Criteria for Recognition of Bodies of Professional Accountants and Corporate/Chartered Secretaries for Prescribed Qualification of CFO and Company Secretary

(1) Recognized body of professional accountants for the purpose of appointment of CFO

(i)

(a) The body of professional accountants has been established in Pakistan under a special enactment of the Federal Government and is fully operational within the framework of the enactment.

(b) For entitlement of membership of the body, there must be a basic condition of passing all parts of the examination unless some exemptions are allowed with restriction on passing some other examination of equal or higher standard.

(c) The body is a self regulatory organization managed by a representative National Council.

(ii) Bodies of professional accountants established in foreign countries shall also be recognized subject to the following conditions:-

(a) The body has been established under a special enactment in the country of its origin.

(b) It is a member of International Federation of Accountants (IFAC).

(2) Recognized Body of corporate/chartered secretaries for the purpose of appointment of secretary in a listed company

(i)

(a) It has been established in Pakistan under a special enactment of the Federal Government and is fully operational within the framework of the enactment.

(b) The body, not having been established in Pakistan under a special enactment as per (a) above, has come into existence through another legal instrument, and has a detailed syllabus including the subjects relevant to the job of secretary of a listed company, like (i) accountancy; (ii) corporate laws; (iii) mercantile laws; (iv) tax laws; (v) financial management; (vi) information technology; and (vii) corporate secretarial practices, etc. of the level of post-graduate syllabi prescribed by recognized universities of Pakistan.

(c) For entitlement of membership of the body, there must be a basic condition of passing all parts of the examination unless some exemptions are allowed with restriction on passing some other examination of equal or higher standard.

(ii) A body of corporate/chartered secretaries established in a foreign country, provided such a body has been established under a special enactment of the country of origin.