATINAL RESEARCH13. Network Analysis14. Linear Programming 25%15. Optimisation

TOTAL 100%

considerations revenue, cost and profit applica-tions, additional applications.

5. Integral CalculusConcepts of Anti-derivatives, Integration, Rules ofIntegration, Definite and indefinite integrals,Application of Integral Calculus.

6. Matrix AlgebraConcept of Matrices, Addition, Subtraction,Multiplication, Inverse of Matrices, Solution oflinear equation with the help of Matrices (up tothree variables), The Determinant and its Proper-ties, Cramer’s Rule, Gaussian Elimination Method,Method of Elimination, Slope Intercept form se-lected applications.

7. Sequence and SeriesConcept of Sequence and Series, Arithmetic AndGeometric Progression and its business applica-tions, Arithmetic and Geometric Means etc.

8. Mathematics of FinanceConcepts of Interest rate, Simple and CompoundInterest, singe-payment computations, Presentvalue, Nominal and Effective Interest Rates, Con-cept of Annuities and Their Future Value, Annuitiesand their present value, Mortgages, Cost-BenefitAnalysis, Discounted Cash Flow, Net Present Value.

SECTION-B

BUSINESS STATISTICS

9. Probability TheoryIntroduction to sets and set operation, permuta-tions and combinations, Basic probability concepts,Statistical dependence and independence, Rules

of Probability (Additive and Multiplicative), Con-ditional Probability, Marginal Probability, JointProbability.

10. Probability DistributionProbability Distributions, Measures of CentralTendency, Statistical Dispersions, Normal andBinomial Distributions.

11. Decision-MakingSampling Methods (Probability and Non-ProbabilitySampling), Sampling Distribution of Mean Estima-tion (Confident Innerves) for single populationmean, Test of hypothesis (t & z test) for singlepopulation mean, Chi-Squire Test, Concept ofSample Size.

12. Statistical ForecastingLinear Correlation Coefficient, Coefficient of De-termination, Linear regression model, Least squaremethods, semi-average, moving average, IndexNumber (Simple and Weighted).

SECTION-COPERATIONAL RESEARCH

13. Network AnalysisCritical Path Analysis (CPM), Gantt Charts Analysisof network, crashing program evaluation andnetwork analysis, activity-on-arrow and activity-on mode diagrams, probabilities network.

14. Linear ProgrammingOptimisation by linear programming using graph-ical and simplex methods. Sensitivity Analysis.

15. OptimisationLinear and non-Linear Optimisation.

ICMAP Career Pack

Stage-2

6869

Quantitative Techniques T. Lucy DP. Publications Ltd.,Aldine place,142-144 Uxbridge Road,Shepherds Bush, Green,London W 12 8AW.

Introduction to Statistics Ronald E. Walpole Macmillan Publishing Co. Inc.New York.

Applied Mathematics for Frank S. Budnick McGraw-Hill Cmpany Inc.,Business, Economics & Princeton Road, S-1 Hightslown,the Social Sciences. NJ08520, New York.

Business Mathematics PBP Professional Business Publications,Lahore.

ADDITIONAL READINGS

Business Mathematics Mirza Muhammad Hassan & Farooq Kitab Ghar,Muhammad Ali Mirza 32-33 Urdu Bazar, Karachi.

CORE READINGS


i. Introduction:This course is designed to focus on the theoreticaland practical aspects of computer skill. The stu-dents will be provided with practical and theoreticalcoaching facilities to gain knowledge within theframework of the course.

ii. Objective:To provide the essential IT knowledge related tobusiness systems, irrespective of their work primarydomain and role.

iii. Outcomes:This course will cover both theoretical and practicalaspects of IT knowledge. On completion of thiscourse student will be able to have knowledge offollowing theoretical and practical topics:

(a) Theoretical Knowledge

l explain the basic knowledge of IT,l explain the characteristics of computers and

its classification,l describe some of the major components of

a computer system and explain their rela-tionships to one other,

l explain computer system’s CPU and memory,l explain several types of input and output

devices and their functions,l describe multimedia, benefits and its appli-

cations,l understand the difference between applica-

tion software and system software,l explain the different functions and differ-

ences of operating system,l describe the low-level and high-level lan-

guages,l describe the role of utility programme,l describe different communication protocols,l describe the local area network, wide area

network and other types of network,l describe some security issues involved with

computer network usage.

(b) Practical Trainingl Ability to use

- Word processor package,- Spread-sheet package,- Presentation package,- Internet and E-mail.

Introduction to Information Technology S-204

ICMAP Career Pack

INDICATIVE GRID:


1. Theory (30 hours) - Introduction- Hardware- Software 50%- Networks

2. Practical (30 hours) - Microsoft Windows- Microsoft Word- Microsoft Excel- Microsoft Power Point 50%- Internet- Accounting Package

TOTAL 100%


CONTENTS

1. THEORY1.1 Module: Introduction (02 hours)

Fundamental characteristics of computers, Classi-fication of computers, Components of a computersystem, Networks, Computer Security, Internet.

1.2 Module: Hardware (10 hours)

(i) Central Processing Unit (CPU) & MemoryControl unit, Arithmetic logical unit, registers,Memory (RAM and ROM), Types of RAM (SRAMand DRAM), Cache Memory, Registers, Data-bases, Ports (Serial, Parallel and USB).

(ii) Input and OutputKeyboards, Mouse, Electronic Pens, Touch-Screens, Track-ball, Touch-pad, Digitiser, Scan-ners, Digital Cameras, Voice Recognition, Kindsof outputs (Softcopy and Hardcopy), DisplayDevices (CRT and Flat Panel), Screen clarity(Resolution, Dot pitch and Refresh rate), Videodisplay adopters, Printers (impact and Non-impact), Plotters, computer output microfilmand microfiche.

(iii) Storage and MultimediaMagnetic Disk Systems, Floppy Disks, HardDisks, Optical Discs (CDs, DVDs), MagneticTape Systems, Online Storage, Smart Cards,Flash Memory Devices, What is Multimedia,Advantages and Disadvantages of using Mul-timedia, Multimedia Applications.

1.3 Module: Software (08 hours)Definition of software, Classification of software(Application software and System software), Def-inition of operating system, different type ofoperating systems, functions of operating systems,Processing techniques for increasing efficiency(multi-tasking, multi-threading, multi-processing,time-sharing, virtual memory and spooling), Pro-gramming languages (Low-level languages andhigh-level languages), Complier, Interpreter, gen-eration of languages, Procedural and non-procedural languages, Utility programmes (com-pression software, diagnostic programmes, back-up utilities and disk-defragmentation).

1.4 Module: Network & Security Issues (10 hours)Definition of network, Topologies, Types of net-works (LAN, WAN, VAN, MAN and VPN), Commu-nication Protocols (Ethernet, Token Ring, TCP/IPand WAP), OSI models, Transmission Mediums,Transmission Direction, Transmission Mode, Net-work Devices (Switch, routers, and modem), Secu-rity issues (Viruses, Firewall and unauthorisedaccess), Digital signatures, Bluetooth, Securityissues (Computer viruses, unauthorised access andfirewall), Biometric devices.

2. PRACTICAL2.1 Microsoft Windows (02 hours)

The start menu, Manipulating windows, Copy Files,Moving Files, Deleting Files, Create folder, Searchfiles, customised your desktop.

2.2 Microsoft Word (04 hours)Editing, format, insert, view and file menu com-mands in word-processor, Paragraph/page/characterformats. Letters, reports, standard templates, user-defined templates, Mail merge using data fromspread-sheets and/or tables, formatting, borders,size of columns, rows, captions, table of contents,table of figures and index, page layout, printformatting, Linking and embedding spread-sheet,presentation and other integrated package docu-ments, slide master, presentation package, Drawingtoolbox: Shapes, lines, text boxes, aligning, dis-tributing, grouping, flipping objects. Slide anima-tion commands. Inserting chart, table, pictureword processor and spread-sheet.

2.3 Microsoft Excel (10 hours)File, edit, view, insert, format menu commands:Print/page setup, custom header/footer, Absolute,relative addressing, cell labelling. Formulae, copy-ing formulae. Use of different types of functions.Cell formatting, bordering, alignment, number.Data types, formats, conversion Tools: Sorting,filtering. Linking worksheets, pivot table, pastespecial Import/export of data from/to word pro-cessors, databases, text-files. Data format conver-sion problems charts: Bar charts, pie charts, for-matting. Suitability, conditional formatting.

Stage-2

7071

2.4 Microsoft PowerPoint (04 hours)Create Slide, Edit Slide, Insert Slide, Run SlideShow, Insert Pictures, Add Animation, Slide Tran-sitions, Formatting Slides, Add Sounds, Slide ColourScheme, Using video clips and audio files, Entertext in your slides, Insert and resize a digital imageor clip art (online, from PowerPoint), Apply a designtemplate, Draw lines, Draw and colouring shapes,Create 3D shapes, Create Charts / tables, Addnarration.

2.5 Internet (02 hours)Accessing Internet, Intranet, Extranet, InternetAddresses, Surfing the web, Using bookmark andthe history list, Searching the web, E-mail, Sendinge-mails, receiving e-mails, managing e-mails, Con-nectivity issues, How to block spamming (Unwant-ed e-mails).

2.6 Accounting Packages (08 hours)Under accounting package, a Peachtree AccountingSoftware will be practically taught. The accountingpackage through coverage of Peachtree softwaregives a thorough introduction to the concepts ofcomputerised accounting. The students will learnhow to post, retrieve and manage the books elec-tronically and design reports as per managements’requirements. It gives a comprehensive coverageto the software with hands-on training. By theend of the course, students will be comfortablewith the package and can meet various job require-ments of the professional managers, while takingdecision based on financial reporting.

ICMAP Career Pack

Computer Fundamentals Pradeep K. Sinha Professional Business Publication(Concepts, Systems & Priti Sinha Suite # 3, 5 Third Floor,Applications) Taj Arcade

73-Jail Road, Lahore.

Computer, 8/E H.L. Capron Prentice Hall International Inc.

A Complete Book on Dr. Rajesh Trehan Cyber tech (CCT)Information Technology

MS Office 2000 Gini Courter SybexAnnette Marquis

ADDITIONAL READINGS

Network Security Chris Brenton Sybex(Second Edition) Camreon Hunt

CISA Manual CISA Information Systems Audit andControl Associations, Inc.,3701 Algonquin Road,Suite 1010Rolling Meadows, Illinois,60008 USA.

CORE READINGS


S-301 Financial Accounting 74

S-302 Business Taxation 77

S-303 Cost and ManagementAccounting - PerformanceAppraisal 80

S-304 Presentation &Communication Skills 84

7273

Stage-3

ICMAP Career Pack

i. Introduction:This course covers specialised accounting as wellas preparation of financial statements, accordingto local laws and International Accounting Stan-dards as applicable in Pakistan.

ii. Objectives:To provide the students with a knowledge ofaccounting enabling them to:

l prepare financial statements for different typesof business such as joint venture, consignments, Royalties, Branches/Departments, Partnership,Non-profit organisations and Sole-proprietor-ship,

l prepare financial statements of companies asper requirements of the companies ordinance1984 and IASs as applicable in Pakistan, and

l compute and interpret working capital ratiosand analyse various items of current assets andliabilities, to highlight the current financialposition of the companies.


l prepare accounts and financial statements ofjoint venture, consignment, royalties, partner-ship, branches and departmental types of busi-nesses,

l prepare receipts and payments accounts andfinancial statements of non-profit organisations,

l prepare financial statements from incompleterecords,

l understand the procedures to be followed information of companies,

l identify and explain accounting treatment ofexpenses, incurred during the course of forma-tion of a company,

l identify and explain reasons for profit appro-priation,

l identify and explain reasons why any loss/gainis debited or credited to retained earnings,

l prepare and present financial statements ofcompanies, according to local laws and Inter-national Accounting Standards, with appropriatenotes,

l explain potential matters that should be con-sidered, while making a regulatory frameworkfor published accounts,

l describe the role of the International AccountingStandards,

l prepare a statement of changes in Equity,l compute working capital ratios for business

sectors,l prepare cash management models, identify and

choose the most appropriate model,l appraise debtors and creditors policies and

methods of inventory management.

Financial Acounting S-301

Stage-3

Stage-3

CONTENTS

SECTION-A1. Accounting for Joint Venture

Accounting treatment when separate books ofaccounts are maintained, and when separate booksare not maintained; Memorandum recording meth-ods.

2. Accounting for ConsignmentsNature and operation of the consignment; account-ing for the completed and incomplete consign-ments including losses (normal and abnormal both)and stock valuations.

3. Accounting Treatment of Royalties

Preparation of journal entries and accounts; min-imum rent account; shortage account; and royalty

suspense account. Accounting treatment of sub-leases.

4. Branch & Departmental AccountingOperation of a branch; accounting systems forbranches (including dependent and independentbranches) and head office; reciprocal accounts andinter-branch transactions; preparation of combinedstatements for head office and branches; depart-mental accounting, working paper for combinedstatements.

SECTION-B5. Accounting for Partnership Concerns

Formation of partnership; distribution of profitsamong partners; changes in partners’ ratios, ad-mission of a partner; retirement and death of apartner; dissolution of firm; conversion of partner-ship into a company.

7475


INDICATIVE GRID:


SECTION – A1. Accounting for Joint Venture2. Accounting for Consignments 30%3. Accounting treatment of Royalties4. Branch & Department Accounting

SECTION-B5. Accounting for Partnership concerns6. Preparation of Financial Statements from Incomplete Records 30%7. Financial Statements of Non-Profit making organizations

SECTION-C8. Company Formation & Retained Earnings9. Preparation of Company Financial Statements in accordance with International

Accounting Standards (IAS-1) 40%10. Financial Statements (Balance Sheet & Income Statement) of a single company in

accordance with 4th & 5th schedule of Companies Ordinance, 1984.11. Computation of basic financial ratios (analysis not required)12. Application of IFRs/IASs (IAS 1, 8, 10, 16)

TOTAL 100%

6. Preparation of Financial Statements fromIncomplete RecordsPreparation of income statement and balance sheetfrom incomplete record.

7. Financial Statements of Non-Profit MakingOrganizationsPreparation of receipt & payment summary; prep-aration of income and expenditure account andbalance sheet.

SECTION-C8. Company Formation & Retained Earnings

Formation of public and private Companies as perCompanies Ordinance 1984; concept and natureof shares and share capital; types of shares andshare capital; recording of issue of shares againstcash and for consideration other than cash; conceptof partly and fully paid shares; share splits; rightissue of shares; bond shares (stock dividend);purchase of own shares (treasury stock); sourcesof retained earnings; retained earnings appropria-tion to dividends and reserves; concept and types

of dividends and reserves; accounting for dividends,reserves and reserve funds.

9. Preparation of Company Financial Statementsin accordance with International AccountingStandards (IAS – 1)Requirements of relevant, IFRSs / IASs; forms andcontents of the Financial Statements as perIAS-1.

10. Financial Statements (Balance Sheet & IncomeStatement) of a single company in accor-dance with 4th & 5th schedule of CompaniesOrdinance 1984.Requirement of 4th & 5th schedule of CompaniesOrdinance 1984; balance sheet, profit and loss;statement of changes in owners’ equity and notesto the accounts.

11. Computation of Basic Financial Ratios (anal-ysis not required)

12. Application of IFRs / IASsIAS 1, 8, 10, 16.

ICMAP Career Pack

Frank Wood’s Business Accounting Frank Wood/ Pearson Education Ltd.,Alan Sangster England.

International Financial Reporting International Accounting International Accounting,Standards (IFRSs/IASs) Standards Board Standards Board, 30 Cannon

Street London EC4M 6XH,United Kingdom.

Financial Accounting and PBP Professional Businessand Principles Publications,

Lahore.An Introduction to Accountancy S.N. Maheshwari/ Vikas Publishing House

S.K. Maheshwari (Pvt) Ltd.,576, Masjid Road, Jangpura,New Delhi.

Advanced Accountancy R.L. Gupta Sultan Chand & Sons,Publishers 23, Daryaganj,New Delhi.

ADDITIONAL READINGSAccounting: The Basis for Robert F. Meigs/ McGraw-Hill PublishingBusiness Decisions Walter B. Meigs Company Inc.,

New York.


i. Introduction:This course covers Income Tax Ordinance, 2001,the Income Tax Rules, 2002 and other Tax Lawssuch as the Sales Tax Act, 1990, Customs Act, 1969and Federal Excise Act, 2005, as amended to date.

ii. Objectives:To provide the students with an in-depth knowl-edge of Tax Laws, enabling them to apply in deci-sion-making process in different business situa-tions.


l identify and interpret principal types of taxation,such as direct taxes on individuals, income,business individuals, Association of persons,registered and unregistered firms and compa-nies, trading profit and capital gains, and indi-rect taxes such as sales tax, customs duty andcentral excise duty,

l describe features of the direct and indirecttaxes,

l describe record-keeping, filing and tax paymentrequirements of principal types of taxation,relating to business,

l differentiate between tax avoidance and taxevasion,

l compute for recommendations to the manage-ment on issues, pertaining to tax liabilities ofcompany or firm, arising from income genera-tion and capital gains,

l recommend on minimising or deferring taxliabilities for individuals or company, by usingexemptions,

l compute and advise on tax liabilities of indi-viduals, arising from income receipts, capitalgains, business or professions and other sourc-es, and

l identify foreign tax obligations, situations andapply appropriate methods for relieving fromsuch tax.

Business Taxation S-302

Stage-3

7677


INDICATIVE GRID:


SECTION – A1. Income Tax Law

1.1 Income Tax Ordinance 2001, as amended up-to-date covering 50%

SECTION-B1.2 Income Tax Rules 2002 20%

SECTION-C

2. Other Tax Laws:2.1 Sales Tax Act 19902.2 Customs Act 30%2.3 Federal Excise Act and Rules2.4 Capital Value Tax

TOTAL 100%

CONTENTS

SECTION-A

1. INCOME TAX LAW

1.1 INCOME TAX ORDINANCE, 2001

The Income Tax Ordinance 2001, as amended up-to-date covering

Definitions; charge to tax; tax on taxable income(computation of income from salary, property,business, capital gains, other sources, exemptions,losses, deductible allowances, tax credits); commonrules (general, tax year, assets); provisions govern-ing persons (concept, individuals, AOP, companies);special industries (insurance, oil & gas and othermineral deposits); international (geographicalsource of income, taxation of foreign source ofincome of residents, taxation of non-residents,double taxation); anti-avoidance; minimum tax;procedures (returns, assessments, appeals, collec-tion and recovery of tax, payments and deductions,refunds, records and audit, penalty, offence andprosecutions, additional tax); administration (gen-eral, transitional advance tax provisions, miscella-neous); Schedules (first schedule, second schedule,third schedule, sixth schedule, seventh schedule).Special provisions regarding depreciation, initialallowance, intangibles, pre-commencement ex-penses, scientific research expenditures, employeestraining and facilities, profit on debt, financialcosts and lease payment, bad debts, provisioningregarding consumer loans, profit on non-performing debts, transfer to participating reserveand tax accounting. Nature and areas of tax man-agement; deduction of tax at source; advancepayment of tax; minimum tax; importance of taxmanagement, while claiming allowance; exemp-tions deductions and tax credits; filing of returnsof income; defaults and penalties.

SECTION-B

1.2 INCOME TAX RULES, 2002Definitions related to the rules; heads of income;income of residents; tax of non-residents; transferpricing; records and books of accounts; certificates;advance tax collection or deduction, payment,statements of tax collected or deducted. Incometax recovery rules, registration of income taxpractitioners, and recognised terminal benefitsfunds.

SECTION-C

2. OTHER TAX LAWS:

2.1 The Sales Tax Act 1990Chapter No. I, II, III, IV, V VII, VIII and IX of theAct, as amended up-to-date covering; definitions;scope and payment of tax; registration; book-keeping and invoicing requirements; returns;offences and penalties, appeals and recovery ofarrears.

2 .2 Customs ActChapter V, VI, X, XI, XVII and XIX of Customs Act,as amended up-to-date covering; levy of exemptionfrom and repayment of customs duties; drawbacks;clearance of goods for home consumption; ware-housing; offences and penalties; appeals andrevisions.

2.3 Federal Excise Act And RulesFederal Excise Act, 2005. Sections 2 to 19, 31,& 33 to 39.

Federal Excise Rules, 2005. Rules 7 to 10, 15 to17, & 32 to 34.

2.4 Capital Value TaxSection 7 of the Finance Act 1989 as amended up-to-date.

- Notifications, rules general orders and circulars,issued under the above-mentioned laws.

ICMAP Career Pack

Stage-3

7879

Complete Income Tax Law Sheikh Asif Salam S.A. Salam Publications,(Latest Edition) Lahore.

Introduction to Income Tax Huzaima Bukhari & Lahore Law Publications.Ordinance, 2001 & Dr. Ikramul HaqIncome Tax Rules, 2002

Sales Tax, 1990 Tariq Najeeb Choudhry Tariq Najeeb Corporation, Lahore.

Central Excise Act 1944 Tariq Najeeb Choudhry Tariq Najeeb Corporation,and Rules Lahore.

Customs Act, 1969 -- Government of Pakistan.

Income Tax Law plus Prof. Dr. Khawaja Amjad Azim Academy,Practical Problems with Saeed 21-Urdu Bazar, Lahore.Solution

Synopsis of Taxes in Pakistan Mirza Munawar Hussain Iqbal Brothers, Lahore.

CORE READINGS


i. Introduction:There are certain cost, revenue and profit centres,which need frequent performance measurementfor control purposes. This enables the managementto identify any deviation from the planned activi-ties. This course is confined to such cost techniquesthat enable the management accountant, to identifythe said deviations and report to the managementfor taking remedial action.

ii. Objectives:To provide the students with a detailed knowledgeof Cost and Management Accounting, to enablethem to:

l use the present and traditional approaches ofcost accounting in different contexts, and

l apply the cost and management accountingtechniques, and evaluate the desired results inthe light of the outcomes.


l distinguish between the meaning of a jointproduct and a by-product,

l describe the appropriateness of two acceptablemethods of accounting for by-product in thedetermination of the cost of the joint products,

l describe two acceptable methods of allocatingcost to joint products and the cost of initialproducing department,

l explain how standards are set or revised inmanufacturing or service industries,

l compute and interpret material, labour, over-head and sales variances,

l prepare reports showing direct materials quan-tity and price variances and direct labour effi-ciency and rate variances,

l explain why a company prepares master budget,l describe the components of master budget,l explain the inter-relationship between the

components of an operating budget and afinancial budget,

l explain the role of computerised financialplanning models in the budgeting process,

l explain how the JIT philosophy has changedmanufacturing environment,

l describe the criterion for selecting a cost driver,when preparing a flexible budget,

l calculate overhead budget, spending, efficiencyand volume variances,

l explain how flexible budget is used to controlmanufacturing and non-manufacturing activi-ties,

l describe the causes for changes in gross profit,l compute sales volume variance, cost volume

variance and sales mix variances,l describe the need for uniform cost accounting,l design and install costing system and cost

reports of a manufacturing company,l apply direct and absorption costing approaches

in job, batch and process cost systems, andl prepare ledger accounts according to context:

direct or absorption-based in job, batch orprocess systems including all related accounts.

Cost and Management Accounting – Performance Appraisal S-303

ICMAP Career Pack

Stage-3

8081


INDICATIVE GRID:


SECTION – ACOST ACCOUNTING SYSTEMS AND TECHNIQUES1. Marginal and Absorption Costing2. Activity Based Costing 30%3. Process Costing4. Effect of JIT5. Uniform Costing

SECTION-BSTANDARD COSTING AND VARIANCE ANALYSIS6. Setting Standard Cost 30%7. Variance Analysis and Profit Reconciliation8. Interpretation of variances

SECTION-CBUDGETING AND BUDGETARY CONTROL9. Preparation of Budget 30%10. Zero Based Budgeting and Activity Based Budgets11. Budgetary Control

SECTION-DPERFORMANCE MEASUREMENT AND TRANSFER PRICING12. Divisional Performance Measurement 10%13. Transfer Pricing

TOTAL 100%

CONTENTS

SECTION-A

COST ACCOUNTING SYSTEMS AND TECHNIQUES

1. Marginal and Absorption CostingMarginal costing and absorption costing, Effect ofboth systems on profit and inventory valuation,Profit reconciliation.

2. Activity Based CostingEmergence of ABC systems, Comparison of tradi-tional and ABC systems, Designing ABC system,ABC in service organisations, Pitfalls in using ABCinformation.

3. Process CostingAdjustment of WIP at start: FIFO and averagemethod, Normal, abnormal losses and abnormalgain, Adjustment of scrap value of lost units,Addition of units, Joint and by-products, Account-ing for spoilage, rework and scrap.

4. Effect of JIT ProductionThe benefits of just in time production, Totalquality management, Theory of constraints andthroughput accounting, Throughput accounting(TA) ratio, Accounting entries for a JIT manufactur-ing system (Back flush).

5. Uniform Costing

SECTION – B

STANDARD COSTING AND VARIANCE ANALYSIS

6. Setting Standard CostEstablishing cost standards, Direct material stan-dards, direct labour standards, Overhead standards,Basic cost standards, ideal standards and currentlyattainable standards, Purposes of standard costing.

7. Variance Analysis and Profit ReconciliationComputation of cost and sales variances, Mix andyield variances, Idle time variances, Recordingstandard costs in the accounts, Reconcile standardprofit and actual profit using absorption and mar-

ginal costing systems, Accounting disposition ofvariances.

8. Interpretation of VariancesInterpretation of variances, interrelationship,significance, Planning and operational variances,Criticism of standard costing.

SECTION - C

BUDGETING AND BUDGETARY CONTROL

9. Preparation of BudgetTheory of budgeting, Administration and stagesin the budgeting process, Functional Budgets,Projected income statement and balance sheet,Cash budget, The budgeting process in non-profitorganisations, Flexible and Fixed Budgets, Rollingbudget.

10. Zero Based Budgeting and Activity BasedBudgetsIncremental approaches of budgeting, Zero basedbudgeting- merits and pitfalls, Activity basedbudgeting approach.

11. Budgetary ControlFeedback and feed-forward controls, Budget vari-ances and their causes, Responsibility centres andbudgeting, Behavioural implications of budgetingand budgetary control.

SECTION - D

PERFORMANCE MEASUREMENT AND TRANSFERPRICING

12. Divisional Performance MeasurementCost centre, revenue centre, profit centre andinvestment centre, Methods of measuring divisionalperformance, Return on capital employed, Residualincome, Divisional performance reporting.

13. Transfer PricingTransfer pricing methods, Pricing at cost, Standardcost plus mark-up, Market prices, Dual pricing,Negotiated prices, Capacity constrained, Goalcongruence.

ICMAP Career Pack

Stage-3

8283

Cost & Managerial Accounting Jack Gray & McGraw-Hill Company Inc.,Don Ricketts Princeton Road,

S-1 Hightslown,NJ08520, New York.

Managerial Accounting Ray H. Garrison & South Western Publishing Co.Eric W. Noreen USA

Management and Cost Colin Drury Thomson Learning,Accounting High Holborn Ouse,

50-51 Bedford Row, London

Management Accounting PBP Professional BusinessPerformance Evaluation Publications, Lahore.

ADDITIONAL READINGS

Cost Accounting Charles T. Horngren/ Prentice Hall of India (Pvt) Ltd.,A Managerial Emphasis George Foster & Srikant New Delhi 110001,

M. Datar India.

Cost Accounting Adolph Matz / Milton South Western Publishing Co.,F. Usry Cincinnati, Ohio,

USA

CORE READINGS


i. Introduction:This course is designed to give more emphasis onimproving and developing the presentation andcommunication skills of the students. They areexpected to develop and improve their verbal andnon-verbal communication capabilities.

ii. Objectives:To provide the students with theoretical and prac-tical knowledge of verbal and non-verbal presen-tation and communication skills, enabling themto:

l learn and understand theoretical and practicalapproaches of managerial communication,

l learn and understand the concepts methodol-ogies, and techniques for an effective presen-tation, while developing and refining their ownabilities.


l apply the concepts to real business scenarioand sharpen their business communication andproblem-solving skills,

l describe the role of effective communicationin business,

l describe the characteristics, process and im-portance of communication in business;

l identify the steps in the communication pro-cess,

l describe communication barriers and how toovercome them,

l identify some of the common sources of mis-understanding that occur in written and oralintercultural communication,

l explain the importance of speaking and listen-ing effectively, when communicating face-to-face with people from other cultures,

l describe the communication role of electronicmail and Internet technologies in designingbusiness messages,

l identify and demonstrate the methods andprocedures for writing letters, memos andother brief messages,

l describe the various steps involved in theprocess of report writing,

l describe the steps involved in presentationskills.

l Compose their CV’sl Perform well in the interviewsl Play significant role in meetings

Presentation and Communication Skills S-304

ICMAP Career Pack

INDICATIVE GRID:


SECTION – A1. Business Communication 20%

SECTION-B2. Business Letters 50%3. Business Reports

SECTION-C4. Presentation Skills 30%

TOTAL 100%


CONTENTS

SECTION – A

1. Business CommunicationEffective communication in business; its definition,characteristics, process, forms, channels and im-portance, different kinds of communication; itsfeatures, elements, concepts; verbal and non-verbalcommunication; process of preparing effectivebusiness messages; planning steps; basic organi-sational plans; beginnings and endings; composi-tion of the message; effective communicationprinciples; styles of communication; 7C’s of com-munication, gestures; manners; presentationsand follow-up or feedback. Interviewing skills,listening skills, organising and conducting meet-ings, business group discussions, communicationwithin and outside the organization, structure ofthe organization, open communication climate,communication barriers, interpersonal communi-cation, intercultural communication, ethical com-munication, legal aspects of communication, therole of technology in communication.

SECTION – B

2. Business LettersTypes of business letters; writing styles; informal(friendly) letters; business or formal letters; writinga note/ memo/circulars, direct request inquiriesclaims and requests for adjustments; requestsregarding routine business or public causes; invi-tations; preparing proposals/feasibilities, documen-tation, orders; reservations; favourable replies;unsolicited favourable messages; request; salesletters; evaluating, achievements; market research;making preliminary career decisions; resume andjob application letter.

3. Business ReportMeaning and classification of business reports,preparation before writing reports, main parts ofthe report, organisation and outline of report body,visual aids, short reports, suggestions for shortreports, informational memorandum reports, an-alytical memorandum reports with graphs, infor-mational and analytical letter reports, formalreports, working plans, prefatory parts, documen-tation and other notes, supplementary parts,presentation of the formal reports.

SECTION – C 4. Presentation Skills

Common myths about presentational ability; dif-ference between speech and presentation; catego-ries presentations according to their purpose;analysis of the audience before making a presen-tation; evaluating the appropriateness of the settingand venue of presentation; the steps in planninga presentation; some common symptoms of stagefright and measures to overcome it; developingan introduction, a body and a close for a formalpresentation; some do’s and don’ts of verbal andnon-verbal communication; selecting, designingand using appropriate visual aids; handling audi-ence questions effectively; delivering a short formalpresentation on an assigned topic, interviews,meetings.

Note: The class room activities should be designedto give students the maximum chance to getproficiency in communication and presentationskills. They should be encouraged to take part ingroup discussions, mock interviews, holding meet-ings and other class room presentations. Theyshould be taught to make effective and accurateuse of audio and visual aids. They should learnthe use of non verbal cues in an effective way.

Stage-3

8485

ICMAP Career Pack

Excellence in Business Join V Thill Courtland L Prentice-Hall International Inc.Communication Bove’s Upper Saddle River, New Jersey.

Model Business Letters L. Gartside Financial Times Prentice HallPearson Professional Education

ADDITIONAL READINGS

Communication for Business Shirley Taylor Pitman Publishing(A Practical Approach) 128 Long Acre,

London WC2E 9AN

Effective Business Communication Herta A. Murphy/ McGraw-Hill Company Inc.Herbert W. Hildebranot Princeton Road, S-1 Hightslown,& Jane P. Thomas NJ08520, New York.

CORE READINGS


Stage-4

S-401 Advanced FinancialAccounting & Analysis 88

S-402 Integrated Management 91

S-403 Corporate Laws &Secretarial Practices 93

8687

ICMAP Career Pack

Stage-4

i. Introduction:This course is designed to concentrate on prepa-ration of financial statements, evaluation andinterpretation of financial analysis under differentbusiness situations. This will help managementtake appropriate decision on the basis of financialcomments and recommendations of managementaccountant.

ii. Objectives:To provide the students with a thorough knowledgeof advanced aspects of financial accounting toenable them to:

l select and apply appropriate accounting tech-niques and procedures to specific circumstanc-es, and

l prepare, analyse, interpret financial statementsof entities under specific situations.


l prepare accounts and financial statements inconnection with amalgamation, absorption,liquidation, reconstruction, banks and financialinstitutions,

l evaluate financial statements of an entity andprovide analysis and comments on its perfor-mance,

l discuss the treatment of taxation as per IAS-12,

l explain and demonstrate the accounting treat-ment of investments and long-term liabilities,

l preparation of accounts and financial statementsof construction companies, and

l discuss various issues of business ethics.

Advanced Financial Accounting and Analysis S-401


INDICATIVE GRID:


SECTION – A1. Group/Consolidated Financial Statements (Balance Sheet & Income Statement)

in accordance with relevant IFRs/IASs.[simple groups including subsidiaries & associates)

2. Cash Flow Statement of a Single Company 50%(consolidated cash flow statement is not required)

3. Corporate Financial Analysis (including IAS 33)4. Amalgamation, Absorption and Reconstruction5. Final Statement of Liquidator

SECTION-B6. Accounting for Leases (IAS-17)7. Accounting for Taxation IAS-12 (for a single company)8. Accounting for Construction Contracts (IAS-11)9. Accounting of Insurance Company, Banks & Financial Institutions (IAS-30) 50%10. Accounting treatment of Financial Instruments (Basic understanding of relevant

IFRs/IASs)11. The measurement of Income & Capital (IAS-18, 29)12. Ethical requirements from an Account

TOTAL 100%

Stage-4

CONTENTS

SECTION-A

1. Group / Consolidated Financial Statements(Balance Sheet & Income Statement) in accor-dance with relevant IFRs / IASs. [simplegroups including subsidiaries & associates]Definition of holding, subsidiary and associatedundertaking; preparation of company accountsand consolidated financial statements as per IAS-27.

2. Cash Flow Statement of a Single Company(consolidated cash flow statement is notrequired)Preparation of the cash flow statement, includingrelevant notes for an individual company, in accor-dance with IAS 7.

3. Corporate Financial Analysis (including IAS33)Ratio analysis techniques, segment analysis, com-mon size analysis and reporting the result; limita-tions of ratio analysis; analysis of financial state-ments and comments on the performance andposition of an entity as per IAS –33; principles ofsubstance in measurement of income & capital inaccordance with IAS – 1.

4. Amalgamation, Absorption, Liquidation andReconstructionAmalgamation by forming a new company; amal-gamation by absorption; amalgamation by forminga holding company; reconstruction of companies.Legal aspects of mergers and acquisitions.

5. Final Statement of LiquidatorStatement of affairs and deficiency or surplusaccount; liquidator’s final statement of account.

SECTION-B

6. Accounting for Leases ( IAS – 17 )Definition of leases and their importance, differencebetween operating and financial leases; accounting

for operating and finance leases; definition, report-ing requirements of finance lease in terms of IAS17 and relevant IFRS.

7. Accounting for Taxation IAS – 12 (for a singlecompany)Treatment of current taxation and deferred taxa-tion; entries related to corporate tax in accountingrecords as per IAS-12.

8. Accounting for Construction Contracts (IAS– 11)Preparation of contract account (profit and lossaccount and balance sheet) as per IAS-11.

9. Accounting of Insurance Company, Banks &Financial Institutions ( IAS – 30 )Legal provisions and prudential regulations; prep-aration of accounts and financial statements ofInsurance Companies, banks and financial Institu-tions.

10. Accounting Treatment of Financial Instru-ments (Basic understanding of relevant IFRs/ IASs)Short-term and long-term investments; investmentsin shares; bonds and funds; convertible bonds anddebentures; debentures; debentures conversioninto shares; redeemable capital Term FinanceCertificates (TFCs); (IAS 21, 28, & 32)

11. The Measurement of Income & Capital (IAS– 18, 29)

12. Ethical Requirements from an AccountantThe nature of ethics: difference between philo-sophical and professional approach, concepts ofintegrity, obligation, independence, public expec-tations, ethics and the professional: social respon-sibility, ethics and the law; consequences of un-ethical behaviour to the individual, the professionand society at large; ethics in business.

8889

ICMAP Career Pack

Intermediate Accounting Donald E. Kieso/Jerry J. John Willey & Sons. Inc.,Weygandt & Terry D. England.Warfield

Modern Advanced Accounting E. John Larsen McGraw-Hill Company Inc.,New York.

Financial Analysis PBP Professional BusinessPublications,Lahore.

An Introduction to Accountancy S.N. Maheshwari/ Vikas Publishing HouseS.K. Maheshwari (Pvt) Ltd.,

576, Masjid Road, Jangpura,New Delhi.

Companies Ordinance 1984 Govt. of Pakistan P.L.D. Publishers Lahore.

International Financial Reporting International Accounting International Accounting StandardsStandards / IASs Standards Board Board, 30 Cannon Street, London,

EC4M 6XH United Kingdom.

Advanced Accountancy R.L. Gupta Sultan Chand & Sons Publishers,23, Daryaganj, New Delhi.

ADDITIONAL READINGS

Reading in Financial Analysis Qaisar Mufti Royal Book Co., Karachi.

Advanced Accountancy S.P. Jain/K.L. Narang Kalyani Publishing, New Delhi,Ludhiana.

Advanced Accounting Harry Simons/Wilbert South Western,E. Karrenbrock Publishing Company, N.Y.

CORE READINGS


i. Introduction:This course comprising strategic management,project management and management of relation-ships, is designed to give the students new ap-proaches of management sciences, in order toface emerging global organisational and techno-logical challenges.

ii. Objectives:This course enables the students to learn:

l the process of strategy formulation and imple-mentation,

l key project management skills, andl managing internal and external business rela-

tionships.


l Explain process of strategy formulation andestablish relationship between strategy andorganisational structure, and find out the im-portance and role of organisational cultures,and ways to improving effectiveness of anorganisation,

l determine resource-based views of the firmand implications for strategy development,

l determine and apply suitable structures andframeworks to projects, and identify commonmanagement issues,

l produce a basic project plan, recognise theeffects of uncertainty, and recommend strate-gies for dealing with the uncertainty,

l recommend most suitable project control sys-tems,

l explain the concepts of power, bureaucracy,authority, responsibility, leadership and dele-gation,

l analyse the relationship between managersand their subordinates, and

l demonstrate personal time-management skills,develop methodologies for managing individ-uals and teams, and for managing group con-flict.

Integrated Management S-402

Stage-4

9091


INDICATIVE GRID:


SECTION – A

1. Strategic Management 40%

SECTION-B

2. Project Management 30%

SECTION-C

3. The Management of Relationships 30%

TOTAL 100%

CONTENTS

SECTION-A

1. Strategic ManagementStrategic Management; evolution & definition,Process, content, functions, Direction Setting;developing strategic vision, setting objective andcrafting Strategy, Strategic Planning; strategicobjective, strategy, allocation of resources, strategicplanning vs general planning, Strategy Implemen-tation; external and internal environment, businessethics and social responsibilities, organizationalculture, industrial analysis, company’s evaluation,Winning Strategy; goodness of fitness test, perfor-mance test, competitive edge test.

SECTION-B

2. Project ManagementProject vs Organization, Uniqueness of a project,Project Lifecycle; project identification, project

development, project proposal, project implemen-tation, project evaluation. Team Building; Groupvs Team, Data Gathering, Data Analysis, ActionPlan, Action Implementation, Evaluation. Stagesof Team Development. Microsoft Project 98: basicunderstanding of drawing network diagrams,creating activities, linking activities, creating sum-mary tasks, finding the critical path, assigningresources to activities, changing the calendar andworking hours and printing of network diagrams.

SECTION-C

3. Management Relationship

Definition of Management, Levels of Management,Internal Relations; Management Functions, Man-agement Roles, Power and Authority, Organization-al Structure and Design, Organizational Politics,Organizational Culture, Leadership, Teamwork,External Relations; Networking, Going with Stake-holders, Managing External Environment.

ICMAP Career Pack

Strategic Management Leslie W. Rue McGraw-Hill,Phyllis G. Holland New York.

Organisational Behaviour Fred Luthans McGraw-Hill, Irwin,New York.

Organisational Behaviour Greory Moorhead Houghton Mifflin Company,Ricky W. Griffin USA

Integrated Management PBP Professional BusinessPublications,Lahore.

PMBOK (Project Management Body Project Management Project Management Instituteof Knowledge) 1998 Edition Institute

Microsoft Project 98 (Software) Microsoft Microsoft Inc. USA

ADDITIONAL READINGS

Management James A.F. Stoner, Prentice-Hall of India,A. Edward Freeman and New Delhi.Daniel A. Gilbert, Jr.

CORE READINGS


i. Introduction:This course deals with the theoretical and practicalapproach to the Companies Ordinance 1984, theSecurities and Exchange Commission of PakistanAct 1997, Securities and Exchange Commission ofPakistan Regulations 2000 and secretarial practices.

ii. Objectives:To provide the students with a thorough knowledgeof Corporate Laws and Secretarial Practices toenable them to:

l advise and assist the management for takingappropriate and prompt decision, and

l carry out secretarial work more effectively.


l describe obligation to register certain associa-tions and partnerships all as companies,

l differentiate between public, private and single-member companies,

l describe procedures relating to incorporationof companies and other matters incidentalthereto,

l describe general procedures relating to regis-tration and alteration, of articles and memo-randum of association,

l describe provision relating to conversion ofpublic company into private company and viceversa and other matters,

l describe provisions relating to allotment, issueand transfer of shares, debentures and depositsetc.

l describe regulations regarding issuance ofshares certificates and debentures,

l explain procedures and regulations regardingtransfer of shares,

l explain procedures for conversion of limitedcompany into unlimited company and viceversa,

l describe procedures for registration of mort-gage and charges,

l describe management, administration, regis-tered office, publication of name of the com-pany etc.

l explain procedure for commencement of busi-ness by a public company,

l describe procedure of holding statutory meet-ing and AGM of company and related matters,

l discuss procedure for appointment and removalof directors,

l discuss procedures for appointment of firstand subsequent chief executive,

l describe miscellaneous provisions regardinginvestments, contracts, officers shareholding,trading and interests,

l discuss procedures for declaration of dividend,issuance of dividend warrants and payment ofdividends,

l describe provisions regarding issue of bonusand rights shares,

l describe procedure for books of accounts andfinancial reports,

l describe procedures for winding up of compa-nies,

l describe the qualifications, functions and legalobligations of a company secretary,

l explain various matters relating to the Securitiesand Exchange Commission of Pakistan Act 1997,and the Securities and Exchange Commissionof Pakistan Regulations 2000,

l explain jurisdiction and procedures of the court,

l describe procedures and application of company(court) rules 1997, and

l explain powers and functions of the commis-sion.

l explain the rules relating to non-banking financecompanies.

Corporate Laws and Secretarial Practices S-403

Stage-4

9293

CONTENTS

SECTION-A

CORPORATE LAWS

1. The Companies Ordinance 1984The Companies Ordinance 1984 with latest amend-ments.

SECTION-B

2. The Securities and Exchange Commission ofPakistan Act 1997, and the Securities andExchange Commission of Pakistan Regulation2000

The Securities and Exchange Ordinance 1969, asamended up-to-date with the Securities and Ex-change Rules 1971. The Securities and ExchangeCommission of Pakistan Act 1997 with latestamendments, Securities and Exchange Commissionof Pakistan Regulations 2000. Single-Member Com-panies Rules 2003.

3. Non-Banking Finance Companies (Establish-ment & Regulation) Rules 2003 (Introductiononly)

SECTION-C

4. Secretarial PracticesIncorporation of company, memorandum andarticles of association, prospectus, officers of thecompany; directors, chief executive, secretary andauditors. Offer of shares, underwriting, brokerage,discount and premium on shares, listing with stockexchanges, listing rules of stock exchanges, appli-cations and allotment of shares, issuance of shares,letters of regret, share certificates, transfer andtransmission of shares, flotation of corporatesecurities, issuance and redemption of debentures. Types of meetings, company and directors meet-ings, annual general meeting, notice of meetings,agenda of meetings, minutes of the meetings,quorum of meetings, voting, proxies, resolutions,declaration of dividend, dividend warrants, bonusand rights issue, filing of returns with SECP andother agencies, maintenance of statutory books,register of shareholders, registration of mortgages

ICMAP Career Pack


INDICATIVE GRID:


SECTION – A

CORPORATE LAWS:

1. The Companies Ordinance 1984 50%

SECTION-B

2. The Securities and Exchange Commission of Pakistan Act, 1997, and the Securities 15%and Exchange Commission of Pakistan Regulations 2000

3. Non-Banking Finance Companies (Establishment & Regulation) Rules 10%

SECTION-C

4. Secretarial Practices 25%

TOTAL 100%

and charges, books of accounts and financialreports, service of documents, receiving of depositsby company, Central Depositary Company and itsregulations (Stock Exchange Regulations and CDCAct-1997); Secretarial organisation and manage-

ment; appointment of secretary, qualifications ofsecretary; functions and legal obligations of sec-retary. Working procedure of Securities andExchange Commission of Pakistan (SECP), auditand investigation.

Stage-4

9495

Company Law & Secretarial Prof. Dr. Khawaja Amjad Institute of Business Management,Practice in Pakistan Saeed G.P.O. Box No. 1164,

Lahore.

Practical Approach to Nazir Ahmed Shaheen Federal Law House,Companies Ordinance 1984 H/136 Muree Road,

Committee Chowk, Rawalpindi.

Company Secretarial Practice Q.A. Wadud Royal Book Company232, Saddar Cooperative Market,Abdullah Haroon Road,P.O. Box No. 7737,Karachi-74400.

Secretarial Practice D.P. Jain Konark Publishers Pvt. Ltd.

Bare Acts --- Govt. of Pakistan Publishers,Karachi.

ADDITIONAL READINGS

Manual of Corporate Governance SECP SECP, Islamabad.

CORE READINGS


ICMAP Career Pack

Stage-5

S-501 Financial Reporting 98

S-502 Management AccountingDecision Making 100

S-503 Risk Management and Audit 104

9697

ICMAP Career Pack

Stage-5

i. Introduction:This course is designed to focus on preparing,analysing financial statements and developingreports thereon, for management decisions. Thestudents are expected to use knowledge andunderstanding of more advanced financial account-ing, for preparing and interpreting financial state-ments in context of practice.

ii. Objectives:To provide the students with an in-depth knowl-edge of financial reporting enabling them to:

l analyse and interpret financial statements andprepare financial reports, and

l submit recommendations to the managementfor taking decision.


l identify categories of users of financial reportsand describe the importance of financial report-ing,

l evaluate the uses of international regulatoryframework, including international standardsof accounting and auditing and comparativeaccounting systems and analysis in financialreporting,

l prepare group financial statements, in accor-dance with the requirements of the CompaniesOrdinance 1984, International Accounting Stan-dards and IFAC Guidelines,

l analyse, interpret and report on financial state-ments (including cash flow statements) andrelated information to different groups of users,and

l demonstrate the financial reporting skills incase studies.

Financial Reporting S-501


INDICATIVE GRID:


SECTION – A

1. General2. Categories of Users 50%3. International Regulations (IAS and IFRS)

SECTION-B

4. Corporate Financial Reporting5. Corporate Governance 30%6. Interpretation and Value Measurement

SECTION-C

7. Case Studies & Practical Assignments 20%

TOTAL 100%

Stage-5

CONTENTS

SECTION-A1. General

Importance of financial reporting; accounting,strategic financial management, MIS/IT; marketing,industrial and commercial laws.

2. Categories of UsersExternal users (investors, stock exchanges, Secu-rities and Exchange Commission of Pakistan (SECP)and other government agencies, financial institu-tions, banks, financial analysts). Internal users(directors, managers, employees and union).

3. International Regulations (IAS and IFRS)The international regulatory framework includinginternational standards of accounting and auditing,comparative accounting systems and analysis.IASs: IAS 7, 12, 14, 17, 19, 20, 21, 23, 24, 27, 28,31, 32, 34, 36, 37, 38, 39, 40, 41.IFRs: 1, 2, 3, 4, 5, 6.

SECTION-B4. Corporate Financial Reporting

Preparation of Consolidated Financial Statements(complex group structure as well) including Con-solidated Cash Flow Statement.

5. Corporate GovernanceVarious requirements under Code of CorporateGovernance.

6. Interpretation and Value MeasurementAdvanced aspects of preparation and interpretationof accounts and related reports, calculation ofstock market ratios and measurement of businessvaluation.

SECTION-C7. Case Studies & Practical Assignments

Students will be expected to demonstrate, thatthey can integrate the knowledge and skill of theirstudies of the subjects of financial accounting andfinancial reporting and their practical training,candidates’ professional capabilities will be testedwith reference to: their ability to identify keyissues, their judgment in prioritising issues andrecommending practical solutions, their commu-nication skills, including their proper use of English,in presenting solutions in structured and logicalformat. The emphasis at this stage, will be on thepresentation, interpretation and meaningful useof data.Each student will be required to prepare at leasttwo annual reports of selected listed companiesfrom given data, and submit the same to theconcerned faculty member for evaluation.

9899

International Financial --- International Accounting Standards Board,Reporting Standards (IFRSs/IASs) 166 Fleet Street, EC4A 2DY, London.Modern Advanced E. John Larsen Mc-Graw-Hill Companies Inc.,Accounting Princeton Road, S-1 Highslown, NJ08520, New York.Disclosure Requirements and (Revised) Fourth & Fifth Schedules of --- Govt of Pakistan.Companies Ordinance, 1984Companies Ordinance 1984 --- Govt. of Pakistanand Article of AssociationRelevant Sections of Income --- Govt of PakistanTax Ordinance, 2001Relevant Sections of Banking --- Govt of PakistanCompanies Ordinance, 1962Prospectuses for Allotment of --- ---Shares & Securities of CompaniesAnnual Reports of the listed companies --- ---Periodic Reports of Companies --- ---


i. Introduction:This course is designed to focus on the identifica-tion and application of management accountingtechniques for decision-making in a specific area.

ii. Objectives:To provide the students with an in-depth knowl-edge of management accounting, to enable themto:

l apply management accounting techniques foranalysing the information, and presenting it tomanagement for decision-making and controlpurposes, and

l formulate strategic plans for achieving efficiencyand effectiveness in the operation of business.


l develop information for managerial planningand decision-making by using various tech-niques, such as cost volume-profit analysis,sales volume analysis, gross profit analysis,

Management Accounting–Decision Making S-502

marginal costing, sales mix, key limiting factors,make or buy decision, differential cost andcomparative cost analysis, opportunity costand relevant cost, joint cost of product mix,

l undertake sensitivity analysis and evaluate theimpact of risk in decision models using strategicmanagement, cost benefits and behaviouralconsideration, planning and control for productlife cycles, probabilities, probabilistic and ex-pected value tables,

l use effectively the linear programming tech-nique for determination of the best use ofavailable resources for profit maximising andrevenue maximising,

l develop cost management information to facil-itate the principal management function andstrategic management,

l generate information on the basis of pricingtechniques, and

l compile information by applying the capitalbudgeting techniques for use of management.

ICMAP Career Pack

CONTENTS

SECTION-A

COST ANALYSIS

1. Cost behaviourFixed, variable, semi variable and step fixed cost,Linear, curvilinear and step functions, Relevantrange, Factors influencing cost behaviour. Methodsof segregation of cost into fixed and variable, Highlow method, scatter graph method, regressionanalysis and correlation, Learning curve and costfunction.

2. Cost Volume Profit AnalysisBreak-even analysis, Break-even graph and profitgraph, Multi-product CVP analysis, Operationalleverage, The economist's and accountant's CVPmodel, Assumptions of CVP analysis, Effect ofchanges in cost and revenue.

SECTION - B

SHORT TERM DECISION MAKING

3. Decision Making - IntroductionThe decision process, Definition of objectives,Consideration, evaluation and selection of alter-

Stage-5

100101


INDICATIVE GRID:


SECTION – ACOST ANALYSIS1. Cost Behaviour 15%2. Cost Volume Profit Analysis

SECTION-BSHORT TERM DECISION MAKING3. Decision Making - Introduction4. Limiting Factors 35%5. Pricing Decision6. Uncertainly and Use of

Probabilities

SECTION-CLONG TERM DECISION MAKING7. Discounted Cash Flow

Techniques 35%8. Capital Investment Decisions9. Sensitivity Analysis

SECTION-DSTRATEGIC ADVANTAGE THROUGHCOSTING10. Cost Reduction Techniques 15%

TOTAL 100%

natives, Relevant cost and revenue, Differentialcost, Opportunity cost, Sunk cost, Make or buydecision or outsourcing, Sale or process further,Replacement of equipment, Adding / deleting aproduct, Discontinuation of operation.

4. Linear ProgrammingDecisions with limiting factors, Graphical linearprogramming, Linear programming for minimisingof cost, Linear programming for maximising ofcontribution margin, Shadow pricing concept.

5. Pricing DecisionsEconomic theory of pricing, Optimal sales priceusing differential calculus, Difficulties with applyingeconomic theory, Cost based or cost plus pricing,Pricing policies, Pricing for target rate of return,Pricing strategies for new products: skimming andpenetration pricing.

6. Uncertainty and Use of ProbabilitiesRisk and uncertainty, Use of probabilities andexpected values in decision making, Decision tree,The value of perfect information.

SECTION - CLONG TERM DECISION MAKING

7. Discounted Cash Flow TechniquesSimple and compound interest, Net present value,Internal rate of return, Annuities and perpetuities,Future value.

8. Capital Investment DecisionsInitiation of project, Request for proposals biddingand tender documents, Non-financial consideration(quantitative vs. qualitative) methods, Return oncapital employed, Payback period,, Identifyingrelevant cash flows, Comparison between IRR andNPV, NPV payback period, NPV index, Capitalrationing, Effect of tax and inflation on investmentdecisions, Lease or buy decisions, Projects withunequal lives.

9. Risk and Sensitivity AnalysisBusiness risk and financial risk, Risk adjusteddiscount rate, Use of probabilities and expectedvalue in calculating cash flows, Sensitivity analysisin long term decision making and the use, ofcomputer software for 'what if' analysis, SimulationAnalysis in project selection.

SECTION - D

STRATEGIC ADVANTAGE THROUGH COSTING

10. Cost Reduction TechniquesValue analysis, Total quality management and zerodefect programmes, Target costing, Continuousimprovement and cost of quality reporting, Learn-ing curve and labour cost reduction over time,Theory of constraints and bottle-neck analysis,Value chain analysis and supply chain management,Life cycle costing and implications of marketingstrategies, Activity based management.

ICMAP Career Pack

Stage-5

102103

Managerial Accounting Ray H. Garrison & Eric W. South Western Publishing Co.Noreen USA

Managerial Accounting T. Lucy DP Publications Ltd.Aldine Place, 142-144,Uxbridge Road, Shepherds,Bush Green,London W12 8AW

Management Accounting PBP Professional BusinessDecision-Making Publications,

Lahore.

Introduction to Management Charis T. Horngren, Gary L. Prentice-Hall of India Pvt. Ltd.,Accounting Sundem & William O. Stratton New Delhi-110001

Handbook of Management Roger Cowe Gower Publishing Co. Ltd.,Accounting Aldershot, England.

ADDITIONAL READINGS

Managerial Accounting Lane K. Anderson, Harold South Western Publishing Co.M. Sollenberger

Cost Accounting-A Managerial Charles T. Horngren, George Prentice-Hall of India Pvt. Ltd.,Emphasis Foster & Srikant M. Datar New Delhi-110001

Managerial Accounting Ronald W. Hilton Mc-Graw-Hill Companies Inc.Princeton Road,S-1 Hightslown,NJ08520, New York.

CORE READINGS


i. Introduction:This course comprises conventional audit, costaudit, and is designed to focus on risks involvedin operations and production areas, and to providesafety to business from such risks.

ii. Objectives:To provide the students an in-depth knowledgeof risk management, financial audit and cost auditto enable them to:

l conduct audit effectively, andl identify and advise management to take appro-

priate remedial actions in those areas wheremajor risks are involved.


l identify, evaluate and manage different typesof risks,

l determine role and importance of internalcontrol,

l define objectives and scope of audit and de-scribe the conceptual approach of auditing andevaluate and manage these risks,

l determine legal and ethical considerations ofaudit profession and carry out job keeping inview of their professional responsibility,

l draw up audit planning and determine quantumof audit work to be carried out in view ofsignificant business risks,

l determine status of internal control and inter-nal audit for deciding quantum by audit workto be conducted,

l apply audit techniques and procedures,l describe documentation and evidence of audit

work,l prepare an audit report, keeping in view types

of qualifications,l describe nature, objectives, functions, scope,

planning and procedures of cost audit,l describe Cost Accounting Records Rules, andl explain audit of material, labour and overhead

costs.

Risk Management and Audit S-503

ICMAP Career Pack

Stage-5

104105


INDICATIVE GRID:


SECTION – A

1. RISK MANAGEMENT

1.1 Risk Management Control and Evaluation1.2 Management of Financial Risks1.3 Case Study - Risk Management System of a Limited Company/Corporation

2. AUDITING

2.1 Nature and Principles of Auditing2.2 Legal, Professional and Ethical Considerations 75%2.3 Audit Planning and Evaluation2.4 Quality Controls2.5 Internal Control and Internal Audit2.6 Audit Techniques and Procedures2.7 Documentation and Evidence of Audit Work2.8 Completion Stage of an Audit2.9 Reporting Function2.10 Role of Corporate Governance in Mitigation of Risks2.11 Case Study-Risk Management System of a Listed Company

SECTION-B

3. COST AUDIT3.1 Nature, objects, Functions and Scope of Cost Audit3.2 Planning the Cost Audit3.3 Provision of Cost Accounting Records Rules 25%3.4 Material Cost3.5 Labour Cost3.6 Overheads3.7 Sales, Royalty, Inter-Company Transactions

TOTAL 100%

CONTENTS

SECTION-A

1. RISK MANAGEMENT

1.1 Risk Management Control and EvaluationMeaning, nature and types of risks; identificationof risks of an organisation; methods of measuring,assessing and controlling risks; evaluation of riskmanagement strategies; assessing and managingrisks; evaluation of cost and benefits of audit;minimising the risks of fraud and application ofappropriate audit techniques; minimising politicalrisks; principles of diversification of risks; issuesrelated to management’s risk policy; involvementof financial audit, cost audit, internal audit toidentify and eliminate various types of risks. Riskassessment procedures and success of informationabout the entity and its environment, revision ofrisk assessment.

1.2 Management of Financial RisksIdentification and evaluation of financial risksand appropriate methods for controlling them;evaluating the effects of alternative methods byrisk management, and make recommendations;impact of differential inflation rates, exchangerates, currency risk management.

1.3 Case Study – Risk Management System of aLimited Company/Corporation

2. AUDITING

2.1. Nature and Principles of AuditingNature, definition, objectives and scope of anaudit; types of audit; relation0 between internaland external audit; general principles governingaudit; concept of true and fair view; reasonableassurance; materiality; audit risk; going-concernand responsibility for financial statements.

2.2 Legal, Professional and Ethical ConsiderationsAppointment, remuneration, resignation, removal,powers, duties, liabilities, qualifications, disqual-ifications etc. of auditors under the CompaniesOrdinance, 1984. Appointment of auditor under

Section 177 of the Income Tax Ordinance 2001;investigations and appointment of inspectorsunder the Companies Ordinance, 1984. Interna-tional Auditing Standards and Guidelines; pro-nouncement and technical release, issued byprofessional institutes of Pakistan; knowledge onICMAP Act; Regulation and Code of Ethics; Profes-sional Code of Ethics and Behaviour issued byInternational Federation of Accountants (IFAC)Rules of professional conduct; professional re-sponsibility and liability of auditor with regardto fraud and error; misconduct; negligence; ex-pectation gap; insider dealing. Responsibility ofmanagement, responsibility of auditors, reportingnon compliance. Regulation of audit and devel-opments in auditing theories and their implica-tions for the profession.

2.3 Audit Planning and EvaluationReview of client’s business, its significant businessrisk; accounting; legal, ethical and practical re-quirements; systems and procedures; precedingyear’s financial statements; client’s general infor-mation; determining the audit risks and level ofmateriality; audit planning; overall audit plan,identifying critical or significant audit areas; effectof transactions with related party on the financialstatements; detailed audit programmes; prepara-tions and issue of engagement letters, in casesof new and recurring customers; change in en-gagement; multi-location and special purposeengagements and for providing other services;allocation and supervision of work; responsibili-ties; monitoring of time; progress and costs.Auditor’s liability to third parties, environmentalaudit, social audit, audit of small entities.

2.4 Quality controlsLeadership responsibilities for quality of audits,assignment of engagement teams, engagementperformance, engagement quality control reviews.

2.5 Internal Control and Internal AuditDefinition; objectives; types; principles and tech-niques of internal control and internal audit;limitations and effectiveness of internal control;evaluation of accounting and internal control

ICMAP Career Pack

systems; assessment of inherent; control anddetection risk and factors affecting thereto; useof internal control questionnaire; role of auditcommittee towards internal control and audit;impact of internal audit work; reliance on internalaudit by external auditor; internal control inComputer Information System environment; issu-ance of management letter. Control environment,entity’s risk assessment process, control activities,monitoring of controls, controls relevant to audit,depth of understanding of internal controls.

2.6 Audit Techniques and ProceduresTechniques of audit testing; third party confirma-tion, management representations; samplingtechniques; compliance technique; substantivetesting; analytical review; use of Computer AssistedAudit Techniques; reliance on other auditors andexperts; use of test of controls and substantiveprocedures for identifying risks of material mis-statements in existence; ownership obligation;occurrence; completeness; valuation; measure-ment; presentation and disclosure of assets andliabilities; appropriateness of accounting policiesand their consistent application.

2.7 Documentation and Evidence of Audit WorkDocumentation of work done, evidence of review,conclusions drawn and action taken, types ofworking- papers, recording of significant points;objectives, existence, ownership, valuation, com-pleteness (cut-off), nature and sources, sufficiency,relevance, reliability.

2.8 Completion Stage of an AuditPost-balance sheets events, contingent liabilitiesand commitments, completion procedures, reviewof audit work, review of the company’s reportand accounts.

2.9 Reporting FunctionAudit reports; their meaning, types and qualifica-tions; management letter (including communica-tion with audit committee) subsequent discoveryof facts existing at the date of auditor’s report;date and place of auditor’s report and signingthereon; other information in report containing

audited financial statements; report on un-auditedfinancial statements; group audit; joint audits;partnership and sole-traders; special purposereports and reports on forecast and estimates;forensic assignments; related parties (completionand review engagements); report on prospectusand relating to bonus-issues and due diligenceengagements.

2.10 Role of Corporate Governance in Mitigationof RisksRole of corporate governance in mitigation ofrisks; financial risks and their mitigation; interestrate risk; liquidity risk; credit risk; sovereign risk.

2.11 Case Study - Risk Management System of aListed Company

SECTION-B

3. COST AUDIT3.1 Nature, objectives, functions and scope of cost

audit, cost audit as required under Section 258of the Companies Ordinance 1984, rights, duties,responsibilities and status of cost auditor, require-ment of cost audit report rules. Cost AccountsRules and Cost Audit Report Rules 1995, authen-tication of cost statements, penalty, cost auditreport, particulars to be included in cost auditor’sreport to the directors of the company, auditor’sobservations and conclusions of report, reconcil-iation with financial account, cost statement,miscellaneous.

3.2 Planning the cost audit familiarity with the pro-duction process, systems and procedure of dif-ferent industries, preparation of the audit pro-gramme, obligation for maintenance of costaccounting records under Section 230(I) (e) of theCompanies Ordinance 1984. Provision of costaccounting records rules issued by the Securities& Exchange Commission of Pakistan, under Section230 (I) (e) of the Companies Ordinance 1984, fromtime to time.

3.3 Provision of cost accounting records rules issuedunder Section 230 (1) (e) of the Companies Ordi-nance 1984 up-to-date.

Stage-5

106107

3.4 Material cost: receipts, issues, transfers, returned,valuation of receipt, modes of valuation of storesissues, consumption manufacturing / processinglosses, stores and spares: own-manufacturedcomponents and containers, major components,fabrication of different components, sub-assemblies, by-products, waste, defective work,spoilage, scrap and losses, methods of valuingand costing by-products, spoilage/scraps, work-in-progress, physical verification, nature andtreatment of discrepancies.

3.5 Labour cost: classification and departmentalisationof labour costs.

3.6 Overheads: depreciation, plant utilisation, capacity

utilisation, interest, utilities, allocation of cost ofutilities, repairs and maintenance, collection ofresearch and development costs, indirect materi-als/ wages/expenses, manufacturing overheads,administration overheads, selling and distributionoverheads, service departments, distribution,general principles of allocation/apportionment ofoverheads.

3.7 Sale, royalty, inter-company transactions, incomefrom intermediary products, income from workdone for outside parties, abnormal non-recurringcosts, production and statistical record, standardcosting system, budgetary control; books of costaccounting, measurements (Ratio).

ICMAP Career Pack

Principles of Auditing Prof. Dr. Khawaja Amjad Institute of Business Management,Saeed G.P.O. Box No. 1164, Lahore.

Advanced Auditing Prof. Dr. Khawaja Amjad Institute of Business Management,Saeed G.P.O. Box No. 1164, Lahore

International Standards on --- International Federation ofAuditing Accountants,

545, Fifth Avenue, 14th Floor,New York, NY 10017

Business Risk Assessment David McNamee The Institute of Internal AuditorsUSA

ADDITIONAL READINGSDe Paula’s Auditing Frank A. Attwood & Pitman Publishing,

Neil D. Stein 128 Long Acre,London WC2E 9AN.

Spicer & Peglar’s Practical Spicer and Peglar Butterworth & Co. Ltd.Auditing 88 Kingsway,

London WC2B 6AB

Risk Management Michel Crouhy, Mc-Graw-HillRobert Mark,Dan Galai

Cost Audit Rules --- Govt. of Pakistan

Corporate Governance Arya, Tandan and Deep and Deep Publications,Vaslisht Rajouri Garden, New Delhi 110027

Corporate Governance Prof. Dr. Khawaja Amjad Institute of Business Management,Saeed G.P.O. Box No. 1164, Lahore.

CORE READINGS


S-601 Strategic FinancialManagement 110

S-602 Information Systems andI.T. Audit 114

S-603 Management Accounting –Business Strategy 118

Stage-6

108109

ICMAP Career Pack

Stage-6

i. Introduction:This course is designed to focus on the theoreticaland practical aspects of financial management.The course contains tools and techniques of finan-cial management, which can be applied in thespecific area of business, to manage operating,financing and investing activities.

ii. Objectives:To provide the students with an in-depth knowl-edge of strategic financial management enablingthem to:

l understand and apply strategic approach offinancial management,

l use financial instruments for strategic financialmanagement,

l examine the financial goals and policy of thebusiness for proper application, and

l develop financial plan to manage various finan-cial activities of business.


l identify the objectives of the business in finan-cial terms and evaluate their attainment,

l identify various financial techniques and de-scribe their applications,

l review the financial statements of the businessand evaluate the financial position,

l develop financial plan to control short andlong-term finances,

l identify and evaluate working capital position,in the light of policy, and recommend to manageit properly,

l calculate and evaluate the cost of capital,

l develop and evaluate capital budgeting andrecommend methods of funding investments,

l explain the criteria that management uses todetermine whether profit should be reinvestedor paid out as dividends,

l outline the factors to be considered in thedevelopment of dividend policy,

l identify and evaluate the financial and strategicimplications of proposals for mergers and ac-quisitions,

l describe the procedures for transfer of moneyfrom one country to another,

l describe the procedures for foreign exchangecontrol in business,

l explain various steps involved in mergers &acquisitions & corporate restructuring,

l describe how to manage financial risks.

Strategic Financial Management S-601

Stage-6

110111

INDICATIVE GRID:


SECTION – AFINANCIAL PLANNING AND ANALYSIS1. An Overview of Financial Management & Managerial Finance 15%2. Analysis of Financial Statements3. Financial Planning and

Forecasting

SECTION-BSHORT AND MEDIUM-TERM STRATEGY4. Working Capital Policy5. Managing Cash and Marketable Securities 20%6. Credit Management7. Inventory Management8. Short-term Financing

SECTION-CLONG-TERM STRATEGY-I9. The Cost of Capital10. Capital Budgeting 40%11. Capital Structure12. Portfolio Theory and CAPM

SECTION-DLONG-TERM STRATEGY-II13. Dividend Policy14. Multi-national Managerial Finance 25%15. Mergers & Acquisitions16. Corporate Restructuring17. Managing Financial Risks

TOTAL 100%


CONTENTS

SECTION-AFINANCIAL PLANNING AND ANALYSIS

1. An Overview of Financial Management &Managerial FinanceImportance of managerial finance; the responsibil-ities of manager finance; role of finance in organ-isational structure of the firm; the goals of corpo-ration; managerial finance in the currentperspective; objectives of financial management;financial strategy and regulatory requirements;domestic and international long-term finance:share capital, long-term debt and finance leases,creditworthiness of a lender, basis of lease orbuy-decision; the operation of stock exchanges;role of professional advisors; role and advantagesof a treasury department; valuation bases forassets, and pros and cons of these methods, inter-ests of different stakeholders; efficient markethypothesis, managerial actions to maximise share-holders’ wealth; agency relationships and theexternal environment.

2. Analysis of Financial StatementsFinancial statements and reports; the accuracy offinancial statements; ratio analysis; uses and limi-tations of ratio analysis.

3. Financial Planning and ForecastingSales forecast; projected (pro-forma) financialstatements; other considerations in forecasting;financial control – budgeting and leverage; oper-ating break-even analysis; operating leverage,financial break-even analysis; financial leverage.

SECTION-BSHORT AND MEDIUM-TERM STRATEGY

4. Working Capital PolicyWorking capital terminology; the requirements ofexternal working capital financing; the relationshipof working capital items; the cash / operating cycle;working capital investment and financing policies;advantages and disadvantages of short – termfinancing and long term financing.

5. Managing Cash and Marketable SecuritiesCash management; the cash budget; cash manage-ment techniques; the cost versus benefits of cashmanagement; marketable securities; cash break-even, Baumol Model, Miller-Orr Model.

6. Credit ManagementThe credit function; credit policy; setting the creditstandards; terms of credit; credit collection policy;monitoring accounts receivables; and other factorsinfluencing credit policy; offering discounts, op-portunities for additional sales, using receivableas a source of finance through factoring, length-ening credit period of customers.

7. Inventory ManagementTypes of inventory; managing inventory; EOQmodel extension; inventory control system; mon-itoring inventory levels including calculation ofsafety stock using probabilistic Approach.

8. Short-Term FinancingSources of short-term financing; accruals; accountspayables; short- term bank loans; commercialpapers.

SECTION-C

LONG-TERM STRATEGY-I

9. The Cost of CapitalCost of debt; cost of preferred stock; cost ofretained equity; cost of equity; weighted averagecost of capital, (WACC); marginal cost of capital;leverage and risk.

10. Capital BudgetingImportance of capital budgeting; links betweeninvestment decisions & customer requirements;generating ideas for capital budgeting; projectclassification; similarities between capital budget-ing and security valuation; capital budgeting eval-uation techniques; comparison of the NPV and IRRmethods; pay-back period, cash flow estimation;relevant cash flow; capital budgeting; introductionto project risk analysis; beta (or market) risk, andsensitivity analysis, APV (Adjusted present value),lease versus buying decision.

ICMAP Career Pack

11. Capital StructureThe target capital structure; determining the op-timal capital structure; MM hypothesis and tradi-tional theory of capital structure.

12. Portfolio Theory and CAPM

SECTION-DLONG-TERM STRATEGY-II

13. Dividend PolicyDividend policy and shares’ value; growth of capitalinvested and retained earnings and dividend policy;factors influencing dividend policy; bonus sharesand share splits; effects on market value, andresidual dividend policy.

14. Multi-national Managerial FinanceMulti-national corporations; multi-national versusdomestic managerial finance; the internationalmonetary system and exchange rates; trading inforeign exchange; inflation; interest rates; multi-national capital budgeting; international capitalstructure; multi-national working capital manage-ment; intellectual property; merger or acquisition;integration process after acquisition or merger(difference in culture & MIS), and venture capitalistsand exit strategy.

15. Mergers and AcquisitionsDefinition & meaning; types of amalgamation;take-over, methods of take-over, motives & strat-egies influencing Mergers and Acquisitions; strat-egies, operational and financial motives; categoriesof Mergers and Acquisitions, horizontal, vertical,conglomerate & preference for group structure;methods of payment in Mergers and Acquisitions;steps in merger transactions; tax benefits of Merg-ers and Acquisitions; reverse merger: steps inreverse merger; defensive strategies in hostiletake-over bids; preventive measures & active mea-sures.

16. Corporate RestructuringMeaning and areas of restructuring; techniques ofrestructuring: expansion techniques, divestmenttechniques & other techniques; strategies forrestructuring; hardware restructuring and softwarerestructuring; implications of restructuring; recon-struction, and financial reorganisation.

17. Managing Financial RiskDerivatives securities, hedging risks, futures mar-kets, forward contracts, option contracts, interestrate swaps; credit derivatives; commodity contracts.

Stage-6

112113

Financial Management James C. Van Horne Prentice Hall of India Pvt. Ltd.,and Policy New Delhi 110001.Financial Management I.M. Pandey Vikas Publishing House

(Pvt) Ltd.,576, Masjid Road, Jangpura,New Delhi.

Management Accounting PBP Professional BusinessFinancial Strategy Publications,

Lahore.Financial Management Eugene F. Brigham and South Western,Theory and Practice Michael C. Ehrhardt United Kingdom.

ADDITIONAL READINGSFinancial Management M.Y. Khan and P.K. Jain Tata Mc-Graw-Hill Publishing

Co. Ltd.4/12 Asif Ali Road, New Delhi.


i. Introduction:This course deals with management of security ofthe systems, and is designed to focus on tools andtechniques of information systems and applicationof knowledge to I.T. Audit.

ii. Objectives:To provide the students with a detailed knowledgeof Information System and I.T. Audit to enablingthem to:

l design and develop information system toimprove the performance of organisations, and

l apply conceptual approach of information sys-tems to I.T. Audit.


l demonstrate an understanding of the complex-ity of managing security in electronic systems,

l identify and assess the critical threats to infor-mation systems,

l perform preliminary security audit of informa-tion systems and apply skills to a securityincident, and

l apply the most effective information systemsaudit, control and security practices.

Information Systems and IT Audit S-602

ICMAP Career Pack


INDICATIVE GRID:


SECTION – AINFORMATION SYSTEM1. Moving Towards E-business2. Understanding Systems from a Business Viewpoint3. Business Process4. Information and Data-bases 50%5. Customer, Product, and E-commerce6. Artificial Intelligence7. Information Systems Planning8. Building and Maintaining Information Systems9. Security and Ethical Challenges10. Lab Sessions: Spreadsheets for Modeling and Forecasting

SECTION-BI.T. AUDITAUDITING IN I.T. ENVIRONMENT11. Information Systems, Audit Process and Internal Control12. Management, Planning and Organisation of Information System 50%13. Auditing Infrastructure and Operations14. Protection/Security of Information Assets15. Disaster Recovery and Business Continuity Planning16. Auditing Development, Acquisition and Maintenance

TOTAL 100%

CONTENTS

SECTION-A

INFORMATION SYSTEM

1. Moving Towards E-BusinessDefinition of business; definition of work systems; information systems and E-business; businessprocesses; functional areas and the value-chain;E-commerce business models; E-business assump-tions; phases in building and maintaining systems;information technology as driving force for inno-vation; obstacles when applying IT in the realworld.

2. Understanding Systems from a Business View-pointFrameworks and models; the work system frame-work; work system principles; relationship betweenwork systems and information systems; principle-based systems analysis (PBSA) method; measuringwork system performance.

3. Business ProcessesProcess modeling; data flow diagrams (DFDs);flowcharts and pseudo code; process characteris-tics; business process performance variables; basiccommunication concepts; basic decision-makingconcepts.

4. Information and Data-basesWhat is a data-base? data modeling; types of data-bases; the roles of a data-base management system;data as a resource; the importance of models.Information systems categories; office automationsystems; communication systems; transactionprocessing systems; management and executiveinformation systems; decision support systems;enterprise systems; limitation and uses of infor-mation systems categories.

5. Customer, Product, and E-commerceThree dimensions of products and services; thecustomer experience; the customer’s criterion forevaluating products and services; product custom-isation and adaptability; information systems as

a competitive advantage; mission-critical andstrategic information systems; challenges for e-commerce.

6. Artificial IntelligenceFuture trends including advances in artificial intel-ligence.Business and AIThe Domains of AINeural NetworksFuzzy Logic SystemsGenetic AlgorithmsVirtual RealityIntelligent AgentsExpert SystemsValue of Expert Systems

7. Information Systems PlanningThe importance of IS planning; project manage-ment; strategic-level vs. project-level planning;business maxims and IT maxims; centralised vs.decentralised IS architecture; cost/benefit analysisof information systems.

8. Building and Maintaining Information Sys-temsFour phases of any information system: initiation,development, implementation and operation andmaintenance; alternative processes for buildinginformation systems: traditional life cycle, proto-types, application packages, and end-user devel-opment; advantages and disadvantages of eachapproach; deciding on a combination of methodsto use.

9. Security and Ethical Challengesl Ethical Responsibility of Business Professionals

(Business Ethics, Technology Ethics and EthicalGuidelines).

l Computer Crime (Hacking, Cyber Theft, Unau-thorized Use at Work, Software Piracy, Piracyof Intellectual Property, Computer Viruses andWorms)

l Privacy Issues (Privacy on Internet, ComputerMatching, Privacy Laws, Computer Libel andCensorship)

Stage-6

114115

l Other Challenges (Employment Challenges,Computer Monitoring, Challenges in WorkingConditions, Challenges to Individuality) HealthIssues (Ergonomics)

l Internet worked Security defenses (Encryption,Firewalls, Denial of Service Defenses, e-MailMonitoring, Virus Defenses)

l Other Security Measures (Security Codes, Back-up Files, Security Monitors, Biometric Security,Computer Failure Controls, Fault Tolerant Sys-tems, Disaster Recovery).

10. Lab Sessions: Spreadsheets for Modeling andForecasting (6 Hrs)a) Using spreadsheets as a decision support tool,

developing financial and forecasting models,regression analysis, capital budgeting. Studentsneed to have competency in the use of advancedbuilt-in functions and accounting related exten-sions to the spreadsheet package such as what-if analysis, goal seeking, auditing and othertools. Competency in developing a decisionsupport/forecasting implementation of a busi-ness problem on a spreadsheet.

b) OptimisationLinear optimisation; linear programming; sen-sitivity analysis; linear programming applications;integer optimisation; non-linear optimisation.

SECTION-BI.T. AUDIT

11. Information Systems, Audit Process and In-ternal ControlAudit mission, planning, laws and regulations’effect on Information System (IS) audit planning;code of professional ethics; auditing standardsand guidelines; corporate governance. Role andresponsibilities of internal, external and informationtechnology (IT) auditors; risk analysis: evaluationand elements of risks; category of audit risk; risk-based audit approach; risk assessment techniques;audit objectives; compliance and substantive test-ing; evidence and sampling; internal control: ob-jectives, procedures and classifications; cost effec-tiveness and controls; computer-assisted audittechniques and its need and functional capabilities;

continuous on-line audit approach; audit docu-mentation: constraints on the conduct of audit;project management technique; control self-assessment; performance IS audit; definition,classification, procedures, methodology and phasesof IS audit; evaluation of audit strength and weak-ness; judging the materiality of findings; commu-nicating audit results; audit report structure andcontents.

12. Management, Planning and Organisationof Information SystemReviewing the IS strategy: planning, policies,procedures and management practices; review ofIS organisational structure and responsibilities;segregation of IS and other organisational func-tions; auditing the management, planning andorganisation of IS.

Case StudyReview of IT Planning/Strategy

13. Auditing Infrastructure and OperationsHardware review; operating systems reviews; data-base reviews; local area network reviews; networkoperating; control reviews; information systemoperations reviews; lights out operations; applica-tion controls and their objectives; file creation;data conversion; input and output; problem man-agement reporting reviews; hardware availabilityand utilising reporting reviews; scheduling reviews.

Case StudyReview of the infrastructure of a selected organi-sation.

14. Protection/Security of Information AssetsLogical access exposures; logical access softwarecontrol policy: issues, features, tools and proce-dures; passwords, logs, audit trails, biometrics,dial-back, safeguards, token devices and othertools; network infrastructure security: local areanetwork, client/server, internet threats and security,encryption, firewalls, instruction detection systems;auditing network infrastructure security; environ-mental exposure and controls: water, fire, smoke,power, wiring, emergencies etc.; physical accessexposures, controls and audit.

ICMAP Career Pack

Case StudyReview of the protection/security of informationassets of a selected organisation.

15. Disaster Recovery and Business ContinuityPlanningDisaster and other disruptive events and compo-nents of an effective continuity planning; recoveryalternatives and off-site libraries: controls, security,media, procedures, records; testing of recoveryplans: specification and execution of tests; auditingof disaster recovery plans and their pre and post-evaluations.

16. Auditing Development, Acquisition and Main-tenanceRisk of inadequate system development life cycle(SDLC) and review of development procedures andmethodologies; review of acquisition process foroutsourcing; information system maintenancepractices: change management, library controlsoftware, review of the practice of project man-agement tools and techniques.

Stage-6

116117

Information Systems: The Steven Alter Prentice Hall International Inc.,Foundation of E-Business,4/EditionDecision Modelling with Jeffrey H. Moore, Stanford University of Wyoming,Microsoft Excel, University Prentice Hall.6/Edition Larry R. WeatherfordCISA Review Manual CISA Information Systems Audit and

Control Associations, Inc.,3704 Algonquin Road,Suite 1010 Rolling Meaduals,Illinois 60008, USA.

Spreadsheet/MS Excel Microsoft Corporation Microsoft Corporation,Package New York.IFAC Guidelines on IT --- International Federation of

Accountants,545, Fifth Avenue, 14th Floor,New York, NY 10017.

ADDITIONAL READINGSIntroduction to James O’ Brien McGraw Hill, Irwin, New YorkInformation SystemPractical IT Auditing James R. Hickman Warren Gorham & Lamont RIA

Group,117 East Stenens Avenue Vahalla,New York 10595

Information Technology for Prof. Dr. Khawaja Amjad Institute of Business Management,Business Executives Saeed G.P.O. Box No. 1164,

Lahore.Principles of Auditing Prof. Dr. Khawaja Amjad Institute of Business Management,

Saeed G.P.O. Box No. 1164,Lahore.


i. Introduction:This course is designed to identify and apply mostsuitable tools for strategic planning and analysis,in a variety of area of business management, forevaluation and taking appropriate decisions.

ii. Objectives:To provide the students with an in-depth knowl-edge of Management Accounting – Business Strat-egy enabling them to:

l evaluate and interact with the business envi-ronment,

l identify options and make strategic planning,and

l implement strategic planning in specific areaof business.

Management Accounting – Business Strategy S-603


l develop knowledge in business strategies suchas strategies in action, business mission, internaland external assessment, strategies analysisand choice, implementing strategies, strategyevaluation & control and apply in the specificarea of decision-making,

l understanding strategic management,

l understanding the types of strategies,

l understanding external and internal assessment,and

l understanding, analysing and implementingthe business strategies.

ICMAP Career Pack


INDICATIVE GRID:


SECTION – ASTRATEGIC MANAGEMENT1. The Nature of Strategic Management 20%2. Strategies in Action

SECTION-BASSESSING THE ENVIRONMENT3. The Business Mission4. The External Assessment 30%5. The Internal Assessment6. Strategy Analysis and Choice

SECTION-CIMPLEMENTATION AND REVIEW7. Implementing Strategies 30%8. Strategy Review, Evaluation and Control

SECTION-DCASE STUDY 20%9. Selected Case Studies

TOTAL 100%

CONTENTS

SECTION-A

STRATEGIC MANAGEMENT

1. The Nature of Strategic ManagementWhat is strategic management? Stages of strategicmanagement, Integrating intuition and analysis,Adapting to change, Key term in strategic manage-ment, Strategists Mission statements, SWOT, Ex-ternal opportunities and threats, Internal strengthand weaknesses, Long term objectives, StrategiesShort-term(annual) objectives, Polices Marketregulations and laws e.g.. WTO, Country analysisand political risks, the strategic managementmodel, Importance of I.T. in strategy formulation.

2. Strategies in ActionTypes of strategies, Integration strategies, Forwardintegration, Backward integration, Horizontalintegration, Intensive strategies, Market penetra-tion, Market development, Product development,Diversification strategies, Concentric diversifica-tion, Horizontal diversification, Conglomeratediversification, Defensive strategies, Joint ventureretrenchment, Divesture, Liquidation, Combination,Guideline for pursuing strategies, Mergers andleveraged buy-outs, Leveraged buy-outs (LBOs),Michel Porter’s generic strategies, Cost leader-ship strategies, Differentiation strategies, Focusstrategies, The value chain, The competitive ad-vantage of nations, Strategic management in non-profit governmental organisations, educationalinstitutions, medical organisations, governmentagencies and departments and in small firms.

SECTION - B

ASSESSING THE ENVIRONMENT

3. The Business MissionWhat is out business? The importance of clearmission, Vision versus mission, The process ofdeveloping a mission statement, The nature of abusiness mission, A declaration of attitude, Aresolution of divergent views, A customer orien-tation, A declaration of social policy, Component

of mission statement, Writing and evaluatingmission statements.

4. The External AssessmentThe nature of external audit, Key external forces,The process of performing an external audit,Information technology, Economic forces, Social,cultural, demographic and environmental forces,Political, governmental and legal forces, Techno-logical forces, Competitive forces, Competitiveintelligence programmes, Cooperation amongcompetitors, Sources of external information,Indexes, Internet, Forecasting tools and techniques,Making assumptions, Competitive analysis, Porter'sfive forces mode, Rivalry among competing firms,Potential entry of new competitors, Potentialdevelopment of substitute products, Bargainingpower of suppliers, Bargaining power of consum-ers, Industry analysis, The external factor evaluation(EFE) matrix, The competitive profile matrix (CPM), Credit rating.

5. The Internal AssessmentThe nature of an internal audit, Key internal forces,The process of performing an internal audit, Rela-tionship among the functional areas of business,Integrating strategy and culture, Operating as ifthe nature environment matters, Selling productor services, Product and service planning, Pricingdistribution, Marketing research, Opportunityanalysis, Social responsibility, Finance and account-ing functions, Basic types of financial ratios, Pro-duction and operation, Research and development,Internal and external R & D, Computer informationsystems, Strategic planning software, Internal auditchecklists, the internal factor evaluation (IFE)matrix.

6. Strategy Analysis and ChoiceThe nature of strategy analysis and choice, Theprocess of generating and selecting strategies,Long term objectives, The nature of long termobjectives, Managing by Objectives, A comprehen-sive strategy formulation framework, The inputstage, The matching stage, The threats-opportunities-weakness-strengths (SWOT) matrix,The strategic position and action evaluation (SPACE)

Stage-6

118119

matrix, The Boston consulting group (BCG) matrix,The internal-external (IE) matrix, The grand strategymatrix, The decision stage, The quantitative stra-tegic planning matrix (QSPM), Positive featuresand limitations of the QSPM, Cultural aspects ofstrategy choice, The role of a board of directors.

SECTION-C

IMPLEMENTATION AND REVIEW

7. Implementing StrategiesThe nature of strategy implementation; Manage-ment perspective; Annual objectives; Policies;Resource allocation; Managing conflicts; Matchingorganizational structure with strategy; The func-tional structure; The divisional structure; Thestrategic business unit (SBU) structure; The matrixstructure; Restructuring and reengineering; Linkingperformance and pay to strategies; Managingresistance to change; Managing the natural envi-ronment; Creating a strategy-supportive culture;

Production and operation concerns when imple-menting strategies; Human resource concernswhen implementing strategies; Employee stockownership plans (ESOPs); Balancing work life andhome life; Corporate fitness programmes.

8. Strategy Review, Evaluation and ControlThe nature of strategy evaluation; The process ofevaluating strategies; The strategy-evaluationframework; Reviewing bases of strategy; Measuringorganisational performance; Taking correctiveaction; Published sources of strategy-evaluationinformation; Characteristics of an effective evalu-ation system; Contingency planning; Auditing; Theenvironmental audit; Using computers to evaluatestrategies; Guidelines for effective strategies.

SECTION-D

CASE STUDIES

9. Selected Case Studies

ICMAP Career Pack

Management and Colin Drury Thomson Learning,Cost Accounting High Holborn Ouse,

50-51 Bedford Row,London.

Strategic Management Leslie W. Rue McGraw-HillPhyllis G. Hollan

Organisational Behaviour Fred Luthans McGraw-Hill Companies, Inc.1221 Avenue of the Americas,New York, NY 10020

Management Accounting PBP Professional Business Publications,Business Strategy Suite # 3, 5 Third Floor,

Taj Arcade, 73-Jail Road,Lahore.

ADDITIONAL READINGSManaement James A.F. Stoner Prentice Hall of India

A. Edward Freeman New Delhi.Daniel A. Gilbert, Jr.

Organisational Behaviour Greory Moorhead Houghton Mifflin CompanyRicky W. Griffin Boston, USA

CORE READINGS


Career Pack

Documents

icmap students

new syllabus

risk management

project management

integrated management

correspondence students

management related subjects

accounting education