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ICMA Pakistan Cost and Management Accountants Act, 1966 [1]

Cos t

Cost and Management Accountants


Act, 1966
&
Cost and Management Accountants
Regulations, 1990
(Amended upto November 22, 2023)

Institute of Cost and Management


Accountants of Pakistan
ICMA Pakistan Cost and Management Accountants Act, 1966 [3]

THE COST AND MANAGEMENT


ACCOUNTANTS ACT, 1966
(ACT NO. XIV OF 1966)

Section Title Page

CHAPTER I
PRELIMINARY

1 Short title, extent and commencement 05


2 Definitions 06

CHAPTER II
INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF
PAKISTAN

3 Incorporation of the Institute 07


4 Entry of names in the Register 08
5 Associates and Fellows 09
6 Certificate of practice 09
7 Members to be known as Cost and Management Accountants 10
8 Disabilities 10

CHAPTER III
COUNCIL OF INSTITUTE

9 Constitution of the Council 11


10 Election of the Council 11
11 President, Vice-President, Secretary and Treasurer 12
12 Resignation of membership and casual vacancies 13
13 Duration and dissolution of Council 13
14 Functions of the Council 13
15 Staff remuneration and allowances 14
16 Committees of the Council 14
[4] Cost and Management Accountants Act, 1966 ICMA Pakistan

17 Branch Councils 15
18 Finances of the Council 15

CHAPTER IV
REGISTER OF MEMBERS

19 Register 16
20 Removal of name from the Register 17

CHAPTER V
PENALTIES

21 Penalty for falsely claiming to be a member, etc. 17


22 Penalty for using the name of the Council, etc. 18
Companies not to engage in cost and management accountancy in
23 19
Pakistan
24 Unqualified persons not to sign documents 19
25 Offences by companies 19
26 Sanction to prosecute 20

CHAPTER VI
DISSOLUTION OF THE EXISTING INSTITUTE OF INDUSTRIAL
ACCOUNTANTS

27 Dissolution of the Institute registered under the Act VII of 1913 20


28 Assets and liabilities of the dissolved company 20
29 Employees of the dissolved company 21

CHAPTER VII
MISCELLANEOUS

30 Alteration in the Register and cancellation of certificate 22


31 Protection of action taken in good faith 22
32 Maintenance of branch offices 22
33 Reciprocity 23
34 Power to make regulations 23
35 Power to give directions for making regulations, etc. 25
ICMA Pakistan Cost and Management Accountants Act, 1966 [5]

THE COST AND 2[MANAGEMENT]


1

ACCOUNTANTS ACT, 1966


ACT NO. XIV OF 1966
3
An Act to make provision for the regulation of the profession of cost and [management]
accountants
W HEREAS it is expedient to make provision for the regulation of the profession of cost
and 4[management] accountants and for that purpose to establish an institute of cost and
5
[management] accountants;
AND W HEREAS the national interest of Pakistan in relation to the achievement of
uniformity within the meaning of clause (2) of Article 131 of the Constitution requires Central
legislation in the matter;
It is hereby enacted as follows:

CHAPTER I
PRELIMINARY
1. Short title, extent and commencement.
(1) This Act may be called the 6[Cost and Management Accountants] Act, 1966.
(2) It extends to the whole of Pakistan.
(3) It shall come into force on such date as the 7[Federal Government] may, by
8
notification in the official Gazette appoint in this behalf.

1 The National Assembly of Pakistan passed the Cost and Industrial Accountants Act, 1966 (Act No. XIV of
1966) which received the assent of the President on 14-07-1966 and published in the Gazette for Pakistan
Extraordinary from Rawalpindi dated the July 19, 1966. It appeared at pages 703 through 716.
The Act was amended in 1976 through the Cost and Industrial Accountants (Amendment) Act, 1976 (Act
No. LXX of 1976), published in the Gazette of Pakistan, Extraordinary on pages 610 through 612.
2
3 ) Act, 1976 (Act No. LXX of 1976).
4
1976).
5 of
1976).
6
1976 (Act No. LXX of 1976).
7
8 This Act came into force on 20th August, 1966 as notified vide S.R.O. No. 771(K)/66, dated 18th August,
1966.
[6] Cost and Management Accountants Act, 1966 ICMA Pakistan

2. Definitions.
(1) In this Act, unless there is anything repugnant in the subject or context.
(a) associate
1
[(aa) cost and management accountant
associate or a fellow member of the Institute;]
(b) Council
(c) dissolved company
Companies Act, 1913 (VII of 1913), as the Pakistan Institute of Industrial
Accountants;
(d) fellow itute;
2
[(e) Omitted].
3
(f) Institute [Institute of Cost and Management Accountants of
Pakistan] constituted under this Act;
(g) prescribed
(h) President il;
(i) Register
under this Act;
4
(j) Vice-President -President of the Council;
(k) year
(2) Save as otherwise provided in this Act, a member of the Institute shall be

members of the Institute in practice, he in consideration of remuneration


received or to be received,
5
(a) engages himself in the practice of cost and [management] accounting; or
or
(b) offers to perform service involving the costing or pricing of goods or
services or the preparation, verification or certification of cost accounting

1 Clause (aa) inserted by the Cost and Industrial Accountants (Amendment) Act, 1976 (Act No. LXX of 1976).
2 Clause (e) omitted by the Cost and Industrial Accountants (Amendment) Act, 1976 (Act No. LXX of 1976).
Before omission, the clause read as below:

3
(Amendment) Act, 1976 (Act No. LXX of 1976).
4
5 Act No. LXX of
1976).
ICMA Pakistan Cost and Management Accountants Act, 1966 [7]

and related statements, or holds himself out to the public as a cost and
1
[management] accountant; or
(c) renders professional service or assistance in or about matter of principles
or 2detail relating to the cost and 3[management] accounting procedures,
or the recording, presentation or the certification of costing facts or data;
or
(d) renders such other services as, in the opinion of the Council, are or may
4
be rendered by a [cost and management] accountant;

cognate expressions, shall be construed accordingly.


Explanation. A member of the Institute who is a whole-time salaried employee

sub-section.

CHAPTER II
5
[INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF
OF PAKISTAN]
3. Incorporation of the Institute.
(1) All persons whose names are entered in the Register at the commencement of
this Act and all persons who may hereafter have their names entered in the
Register under the provisions of this Act, so long as they continue to have their
6
names borne on the said Rgister, are hereby constituted a body corporate by
7
the name of the [Institute of Cost and Management Accountants of Pakistan]
and all such persons shall be known as members of the Institute.
(2) The Institute shall have perpetual succession and a common seal, and shall
have power to acquire, hold and dispose of property, both movable and
immovable, and shall by its name sue or be sued.

1
1976).
2
3 976 (Act No. LXX of
1976).
4
of 1976).
5
Accountants (Amendment) Act, 1976 (Act No. LXX of 1976).
6
7
(Amendment) Act, 1976 (Act No. LXX of 1976).
[8] Cost and Management Accountants Act, 1966 ICMA Pakistan

4. Entry of names in the Register.


(1) The following persons shall be entitled to have their names entered in the
Register, namely:
(a) any person who was, immediately before the commencement of this Act,
a fellow or associate of the dissolved company;
(b) any person who has passed such examination and completed such
training as may be prescribed for membership of the Institute;
(c) any person who has passed such other examination and completed such
1
other training outside Pakistan as is recognised by the [Federal
2
Government], or by the Council with the approval of the [Federal
Government], as being equivalent to the examination and training
prescribed for membership of the Institute and, in case he is not
permanently residing in Pakistan, fulfils such other conditions as the
3 4
[Federal Government], or the Council with the approval of the [Federal
Government], as the case may be, may deem fit to impose;
(d) any person domiciled in Pakistan, who is, at the commencement of this
Act, whether within or without Pakistan,
(i) studying for any foreign examination and also undergoing training
and passes such examination and completes such training within
three years of such commencement, or
(ii) undergoing training, having passed any such foreign examination,
and completes such training within the said period,
5
if such foreign examination and training are recognised by the [Federal
6
Government], or by the Council with the approval of [Federal
Government], as being equivalent to the examination and training
prescribed for membership of the Institute.
(2) The Council shall, as early as possible, take such steps as may be necessary
for having the names of all such persons as are mentioned in clause (a) of sub-
section (1) entered in the Register without any application being made in that
behalf or the payment of any fee and the name of every such person so entered
shall be deemed to have been entered at the commencement of this Act for the
purpose of sub-section (1) of section 3.
(3) Every person belonging to any of the classes mentioned in clauses (b), (c) and
(d) of sub-section (1) may have his name entered in the Register on an

1
2
3 der, 1975 (P.O. No. 4 of 1975).
4
5
6 Subst
ICMA Pakistan Cost and Management Accountants Act, 1966 [9]

application made to and granted by the Council in the prescribed manner and on
payment of the prescribed fee.
5. Associates and Fellows.
(1) Save as otherwise provided in this Act, the members of the Institute shall be
divided into two classes designated as fellows and associates.
(2) A person, other than a person mentioned in sub-section (3), shall, on his name
being entered in the Register, be an associate and, so long as his name remains
1
so entered, shall be entitled to use the letters [A.C.M.A.] after his name to
indicate that he is an associate of the Institute.
(3) The name of a person who was, immediately before the commencement of this
Act, a fellow of the dissolved company shall be entered in the Register as a
fellow of the Institute; and such person, so long as his name remains so entered,
2
shall be entitled to use the letters [F.C.M.A.] after his name to indicate that he is
a fellow of the Institute.
(4) A person who has been an associate for a continuous period of not less than
five years and who possesses such qualifications as the Council may prescribe,
may apply to the Council for admission as a fellow; and if the Council grants his
application, his name shall be entered in the Register as a fellow.
Explanation. In computing the continuous period during which a person has
been an associate of the Institute there shall be included any continuous period
during which he has been an associate of the dissolved company immediately
before he became an associate of the Institute.
(5) The decision of the Council on an application under sub-session (4) shall be
final.
3
6. Certificate of practice.
(1) No member of the Institute shall be entitled to practice within Pakistan unless he
holds a certificate of practice granted by the Council.
(2) The Council may grant a certificate of practice to a member of the Institute who
applies in the prescribed form and pays the prescribed annual fee for such
certificate.
(3) Every member holding a certificate shall pay the annual fee for every year which
shall be due on the first day of July of that year.
(4) A certificate of practice shall be liable to be cancelled for default in payment of
the annual fee for any year.

1
1976).
2 and Industrial Accountants (Amendment) Act, 1976 (Act No. LXX of
1976).
3
[10] Cost and Management Accountants Act, 1966 ICMA Pakistan

1
7. Members to be known as [Cost and Management Accountants].
(1) Every member of the Institute in practice shall, and every other member may,
2
use the designation of [Cost and Management Accountant].
3
(2) No member of the Institute in practice using the designation of [Cost and
Management Accountant] shall use, whether in addition thereto or in substitution
therefor, any other costing designation:
Provided that nothing in this sub-section shall be deemed to prohibit any such
member from adding any other description or designatory letters to his name, if
entitled thereto, to indicate membership of such other institute of accountancy
whether in Pakistan or elsewhere, as may be recognised by the Council in this
behalf, or any other qualification that he may possess, or to prohibit a firm, all
the partners of which are members of the Institute in practice, from being known
4
by its firm name as [Cost and Management Accountants].
8. Disabilities.
Notwithstanding anything contained in section 4, a person shall not be entitled to have
his name entered in or borne on the Register if he
(i) has not attained the age of twenty-one years at the time of his application for the
entry of his name in the Register; or
(ii) is of unsound mind and stands so adjudged by a competent court; or
(iii) is an undischarged insolvent; or
(iv) having been discharged of insolvency, has not obtained from the court a
certificate stating that his insolvency was caused by misfortune without any
misconduct on his part; or
(v) has been convicted by a competent court, whether within or without Pakistan, of
5
an offence involving moral turpitude and punishable with [ ] imprisonment, or of
an offence, not of a technical nature, committed by him in his professional
capacity unless in respect of the offence committed he has either been granted
6
a pardon, or, on an application made by him in this behalf, the [Federal
Government] has, by an order in writing removed the disability; or

1
No. LXX of 1976).
2
No. LXX of 1976).
3
No. LXX of 1976).
4
No. LXX of 1976).
5
LXX of 1976).
6
ICMA Pakistan Cost and Management Accountants Act, 1966 [11]

(vi) has been removed from the membership of the Institute on being found on
inquiry to have been guilty of professional or other misconduct:
Provided that a person who has been removed from membership for a specified
period shall not be entitled to have his name entered in the Register until the expiry of
such period.

CHAPTER III
COUNCIL OF INSTITUTE
9. Constitution of the Council.
1
(1) There shall be a Council of the institute for the management of the affairs of the
Institute and for discharging the functions assigned to it under this Act.
(2) The first Council shall be composed of such of the members of the Council of
the dissolved company as are entitled to have their names entered in the
Register as fellows; and every other Council shall be composed of the following
members, namely:
(a) the first President of the dissolved company;
(b) not more than eight persons elected by members of the Institute from
amongst the fellows of the Institute; and
2
(c) not more than four persons nominated by the [Federal Government].
10. Election of the Council.
(1) Election of the members of the Council, mentioned in clause (b) of sub-section
(2) of section 9 shall be held at the annual general meeting of the Institute in
such manner as may be prescribed.
(2) Where any dispute arises regarding any such election, it shall be referred by the
3
Council to a Tribunal appointed by the [Federal Government] in this behalf and
the decision of such Tribunal shall be final:
Provided that no such reference shall be made except on an application made to
the Council by an aggrieved party supported by at least five members of the
Institute who had attended the election, within thirty days from the date of the
declaration of the result of the election.
(3) The expenses of the Tribunal shall be borne by the Institute or by the aggrieved
party as may be ordered by the Tribunal.

1
2
3 the Federal Adaptation of Laws Order, 1975 (P.O. No. 4 of 1975).
[12] Cost and Management Accountants Act, 1966 ICMA Pakistan

(4) If the members of the Institute fail to elect any of the members of the Council
1
mentioned in clause (b) of sub-section (2) of section 9, the [Federal
Government] may nominate any person duly qualified for the purpose to fill the
vacancy, and the person so nominated shall be deemed to have been duly
elected under that clause.
11. President, Vice-President, Secretary and Treasurer.
(1) The Council shall, at its first meeting, elect from amongst its members the
following honorary office bearers, namely:-
(a) a President;
(b) a Vice-President;
(c) a Secretary; and
(d) a Treasurer.
(2) If the Council fails to elect any of the honorary office bearers within one month
of the election of its members mentioned in clause (b) of sub-section (2) of
2
section 9, the [Federal Government] may appoint, from amongst the members
of the Council, any person duly qualified for the purpose, to fill the vacancy and
the person so appointed shall be deemed to have been duly elected by the
Council on the date of such appointment.
(3) The President shall be the chief executive authority of the Council.
(4) Save as provided in sub-section (5), the President and other office bearers shall,
subject to their continuance as members of the Council, hold their respective
offices from the date on which they are elected or deemed to have been elected
until the expiry of the duration of the Council.
(5) Notwithstanding the expiry of their term of office under sub-section (4), the
President and other office bearers shall continue to perform their functions until
their successors are elected by the new Council.
(6) Where the President or any other office bearer resigns from his office or ceases
to be a member of the Council, the Council shall elect from amongst its
members a new President or other office bearer, as the case may be.
(7) If the Council fails to elect a new President or office bearer as provided in sub-
3
section (6), the [Federal Government] may appoint, from amongst the members
of the Council any person to fill the vacancy and the person so appointed shall
be deemed to have been duly elected by the Council on the date of such
appointment.

1
2 75 (P.O. No. 4 of 1975).
3
ICMA Pakistan Cost and Management Accountants Act, 1966 [13]

12. Resignation of membership and casual vacancies.


(1) Any member of the Council may at any time resign his membership by writing
under his hand addressed to the President, and the seat of such member shall
become vacant when such resignation is notified in the official Gazette.
(2) A member of the Council shall be deemed to have vacated his seat if he is
declared by the Council to have been absent without sufficient excuse from
three consecutive meetings of the Council, or if his name is, for any cause,
removed from the Register under the provisions of section 20.
1
(3) A casual vacancy in the Council may be filled by nomination by the [Federal
Government], and the person nominated to fill the vacancy shall hold office until
the expiry of the duration of the Council.
(4) No act done by the Council shall be called in question on the ground merely of
the existence of any vacancy in, or defect in the constitution of, the Council.
13. Duration and dissolution of Council.
(1) The duration of a Council shall be three years from the date of its first meeting
on the expiry of which a new Council shall be constituted in accordance with the
provisions of this Act.
(2) A Council shall, notwithstanding the expiry of its duration under sub-section (1),
2
continue to perform its function until a new Council is constituted whereupon
the Council so functioning shall stand dissolved.
14. Functions of the Council.
(1) The Council shall exercise such powers and perform such functions as may be
necessary to carry out the purpose of this Act.
(2) In particular, and without prejudice to the generality of the foregoing provision,
the powers and functions of the Council shall include
(a) the examination of candidates for membership of the Institute and the
prescribing of fees for such examination;
(b) the registration and training of students;
(c) the prescribing of qualifications for entry of persons as members of the
Institute;
(d) the recognition of foreign qualifications and training or experience for
purposes of membership of the Institute;
(e) the refusal, granting and cancellation of certificates of practice;

1
2 May be read
[14] Cost and Management Accountants Act, 1966 ICMA Pakistan

(f) the maintenance of the Register and publication of the list of members of
the Institute and also the names of the members who hold certificates of
practice;
(g) the levy and collection of fees from members, students, examinees and
other persons;
(h) the removal of names from the Register and restoration to the Register of
names which have been removed;
(i) the regulation and maintenance of the status and standard of professional
qualifications of the members of the Institute;
(j) the carrying out, by financial assistance to persons other than members of
the Council or in any other manner, of research in cost and
1
[management] accounting;
(k) the maintenance of libraries and publication of books and periodicals
2
relating to cost and [management] accounting and allied subjects;
(l) the exercise of such disciplinary powers over the members and servants
of the Institute as may be prescribed; and
(m) the exercise of such other powers and the performance of such other
functions as are required to be, or may be, exercised or performed by the
Council under this Act or regulations made thereunder.
15. Staff remuneration and allowances.
3
(1) For the efficient performance of its functions, the Council may
(a) appoint such officers and servants as it may consider necessary;
(b) require and take from employees of the Institute such security for the due
performance of their duties as it may consider necessary;
(c) fix the salaries, fees, allowances and other conditions of service of the
employees of the Institute; and
(d) with the previous sanction of the 4[Federal Government], fix the
allowances of the President, the Vice-President, the Secretary, the
Treasurer and other members of the Council and its Committees.
16. Committees of the Council.
(1) The Council shall constitute the following Standing Committees, namely:
(a) an Executive Committee;

1
2
1976).
3 Numbering appears to be superfluous as there is no further sub-section to this section.
4
ICMA Pakistan Cost and Management Accountants Act, 1966 [15]

(b) an Education Committee;


(c) an Examination Committee; and
(d) a Disciplinary Committee.
(2) The Council may also constitute such other Committees as it deems necessary
for the purpose of carrying out the provisions of this Act.
(3) The Executive Committee shall consist of the President, the Vice-President and
three other members nominated by the Council from amongst its members.
(4) The Education Committee shall consist of the President and such other
members nominated by the Council from amongst its members as may be
prescribed.
(5) The Examination Committee shall consist of the President, or the Vice-
President, as the Council may decide, and such other members, nominated by
the Council from amongst its members as may be prescribed.
(6) The Disciplinary Committee shall consist of the President and two other
1
members of the Council, one of whom shall be nominated by the [Federal
Government] and the other by the Council.
(7) Every other Committee shall consist of such members as the Council may
decide.
(8) The President shall be the Chairman of every Committee of which he is a
member, and in his absence, the Vice-President, if he is a member of the
Committee, shall be the Chairman.
(9) The Standing Committee shall perform such functions as may be prescribed and
the other Committees, shall perform such functions as the Council may direct.
17. Branch Councils.
(1) For the purpose of advising and assisting it in the discharge of its functions, the
Council may constitute one or more Branch Councils as and when it considers
necessary.
(2) A Branch Council shall be constituted in such manner and perform such
functions as may be prescribed.
(3) The Council may, at any time, dissolve any Branch Council constituted under
sub-section (1).
18. Finances of the Council.
(1) There shall be established a fund under the management and control of the
Council into which shall be paid all moneys received by the Council and out of
which shall be met all expenses and liabilities properly incurred by the Council.

1 of Laws Order, 1975 (P.O. No. 4 of 1975).


[16] Cost and Management Accountants Act, 1966 ICMA Pakistan

(2) The Council may invest any money for the time being standing to the credit of
the fund in any government security or in any other security approved by the
Council.
(3) The Council shall cause maintenance of proper accounts of the funds
distinguishing capital from revenue.
(4) The annual accounts of the Institute shall be subject to audit by chartered
accountant within the meaning of the Chartered Accountants Ordinance, 1961
(X of 1961):
Provided that no member of the Council or person who is in partnership with
such member shall be eligible for appointment as an auditor under this
sub-section.
(5) As soon as may be practicable after the close of each year, but not later than
the thirtieth day of November next following, the Council shall cause to be
published a copy of the audited accounts and the report of the Council for that
year and copies of the said accounts and report shall be forwarded to the
1
[Federal Government] and to all the members of the Institute.
(6) The Council may borrow from a scheduled bank as defined in the State Bank of
2
Pakistan Act, 1956 (XXXIII of 1956), or from the [Federal Government]:
(a) any money required for meeting its liability on capital account on the
security of the funds or on the security of any other assets for the time
being belonging to it; or
(b) for the purpose of meeting current liabilities by way of temporary loans or
overdraft pending the receipt of income.

CHAPTER IV
REGISTER OF MEMBERS
19. Register.
(1) The Council shall maintain in the prescribed manner a Register of the members
of the Institute.
(2) The Register shall include the following particulars about every member of the
Institute, namely:
(a) his full name, date of birth, domicile, residential and professional
addresses;
(b) the date on which his name is entered in the Register;

1
2 ).
ICMA Pakistan Cost and Management Accountants Act, 1966 [17]

(c) his qualifications;


(d) whether he holds a certificate of practice; and
(e) such other particulars as may be prescribed.
(3) The Council shall cause to be published in such manner as may be prescribed,
a list of members of the Institute as on the first day of July of each year, and a
copy of the list shall be sent to every member of the Institute.
(4) Every member of the Institute shall, on his name being entered in the Register,
pay such annual membership fee as may be prescribed and different fees may
be prescribed for associates and for fellows.
20. Removal of name from the Register.
(1) The Council may remove from the Register the name of any member of the
Institute:
(a) who is dead; or
(b) from whom a request has been received to that effect; or
(c) who has not paid any prescribed fee payable by him; or
(d) who is found to have been subject, at the time when his name was
entered in the Register, or who, at any time thereafter, has become
subject, to any of the disabilities mentioned in section 8, or who, for any
other reason, has ceased to be entitled to have his name borne on the
Register.
(2) The Council shall remove from the Register the name of any member who is not
entitled to remain a member under this Act.

CHAPTER V
PENALTIES
21. Penalty for falsely claiming to be a member, etc.
A person shall, without prejudice to his liability to any disciplinary measure prescribed
under section 34, be punishable, on first conviction, with fine which may extend to one
thousand rupees, and, on any subsequent conviction, with imprisonment which may
extend to six months, or with fine which may extend to five thousand rupees, or with
both, if he
(1) not being a member of the Institute, represents that he is a member of the
1
Institute, or uses the designation of Cost or [Management Accountant] or the
2
letters [A.C.M.A., F.C.M.A.]; or

1
No. LXX of 1976).
2
LXX of 1976).
[18] Cost and Management Accountants Act, 1966 ICMA Pakistan

(2) being a member of the Institute but not having a certificate of practice,
1
represents that he is in practice, or practices as [a cost and management
accountant], cost accountant or works accountant or in some similar profession
2
in the field of cost and [management accounting].
22. Penalty for using the name of the Council, etc.
(1) Save as otherwise provided in this Act, no person shall
(a) use any name or common seal which is identical with the name or the
common seal of the Institute or so nearly resembles it as to deceive or as
be likely to deceive the public; or
(b) grant or confer any degree, diploma, certificate or designation which
indicates or purports to indicate the possession or attainment of any
qualification or competence in cost and 3[management] accounting similar
to that of a member of the Institute.
(2) Any person contravening the provisions of sub-section (1) shall, without
prejudice to any other proceedings which may be taken against him, be
punishable, on first conviction, with fine which may extend to one thousand
rupees, and, on any subsequent conviction, with imprisonment which may
extend to six months, or with fine which may extend to five thousand rupees, or
with both.
(3) Nothing contained in this section shall apply to any University established by the
law or to any institution affiliated thereto.
4
(4) If the [Federal Government] is satisfied that any diploma, certificate or
designation granted or conferred by any person other than the Institute, which
5
purports to be a qualification in cost or [management] accounting but which, in
6
the opinion of the [Federal Government], fall short of the standard of
7
qualifications prescribed for cost or [management] accountants and does not in
fact indicate or purport to indicate the possession or attainment of any
8
qualifications or competence in cost or [management] accounting similar to that
that of a member of the Institute, it may, by notification in official Gazette and

1
(Act No. LXX of 1976).
2
No. LXX of 1976).
3
1976).
4
5 y the Cost and Industrial Accountants (Amendment) Act, 1976 (Act No. LXX of
1976).
6
7 tants (Amendment) Act, 1976 (Act No. LXX of
1976).
8
1976).
ICMA Pakistan Cost and Management Accountants Act, 1966 [19]

subject to such conditions as it may think fit to impose, declare that this section
shall not apply to such diploma, certificate or designation.
1
23. Companies not to engage in [cost and management] accountancy in Pakistan.
(1) No company, whether incorporated in Pakistan or elsewhere, shall practice as
cost and 2[management] accountants in Pakistan.
(2) If any company contravenes the provisions of sub-section (1), then, without
prejudice to any other proceedings which may be taken against the company,
every director, manager, secretary and other officer of such company, who is
knowingly a party to such contravention, shall be punishable with fine which may
extend, on first conviction, to one thousand rupees and, on any subsequent
conviction, to five thousand rupees.
24. Unqualified persons not to sign documents.
(1) No person, other than a member of the Institute, shall sign any document on
3 4
behalf of [a cost and management accountant] or a firm of [cost and
management accountants] in his or its professional capacity.
(2) Any person contravening the provisions of sub-section (1) shall be punishable
with fine which may extend, on first conviction, to one thousand rupees and, on
any subsequent conviction to five thousand rupees.
25. Offences by companies.
(1) If the person committing an offence under this Act is a company, the company
as well as every person incharge of, and responsible to, the company for the
conduct of its business at the time of the commission of the offence shall be
deemed to be guilty of the offence and shall be liable to be proceeded against
and punished accordingly:
Provided that nothing contained in this sub-section shall render any such person
liable to any punishment if he proves that the offence was committed without his
knowledge or that he exercised all due diligence to prevent the commission of
such offence.
(2) Notwithstanding anything contained in sub-section (1), where an offence under
this Act has been committed by a company and it is proved that the offence has
been committed with the consent or connivance of, or that the commission of the
offence is attributable to any neglect on the part of, any director, manager,
secretary or other officer of the company, such director, manger, secretary or

1 976 (Act No. LXX of


1976).
2
1976).
3
(Act No. LXX of 1976).
4
No. LXX of 1976).
[20] Cost and Management Accountants Act, 1966 ICMA Pakistan

other officer shall also be deemed to be guilty of that offence and shall be liable
to be proceeded against and punished accordingly.
Explanation. For the purpose of this section,
(a) t to an offence under section 21 or section 24, means any
body corporate and includes a firm or other association of individuals and, with
respect to an offence under section 23, a body corporate; and
(b) n the firm.
26. Sanction to prosecute.
No person shall be prosecuted under this Act except on a complaint made by or under
1
the order of the Council or of the [Federal Government].

CHAPTER VI
DISSOLUTION OF THE EXISTING INSTITUTE OF INDUSTRIAL
ACCOUNTANTS

27. Dissolution of the Institute registered under the Act VII of 1913.
On the commencement of this Act,
(1) the company registered under the Companies Act, 1913 (VII of 1913), as the
Pakistan Institute of Industrial Accountants shall stand dissolved and thereafter
no person shall make, assert or take any claims, demands or proceedings
against the dissolved company or against any officer thereof in his capacity as
such officer, except in so far as may be necessary, for enforcing the provisions
of this Act;
(2) the right of every member to or in respect of the dissolved company shall be
extinguished, and thereafter no member of that company shall make, assert or
take any claims or demands or proceedings in respect of that company except
as provided in this Act.
28. Assets and liabilities of the dissolved company.

(1) On the commencement of this Act, there shall be transferred to and vested in the Institute
all the assets and liabilities of the dissolved company.

(2) The assets of the dissolved company shall be deemed to include all rights and
powers, and all property, whether movable or immovable, of the company,
including, in particular, cash balance, reserve funds, investments, deposits and

1
ICMA Pakistan Cost and Management Accountants Act, 1966 [21]

all other interests and rights in or arising out of such property as may be in the
possession of the dissolved company, and all books of accounts or documents,
of the dissolved company:1 and the liabilities of the dissolved company shall be
deemed to include all debts, liabilities and obligations of whatever kind of that
company existing immediately before the commencement of this Act.

(3) All contracts, debts, bonds, agreements and other instruments of whatever
nature to which the dissolved company is a party, subsisting or having effect
immediately before the commencement of this Act, shall have full force and
effect against or in favour of the Institute, as the case may be, and may be
enforced as fully and effectively as if, instead of the dissolved company, the
Institute had been a party thereto.

(4) If, on the commencement of this Act, any suit, appeal or other legal proceedings
of whatsoever nature by or against the dissolved company is pending, the same
shall not abate, be discontinued or be in any way prejudicially affected, by
reason of the transfer to the Institute of the assets and liabilities of the dissolved
company or of anything contained in this Act, but the suit, appeal or other
proceedings may be continued, prosecuted and enforced by or against the
Institute, in the same manner and to the same extent as it would have been
continued, prosecuted and enforced by or against the dissolved company if this
Act had not been passed.

29. Employees of the dissolved company.

(1) Every person employed in the dissolved company immediately before the
commencement of this Act shall, as from such commencement become an
employee of the Institute and shall hold his office or service therein upon the
same terms and conditions, and with the same rights and privileges as to
pension and gratuity, as would have applied to him in his office or service under
the dissolved company if this Act had not been passed, and shall continue to do
so until his employment in the Institute is terminated or his remuneration or other
terms and conditions of employment are duly altered by the Institute.

(2) Notwithstanding anything contained in any law for time being in force, or in any
contract, the transfer of the services of any employee of the dissolved company
to the Institute shall not entitle any such employee to any compensation under
such law or contract and no such claim shall be entertained by any court,
tribunal or authority.

1 May be read as semi-


[22] Cost and Management Accountants Act, 1966 ICMA Pakistan

CHAPTER VII
MISCELLANEOUS

30. Alteration in the Register and cancellation of certificate.

(1) Where an order is made under this Act reprimanding a member of the Institute,
a record of the punishment shall be entered against his name in the Register.

(2) Where the name of any member is removed from the Register, the certificate of
membership and the certificate of practice, if any, granted to him shall be
recalled and cancelled.

31. Protection of action taken in good faith.

No suit, prosecution or other legal proceedings shall lie against the 1[Federal
Government] or the Council in respect of anything which is in good faith done or
intended to be done in pursuance of this Act or of any regulation or order made
thereunder.

32. Maintenance of branch offices.


2 3
(1) Where [a cost and management accountant] or a firm of [cost and
management accountants] has more than one office in Pakistan, each one of
4
such office shall be in the separate charge of a member of the Institute:
5
Provided that the Council may in suitable cases exempt any [cost and
management accountant] or a firm of 6[cost and management accountants] from
the operation of this sub-section.
7
(2) Every [cost and management accountant] in practice or firm of such
accountants maintaining more than one office shall send to the Council a list of
offices together with the names of the persons in charge thereof and shall keep
the Council informed of any change in relation thereto.

1
2
(Act No. LXX of 1976).
3
No. LXX of 1976).
4
5 ndment) Act, 1976 (Act
No. LXX of 1976).
6
No. LXX of 1976).
7 dment) Act, 1976 (Act
No. LXX of 1976).
ICMA Pakistan Cost and Management Accountants Act, 1966 [23]

33. Reciprocity.
1
(1) Where any country specified by the [Federal Government] in this behalf, by
notification in the official Gazette, prevents persons of Pakistan domicile from
becoming members of any institution similar to the Institute, or from practicing
2
the profession of cost and [management] accounting, or subjects them to unfair
discrimination in that country, no citizen of that country shall be entitled to be a
3
member of the Institute or to practice the profession of cost and [management]
accounting in Pakistan.
(2) Subject to the provisions of sub-section (1), the Council may prescribe the
conditions, if any, subject to which foreign qualifications relating to cost and
4
[management] accounting shall be recognised for the purpose of entry in the
Register.
34. Power to make regulations.
(1) The council may, by notification in the official Gazette, make regulations for
carrying out the purposes of this Act.
(2) In particular, and without prejudice to the generality of the foregoing powers,
such regulations may provide for all or any of the following matters, namely:
(a) the standard and conduct of examinations under this Act;
(b) the qualifications for entry of the name of any person in the Register as a
member of the Institute;
(c) the qualification for the purpose of sub-section (4) of section 5;
(d) the conditions under which any examination or training may be treated as
equivalent to the examination or training prescribed for membership of the
Institute;
(e) the conditions under which any foreign qualifications may be recognised;
(f) the manner in which and the conditions subject to which applications for
entry in the Register may be made;
(g) the fees payable for membership of the Institute and the annual fees
payable for certificates of practice;
(h) the manner in which election to the Council and the Branch Councils may
be held;

1
2
1976).
3
1976).
4
1976).
[24] Cost and Management Accountants Act, 1966 ICMA Pakistan

(i) the particulars to be entered in the Register;


(j) the functions of Branch Councils;
(k) the regulation and maintenance of the status and standard of professional
qualifications of members of the Institute;
(l) the carrying out of research in cost and 1[management] accounting;
(m) the maintenance of libraries and publication of books and periodicals
2
relating to cost and [management] accounting and allied subjects;
(n) the management of the property of the Institute and the maintenance and
audit of its accounts;
(o) the summoning and holding of meetings of the Council and committees
thereof, the times and places of such meetings, the procedure to be
followed thereat and the number of members necessary to form a quorum;
(p) recording and certifying minutes of meetings of the Council and the annual
3
general meeting and extraordinary meetings;
(q) appointment and removal of auditors of the Institute;
(r) the manner in which the annual list of members of the Institute shall be
published;
(s) the powers, duties and functions of the President and Vice-President;
(t) the functions of the Standing Committees and other Committees and the
conditions subject to which such functions shall be discharged;
(u) the terms of office, and the powers, duties and functions of the Secretary,
Treasurer, and the other employees of the Council;
(v) rules of professional and other conduct and the exercise of disciplinary
powers in relation thereto;
(w) the terms and conditions of service of the employees of the Institute
including persons who have become its employees under section 29;
(x) the registration of students and the fees to be charged for such
registration; and
(y) any other matter which is required to be or may be prescribed under this
Act.

1 Substituted f
1976).
2
1976).
3
ICMA Pakistan Cost and Management Accountants Act, 1966 [25]

(3) All regulations made by the Council under this Act shall be subject to the
1
condition of previous publication and to the approval of the [Federal
Government].
(4) The Council shall, as soon as practicable, send a copy of any regulation made
by it to every member of the Institute.
2
(5) Notwithstanding anything contained in this section, the [Federal Government]
may make the first regulations of the Council and such regulations shall be
deemed to have been made by the Council and shall have effect accordingly.
35. Power to give directions for making regulations, etc.
3
(1) Where the [Federal Government] considers it expedient so to do, it may, by
order in writing, direct the Council to make any regulation, or to amend or
rescind any regulation already made, within such period as it may specify in this
behalf.
(2) If the Council fails or neglects to comply with such direction within the specified
4
period, the [Federal Government] may make or amend, with or without
modifications, or rescind, any regulation directed to be made, amended or
5
rescinded; and any regulation so made, amended or rescinded by the [Federal
Government] shall be deemed to have been made, amended or rescinded by
the Council and shall have effect accordingly.

1 Substit
2
3 eral Adaptation of Laws Order, 1975 (P.O. No. 4 of 1975).
4
5 . No. 4 of 1975).
[26]
[26] Costand
Cost andManagement
ManagementAccountants
AccountantsRegulations,
Regulations, 1990
1990 ICMA
ICMA Pakistan
Pakistan

COST AND MANAGEMENT ACCOUNTANTS


REGULATIONS, 1990
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [27]

COST AND MANAGEMENT ACCOUNTANTS


REGULATIONS, 1990
CONTENTS

Section Title Page

CHAPTER – I
PRELIMINARY
1 Short title and extent 33
2 Interpretation 33
3 Form 34
4 Notice to members 34

CHAPTER – II
MEMBERS OF THE INSTITUTE
5 Register 35
6 Admission of members 35
7 Certificate of membership 35
8 Certificate of practice 35
9 Fees 36
10 Particulars to be supplied by members 36

CHAPTER III
ELECTIONS TO THE COUNCIL
11 Date of elections 38
12 Members entitled to vote 39
13 Number of persons to be elected 39
14 Qualifications of members to stand for election 39
15 List of voters 39
16 Nominations 40
17 Fee for election 40
18 Scrutiny of nominations 40
19 Preparation of list of valid nominations 41
[28] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

20 Withdrawal of candidature 41
21 Intimation of final list of nominations to voters 42
22 Death or cessation of membership of a candidate 42
23 Uncontested election, etc. 42
24 Admissible number of votes to a voter 42
25 Mode of election 42
26 Election stations 43
27 Election officer 43
28 Secret chamber 43
29 Ballot paper 44
30 Presence of the candidates and their authorized representatives at the 44
election stations
31 Voting to be in person and not by proxy 44
32 Assistants to election officer 44
33 Identification of voters 45
34 Record to be kept by the election officer 45
35 Manner of recording of votes after receipt of ballot papers 46
36 Procedure at the election station 46
37 Deleted 47
38 Deleted 47
39 Deleted 47
40 Deleted 47
41 Grounds for declaring ballot papers invalid 47
42 Appointment of time and place for the counting of votes 48
43 Presence of candidates at the time of counting of votes 48
44 Counting of votes 48
45 Declaration of results 49
46 Nominations 49
47 Notification of results 49
48 Election not to be invalid due to accidental omission, etc 49
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [29]

49 Disciplinary action against a member in connection with conduct of 49


election
50 Election disputes 51

CHAPTER – IV
MEETINGS AND PROCEEDINGS OF THE COUNCIL

51 Meetings of the Council 51


52 Notice of Council Meeting 51
53 Special meeting 52
54 Presiding over meeting 52
55 Quorum at meeting 52
56 Adjournment of meeting 52
57 Procedure for transaction of business 52
58 Passing of resolution at a meeting 52
59 Record of minutes 52
60 Absence of member of the Council 53

CHAPTER – V
MEETINGS AND PROCEEDINGS OF THE INSTITUTE

61 Annual general meeting 53


62 Special meeting 53
63 Notice of meeting 53
64 Notice of motion to be given 54
65 Presiding over meeting 54
66 Quorum at meeting 54
67 Adjournment of meeting 54
68 Voting at meeting and demand for poll 54
69 Appointment of scrutineers 55
70 Procedure when poll is demanded 55
71 Result of poll 55
72 Demand for poll not to prevent other business 55
73 Minutes of meeting 56
[30] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

CHAPTER – VI
STANDING AND OTHER COMMITTEES

74 Functions of Executive Committee 56


75 Education Committee 57
76 Examination Committee 57
77 Disciplinary Committee 57
78 Council to have power of review 58
79 Terms of office of members of committee 58
80 Meetings of the committee 58
81 Notice of meeting 58
82 Quorum at meeting 58
83 Procedure for transaction of business 58
84 Casting vote 58
85 Secretary of committee 58
86 Minutes 58

CHAPTER – VII
BRANCH COUNCILS

87 Constitution of branch councils 58


88 Admission to and removal from branch register 59
89 Resignation from the branch council and casual vacancies 59
90 Date of election 59
91 Election to the branch council 60
92 Duties and functions of a branch council 61
93 Office bearers in the branch council 62
94 Meeting of branch council 62
95 Duration of the branch council 62
96 Finances and accounts 63
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [31]

97 Dissolution of branch council 64

CHAPTER – VIII
REGISTERED STUDENTS

98 Eligibility to take examinations 64


99 Conditions for registration 64
100 Fee and subscription 65
101 Refund of fee 65
102 Non-payment of annual subscription 65
103 Position of registered students 65
104 Examination rules 65
105 Suspension and cancellation of registration 66
106 Termination of registration 66
107 Register to be maintained 66

CHAPTER – IX
EXAMINATION AND TRAINING

108 Conditions for becoming a member of the Institute 66


109 Time and place of examination 66
110 Subjects of the examination 67
111 Application for admission to an examination 67
112 Admission fees for examinations 67
113 Refund of candidates fee 67
114 Candidates to be supplied with admission card 67
115 Examination results 68
116 Deleted 68
117 Examination certificate 68
118 Exemption from examination 68
119 Admission to examination 68

CHAPTER – X
SUSPENSION, EXCLUSION AND RESTORATION

120 Matter to be laid before Disciplinary Committee 69


[32] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

121 Duties of the Disciplinary Committee 69


122 Duties of the Council 69
123 Publication of findings and decisions 70
124 Rerun of certificates in the event of suspension or removal 70
125 Restoration to membership 70
126 Professional and other misconduct defined 70

CHAPTER – XI
MISCELLANEOUS

127 Finances 71
128 Audit of accounts of the Institute 71
129 Powers and duties of the President and Vice-President 72
130 Powers and duties of the Secretary 72
131 Indemnity 73
132 Location of the office of the Council 73
133 Administration of the Institute 73
134 Custody and use of seal 73
135 Interpretation 74
136 Publication of list of members 74
137 Members to supply information 74
138 Particulars of offices and firms 74
139 Particulars of nationality 74
140 Place of business in Pakistan 74
141 Method of payment of fees 74
142 Issues of duplicate certificate 75
143 Cost and Management Accountant to practice in his individual Name 75
144 Cost and Management Accountant in practice not to engage in any 75
other business or occupation
145 Other functions of Cost and Management Accountant 75
146 Welfare of members 75
147 Establishment of boards 75
Schedules and Forms 77
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [33]

1
COST AND MANAGEMENT
ACCOUNTANTS
REGULATIONS, 1990
1. Short Title and Extent.–
(1) These regulations may be called the Cost and Management Accountants
Regulations, 1990
(2) They extend to the whole of Pakistan.

CHAPTER – I
PRELIMINARY

2. Interpretation.–
(1) In these regulations all words and expressions shall have the same meanings as
are assigned to them in the Act.
(2) Any reference in these regulations to member, Associate, Fellow or meeting shall,
unless the contrary intention appears, be construed as a reference to member,
associate, fellow and meeting respectively of the Institute.
(3) In these regulations unless there is anything repugnant in the subject or context:
(a) “Act” means the Cost and Management Accountants Act, 1966 (XIV of
1966);
(b) “Annual Meeting” means the annual general meeting of the members of
the Institute;
(c) “Certificate of practice” means a certificate granted under these
regulations entitling the holder to practice as a Cost and Management
Accountant;

1 The Cost and Management Accountants Regulations, 1990 were notified vide S.R.O. No. 35(KE)/91 dated 8th
September, 1990 and were published in the Gazette for Pakistan – Extraordinary from Karachi, dated January
17, 1991. These regulations appeared at pages 21 through 66 of Part-II of the Gazette.
These Regulations substituted the, then in force, Cost and Industrial Accountants Regulations, 1966 issued
vide S.R.O. No. 795(K)/66 dated 18th August, 1966 and were published in the Gazette for Pakistan –
Extraordinary from Karachi, dated August 20, 1966. Those regulations appeared at pages 559 through 598 of
the Gazette.
[34] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

(d) “Form” means a form annexed to these regulations or as may be revised


by the Council from time to time;
(e) “Syllabus” means syllabus as 1[approved] by the Council from time to time;
(f) “Principal place of business” means the place of business registered by
a member or, where more than one place of business is registered, by him,
the place of business indicated by him as being his principal place of
business;
(g) “Registered address” means in the case of a member in practice, his
principal place of business and in the case of a member not in practice, the
address last notified by him to the Secretary as his address for
communication;
(h) “Registered student” means a person registered as student under these
regulations;
(i) “Retired member” means an Associate or a Fellow of the Institute who is
disabled or more than 55 years of age and who has ceased to be employed,
or engaged in practice and has applied to the Institute for being considered
as a retired member and the Council has granted the application. Provided
that a member will cease to be a retired member if he is employed again,
or is engaged in practice or has applied on the prescribed form to the
Institute to consider him as a regular member;
(j) “Regulations” means the Cost and Management Accountants Regulations
made under the Cost and Management Accountants Act, 1966;
(k) “Schedule” means the schedule annexed to these Regulations;
(l) “Seal” means the seal of the Institute;
(m) “Secretary” means the Secretary elected by the Council and includes any
person acting as secretary under direction of the Council;
(n) “Section” means a section of the Act.
3. Form.–
A Form shall be used in matters to which it purport to relate and all notes and directions
contained in the form shall be observed accordingly.
4. Notice to Members.–
(1) A notice required under the Act and the Regulations to be given or sent to a
member shall be sent at the registered address of the member and for proving
that such notice has been given or sent it shall be sufficient to prove that such
notice was properly addressed and posted.

1 Substituted for words etc., “detailed in Schedule ‘A’ and as may be revised” by S.R.O. 1723(I)/2023 dated 22nd November, 2023
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [35]

(2) The non-receipt of any such notice shall not invalidate any such notice or any
resolution passed, or proceedings of meeting.

CHAPTER – II
MEMBERS OF THE INSTITUTE
5. Register.–
The Register of Members shall be maintained in form “A”.
6. Admission of Members.–
(1) An applicant for admission as an Associate or a Fellow shall satisfy the Council
of his having fulfilled the conditions specified by the Act and these regulations in
such manner as the Council may deem necessary and the Council, being so
satisfied, shall admit him on payment of the prescribed fees. The application of
membership shall be on form “B” and shall be submitted to the Secretary.
(2) Every person before becoming a member shall undertake to be bound by the Act
and the regulations in force at the time of his admission or which may thereafter
from time to time be made.
(3) Admission as Fellows.– A person who has been an Associate member of the
Institute for a period of not less than five years may, on application in form ‘B’ and
subject to fulfilment of other conditions prescribed in this Act and the regulations
be admitted as a Fellow, if he has for a period of five years immediately prior to
the date of application, held position as Chief Accountant, Chief Cost and
Management Accountant or an equivalent appointment by whatever name
designated in an organization acceptable to the Council, or has been in practice
for a similar period as a Cost and Management Accountant provided that nothing
herein shall preclude the Council from electing in exceptional cases an Associate
member as Fellow member.
7. Certificate of Membership.–
(1) If an application for membership of the Institute is accepted by the Council the
applicant’s name shall be entered in the register as an Associate or a Fellow, as
the case may be, and a Certificate of Membership in form ‘C’ under seal 1[or
machine-readable optical label] shall be issued to him.
(2) In the event of the name of a member being removed from the Register under the
provisions of the Act, the Certificate of Membership together with the Certificate
of Practice, if any, shall be forthwith returned to the Secretary.
8. Certificate of Practice.–
(1) A member may apply to the Council in form ‘D’ for a Certificate of Practice entitling
him to practice as a cost and management accountant throughout Pakistan. The

1 Words, etc., inserted by S.R.O. 1723(I)/2023 dated 22nd November, 2023


[36] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

application shall be addressed to the Secretary and shall be accompanied by the


requisite fee. If the application is granted by the Council, the certificate under seal
1[or machine-readable optical label] shall be issued in form ‘E’, subject to the

payment of the annual fee; the validity of the certificate shall be extended from
year to year by a certificate in writing by the Secretary in form ‘F’.
(2) A member in practice, on ceasing to be in practice, shall inform the Secretary
immediately of the fact of his having done so, but in any case not later than one
month form the date he ceases to be in practice, and shall return the Certificate
of Practice to the Secretary.
9. Fees.–
(1) Every person shall pay to the Institute the fee and subscription applicable to him
as prescribed by the Council from time to time.
(2) An Associate shall, on being admitted as a Fellow during a year, pay for that year
an additional fee necessary to increase his fee to the amount then applicable to
him.
(3) All annual fees shall be payable by the first day of July each year.
10. Particulars to be supplied by Members.–
Every member shall inform the Secretary of any change of address, or place or places
of business or employment and shall also supply the Council with any other information
relating to his practice or employment which the Council may reasonably require for
carrying out the provisions of the Act and the regulations.

2[CHAPTER – III

1 Words, etc., inserted by SRO 1723(I)/2023 dated 22nd November, 2023


2 Chapter-III comprising of regulations 11 to 23 substituted by regulations 11 to 50 vide S.R.O. M-12/96, dated 13th August,
1996. Before substitution, the regulations read as below:
“11. Date of Elections.– The date fixed for the annual meeting of the Institute under these regulations in a year in which
election to the Council is due shall also be the date of election of members to the Council under sub-section (1) of
section 10.
12. Members Entitled to Vote.–
(1) A member whose name stands entered in the Register three months before the date of an election shall be
entitled to vote in the election to the Council provided that such a member shall cease to be so entitled if on
the date of election his name stands removed from the Register.
(2) A member shall have as many votes as there are vacancies to be filled in, but shall not give more than one
vote to any one candidate.
13. Number of Persons to be elected.– Subject to provision of clause (b) of sub-section (2) of section 9, the Council
may fix the number of members to be elected to the Council.
14. Procedure for Election.–
(1) The date of election, as determined by the Council, shall be notified to the members and a list of members
entitled to vote, together with a notice stating the number of seats in the Council to be filled shall be
circulated by the Secretary among all members, at least sixty days before the date of election.
(2) Within fifteen days of the issue of the notice under sub-regulation (1), nomination of candidates for election
of Fellows, shall be sent in form “G” to the Secretary, duly proposed by one member and seconded by five
other members along with an undertaking in writing by the member proposed as his willingness to be a
candidate for the election and to serve in the event of his election.
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [37]

(3) For the scrutiny of the nomination papers, the President, shall appoint two honorary scrutineers, from
amongst the members who are neither members of the Council nor candidates for election.
15. Rejection of Nominations.–
(1) The honorary scrutineers shall, after informing the candidate, proposer, and seconder of the date, time and
place of scrutiny, reject a nomination paper if they are satisfied that:–
(a) the candidate is ineligible to stand for the election; or
(b) the proposer or any seconder was not qualified to subscribe to the nomination of the candidate; or
(c) there has been a failure to comply with any of the provisions of these regulations; or
(d) the signature of the candidate or of the proposer or any seconder is not genuine, or has been obtained
by force or fraud; or
(e) the candidate of the proposer or any seconder has not paid any of the fees due and payable to the
Council on the date of signing of nomination paper
Provided that the rejection of a nomination paper shall not invalidate the nomination of a candidate by any
other valid nomination paper.
(2) The Secretary shall communicate rejection of the nomination to the member concerned at least forty days
before the date of election.
(3) A candidate whose nomination has been rejected may within ten days of the issue of the communication,
prefer an appeal to the President whose decision shall be final. Such appeal shall be sent to the Secretary
under registered cover. Appeal not received within the time-limit shall be summarily rejected.
(4) Subject to the provisions, of the Act and regulations, where a nomination has not been rejected it shall be
treated as valid entitling the nominated member to be a candidate for election to the Council
16. Withdrawal.–
(1) A candidate whose nomination has been accepted as valid may by notice in writing signed him and
delivered, within seven days of the date of scrutiny, to the Secretary, withdraw his candidature.
(2) A notice of withdrawal under sub-regulation (1) shall, in no circumstances be open to cancellation.
17. Death or Cessation of Membership Before Election.– If a candidate whose nomination has been accepted as
valid dies or otherwise ceases to be a member before the date of election, the election shall be conducted among
the remaining candidates only.
18. Elections.–
(1) At least 21 days before the date fixed for the election, the Secretary shall send under certificate of posting
the ballot paper, setting out the names of candidates whose names nominations have been found to be
valid, to each member entitled to vote, together with an envelope for returning the ballot paper and with the
necessary directions for marking the ballot paper and its return so as to reach the Secretary three days
before the date of the election.
Provided that, where the number of candidates validly nominated is equal to or less than the number of
vacancies to be filled by election no such list or ballot paper shall be sent.
(2) The member shall mark the ballot paper and return it in the envelope, which shall be sealed, to the Secretary
so as to reach the secretary at least three days before the date of election. The Secretary shall hand over
the sealed envelopes to the honorary scrutineers.
(3) The honorary scrutineers shall on the date of the election, open the envelopes, record and count the votes,
and submit the statement of votes to the President.
19. Determination of Election Results.–
(1) Such number of candidates as there are vacancies to be filled receiving the highest number of votes shall
be declared elected by the President in the annual general meeting. In the event of an equality of votes
between two or more candidates for the last vacancy, lots shall be drawn by the President in the presences
of the honorary scrutineers, and the candidate in whose favour lot is drawn shall be declared elected by the
President.
(2) If the number of candidates validly nominated in equal to or less than the number of vacancies to be filled
or if the number of candidates becomes equal to or less than the number of vacancies to be filled by reason
of death or cessation of membership of any one or more of the candidates before the date of election, then
such candidate shall be declared elected by the President.
20. Nomination.– Six weeks before the date of election, the Secretary shall request the Federal Government to
nominate members under clause (c) of sub-section 2 of Section 9.
[38] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

ELECTIONS TO THE COUNCIL


11. Date of Elections.–

21. Notifications of Election Results.–


(1) The Secretary shall send a list of successful candidates to all members of the Institute within one week of
the date of election
(2) The names of persons elected to the Council and also the names of persons nominated to the Council by
the Federal Government shall be published in the Gazette of Pakistan.

22. Disputes.–
(1) The aggrieved party referred to in the provision to sub-section 2 of section 10 shall address the application
to the Council and shall send it to the Secretary by registered post. Application not despatched within the
time-limit prescribed in the said provision shall be summarily dismissed and the aggrieved party informed
accordingly.
(2) If the Tribunal Orders its expenses to be borne by the Institute, the Institute shall pay to the Federal
Government or to the Tribunal, as may be directed by the Government in order appointing the Tribunal,
such expenses as have been assessed by the Tribunal.
23. Disciplinary Action Against Members in Relation to Election. –
A member shall be liable for disciplinary action by the Council if he adopts one or more of the following practices
with regard to the election to the Council namely: –
(1) Bribery, that is to say, any gift, offer or promise by any candidate or by any other person with connivance of
the candidate of any gratification to a person whomsoever with the object, directly or indirectly, of inducing:–
(a) a member to stand or not to stand as, or to withdraw from being a candidate at an election; or
(b) a member to vote or refrain from voting at an election o as a reward to
(i) a member for having so stood or not stood, or for having withdrawn his candidature or
(ii) a member for having voted or refrained from voting at an election.
Explanation:–
For the purposes of this clause, the term “gratification” is not restricted to pecuniary gratifications of
gratifications estimatable in money, but includes all forms of entertainment and all forms of employment for
reward; but it does not include the payment of any expenses bona-fide incurred at, or for the purpose of
election;
(2) Undue influence, that is to say, any direct or indirect interference or attempt to interfere, on the part of a
candidate or other person with connivance of the candidate, with the free exercise of any right relating to an
election;
Provided that a declaration of policy or a promise of a particular action or a mere exercise of a legal right without
intent to interfere with any such right shall not be deemed to be interference within the meaning of this clause;
(3) The publication of by a candidate or by any other person with the connivance of the candidate of any statement
of fact which is false, and which he either believes to be false or does not believe to be true, in relation to the
personal character or conduct of any candidate, or in relation to the candidature or withdrawal of any candidate,
being a statement reasonably calculated to prejudice the prospects of that candidate’s election;
(4) Obtaining or procuring or abetting or attempting to obtain or procure by a candidate or by any other person
with the connivance of the candidate, any assistance for the furtherance of the prospects of the candidates
election from any person serving under the Federal Government or the Provincial Government other than the
giving of vote by such person, if he is a member of the Institute entitled to vote;
(5) Receipt of or agreement to receive, any gratification whether as a motive or a reward:–
(a) by a member for standing or not standing as or withdrawing from being, a candidate; or
(b) by any member, for himself or any other person for voting or refraining from voting, or for inducting or
attempting to induce an elector to vote or refrain from voting, or a candidate to withdraw his candidature;
and
(6) Contravention or misuse of any of the provisions of this chapter or making of any false statement knowing it to
be false or without knowing it to be true while complying with any provisions of this chapter.”
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [39]

(1) The date fixed for the annual meeting of the Institute under these regulations in a
year in which election to the Council is due shall also be the date of election of
members to the Council under sub-section (1) of section 10 and shall be notified
as such to the members at least 70 days before that date together with a notice
starting the number of seats in the Council to be filled. Simultaneously, the Council
shall also decide and notify to the members date of balloting which shall be a
weekly holiday.
(2) The Council shall appoint three members who are not members of the Council to
act as Election Committee 1[for holding Council Elections], one of whom shall be
nominated as Chairman, simultaneously with fixing the dates of election and
balloting under Clause 1 above.
(3) The Election Committee, not later than 10 days from the date of notification of the
date of balloting shall, by notification, call upon the members to elect members of
the Council and shall specify therein:–
(a) a day, to be referred as nomination day, at least 20 days after the issue of
the notification, on or before which nomination of candidates is to be made;
(b) a day, at least one day after the nomination day, with time and place for the
scrutiny of nomination papers;
(c) a day, at least 15 days after the nomination day, on or before which
candidature may be withdrawn; 1
2[ ]
(e) a day for counting of votes.
12. Members entitled to vote.–
A member whose name stands entered in the Register on the date of 30 th June
immediately preceding the date of an election shall be entitled to vote in the election to
the Council provided that such a member shall cease to be so entitled if on the date of
the balloting his name stands removed from the Register, as a result of disciplinary
action.
13. Number of Persons to be elected.–
Subject to the provision of clause (b) of sub-section (2) of section 9, the number of
members to be elected to the Council shall be eight.
14. Qualifications of members to stand for election.–
Subject to the provisions of these regulations, a Fellow Member, who is entailed to vote
shall be eligible to stand for election.
15. List of voters.–

1 Word “and” appears to be missing. This happened due to the omission of sub-clause (d).
2 Sub-clause (d) omitted by S.R.O. 89(KE)/99 dated 30th July, 1999. Before omission, the said sub-clause read as follows:
“(d) a day, on or before which postal ballot papers should reach the Election Committee under Regulation 38; and”
[40] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

(1) At least 60 days before the date of balloting the Secretary shall notify to the
members:
(i) a list of the members residing in Pakistan with addresses, eligible to vote in
person mentioning therein the election station of the voter; and
1[ ]
(2) Objection to the list, or request for change in the station where the member will
prefer to vote, shall be made within 15 days of the issue of the voters list to the
Election Committee. The decision on the application will be communicated, by the
Election Committee within 10 days.
Explanation.– Subject to the provisions of these regulations, the address of a member
published in the list of voters shall be final for determining the manner in which he shall
be entitled to cast his vote.
16. Nominations.–
The nomination of a candidate shall be in the prescribed form “G” duly signed by the
candidate and by the proposer and the seconder both of whom shall be persons entitled
to vote and shall be forwarded by registered A. D. or 2Courier Service or hand delivery
to the Election Committee so as to reach it not later than 16.00 hours Pakistan standard
time on the nomination date.
17. Fee for election.–
3(1) A candidate for election shall pay, irrespective of the number of nominations, in
all a fee of 4[two thousand] rupees through a demand draft payable to the Institute
which shall be non-refundable.
18. Scrutiny of nominations.–
(1) The Election Committee shall scrutinize the nomination papers of all the
candidates and shall endorse on each nomination paper its decision whether it
accepts or rejects the nomination.
(2) The Election Committee shall record in brief the reasons for rejecting a
nomination.
(3) The Election Committee shall reject a nomination if it is satisfied that:
(a) the candidate was ineligible to stand for election; or
(b) the proposer or the seconder was not qualified to subscribe to the
nomination paper; or

1 Sub-clause (ii) omitted by S.R.O. 89(KE)/99 dated 30th July, 1999. Before omission the said sub-clause read as follows:
“(ii) a list of members outside Pakistan with addresses, eligible to vote by postal ballot.”
2 May be read as “courier service”.
3 Numbering appears to be superfluous as there is no further clause to this regulation.
4 Substituted for “one thousand” by S.R.O. 89(KE)/99 dated 30th July, 1999.
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [41]

(c) the signature of the candidate or the proposer or the seconder was not
genuine, or had been obtained by force or fraud; or
(d) there had been a failure to comply with provisions of Regulation 16 above; 1
(e) the prescribed 2Fee for election has not been paid.
3PROVIDED THAT:
the rejection of a nomination paper by reason of any irregularity in respect of that
nomination paper shall not invalidate the nomination of a candidate by any other
valid nomination paper.
(4) If a propose or a seconder incurs any disability by reason of the operation of the
provisions of the Act or these regulations subsequent to the date of signing the
nomination, it shall not invalidate the nomination paper.
(5) In case where a nomination paper or more than one nomination papers were filed
and one or more of each nomination papers of a candidate has or have been
rejected, the Election Committee shall give notice of its decision together with a
brief statement of its reasons therefor to the candidate concerned by registered
post or courier service within 5 days of the nomination date.
(6) A candidate whose nomination has been rejected may within 7 days of the issue
of the communication, 4[prefer an appeal] to the President whose decision shall
be final and will be made within 3 days. Such appeal shall be sent under registered
cover or through courier service or by hand delivery. Appeal not preferred within
the time-limit shall be summarily rejected.

19. Preparation of list of valid nominations.–

(1) The Election Committee shall, after the scrutiny of nomination papers prepare a
list of validly nominated candidates and cause a copy of the list to be sent by
registered post or courier service to each candidate within 5 days of the
nomination date.

(2) The list shall contain full names in alphabetical order and Membership Number of
validly nominated candidates.

20. Withdrawal of candidature.–

(1) Any validly nominated candidate may withdraw his candidature by notice in writing
subscribed by him and delivered to the Election Committee before 16:00 hours,
Pakistan standard time on the withdrawal date.

1 Word “or” appears to be missing in the Gazette.


2 May be read as “fee”.
3 May be read as “Provided that”.
4 Substituted for “prefer and appeal” by S.R.O. 89(KE)/99 dated 30th July, 1999.
[42] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

(2) A notice of withdrawal under sub-regulation (1) shall, in no circumstances, be


open to cancellation.

21. Intimation of final list of nominations to voters.–


The Election Committee shall omit from the list of validly nominated candidates the
names of candidates who have withdrawn their candidature and send the final list of
such candidates, 1[hereinafter referred to as contesting candidates], to all the
candidates and voters by registered post 2[or by officially provided email and by hosting
on the website] at least 30 days before the date of balloting.

22. Death or cessation of membership of a candidate.–


(1) If a validly nominated candidate who has not withdrawn his candidature dies or
otherwise ceases to be a member before the date of election, the election shall
be conducted among the remaining candidates.
(2) The votes cast in favour of any such candidate shall be ignored for counting
purposes.

23. Uncontested election, etc.–


3(1) Where after the scrutiny under Regulation 18 or after the withdrawal under
Regulation 20 the number of validly nominated candidates remains equal 4 or less
than the number of members to be elected or where the number of candidates
becomes equal to or less than the number of members 5one or more candidates
before the date of election, such candidates shall be deemed to have been elected
and the Election Committee shall declare such candidates to be elected.

24. Admissible number of votes to a voter.–


A voter shall have as many number of votes as the number of vacancies to be filled in
but shall neither give more than one vote to anyone candidate nor shall give votes more
than or less than the number of vacancies to be filled in.
Explanation: For example, if the number of vacancies is eight, if votes are given to 7 or
a smaller number of candidates, the vote shall become invalid. Similarly, if votes are
given to 9 or a greater number of candidates, it will become invalid.

25. Mode of election.–


The election shall be by poll and a voter shall cast his vote in person at an election
station set up for the purpose 6[or] 7[shall be able to cast their votes remotely online via
the web-based voting portal].

1 Substituted for “hereinafter referred to contesting candidates” by S.R.O. 89(KE)/99 dated 30th July, 1999.
2 Words etc., inserted by S.R.O. 1020(I)/2014 dated 11th November, 2014.
3 Numbering appears to be superfluous as there is no further clause to this regulation.
4 Word “to” appears to be missing in the Gazette.
5 May be read as “to be elected” for “one or more candidates”.
6
Substituted for the words etc., “except that overseas members” by S.R.O. 1723(I)/2023 dated 22nd November, 2023
7 Substituted for “where he is allowed to cast his vote by post” by S.R.O. 1020(I)/2014 dated 11th November, 2014.
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [43]

26. Election stations.–


The Election Committee shall set up such number of election stations in addition to
election 1station at Islamabad, Lahore, Karachi, Peshawar and Quetta at such places
as it may deem necessary:
Provided that no election station shall be set up in any city which is within 125 Kilo
Metres from an election station and is having less 2then twenty-five voters, according to
their addresses as given in the list of members eligible to vote.
27. Election Officer.–
(1) The Election Committee shall appoint an Election Officer for each election station,
who is neither a candidate nor proposer or seconder.
(2) The Election Officer shall, in addition to performing the duties imposed upon him
by these regulations 3 be in general charge of all arrangements at the election
station and may issue orders as to the manner in which persons shall be admitted
to the election station and generally for the preservation of peace and order at or
in the vicinity of the election station.
(3) The Election Officer will be nominated at-least 30 days before the election date.
(4) The Election Officer will cast his/her vote at the station of posting.
4[28. Secret Chamber.–
There shall be a secret chamber or chambers, equipped with ballot papers and
computers having computerized voting, at each election station for casting votes by
voters in person, and an online web-based voting portal for 5[the] members casting votes
remotely.

29. Ballot Paper.–


(1) The ballot paper, computerized voting for casting votes in person, and the online
web-based voting portal 6[ ] shall display a list of the candidates validly nominated.

1 May be read as “stations”.


2 May be read as “than”.
3 Comma “,” appears to be missing in the Gazette.
4 Regulations 28 and 29 substituted by S.R.O. 1020(I)/2014 dated 11th November, 2014. Before substitution, the regulations
read as below:
“28. Secret Chamber.– There shall be a secret chamber or chambers at each election station for casting votes by
voters.”
“29. Ballot Paper.–
(1) The ballot paper shall contain a list of the candidates validly nominated and shall bear the seal of the election
committee.
(2) The ballot papers would be dispatched to the election officer at least ten days before the voting day.
(3) The number of ballot papers to be dispatched to an election station shall be equal to the number of voters
in that station:
Provided that one extra ballot paper will be dispatched if the election officer of that station is not a voter of
that station and the number of ballot papers to be dispatched to the station of that election officer will be
reduced by one ballot paper.”
5 Substituted for the word etc., “overseas” by S.R.O. 1723(I)/2023 dated 22nd November, 2023
6 Omitted the words etc., “for overseas members” by SRO 1723(I)/2023 dated 22nd November, 2023
[44] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

In addition to this, the ballot paper shall bear the seal of the election committee,
while the computerized voting for casting votes in person and the online web-
based voting portal for overseas members shall bear the endorsement of
concerned officer of the Institute.
(2) The ballot papers and computerized voting for voting in person shall be
dispatched to the election officer at least ten days before the voting day and the
online web-link for the online web-based voting portal 1[ ] shall be emailed to the
e-election officer at least five days before the voting day.
(3) The number of ballot papers for physical voting to be dispatched to an election
station shall be equal to the number of voters in that station:
Provided that one extra ballot paper for physical voting shall be dispatched if the
election officer of that station is not a voter of that station and the number of ballot
papers for physical voting to be dispatched to the station of that election officer
shall be reduced by one ballot paper for physical voting.
30. Presence of the candidates and their authorized representatives at the election
stations.–
(1) A contesting candidate shall be entitled to be present at the election station or
stations.
(2) A contesting candidate may, before the commencement of the poll, appoint for
each polling booth at an election station two polling agents, who shall be members
of the Institute but only one of them shall be entitled to be present at a time on his
behalf at that particular polling booth.
(3) No appointment of a polling agent shall be valid unless the candidate has issued
a letter of authority to such polling agent and that letter shall contain the full name,
membership number, address of the polling agent and the name of the polling
booth of an election station at which he is authorized to be present. Copies of the
letter of authority must be delivered to the Election Committee and Election Officer
at-least seven days before the voting day.
31. Voting to be in person and not by proxy.–
Voting shall be by ballot and 2[a] voter desiring to record his vote shall do so in person
3[orcast their votes remotely online via web-based voting portal] and not by proxy 4[ ].
32. Assistants to Election Officer.–
The Election Officer may appoint such person as he thinks fit to assist him in carrying
out his duties under these Regulations.
5[33. Identification of voters.–

1 Omitted the words etc., “for overseas members” by SRO 1723(I)/2023 dated 22nd November, 2023
2 Inserted by S.R.O. 89(KE)/99 dated 30th July, 1999.
3 Words, etc., inserted by SRO 1723(I)/2023 dated 22nd November, 2023
4 Words “except the persons mentioned in Regulation 37” deleted by S.R.O. 89(KE)/99 dated 30th July, 1999.
5 Regulation 33 substituted by S.R.O. 1020(I)/2014 dated 11th November, 2014. Before substitution, the regulation read as
below:
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [45]

(1) Every person claiming to be a voter shall be required to sign the copy of the list of
members eligible to vote, or in the case of 1[casting their votes remotely online via
web-based voting portal] overseas members, log-in to the online web-based
voting portal using the log-in information, provided by the Election Committee.
(2) At any time before a ballot paper is delivered to a person claiming to be a voter or
he is allowed to proceed to the secret chamber to cast his vote through the
computerized voting, the election officer or a person appointed by him may of his
own accord, if he has reason to doubt the identity of the person or his right to vote
at the polling booth, and shall, if so required by a candidate or his polling agent,
satisfy himself in any manner as he may deem advisable as to his identity.
(3) In case of 2[a] voter using the online web-based voting portal, an email or SMS
containing a user-name and password provided by the Institute will be a proof of
identity that he is an eligible voter whose identity has been verified electronically.
(4) If the election officer 3of a person appointed by him is not satisfied as to identity
of the person physically present and claiming to be a voter, he may refuse to allow
such person to vote in the election.
(5) In case permission to vote is refused to a person physically present to vote the
reasons for refusal shall be recorded and objections to such refusal if made in
writing, shall also be taken on record.]
4[34. Record to be kept by the Election Officer.–
(1) The Election Officer or any person appointed by him shall, at the time of delivery
of the ballot paper or grant of permission to vote electronically through the
computerized voting, place a mark against the name of the voter in the list of
members eligible to vote to denote that voter has received a ballot paper.
(2) Similarly, the Election Officer shall, through customized software, monitor the
online web-based voting portal for 5[the members casting their votes remotely
online via web-based voting portal] including the log-sheet containing the time of

“33. Identification of voters.–


(1) Every person claiming to be a voter shall be required to sign the copy of the list of members eligible to vote provided
by the Election Committee.
(2) At any time before a ballot paper is delivered to a person claiming to be a voter, the election officer or a person
appointed by him may, of his own accord, if he has reason to doubt the identity of the person or his right to vote at
the polling booth, and shall, if so required by a candidate or his polling agent, satisfy himself in any manner as he
may deem advisable as to his identity.
(3) If the election officer of a person appointed by him is not satisfied as to identity of the person claiming to be a voter,
he may refuse to allow such person to vote in the election.
(4) In case permission to vote is refused the reasons for refusal shall be recorded and objections to such refusal if made
in writing, shall also be taken on record.”
1 Substituted for the words “overseas members” by SRO 1723(I)/2023 dated 22nd November, 2023
2 Substituted for the words “an overseas” by SRO 1723(I)/2023 dated 22nd November, 2023
3 May be read as “or”.
4 Regulation 34 substituted by S.R.O. 1020(I)/2014 dated 11th November, 2014. Before substitution, the regulation read as
below:
“34. Record to be kept by the Election Officer.– The Election Officer or a person appointed by him shall, at the time of
delivery of the ballot paper, place a mark against the name of the voter in the list of members eligible to vote to
denote that voter has received a ballot paper.”
5 Substituted for the words “overseas members” by SRO 1723(I)/2023 dated 22nd November, 2023
[46] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

sign-in and casting of vote by 1[such members], and ensure that the user-name
and password used to sign-in shall become defunct immediately thereafter.]
2[35. Manner of recording of votes after receipt of ballot papers.–
(1) On receiving the ballot paper, or the permission to vote using the computerized
voting at the election station, the voter shall forthwith proceed into secret chamber
set apart for the purpose and shall record his votes on the computer screen by
pressing the button or icon containing the names of the candidates of his choice
and then pressing the “Done” button or icon, or in case of ballot paper by marking
cross (x) in the box opposite the names of the candidates of his choice, folding it,
leaving the secret chamber and inserting the ballot paper in the ballot box
provided for the purpose in the presence of the election officer or a person
appointed by him.
(2) Where any ballot paper, which was delivered to a voter, is found, with or without
any writing thereon, or where the computer screen is left on without pressing the
“Done” button or icon on the secret chamber, it shall be treated as cancelled.]
36. Procedure at the Election Station.–
(1) Polling booth or booths at an election station shall be kept open on the date of
balloting from 10.00 hours to 18.00 hours with one hour break, if necessary, at
the discretion of the Election Officer.
(2) The Election Officer shall close the polling booth or booths at an election station
at the end of the day, at the hour appointed under clause (1) and no voter shall
be admitted thereto after that hour.
(3) No person shall be given any ballot paper or be permitted to vote after the hour
fixed for the close of the poll, except the persons present within the building, tent,
room or enclosure in which the polling station is situated and have not voted but
are waiting to vote.
(4) The election officer or the person appointed by him shall, as soon as practicable
after the close of the poll, in the presence of any candidates or their polling agents
who may be present, open the ballot box(es) and count the total number of votes
cast, the number of valid and invalid ballot papers as well as the number of votes
cast in favour of each candidate and shall prepare a statement hereof 3[including
the votes cast using the computerized voting].
(5) Any candidate or his polling agent may sign the statement if he so desires.

1 Substituted for the words etc., “each overseas member” by SRO 1723(I)/2023 dated 22nd November, 2023
2 Regulation 35 substituted by S.R.O. 1020(I)/2014 dated 11th November, 2014. Before substitution it read as below:
“35. Manner of recording of votes after receipt of ballot paper.–
(1) On receiving the ballot paper, the voter shall forthwith proceed into secret chamber set apart for the purpose and
shall record his votes on the ballot paper by marking cross (x) in the box opposite the names of the candidates of
his choice, fold it and leave the secret chamber and insert the ballot paper in the ballot box provided for the purpose
in the presence of the election officer or a person appointed by him.
(2) Where any ballot paper, which was delivered to a voter, is found, with or without any writing thereon, on the secret
chamber, it shall be treated as cancelled.”
3 Words etc., inserted by S.R.O. 1020(I)/2014 dated 11th November, 2014.
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [47]

(6) The Election Officer or a person appointed by him shall give a copy of the
statement to the candidates or their polling agents on a written request.
Thereafter, the Election Officer or a 1persons appointed by him in the presence of
a candidate or candidates or their polling agents who may be present shall seal
the ballot boxes with his own seal and the seals of such candidates or polling
agents as he may desire 2[and preserve the electronic file showing the total count
of votes on the computerized voting].
3[37.]
4[38.]
5[39.]
6[40.]

41. Grounds for declaring ballot papers invalid.–


A ballot paper shall be declared invalid if:–
(a) a voter signs his name or writes any word or figure upon it or makes any mark
upon it by which the ballot paper becomes recognizable or by which the voter can
be identified; or
(b) it does not bear the seal of the Election Committee; or
(c) no cross is marked on it at all; or
(d) the number of candidates against whose names cross is marked is more than or
less than the number of votes the voter is entitled to cast, or
(e) it is unmarked or void for uncertainty.
42. Appointment of time and place for the counting of votes.–
The Election Committee shall appoint time and place for the final counting of votes and
shall also give notice of such time and place in writing to all the contesting candidates.
43. Presence of candidates at the time of counting of votes.–

1 May be read as “person”.


2 Words etc., inserted by S.R.O. 1020(I)/2014 dated 11th November, 2014.
3 Regulation 37 deleted by S.R.O. 89(KE)/99 dated 30th July, 1999. Before deletion, the regulation read as below:
“37. Eligibility to vote by post.– A member who is residing……..at least thirty days before the date of balloting the
Election Committee shall send by registered post to the voters eligible to vote by post, the ballot papers, POSTAL
BALLOT, in red ink on top and the size should be one inch by two inch together with an envelope for returning the
ballot paper, a letter explaining the manner in which the vote shall be recorded thereon, and shall specify the date
and hour by which it should reach the Election Committee.”
4 Regulation 38 deleted by S.R.O. 89(KE)/99 dated 30th July, 1999. Factually this regulation did not exist in S.R.O. M-12/96
dated 13th August, 1996.
5 Regulation 39 deleted by S.R.O. 89(KE)/99 dated 30th July, 1999. Before deletion, the regulation read as below:
“39. Ballot papers to be returned after recording votes thereon.– A voter on receiving his ballot paper sent under
Regulation 38 may record his vote thereon as specified in Regulation 24, and send it to the Election Committee so
as to reach it before the time specified in this behalf. The envelope containing the ballot paper must be posted from
the country of residence.”
6 Regulation 40 deleted by S.R.O. 89(KE)/99 dated 30th July, 1999. Before deletion, the regulation read as below:
“40. Issue of undelivered and fresh ballot papers.– Where a ballot paper and other connected papers sent by post
under Regulation 38 are lost or damaged in transit or for any reason returned undelivered, the Election Committee
may reissue them by registered post or deliver them or cause them to be delivered to the voter on his applying for
the same, if it is satisfied with the reasons for such loss, damage or return.”
[48] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

Every contesting candidate shall be entitled to be present in person or to appoint a


member as a representative to be present on his behalf at the time of the final counting
of votes.
44. Counting of votes.–
On the date notified for counting of votes and at the time and place appointed for the
purpose, 1The Election Committee shall:
2[ ]
(b) allow the contesting candidates and their authorized representatives present at
the counting an opportunity to inspect the ballot boxes and packets containing the
relevant papers received from the election officers and their seals for satisfying
themselves that they are in order; and
(c) Proceed as follows:
(i) if it is satisfied that the ballot boxes and packets containing the relevant
papers which have been received are in order, it shall take up the counting
of the ballot papers contained in the ballot boxes and to these shall be
added the 3[votes recorded by the computerized voting available at each
election station and the votes recorded by the online web-based voting
portal] 4[ ]];
(ii) if it finds that any of the ballot boxes has been tampered with, it shall not
count the ballot papers contained in such boxes for the purpose of election,
but shall keep a record of such ballot papers for the purpose of election
petitions, if any;
(iii) the ballot papers shall be examined and the invalid ballot papers shall be
rejected;
(iv) it shall then count the number of votes 5[, including the votes recorded using
the computerized voting available at each election station and the online
web-based voting portal] 6[ ]] cast in favour of each candidate and submit
the statement of votes to the President.
45. Such number of candidates as there are vacancies to be filled receiving the highest
number of votes shall be declared elected by the President in the Annual General
Meeting. In the event of an equality of votes between two or more candidates for the
last vacancy or vacancies, lots shall be drawn by the President and the candidates in
whose favour lot is drawn shall be declared elected.

1 May be read as “the”.


2 Clause (a) of Regulation 44 omitted by S.R.O. 89(KE)/99 dated 30th July, 1999. Before deletion, the clause read as below:
“(a) open the cover containing the postal ballot papers received by it under Regulation 39, take out the ballot papers from
each cover and record the number thereof in statement; and shall make a separate packet of these postal ballot
papers;”
3 Substituted for “postal ballot papers” by S.R.O. 1020(I)/2014 dated 11th November, 2014.
4 Omitted the words “for overseas members” by SRO 1723(I)/2023 dated 22nd November, 2023
5 Words, etc., inserted by S.R.O. 1020(I)/2014 dated 11th November, 2014.
6 Omitted the words “for overseas members” by SRO 1723(I)/2023 dated 22nd November, 2023
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [49]

46. Nominations.–
Six weeks before the date of election, the Secretary shall request the Federal
Government to nominate members under clause (c) of sub-section 2 of Section 9.
47. Notification of results.–
(1) The names of all the candidates declared elected shall be officially notified by the
Election Committee to the candidates and members of the Institute within 15 days
of the date of election.
(2) The names of persons elected to the Council and also name of persons
nominated to the Council by the Federal Government shall be published in the
Gazette of Pakistan.
48. Election not to be invalid due to accidental omission, etc.–
No election shall be deemed to be invalid merely by reason of any accidental irregularity
or informality in the conduct of the election including accidental omission to send or
delay in sending the ballot paper to a voter or the accidental non-receipt of, or delay in
receipt of a voting paper by a voter or accidental delay or any change in the election
schedule necessitated on account of any circumstances beyond control.
49. Disciplinary action against a member in connection with conduct of election.–
(1) A member shall be liable to disciplinary action by the Council if he adopts one or
more of the following practices with regard to the election to the Council, namely:–
(a) Canvassing 1[, in violation of defined procedures,] done by a candidate
directly or indirectly through others for his/her election.
2[Explanation.–For the purpose of this clause, the term canvassing includes
holding election meetings and/or paying/providing for meals and
refreshment to other members and projecting himself through banners,
posters and badges either personally and/or through supporters but
excludes contacting individual voters individually or through letters and
circulars.]
(b) Bribery that is to say, any gift, offer or promise of any gifts or gratification to
any person by a candidate or any other person, with his connivance, with
the object, directly or indirectly, of:–
(i) inducing a member to stand or not to stand as a candidate at an
election or rewarding him for such an act or omission; or
(ii) inducing a member to withdraw his candidature or rewarding such
withdrawal; or

1 Words, etc., inserted by S.R.O. 1020(I)/2014 dated 11th November, 2014.


2 Explanation substituted by S.R.O. 89(KE)/99 dated 30th July, 1999. Before substitution, it read as below:
“Explanation:– For the purpose of this clause, the term canvassing, includes contacting voters, letter, circulars and/or holding
election meetings and/or paying/providing for meals and refreshment to other members and projecting himself through
banners, posters and badges either personally and/or through supporters.”
[50] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

(iii) inducing a voter to vote or not to vote at an election, or rewarding for


such an act or omission.
Explanation.– For the purpose of this clause, the term gratification is not
restricted to pecuniary gratification or gratifications estimable in money but
it includes all forms of entertainment and all forms of employment of
rewards, but it does not include the payment of any bona-fide expenses
incurred at, or for the purpose of election;
(c) Undue influence, that is to say, any direct or indirect interference or attempt
to interfere on the part of a candidate or by any other person, with his
connivance, with the free exercise of any electoral rights.
(d) The publication by a candidate or by any other person, with his connivance;
of any statement of fact which is false, and which he either believes to be
false or does not believe to be true or in relation to the personal character
or conduct of any candidate or in relation to the candidature or withdrawal
of any candidate, being a statement reasonably calculated to prejudice the
prospects of that candidate’s election.
(e) The obtaining or procuring or abetting, or attempting to obtain or procure by
a candidate or by any other person, with his connivance, any assistance of
the furtherance of the prospects of the candidates’ election from any person
serving under the Government of Pakistan or the Government of any of the
Provinces other than the giving of vote by such person, if he is a member
entitled to vote.
(f) The hiring of procuring, whether on payment or otherwise, of a vehicle by a
candidate or by any other person, with his connivance, for the conveyance
of voters.
(g) The receipt by a member, or an agreement by a member, to receive any
gratification:–
(i) as an inducement or reward for standing or not standing as
candidate; or
(ii) as an inducement or reward for withdrawing his candidature ; or
(iii) as an inducement or reward for himself or any other person for voting
or refraining from voting ; or
(iv) as an inducement or reward for inducing or attempting to induce any
voter to vote or refrain from voting; or
(v) for inducing or attempting to induce any candidate to withdraw his
candidature; or
(h) Contravention or misuse of any of the provisions of this chapter or making
of any false statement knowing it to be false while complying with any of the
provisions of this chapter.
50. Election disputes.–
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [51]

(1) The aggrieved party referred to in the provision to sub-section 12 of section 10


shall address the application to the Council and shall send it to the Secretary by
registered post. Application not dispatched within the time-limit prescribed in the
said provision shall be summarily dismissed and the aggrieved party informed
accordingly.
(2) If the Tribunal orders its expenses to be borne by the Institute, the Institute shall
pay to the Federal Government or to the Tribunal, as may be directed by the
Government in the order appointing the Tribunal, such expenses as have been
assessed by the Tribunal.]

CHAPTER – IV
MEETINGS AND PROCEEDINGS OF THE COUNCIL
2[51. Meetings of the Council.–
The first meeting of a Council shall be held within one month of the date of its being
constituted and thereafter it shall meet at least once in every three months at such time
and place as the President may determine.
52. Notice of Council Meeting.–
Notice of the time and place of the intended meeting shall be sent at the registered
address of every member of the Council not less than ten days before such meeting
and such notice shall so far as practicable, contain a statement of the business to be
transacted at such meeting:
Provided that, in case of urgency, a meeting may be summoned to meet any time by
the President who shall inform the members of the subject matter to be considered at
the meeting and the reasons for which he considers the matters to be urgent.
53. Special Meeting.–
On a requisition in writing by at least one-third of the members of the Council for the
time being, the President shall call a special meeting within three weeks of the receipt
of such requisition.
54. Presiding over Meeting.–
Meetings of the Council shall be presided over by the President, and in his absence, by
the Vice-President, and in the absence of both the President and the Vice-President, by
the person elected by the members of the Council present from amongst themselves.
55. Quorum at Meeting.–
Five members present in person shall constitute quorum for a meeting of the Council. If
quorum is not available within half an hour from the time appointed for the meeting, the

1 May be read as “(2)”.


2 Existing Regulations 24 through 119 renumbered as Regulations 51 to 146 by S.R.O. M-12/96 dated 13th August, 1996.
[52] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

meeting shall stand adjourned to such future time and date as the person presiding may
appoint:
Provided that where a meeting has been adjourned for want of quorum, any business
which was intended to be transacted at the original meeting may be transacted at such
adjourned meeting, notwithstanding that there is no quorum 1[:]
2[Provided further that all of such Council Members may be eligible for any honoraria,
allowances or reimbursement of their incurred expenses, as determined by the Council,
if they attended the meeting.]
56. Adjournment of Meeting.–
Subject to the provisions of the Regulations the person presiding over a meeting of the
Council may, with the consent of majority of the members of the Council present, adjourn
the meeting from time to time and from place to place, but no business shall be
transacted at an adjourned meeting other than the business left un-finished at the
previous meeting. No notice shall be necessary for holding an adjourned meeting,
unless it be so decided by the Council at the time of adjourning the meeting.
57. Procedure for Transaction of Business.–
Business of the Council shall be transacted at meeting of the Council.
58. Passing of Resolution at a Meeting.–
At meeting of the Council and in the event of difference of opinion the vote of the majority
shall prevail unless otherwise required by the Act or these Regulations and, in the event
of equality of votes, the presiding officer shall have and exercise a second or casting
vote.
59. Record of Minutes.–
Proper minutes shall be kept of the proceedings of the meetings of the Council and shall
contain every resolution passed and decision taken at each meeting. The minutes shall
be signed by the person presiding over the meeting or the meeting held next thereafter,
and the minutes so signed shall be sufficient evidence on the matters stated therein.
60. Absence of Member of the Council.–
(1) Before a member of the Council leaves Pakistan for a period exceeding sixty days,
he shall intimate to the Council the date of his departure from, and the date of his
expected return to Pakistan and shall either tender his resignation or apply to the
Council for leave of absence. On receipt of such application the Council may in
its discretion grant leave of absence.
(2) If any member leaves Pakistan for a period exceeding sixty days without making
either of the courses mentioned in sub-regulation 31 and his absence from
Pakistan results in his absence from three consecutive meetings of the Council,

1 Full stop substituted by S.R.O. 1723(I)/2023 dated 22nd November, 2023

2 Proviso inserted by S.R.O. 1723(I)/2023 dated 22nd November, 2023


3 May be read as “(1)”.
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [53]

he shall be liable to be declared by the Council, under sub-section 12 of section


12, to have been absent without sufficient excuse from such meetings.
(3) If any member, while in Pakistan, fails to attend the Council or any Standing
Committee’s meeting, for consecutive three occasions without information he
shall cease to be the member of the Council or Standing Committee as the case
may be.

CHAPTER – V
MEETINGS AND PROCEEDINGS OF THE INSTITUTE
61. Annual General Meeting.–
The annual general meeting of the Institute for transacting the ordinary annual business
of the Institute, namely the election of members of the Council when due, appointment
of auditors, the acceptance and consideration of the annual report of the Council and
the accounts of the Institute with the 2auditors report thereon shall be held in Karachi or
elsewhere in Pakistan on such day of the year as the Council may from time to time
appoint:
Provided that annual general meeting shall be held in every calendar year and not more
than fifteen months after the holding of the last preceding general meeting.
62. Special Meeting.–
The Council may whenever it thinks fit convene a special meeting of the Institute and
shall do so within four weeks from the receipt by the Secretary of a requisition in writing
signed by not less than one fifth of the total number of members and stating the object
of the proposed meeting.

63. Notice of Meeting.–


The Secretary shall not less than fourteen days before any annual or special meeting of
the Institute, send to each member a notice giving the day, hour and place of the meeting
and the business to be transacted there. In the case of the annual general meeting the
Secretary shall send to each member with such notice a copy of the annual report of the
Council and a copy of the accounts of the Institute with the 3auditors report thereon and
particulars of the motions to be brought before the meeting. The non-receipt by a
member of such notice or of any of the aforesaid documents shall not invalidate the
proceedings of the meeting.
64. Notice of Motion to be given.–

1 May be read as “(2)”.


2 May be read as “auditors’”.
3 May be read as “auditors’”.
[54] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

A member wishing to bring before an annual general meeting a motion relating to a


matter affecting the Institute or the profession of cost and management accountancy but
not relating to the ordinary annual business of the Institute may do so if he has given or
sent to the Secretary, a notice in writing of the proposed motion duly endorsed by five
other members entitled to vote at the meeting, at least 7 days before the meeting.
65. Presiding over Meeting.–
Meeting of the Institute shall be presided over by the President or in his absence by the
Vice-President, or in the absence of the both, by the person elected by the members
from amongst the members of the Council present, or in the absence of all of them from
among the members present.
66. Quorum at Meeting.–
Ten members present in person shall constitute quorum for a meeting of the Institute. If
quorum is not available within half an hour from the time appointed for the meeting, the
meeting shall stand adjourned to such future time and date as the person presiding may
appoint.
67. Adjournment of Meeting.–
Subject to the provisions of these regulations the person presiding over meeting of the
Institute may, with the consent of the majority of the members present, adjourn the
meeting from time to time and from place to place, but no business shall be transacted
at any adjourned meeting other than the business left unfinished at the previous
meeting. No notice shall be necessary for holding an adjourned meeting unless it be so
decided in the meeting at the time of adjournment.
68. Voting at Meeting and Demand for Poll.–
Subject to the fulfilments of the regulations regarding elections to the Council every
resolution and amendment proposed in a meeting of the Institute shall be put to the
meeting by the person presiding over the meeting and decided by majority of members
present and entitled to vote by a show of hands and in the event of an equality of votes
the person presiding shall have and exercise a second or casting vote. The declaration
of the person presiding as to the decision of the meeting shall be final. On such a
declaration being made a poll of all members may be demanded in writing by at least
four members present in person and entitled to vote at the meeting.

Provided always that no poll may be demanded as to the election of the President, the
appointment of Honorary Scrutineers or the adjournment of a meeting.

69. Appointment of Scrutineers.–

At every meeting of the Institute at which poll is demanded, the meeting shall appoint
two members as honorary scrutineers.

70. Procedure when Poll is Demanded.–


ICMA Pakistan Cost and Management Accountants Regulations, 1990 [55]

On a poll being so demanded the person presiding shall forthwith, or as soon as may
be reasonably practicable after the conclusion of the meeting at which the poll is
demanded the resolution or amendment in the form of proposition, which in his opinion
will be most suitable to ascertain the sense of the members upon the substance of such
resolution or amendment, and upon the manner of so stating the resolution or
amendment, the decision of the person presiding shall be final. The voting paper setting
out the propositions, so stated, together with an envelope and all necessary directions,
shall within fourteen days after the meeting be issued by the Secretary to the members
entitled to vote at the meeting at which the poll was demanded. The members shall send
the said voting papers duly completed to the Secretary sealed in the envelopes provided
for such purpose so as to reach him on or before the twenty-first day after the day on
which the said voting paper was sent to him. The Secretary shall hand over the sealed
envelopes, to the honorary scrutineers.

71. Result of Poll.–

(1) The honorary scrutineers shall, within forty-eight hours from the last date fixed for
the return of the voting papers, submit a report to the person presiding at the
meeting at which the poll was demanded detailing:–

(a) the result of the voting, and

(b) the votes rejected and the reasons for such rejection.

(2) The person presiding shall send a copy of the report to each member as soon as
practicable and in the event of an equality of votes, he shall exercise a second or
casting vote, and convey to the members the manner in which his casting vote
has been exercised. The report of the honorary scrutineers as to the result of the
voting, along with the casting vote, if any, shall be conclusive.

72. Demand for Poll not to Prevent other Business.–

The demand for a poll at a meeting shall not prevent the transaction of any business
other than that on which the poll has been demanded or any business directly dependent
thereon.

73. Minutes of Meeting.–


Proper minutes shall be kept of the proceedings of a meeting of the Institute and shall
contain result of election to the Council 1 every resolution passed and decision taken at
the meeting. The minutes shall be signed by the person presiding over the meeting or
the meeting held next thereafter and the minutes so signed shall be sufficient evidence
on matters stated therein.

1 Comma appears to be missing in the Gazette.


[56] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

CHAPTER – VI
STANDING AND OTHER COMMITTEES
74. Functions of Executive Committee.–
The Executive Committee shall perform the following functions namely:–
(a) Maintenance of the office of the Council;
(b) Employment of the necessary staff on terms and conditions as it may deem fit;
suspension and discharge of staff;
(c) Maintenance of true and correct accounts of all receipts and payments on behalf
of the Council and the matter in respect of which such receipts and payments take
place and of the property, securities, debts, funds and liabilities of the Institute;
(d) Maintenance of the Register;
(e) Custody of the property, assets and funds of the Institute;
(f) Investment of the spare funds of the Institute in securities approved by the
Council;
(g) Disbursements from the funds of the Institute on account of expenditure from the
income or the capital;
(h) Entry or removal from and restoration to the Register of Members of names of
members, cancellation of Certificates of Practice, issue of certificates of
membership, publication of list of members and issue of journal; and
(i) Any other function delegated to it by the Council.
Provided, however, that the Council may, by a resolution, lay down restrictions of any
form on the Executive Committee’s authority to incur expenditure or remit revenue and
may in a like manner delegate specific financial powers to the honorary office bearers,
Branch Councils or the employees of the Institute.

75. Education Committee.–


(1) The Council shall at its first meeting nominate five of its members, including the
President, to constitute the Education Committee.
(2) The Education Committee shall perform the following functions, namely:–
(a) Registration of students;
(b) Maintenance of the register of students and such other registers as may be
considered necessary;
(c) Provision of facilities to registered student to obtain coaching in the subjects
in which he is to be examined by the Council;
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [57]

(d) According recognition to coaching institutions for preparation of candidates


for the examinations of the Institute subject to such conditions as it may
deem fit;
(e) Arrangements for training of candidate sent by Department of the Federal
or Provincial Government, Chamber of Commerce or any other public or
private organisation and to do all things in connection therewith;
(f) Purchase of books, magazines, equipments and the like for the Library of
the Institute and arranging for its proper running and maintenance;
(g) Suggesting to the Council from time to time modifications to the existing
syllabi for the qualifying examinations of the Institute and recommending
the suitable books for the guidance of candidates; and
(h) Any other function delegated to it by the Council.

76. Examination Committee.–


(1) The Council shall at its first meeting nominate five of its members, including the
President, or the Vice-President, to constitute the Examination Committee.
(2) The Examination Committee shall perform the following functions namely:–
(a) All the functions of the Council in regard to holding of the examinations,
admissions thereto, appointment and selection of examiners, assistant
examiners, superintendents of examinations and others, and dealing with
other matters arising out of the holding of examinations, including the
declaration of result;
(b) Maintenance of proper standard of conduct at examinations; and
(c) Any other function delegated to it by the Council.

77. Disciplinary Committee.–


It shall perform the functions assigned to it under the regulations and any other function
delegated to it by the Council.

78. Council to have Power of Review.–


Notwithstanding anything contained in this Chapter, the Council shall have the power to
review decisions of standing or other committee.
79. Terms of Office of Members of Committee.–
A nominated member of a standing committee shall hold office for one year from the
date of his nomination and he shall be eligible for re-nomination for a similar term.
80. Meetings of the Committee.–
The Chairman of a standing or other committee may at any time and shall on requisition
by any two members of the committee, call meeting of the committee.
[58] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

81. Notice of Meeting.–


Notice of meeting of a standing committee shall be served in the manner prescribed in
the regulations for meeting of the Council.
82. Quorum at Meeting.–
The provisions of these regulations relating to quorum at meeting of the Council shall
apply to meeting of a committee subject to the modification that three members present
in person shall constitute a quorum for a meeting of the committee.
83. Procedure for Transaction of Business.–
Business of the standing or other committee shall be transacted in the manner laid down
for transaction of the business of the Council.
84. Casting Vote.–
Question before a standing committee shall be decided by a majority of votes and in the
event of equality of votes, the person presiding shall have and exercise a second or
casting vote.
85. Secretary of Committee.–
Every Standing or other Committee shall appoint a person from amongst its members
or an employee of the Institute to be the secretary of the committee.
86. Minutes.–
The Secretary of a committee shall maintain a record of the business transacted by the
committee.

CHAPTER – VII
BRANCH COUNCILS
87. Constitution of Branch Councils.–
(1) The Council may, by notification in the journal of the Institute, constitute a Branch
Council for any area which shall be known by such name as may be specified in
such notification.
(2) The Branch Council shall consist of–
(a) the members of the Institute stationed in the area for which the branch
council is constituted;
(b) not less than three or more than five members elected from amongst
themselves by the members of the Institute stationed in that area. 1
(c) Not more than three persons nominated by the Council.

1 May be read as “; and”.


ICMA Pakistan Cost and Management Accountants Regulations, 1990 [59]

(3) Branch Council may be constituted at Federal/Provincial 1Headqrs. and at places


where there are at least 25 members in that area.

88. Admission to and Removal from Branch Register.–


(1) The Branch Council shall maintain a Branch Register and shall enter therein the
names of the members of the Institute in the area.
(2) When the name of a member is removed from the Register maintained by the
Council, it shall automatically stand removed from the Branch Register and if the
member is a member of the Branch Council, he shall also cease to be such
member.

89. Resignation from the Branch Council and Casual Vacancies.–


(1) A member of Branch Council may at any time resign his membership by writing
under his hand addressed to the Chairman of the Branch Council and the seat of
the member shall become vacant when such resignation is accepted by the
Branch Council.
(2) A member of a Branch Council shall be deemed to have vacated his seat if he is
declared by the Branch Council to have been absent without sufficient excuse
from three consecutive meetings of the Branch Council.
(3) Any casual vacancy in a Branch Council shall be filled by nomination by the
Council and the person so nominated shall hold office until a new Branch Council
is constituted.
(4) No act done by a Branch Council shall be called in question on the ground merely
of the existence of any vacancy in, or defect in the constitution of the Branch
Council.

90. Date of Election.–


Meeting of the members of the Institute located in the area for which a Branch Council
is constituted shall be held each year in the second week of November for the purpose
of electing members to the Branch Council.

91. Election to the Branch Council.–


(1) A Fellow and an Associate stationed in the Branch area shall be eligible to be a
candidate and to propose or second another member for election to the Branch
Council.
(2) The Council shall nominate a presiding officer to conduct the election to a Branch
Council.

1 May be read as “Headquarters”.


[60] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

1[(3) A candidate for Branch Council election shall pay, irrespective of the number of
nomination, in all, a fee of Rs. 500/- through a demand draft payable to the
Institute which shall be non-refundable.]
2[(4) Subject to the provision of these regulations, a member who is entitled to vote
within the meaning of 3clause 12, shall be eligible for election to a Branch Council.
(5) The Election Officer, not later than 10 days of his appointment shall, by
notification, call upon the members to elect members to a Branch Council and
shall specify therein:
(a) The date on which the nomination papers are to be filed.
(b) The date on which scrutiny of the nomination papers will be made.
(c) The date by which a candidate can withdraw.
(d) The date on which the final list of candidates will be circulated among the
contesting candidates.
(e) The date for balloting and counting of votes.
(6) Subject to the provisions of clause (b) of sub-section (2) of section 9, the number
of members to be elected to a branch council shall be five.
(7) The 4Election will be held at the relevant Branch Office.
(8) The ballot paper should contain a list of the validly nominated candidates in
alphabetical order and shall be initialled by the designated election officer.
(9) The election officer shall announce the result immediately after counting votes.
(10) Such number of candidates, as there are vacancies to be filled, receiving the
highest number of votes shall be declared elected by the Election Officer. In the
case of equality of votes between two or more candidates for the last vacancy or
vacancies, lots shall be drawn by the Election Officer, and the winning
candidate(s) shall be declared elected.
(11) In the event of dispute, the aggrieved party referred to in the proviso of sub-
section (2) of Section 10, shall address the application to the President.

1 Clause (3) substituted by S.R.O. 89(KE)/99 dated 30th July, 1999. Before substitution, it read as below:
“(3) Provisions relating to the election of Council in regard to the procedure for election, and related matter, shall be
applicable to the election of Branch Council.
PROVIDED THAT:
(a) if any of those provisions is in conflict with sub-clauses 1 and 2 above, the provisions of these sub-clauses
shall prevail;
(b) the Election Officer shall be authorised to vary any one or more of the time limits involved and also the time
of balloting in his sole discretion to suit the requirements of the branch concerned; and
(c) the election Officer shall announce the result.”
Earlier the same Clause (3) was substituted by S.R.O. M-12/96 dated 13th August, 1996. Before substitution, it read as below:
“(3) Name of candidate for election to the Branch Council shall be proposed by a member and seconded by another
member. Election shall be by secret ballot of the members present in the meeting held for the purpose. The presiding
officer shall thereafter announce the results of the election in the meeting.”
2 Clauses (4) to (12) inserted by S.R.O. 89(KE)/99 dated 30th July, 1999.
3 May be read as “Regulation”.
4 May be read as “election”.
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [61]

Applications, not dispatched within the time limit prescribed in the said clause will
be dismissed and the aggrieved party be informed accordingly.
(12) The responsibilities and authority of the Election Committee, in the following
regulations will be carried out by the Election Officer in the case of Branch Council
Election. Similarly the matters stated in the following regulations will also apply to
the Branch Council Election: Regulation Nos. 16, 18, 22, to 25, 28, 30, 31 to 36,
41, 48, 49.]
92. Duties and Functions of a Branch Council.–
(1) The Branch Council shall at all times 1functions subject to the control, supervision
and direction of the Council and its Standing Committees.
(2) Subject to sub-regulation (1) the duties of a Branch Council shall include:
(a) to advise the Council on the matters referred to it by the said Council and
to offer such other help as may be required of it by the Council;
(b) to make suggestions to the Council in connection with matters of
professional and business interest in the area and for raising the standard
and status of the profession and for improvement of the law applying to it;
(c) to provide necessary information to the members and to the prospective
registered students;
(d) to arrange, if found practicable by the Council, for the coaching of
candidates, for the examinations of the Institute in the various centres of the
Branch area and to appoint local instructors for this purpose;
(e) to maintain an up-to-date and well-equipped library and reading room for
the use of members and students;
(f) to promote membership and public relations in the Branch area and the
holding of local public or members meetings, technical addresses, seminars
and similar gatherings;
(g) to engage local office personnel with the previous permission of the Council;
(h) to organize a student section for the benefit of the registered students; and
(i) to perform such other functions as may be entrusted to it from time to time
by the Council.
93. Office bearers in the Branch Council.–
(1) The office bearers of the Branch Council shall be Chairman, a Vice-Chairman, if
deemed necessary, and a Secretary/Treasurer.
(2) The Branch Council shall elect the office bearers amongst members at its first
meeting to be held within one month of its formation.

1 May be read as “function”.


[62] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

(3) The office bearers shall hold office for a period of one year from the date on which
they are elected and subject to their being a member of the Branch Council at the
relevant time, they shall be eligible for re-election.
(4) Notwithstanding the expiration of their term of office, the office bearers shall
continue to hold office until new office bearers are elected in accordance with
these regulations.
(5) The Chairman of a Branch Council shall be the Chief Executive of the Branch
Council.
94. Meeting of Branch Council.–
(1) Meeting of the Branch Council shall be held and conducted in the manner
prescribed for meeting of the Council and provisions applying to meeting of the
Council shall apply to meeting of Branch Council.
Provided that the quorum at a meeting of Branch Council shall be three members
present in person.
(2) Proper minutes shall be kept of the proceedings of meetings of the Branch Council
and shall contain every resolution passed and decision taken by the meeting. The
minutes shall be signed by the person presiding over the meeting or the meeting
held next thereafter and the minutes so signed shall be sufficient evidence on the
matters stated therein. A copy of the minutes shall be forwarded to the Council.
95. Duration of the Branch Council.–
Duration of a Branch Council shall be 1[three years] from the date of its formation on the
expiry of which it shall stand dissolved, but notwithstanding the expiration of the term of
the Branch Council, it shall continue to exercise its functions until a new Branch Council
is constituted in accordance with the provisions of the regulations, and on such
constitution, the former Branch Council shall stand dissolved:
Provided that the Council may, if in its opinion circumstances so warrant, extend or
shorten the life of a Branch Council by notification in this behalf.
96. Finances and Accounts.–
(1) Each Branch Council shall be financed by funds provided by the Council and may
borrow or obtain credit with the previous sanction of the Council.
(2) The funds of the Branch Council shall be utilised for such purposes as may, from
time to time, be determined by the Council:
Provided that no such funds shall be applied, either directly or indirectly, for
payment to a member of the Branch Council except for reimbursing him for any
expenses incurred by him in connection with the business of the Institute.
(3) The Secretary-Treasurer of the Branch Council shall be responsible for the
maintenance of its accounts.

1 Substituted for “one year” by S.R.O. 1020(I)/2014 dated 11th November, 2014.
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [63]

(4) An account in a local bank, as specified by the Council, shall be opened and
maintained by the Branch Council. All cheques, drafts, notes, orders for payment
of money and all similar documents shall be signed by two persons who shall be
appointed by a resolution of the Branch Council one of whom shall be a member
of the Branch Council. All amounts received shall be deposited in the bank
account of the Branch Council.
(5) Each month, or more frequently if necessary, the Branch Council shall forward to
the Secretary a signed statement of its cash receipts, disbursements and balance
in the manner laid down by the Council.
(6) In addition to the monthly financial statements, the Branch Council shall at the
end of each year, as soon after 30th June as possible forward to the Secretary the
following signed statements in such form as the Council may direct; namely:–
(a) A statement of income and expenditure for the year with sufficient details
thereof and reconciliation with the total of the monthly financial statements;
(b) A statement of assets and liabilities, as of June 30th, including all amounts
due but not collected or paid.1
(c) An inventory of text and other books on hand or on loan. Text books in the
hand of a student or an instructor shall be repossessed or signed
confirmation obtained as of date that such book is held and is accountable
to the Institute. The totals of such signed documents should reconcile with
the total of text books on loan as maintained by the Branch Council.
(7) The account of the Branch Council shall be audited, on the close of the financial
year or from time to time as the Council may determine, by the statutory auditors
or by the auditors appointed by the Council.
(8) The funds and property of the Institute, located in the Branch area for which a
Branch Council is constituted, shall be applied 2slowly to the promotion of the
objects of the Institute. All rights in, and titles to the assets of the Institute so
located shall remain vested in the Institute.
97. Dissolution of Branch Council.–
(1) Notwithstanding anything contained in the regulations, the Branch Council shall
stand dissolved 3:
(i) a resolution for its dissolution is passed in a general meeting of members
residing in the Branch area by a three-fourth majority; or
(ii) after giving proper hearing to the Branch Council, the Council decides to
dissolve the Branch Council.
(2) On the dissolution of a Branch Council, the Council may nominate a new Branch
Council till such time as the new Branch Council is constituted.

1 May be read as semi-colon “;”.


2 May be read as “solely”.
3 Word “if” appears to be missing in the Gazette.
[64] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

CHAPTER – VIII
REGISTERED STUDENTS
98. Eligibility to take examinations.–
Admission to an examination of the Institute shall be restricted to registered students,
who shall be required to undergo such theoretical and practical training as the Council
may arrange or approve and pay such fees for the same as the Council may determine.

1[99. Condition for registration.–

A person applying to become a registered student shall be required to apply in form “H”
and produce evidence to the satisfaction of the Council that he:

(i) is not less than sixteen years of age on the date of his application; and

(ii) has passed the intermediate examination of any board or an examination


recognized by the Federal Government as equivalent thereto, provided that the
Council may relax the requirement of the degree in the case of student who is
not a national of Pakistan.]

100. Fee and subscription.–


(1) A person applying for registration shall pay student registration fee as prescribed
and notified by the Council from time to time.

1 Regulation 99 substituted by S.R.O. 1723(I)/2023 dated 22nd November, 2023. Before substitution it read as below:
“99. Condition for registration:-
A person applying to become a registered student shall be required to apply in form ‘H’ and produce evidence to the
satisfaction of the Council that he/she:
a. Professional Programme:
i. is not less than eighteen years of age on the date of his/her application;
ii. has passed the degree examination of any university or an examination recognized by the Federal Government
as equivalent thereto, provided that the Council may relax the requirement of the degree in the case of student
who is not a national of Pakistan
b. Pre-Professional Programme:
i. is not less than sixteen years of age on the date of his/her application,
ii. has passed intermediate examination from any recognised Board Secondary/Higher Secondary of Education or
‘A’ level examinations (under Cambridge System).]”

Prior to this, Regulation 99 substituted by S.R.O. 29(KE)/2002 dated 11th February, 2002. Before substitution it read as below:
“99. Conditions for registration[:].–
A person applying to become a registered student shall be required to apply in form ‘H’ and produce evidence to the
satisfaction of the Council that he:
(a) is not less than eighteen years of age on the date of his application;
(b) has passed the degree examination of any University or an examination recognised by the Federal
Government as equivalent thereto, provided that the Council may relax the requirement of the degree in the
case of student, who is not a national of Pakistan.”
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [65]

(2) A registered student shall pay the prescribed annual subscription which shall be
due and payable on the 1st July in each year, and shall continue to pay annual
subscription till such time as he/she is elected an Associate member.1
Provided that half the amount of annual subscription shall be payable for the first
year by a student admitted on or after the 1st January and before the 1st July next
following.
101. Refund of Fee.–
A candidate whose application for registration is not accepted by the Council shall be
entitled to refund of the student registration fee and first annual subscription and any
other money paid by him.
102. Non-payment of Annual Subscription.–
Non-payment of the annual subscription within six months from the date on which it
becomes due shall render the defaulter liable to cancellation of his registration.
103. Position of Registered Students.–
The registration of a student shall not confer any membership right nor shall it entitle a
person so registered to claim any form of membership of the Institute. He may, however,
borrow books from the library subject to such conditions as the Council may from time
to time specify and participate in such activities of the Institute as the Council may
determine.
104. Examination Rules.–
Registered student shall be required to comply with the rules relating to the examination
which are in force at the time of applying for admission to or appearing in an
examination.
105. Suspension and cancellation of registration.–
In the event of any misconduct or breach of any regulation by a registered student, the
Council may, if it is satisfied, after such investigation as it may deem necessary and
after giving him an opportunity of being heard, suspend or cancel the registration of the
student.
106. Termination of Registration.–
The registration of a student shall terminate after he has passed the qualifying
examinations of the Institute provided that if he is not eligible for membership of the
Institute at the time of passing all the prescribed examinations of the Institute he may
continue as registered student on payment of the requisite annual subscription for a
period not exceeding four years.
107. Register to be Maintained.–
[66] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

The Council shall maintain a Register of Students in form ‘I’ and enter therein name of
each registered student.

CHAPTER – IX
EXAMINATION AND TRAINING
108. Conditions for Becoming a Member of the Institute.–
Except where otherwise provided for in the Act or these regulations, a person shall not
be eligible to have his name entered in the Register unless:
(a) he has passed all the prescribed examinations of the Institute or obtained
exemptions from such examinations as may be specified under these regulations;
(b) he has at least three years practical experience in cost 1& management
accounting as approved by the Council; and
(c) he fulfils such other conditions as are prescribed in the Act and these regulations.

2[109. Time and Place of Examination.–

The examinations shall be held on location or online, at such times and at such places
as the Examination Committee shall, from time to time, appoint.]

110. Subjects of the Examination.–


The examination shall be conducted in the subjects specified by the Council from time
to time.

111. Application for Admission to an Examination.–


(1) No person shall be admitted to an examination of the Institute unless he is a
registered student of the Institute.
(2) Application for admission to an examination shall be submitted in form ‘J’ a copy
of which may be obtained from any office of the Institute. The application together

1 May be read as “and”.


2 Regulation 109 substituted by S.R.O. 1723(I)/2023 dated 22nd November, 2023. Before substitution it read as below:

“109 Time and Placed of Examination


a. Professional Programme:
The examinations shall be held twice a year at such times and at such places as the Examination Committee shall,
from time to time, appoint. The dates and places of the examination and other particulars, shall be notified by the
Council in the Gazette of Pakistan at least three months before the dates of the examination.
b. Pre-Professional Programme:
The examination shall be held at such time as may be notified by the Institute or the University to which Institute may
be affiliated.”

Prior to this, Regulation 109 substituted by S.R.O. 29(KE)/2002 dated 11th February, 2002. Before substitution, the regulation
read as below:
“109. Time and Place of Examination.–
The examinations shall be held twice a year at such times and at such places as the Examination Committee shall,
from time to time, appoint. The dates and places of the examination and other particulars, shall be notified by the
Council in the Gazette of Pakistan at least three months before the dates of the examination.”
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [67]

with such documentary evidence as may be required and the prescribed fee shall
be sent so as to reach the Council in accordance with the direction given by it in
the matter.
(3) The examination Committee may on receipt or bring in possession of information
against a candidate, decline to admit him to any examination after giving him an
opportunity to explain his conduct.
(4) The Council may specify method of training as a condition for admission to an
examination.
112. Admission Fees for Examinations.–
A candidate for admission to an examination conducted by the Institute shall pay such
fees as may be determined by the Council from time to time.
113. Refund of Candidates Fee.–
The fee paid by a candidate who has been admitted to an examination shall not be
refunded or carried over for any subsequent examination. If a student is not admitted to
an examination, his fee shall be carried over to subsequent examination or refunded.
114. Candidates to be Supplied with Admission Card.–
An admission card stating the place, dates and times at which the candidate will be
required to present himself for examination shall be sent 1[electronically to each
candidate at the e-mail address given in the application or disseminate through website]
2[ ].

115. Examination results.–


The Examination Committee shall consider the report of the examiner on each
examination and may accept it or reject it or may accept it subject to any modification
or alteration which may seem desirable. The Examination Committee shall then report
to the Council the result of the examination and upon the adoption by the Council of the
report of the Examination Committee, a list of candidates successfully getting through
all parts of the examination of the Institute shall be published in the Gazette of Pakistan
while the results of other parts of examination may be published by the Council in such
manner as it may deem necessary.
3
116. Qualification title:-

1 Substituted for the words etc., “to each candidate at the address given by him in his application” by S.R.O. 1723(I)/2023 dated
22nd November, 2023

2 Omitted the words “so as to reach him not less than seven days before the commencement of the examination” by S.R.O.
1723(I)/2023 dated 22nd November, 2023

3 Regulation 116 inserted by S.R.O. 1723(I)/2023 dated 22nd November, 2023

Prior to this, Regulation 116 was omitted by S.R.O. 29(KE)/2002 dated 11th February, 2002. Before omission, the regulation
read as below:
“116. Failure of Candidate at Examination.–
A candidate who has failed to pass an examination to the satisfaction of the Examination Committee may offer
himself again on subsequent occasions; provided that he passes all the examinations of the Institute within a period
of ten years from the date of his registration as a student or such extended period as the Council may decide. Failure
[68] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

(1) Candidates who complete the full qualification of the institute shall be awarded a
certificate of the Chartered Management Accountant (CMA).
(2) Candidates who complete the mid-level of qualification of the institute shall be
awarded a certificate of the Affiliate Financial Accountant (AFA).
(3) Candidates who complete the Certification program on Cost Accounting
Standards, Rules and Guidelines of the Institute shall be awarded a certificate of
the Chartered Cost Accountant (CCA).
(4) Certificates of such qualifications shall be signed by the President, Vice President
and the Secretary of the Council.

117. Examination Certificate.–


A candidate completing all parts of examination of the Institute shall be furnished with a
certificate to that effect in form ‘K’. Such certificate shall be signed by 1[or have digital
signatures of] the President and the Secretary of the Council 2[and may inter alia have
a machine-readable optical label thereon as well].
3
118. Exemption from Examination.–
The Council may, from time to time and on such conditions as it may deem necessary,
allow in individual cases or as a policy exemption.
4
[119. Admission to Examinations.–
A student may appear in any examination in such manner as approved by the Council
from time to time.]
CHAPTER – X
SUSPENSION, EXCLUSION AND RESTORATION

to pass all the examinations within the said period of ten years or the extended period shall be entailed cancellation
of his registration unless otherwise decided by the Council.”

1 Inserted the words, etc., by S.R.O. 1723(I)/2023 dated 22nd November, 2023

2 Inserted the words, etc., by S.R.O. 1723(I)/2023 dated 22nd November, 2023

3 Omitted by S.R.O. 1723(I)/2023 dated 22nd November, 2023, before omission the regulation read as below:
(2) Exemption shall be granted from the examination of the Institute in the subject specified in column 1 of Schedule of
exemption attached to these regulations if the candidate has passed an equivalent examination specified against
that subject in column 2 of that Schedule.
(3) A candidate for an examination will be required to take the examination in full part and pass all subjects of the part
at a time unless he has been granted exemption in a subject of that part.
(4) A person who is eligible under sub-regulation (1) for exemption from examination or in a subject in an examination
may, on his applying in form ‘L’ alongwith such documentary evidence as may be required by the Council and paying
the fees for such examination or for an examination in such subject, be exempted by the Council.

4 Regulation 119 substituted by S.R.O. 1723(I)/2023 dated November 22, 2023. Before substitution it read as below:
“119. Admission to Examination.–
A student may appear in any two consecutive parts at the same examination provided that:
(i) He cannot appear in Parts II & III unless he has passed or obtained exemption for the whole of Part I.
(ii) He cannot appear in Parts III & IV unless he has passed or obtained exemption from the whole of Parts I & II.
(iii) He cannot appear in Parts IV & V unless he has passed or obtained exemption from whole of Parts I, II, III.”
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [69]

120. Matter to be Laid Before Disciplinary Committee.–

(1) It shall be the duty of the Secretary and the right of a member or of an aggrieved
person to lay before the disciplinary committee a fact indicating that a member
has become liable to exclusion, suspension or reprimand under a provision of the
Act or the regulations, or has been guilty of misconduct.
(2) Where a complaint has been received by the Institute, the Council or the Secretary
that a member has become liable as aforesaid, the complaint shall forthwith be
laid before the Disciplinary Committee.
121. Duties of the Disciplinary Committee.–
(1) It shall be the duty of the Disciplinary Committee to consider the facts or complaint
laid before it under the provisions of regulation 193 and where it is of the opinion
that the complaint of facts require investigation, it shall forthwith give to the
member notice of its intention to consider the complaint. The Disciplinary
Committee shall give such member an opportunity of being heard and shall, if the
member so desires, permit such member to be represented before it by a counsel
or solicitor or by a member of the Institute. The Disciplinary Committee shall
thereafter report the result of its inquiry to the Council.
(2) The Disciplinary Committee may at the request of the member advice such
member in regard to a matter of professional conduct.
122. Duties of the Council.–
(1) If on and receipt of such report the Council finds that the complaint has not been
proved, it shall record its findings accordingly and direct that proceedings shall
be filed or the complaint shall be dismissed as the case may be.
(2) If on receipt of such report the Council finds that the complaint has been proved,
it shall record its finding to that effect and shall afford to the member either
personally or through a counsel or a solicitor or a member of the Institute an
opportunity of being heard before orders are passed against him on the case, and
may thereafter make any of the following orders, namely:–
(a) reprimand the member, or
(b) suspend the member from membership for such period not exceeding five
years, as the Council thinks fit, or
(c) exclude the member from membership.
(3) Notice of the finding and decision of the Council shall forthwith be given to the
member concerned and the decision shall thereupon take effect.

1 After re-numbering of regulation 93 as regulation 120 by SRO M-12/96 dated 13th August, 1996, reference here may be read
as “120”.
[70] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

123. Publication of Findings and Decisions.–


When the Council finds that the complaint has been proved it shall, in the case of
suspension or exclusion of a member from the Register, cause its findings and decision
to be published in the Gazette of Pakistan and in such journals as it may think desirable
and as soon as practicable after such finding and decision are pronounced. The
publication shall in all cases include the name of the member concerned unless in a
particular case the Council considers that there exist special circumstances which justify
the omission of the name from such publication.
124. Rerun of Certificates in the Event of Suspension or Removal.–
In the event of the suspension or exclusion of a member, every certificate of
membership, fellowship or practice then held by him shall be deemed to be cancelled
from the date on which and during the period for which the name of its holder is excluded
from the Register the member shall deliver the certificate to the Secretary for retention
during the period of suspension and cancellation in case of exclusion of the member.
125. Restoration to Membership.–
(1) The Council may, on an application receive in this behalf from a person whose
name has been permanently or temporarily remove from the Register under
section 20, restore his name if he is otherwise eligible to such membership:
Provided that he shall have paid before such restoration, the re-admission fee
equal to the admission fee and the annual fee or fees for the year during which
his name is restored and all arrears on account of annual membership fee,
subject to a maximum of membership fee for three preceding years according to
the scale applicable to him.
(2) The restoration of name to the Register shall be notified in the Gazette of Pakistan
and in such journals as the Council may think desirable and shall also be
communicated in writing to the person concerned.
126. Professional and Other Mis-conduct Defined.–
For the purpose of the Act and the regulations, the expression professional and other
misconduct shall be deemed to include any act or omission specified in Schedule ‘C’
but nothing in this regulation shall be construed to limit or abridge in any way the power
conferred or duty imposed on the Council or the Disciplinary Committee under the
regulations to inquire into the conduct of a member in any other circumstances.

CHAPTER – XI
MISCELLANEOUS
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [71]

127. Finances.–
(1) All moneys received by the Institute shall be paid into an account of the Institute
with its bankers and cheques drawn upon its bankers shall be signed by two
persons authorised by Council 1[ ].
(2) The funds of the Institute shall be employed for such purposes as may from time
to time be sanctioned by the Council and all funds not needed immediately for the
ordinary purposes of the Institute may be invested by the Council in Government
security or in other security approved by the Council.
(3) The Council may from time to time borrow from a scheduled bank or from the
Federal Government money required for meeting its liabilities on capital account
or for the purpose of meeting current liabilities pending the receipt of income.
(4) The Council shall keep or cause to be kept proper accounts of all income and
expenditure and have the annual accounts duly audited. A copy of the audited
accounts and the report of the Council for that year shall be forwarded to the
Federal Government as soon as practicable after its adoption at the annual
general meeting of the Institute.
128. Audit of Accounts of the Institute.–
(1) The members at each annual general meeting shall appoint a Chartered
Accountant in practice within the meaning of the Chartered Accountant
Ordinance, 1961 (X of 1961) or a Cost and Management Accountant in Practice
to act as an auditor, at such remuneration, if any, as the meeting shall determine.
In the event of vacancy occurring in the office of auditor between two annual
general meetings or in the event of vacancy not being filled at an annual general
meeting, the said vacancy shall be filled by the Council at a meeting summoned
for the purpose.
(2) The auditor shall retire at the next annual general meeting after his appointment,
but shall be eligible for re-appointment.
(3) The auditor shall be nominated by two members of the Institute and such
nomination shall be signed by the members nominating and by the candidate, and
must reach the office of the Institute at least three weeks before the annual
general meeting. The auditor who is in office shall be deemed to be nominated at
the annual general meeting unless he has intimated to the Secretary his desire
not to be re-elected. Notice shall be given to members and to the retiring auditor
of the names of all other persons nominated for appointment.
(4) The Council shall, not less than two months before the date of annual general
meeting, deliver to the auditor the accounts of the last year and the auditor shall
examine such accounts and report thereon, not less than one month before the
meeting. The auditor shall be entitled to ask for information or explanation
regarding the accounts from the Secretary, Treasurer or Executive Director and

1 Words, etc., “, at least one of whom shall be a member of the Council” omitted by S.R.O. 89(KE)/2002 dated 27th July, 2002.
[72] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

such information or explanation shall be supplied to him in so far as may be


available at the time.
129. Powers and Duties of the President and Vice-President.–
(1) The President shall exercise such powers and discharge such duties as are
conferred or imposed upon him by the Act and these regulations and as may be
specified by the Council or Standing Committee.
(2) The President may direct any business to be brought before the Council or
Standing Committee for consideration.
(3) If the office of the President is vacant or if the President for any reason is unable
to exercise the powers or perform the duties of his office, the Vice-President shall
act in his place and shall exercise the powers and discharge the duties of the
President.
130. Powers and Duties of the Secretary.–
(1) Subject to the provisions of the Act and these regulations and under the general
supervision of the President and the standing committee concerned, the
Secretary shall exercise the following powers and be responsible for discharging
the under mentioned duties, namely:–
(i) Correspondence on behalf of the Council;
(ii) entry in the Register regarding election of an Associate and a Fellow,
removal of names from the Register, restoration of names to the Register,
issuing notification therefor and the signing of notifications on behalf of the
Council, subject to approval of the President;
(iii) issuing, renewing, and cancelling Certificates of Practice after approval by
the Council;
(iv) maintenance of the registers, documents and forms as required by the Act
of these regulations;
(v) incurring revenue and capital expenditure within the limits sanctioned by the
Council or the Committees; receiving moneys due to the Institute and
issuing receipts therefor; paying staff salaries and allowances 1 maintaining
or causing to be maintained proper accounts and delivering the books of
accounts information, etc., to the auditor of the Institute;
(vi) appointing solicitors or advocates and filing papers in courts, etc., on behalf
of the Council subject to the approval of the President; and
(vii) discharging and performing such other duties and functions as are
incidental and ancillary to and may be required for the discharge and
performance of the above duties and functions and exercising such other
powers as may be delegated by the council, the Committees or the
President from time to time.

1 A semi-colon “;” appears to be missing in the Gazette.


ICMA Pakistan Cost and Management Accountants Regulations, 1990 [73]

(2) The power and duties enumerated in sub-regulation (1) may be assigned by the
Council to the Treasurer or an employee of the Institute to such extent as may be
deemed necessary by the Council.
131. Indemnity.–
(1) The members of the Council, office-bearers and auditors shall be indemnified by
the Institute from all losses and expenses incurred by them in or about the
discharge of their respective duties, except such as are done under their own
respective wilful default or in the case of an auditor his own negligence or 1willful
default or that of any partner or employee of such auditor.
(2) No member of the Council, office-bearer or auditor shall be liable for the act or
omission of another member of the Council, office-bearer or auditor, or for signing
at receipt or document, or for a loss or expense happening to the Institute unless
the same 2happen from his own wilful default or in the case of an auditor from his
own negligence or wilful default or that of a partner or employee of such auditor.
132. Location of the Office of the Council.–
The headquarters of the Council shall be located at Karachi, or at such place as may
be decided by the Council with the approval of Federal Government.
133. Administration of the Institute.–
The Council shall be in charge of the administration of the Institute and its Branches.
134. Custody and Use of Seal.–
(1) The seal shall be kept in such custody as the Council may from time to
time determine.
(2) The seal shall not be affixed to any instrument except by order of the Council and
in the presence of the President or two members of the Council and every such
instrument shall be signed by the President or members in whose presence the
seal is affixed and by the Secretary.
135. Interpretation.–
The decision of the Council on the interpretation of these regulations shall be final.
136. Publication of List of Members.–
The Council shall publish the list of members required under sub-section 33 of section
19 in any manner it thinks fit and may distinguish between the Associates and Fellows
in practice and between the Associates and Fellows not in practice. The list so published
shall be supplied to members and others gratuitously or at such price as the Council
shall from time to time determine.

1 May be read as “wilful”.


2 May be read as “happened”.
3 May be read as “(3)”.
[74] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

137. Members to Supply Information.–


For the purpose of publication of the list referred to in regulation 1109, the Council may
require the members to supply information regarding their present address, place of
business, partners, whether practicing or not and the like. If the members fail to supply
the information in time the list may be drawn up on such information as the Council may
possess.
138. Particulars of Offices and Firms.–
A Cost and Management Accountant in practice and every firm of such accountants
shall submit to the Council in a form ‘M’ the particulars of his office or that of the firm
within three months, from the date of commencement of practice or formation of the firm
as the case may be whichever is later. Any subsequent change in the particulars
submitted should be sent so as to reach the Council within thirty days after the change
was affected. A register of offices and firms shall be maintained by the Council.
139. Particulars of Nationality.–
Member shall submit to the Council particulars regarding his nationality and shall also
intimate to the Council subsequent change in such particulars not later than thirty days
from the date of such change.
140. Place of Business in Pakistan.–
A member in practice shall have a place of business in Pakistan in his own charge or in
charge of another member. Particulars of such place of business shall be supplied by
the member to the Council initially and whenever there is a change of such place of
business:
Provided that in the case of a member who is a salaried employee of a Cost and
Management Accountant of a firm of such accountants, the place of business of his
employer shall be deemed to be his place of business.
141. Method of Payment of Fees.–
Fees payable under these regulations shall be paid to the Secretary in such manner as
the Council may direct.
142. Issues of Duplicate Certificate.–
(1) In the event of the loss by the holder of a certificate issued under the Act or these
regulations, the Council may, on application made in this behalf, duly supported
by an affidavit of the applicant to the effect that he was in possession of such a
certificate and had lost it, issue a duplicate copy thereof to him on payment of
such fee as may be determined by the Council.
(2) Where a certificate is damaged or mutilated, the Council may, on application
made in this behalf, issue, a duplicate copy thereof on receipt of such fee as it
may determine and on return of the damaged certificate.

1 After re-numbering of regulation 109 as regulation 136 by SRO M-12/96 dated 13th August, 1996, reference here may be
read as “136”
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [75]

143. Cost and Management Accountant to practice in his individual Name.–


No Cost and Management Accountant who is not a member of a firm of cost and
management accountants shall practice under any name or style other than his own
name.
144. Cost and Management Accountant in Practice not to Engage in any Other
Business or Occupation.–
A Cost and Management Accountant in practice shall not engage in any business or
occupation other than the profession of cost and management accounting unless it is
permitted by a general or specific resolution of the Council.
145. Other Functions of Cost and Management Accountant.–
Without prejudice to the discretion vested in the Council in this behalf, a cost and
management accountant in practice may act as liquidator, trustee, executor,
administrator, arbitrator, receiver, adviser or as representative for costing, financial,
company law and taxation matters or may take up an appointment that may be made
by Federal Government or Provincial Government or a Court of Law or any other
authority established under law, or may act as the secretary of a company in his
professional capacity not being a whole-time salaried employee.
1[146. Welfare of members.–
The Council may make provisions for the welfare of the members including, but not
limited to, providing financial assistance in deserving cases to the members and to the
deceased member’s family.]]
2[147.Establishment of boards.–
The Council establish such technical and advisory boards as it considers expedient with
their method of appointment and election, terms of reference, scope of work, tenure
3and other such matters to be decided by the Council.]

1 Regulation 146 substituted by S.R.O. 1020(I)/2014 dated 11th November, 2014. Before substitution, the regulation read as
below:
“146. Welfare of Members.– The Council may make provisions for the welfare of the members including financial
assistance in deserving cases to the members and to the deceased member’s family and Sanction of fund(s) for the
purpose.”
2 Regulation 147 inserted by S.R.O. 1020(I)/2014 dated 11th November, 2014.
3 Underlining appears to be superfluous in the Gazette.
[76] Cost and Management Accountants Regulations, 1990 ICMA Pakistan
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [77]

SCHEDULE ‘A’
(See Regulation 75(2)(g)

SYLLABUS 2018 – TO DATE

OPERATIONAL LEVEL-1

FUNDAMENTALS OF FINANCIAL ACCOUNTING (1 PAPER OF 3 HOURS - 100 MARKS)


PART-A: CONCEPTUAL, SYSTEM AND REGULATORY FRAMEWORK: Accounting Nature
and Objectives; Introduction to Financial Accounting; Accounting Regulatory Framework;
Accounting Concepts and Conventions

PART-B: ACCOUNTING SYSTEMS AND ACCOUNTS PREPARATION: Source Documents


and Books; Double Entry and Ledger accounting; Trial balance and financial statements;
Accruals and prepayments; Tangible non-current assets; Intangible non-current assets; Bad
debts and allowances for receivables; Provisions and Contingencies; Accounting for
Inventories; Accounting for Sales Tax; Accounting for Payroll; Bank Reconciliation’s; Control
accounts; Correction of Errors

PART-C: FINAL ACCOUNTS: Sole traders' accounts; Company accounts; Manufacturing


accounts; Incomplete records; Income and expenditure accounts; Statements of cash flows;
Financial Ratios

BUSINESS ECONOMICS (1 PAPER OF 3 HOURS - 100 MARKS)


PART-A: Nature and Scope of Economics; Consumer’s Behavior and Its Analysis;
Organization; Return to Shareholders; Demand & Supply Analysis; Price Elasticity; Price
Instability and Government Measures; Cost Behavior; Profit Maximization; Competition,
Market Effects and Government Measures

PART-B: Functions of the Financial System; Domestic Institutions and Markets; Foreign
Exchange Markets; Macroeconomic: Trade Cycle; Macroeconomic: The Role of Government;
International Context

BUSINESS COMMUNICATION AND REPORT WRITING (1 PAPER OF 3 HOURS - 100


MARKS)
PART-A: FUNDAMENTALS OF EFFECTIVE BUSINESS COMMUNICATION: Introduction;
Communication in Organization; Oral Communication; Interpersonal Communication (IPC);
Written Communication

PART-B: DRAFTING BUSINESS MESSAGES, REPORTS, PROPOSAL AND MEMOS:


Business Letters; Report Writing

PART-C: CASE ANALYSIS AND PRESENTATION SKILLS: Case Method of Learning;


Presentation Skills
[78] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

PART-D: EMPLOYMENT AND GROUP COMMUNICATIONS: Employment Communication;


Group Communication

OPERATIONAL LEVEL-2

FUNDAMENTALS OF MANAGEMENT (1 PAPER OF 3 HOURS - 100 MARKS)


PART-A: INTRODUCTION TO MANAGEMENT: Management Definition and Functions;
Basics of Management Process; Key concepts in Management

PART-B: MANAGEMENT OF RELATIONSHIPS: Control; Leadership and Motivation; The


financial function; conflict; Negotiation and communication; Culture

PART-C: GLOBAL BUSINESS ENVIRONMENT: Social, political and economic context, Type
of organization, Governance and Regulation

BUSINESS MATHEMATICS & STATISTICAL INFERENCE (1 PAPER OF 3 HOURS - 100


MARKS)
PART-A: Basic Mathematical Techniques; Formulae and Equations; Derivatives;
Compounding and Discounting; Basic Investment Appraisal

PART-B: Data and Information; Collection and Presentation of data 8 Averages; Dispersion
10 Correlation and Linear Regression; Index numbers; Probability; Normal distribution;
Estimation & Testing; Sampling & Sampling Frequency Distribution; Forecasting - Time series

COMMERCIAL LAWS (1 PAPER OF 3 HOURS - 100 MARKS)


PART-A: Introduction to Legal System of Pakistan

PART-B: The Contract Act, 1872; Sales of Good Act, 1930; Partnership Act, 1932; Negotiable
Instrument Act, 1881

PART-C: PPRA Ordinance, 2002 (Public Procurement Regulatory Authority), PPRA rules
2004

MANAGERIAL LEVEL-1

FUNDAMENTALS OF COST & MANAGEMENT ACCOUNTING (1 PAPER OF 3 HOURS -


100 MARKS)
PART-A: THE NATURE, SOURCE AND PURPOSE OF MANAGEMENT INFORMATION:
Introduction to costing and performance measurement; Introduction to management
accounting; Sources of data; Cost classification; Cost behavior

PART-B: COST ACCOUNTING SYSTEM: Accounting for Materials; Accounting for Labor;
Accounting for Overheads
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [79]

PART-C: COST ACCOUNTING TECHNIQUES AND METHODS: Absorption and marginal


costing; Job, Batch and Service costing; Process costing; Process costing, joint products and
by-products

PART-D: STANDARD COSTING: Standard costing; Variance analysis

ENTERPRISE MANAGEMENT (1 PAPER OF 3 HOURS - 100 MARKS)


PART-A: ENTERPRISE AND OPERATIONS MANAGEMENT: Enterprise Management;
Operations management and its importance for Management Accounting; Production
Techniques; Plant maintenance; Production planning and control; Productivity and Efficiency
Evaluation; Quality management

PART-B: HUMAN CAPITAL MANAGEMENT: Human Resource Management; Human


Resource Practices

PART-C: MARKETING MANAGEMENT: Marketing and business strategy; Marketing plans,


branding and communications; Developments in marketing

PART-D: PERFORMANCE MANAGEMENT: Enterprise performance management;


Performance measurement tools

MANAGEMENT INFORMATION SYSTEM (1 PAPER OF 3 HOURS - 100 MARKS)


PART-A: INFORMATION SYSTEMS: Emerging Technology in E-Business; Infrastructure and
Operations; Information and Databases; Systems acquisition / development process

PART-B: IT AUDIT: The Process of Auditing Information Systems; Governance and


Management of IT; Auditing Infrastructure and Operations; Auditing Systems Acquisition /
Development Process; Information Security Management (ISM); Business Continuity and
Disaster Recovery

MANAGERIAL LEVEL-2

FINANCIAL ACCOUNTING & CORPORATE REPORTING (1 PAPER OF 3 HOURS - 100


MARKS)
PART-A: REGULATORY AND CONCEPTUAL FRAMEWORK: The regulatory framework;
The Conceptual Framework

PART-B: SINGLE COMPANY FINANCIAL ACCOUNTS: IAS 1 (Revised) Presentation of


Financial statements; Reporting Financial Performance; Other Reporting; Accounting for non-
current assets; Intangible non-current assets; Impairment of Assets; Leases; Statements of
Cash Flows; IAS 2 Inventories and Short term WIP; Share Based Transactions and Financial
instruments

PART-C: ACCOUNTING FOR TAXATION: IAS 12 Income taxes

ADVANCED MANAGEMENT ACCOUNTING (1 PAPER OF 3 HOURS - 100 MARKS)


[80] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

PART-A: FORECASTING AND BUDGETING TECHNIQUES: Forecasts; Budgeting

PART-B: STANDARD COSTING AND VARIANCE ANALYSIS: standard Costing; Variance


Analysis, Interpretation and Profit Reconciliation

PART-C: PROJECT APPRAISAL METHODS: Capital Investment decisions; DCF techniques


of investment appraisal; Taking account of taxation and inflation; Additional aspects of
investment decision making

PART-D: COST ANALYSIS: Break Even Analysis; Limiting factor Analysis

PART-E: MODERN COSTING TECHNIQUES: Marginal Cost Analysis; Activity Based


Costing; Throughput and Back flush Accounting; Environmental costing

PART-F: MANAGING SHORT-TERM FINANCE: working Capital Management; Cash flow


forecasts; Cash Management; Receivables & Payables Management; Inventory Management

CORPORATE GOVERNANCE. BUSINESS LAWS & ETHICS (1 PAPER OF 3 HOURS - 100


MARKS)
PART-A: COMPANIES ACT, 2017, RELEVANT RULES AND REGULATIONS: Companies
Act, 2017; Companies (Incorporation) Regulations, 2017; Securities Act 2015; Listed
Companies (Code of Corporate Governance) Regulations, 2019

PART-B: SPECIAL COMPANIES: Modaraba Companies and Modaraba (Floatation and


Control) Ordinance, 1980; Non-Banking Finance Companies

PART-C: OTHER LAWS, REGULATIONS AND PROFESSIONAL ETHICS: The Companies


(further issue of shares) Regulations, 2018; Listed Companies (Buy-Back of Shares)
Regulations, 2019; Public Offering Regulations, 2017; Pakistan Stock Exchange Rule Book;
Anti-money Laundering Act, 2010; Professional Ethics

PART-D: SECRETARIAL PRACTICES: Company Secretary, Functions and Responsibilities;


Meetings, Resolutions and E-filing

STRATEGIC LEVEL-1

ADVANCED FINANCIAL ACCOUNTING & CORPORATE REPORTING (1 PAPER OF 3


HOURS - 100 MARKS)
PART-A: MATTERS RELATED TO RECOGNITION AND MEASUREMENT: Substance over
form; Financial instruments (IAS 32, IFRS 7 & IFRS 9); Employee benefits (IAS 19); Share-
based payments (IFRS 2); Asset valuation and Changing prices

PART-B: GROUP FINANCIAL STATEMENTS: Introduction to group accounting;


Consolidated statement of financial position; Consolidated statement of comprehensive
income; IAS 27, IFRS 10, IFRS 3 (Revised), IFRS 13; Effect of Non-controlling interests;
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [81]

Acquisition of a Subsidiary during its accounting period; Consolidated Statement of changes


in Equity; Associates and Joint ventures

PART-C: COMPLEX GROUP TOPICS: Changes in group structures; Complex group


structures; Foreign currency; Group statements of cash flows

PART-D: PERFORMANCE REPORTING: Ratios and trend analysis; Earnings per share (IAS
33); Segment reporting (IFRS 8)

PART-E: EXTERNAL REPORTING: Advancement in Financial Reporting; Advancement in


Non-Financial Reporting

AUDIT & ASSURANCE (1 PAPER OF 3 HOURS - 100 MARKS)


PART-A: Audit framework and Regulation

PART-B: Planning and risk assessment General Principles and Responsibilities; Risk
Assessment and Response to Assessed Risk; Internal Control; Internal Audit; Audit Evidence;
Collecting Audit Evidence

PART-C: Using the Work of Others; Audit Conclusions and Reporting; Other Assurance
Engagement and Related Services

PART-D: Cost Audit

BUSINESS TAXATION (1 PAPER OF 3 HOURS - 100 MARKS)


PART-A: INCOME TAX: Income Tax Ordinance, 2001; Income Tax Rules, 2002

PART-B: SALES TAX: The Sales Tax Act, 1990; The Sales Tax Rules, 2006

PART-C: FEDERAL EXCISE: Federal Excise Act and Rules

STRATEGIC LEVEL-2

STRATEGIC MANAGEMENT ACCOUNTING (1 PAPER OF 3 HOURS - 100 MARKS)


PART-A: COST PLANNING, ANALYSIS AND TECHNIQUES: Cost Planning; Cost Analysis;
Cost Management Techniques; Externally Oriented Cost Management Techniques

PART-B: PRICING AND PRODUCT DECISIONS: Relevant Costs; Short-term decisions; Risk
and uncertainty 8. Linear programming: the graphical method; Linear programming: the
simplex method; multi-product breakeven analysis; Pricing decisions and pricing strategies

PART-C: PERFORMANCE MANAGEMENT AND RESPONSIBILITY CENTRE: Budgetary


Control; Performance Evaluation; Measuring performance in Divisionalised businesses;
Transfer pricing

STRATEGIC FINANCIAL MANAGEMENT (1 PAPER OF 3 HOURS - 100 MARKS)


[82] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

PART-A: FORMULATION OF FINANCIAL STRATEGY: Objectives of organizations;


Constraints on Financial Strategy; Forecasting and Analysis; Financial Strategies

PART-B: FINANCING DECISIONS: Equity finance; Debt finance; Leasing; The cost of capital;
The capital structure; Treasury Management

PART-C: INVESTMENT DECISIONS AND PROJECT CONTROL: Investment appraisal


techniques; International investment; Specific investment appraisal scenarios; Control of
investment projects; Business valuations; Amalgamations and restructuring

STRATEGIC MANAGEMENT (1 PAPER OF 3 HOURS - 100 MARKS)


PART-A: STRATEGIC MANAGEMENT AND COMPETITIVE ENVIRONMENT: Nature and
Scope of Strategic Management; Strategy: Introduction, Levels and Concepts; General and
Competitive environment

PART-B: INTERACTING WITH THE COMPETITIVE ENVIRONMENT: Business strategy and


strategy development; Stakeholders and corporate objectives

PART-C: STRATEGY DEVELOPMENT AND STRATEGIC OPTIONS: Strategic decision


making; Resource audit; Generic strategies; Directions and methods of growth; Evaluating
strategic options; Strategic marketing; Information systems and strategy; Issues in strategic
management

PART-D: CHANGE MANAGEMENT: Organizational change; Implementing change

PART-E: IMPLEMENTING STRATEGIC PLANS: Strategic control

PART-F: RISK MANAGEMENT

PRACTICAL CORPORATE TRAINING PROGRAMME LEVEL-1

MODULE-1: ERP SOLUTIONS AND PRACTICAL ASPECTS OF ACCOUNTING &


AUDITING PROCEDURES (1 PAPER OF 3 HOURS - 100 MARKS)
PART-A: OVERVIEW OF ERP: System Analysis and Designing business process. ERP-
FINANCIALS: General ledger-setup, General Ledger-Journal Entry & Inquiry, General Ledger-
Budgeting, Financial Reporting, Payable-Overview & Invoices, Payable-Payment & Period
End Closing, Receivables- Overview & Customers Transactions, Receivables- Receipt and
Period End Closing, Supply Chain Management, Purchasing Fundamentals, Order
Management, HRMS & Payroll Overview, Transfer to GL, ERP Implementation Strategy &
Challenges

PART-B: AUDIT PROCEDURES: Planning of Audit, Audit Documentation, Audit Program,


Sampling, Audit Procedures, Preparation of Audit Reports.

MODULE-2: FINANCIAL MODELING AND MANAGEMENT REPORTING (1 PAPER OF 3


HOURS - 100 MARKS)
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [83]

PART-A: MS EXCEL: Getting Started with Microsoft; Office Excel; Performing Calculations;
Modifying a Worksheet, formatting a Worksheet; Printing Workbooks; Managing Workbooks;
Working with Functions, Working with Lists; Analysing Data; Visualizing Data with Charts;
Using Pivot Tables and Pivot Charts; Working with Multiple Worksheets and Workbooks;
Using Lookup Functions and Formula Auditing; Sharing and Protecting Workbooks;
Automating Workbook; Functionality; Forecasting Data

PART-B: MICROSOFT WORD: Getting Started with Word; Formatting Text and Paragraphs;
Working More Efficiently; Managing Lists; Adding Tables; Inserting Graphic Objects;
Controlling Page Appearance; Preparing to Publish a Document; Organizing Content Using
Tables and Charts; Customizing Formats Using; Styles and Themes; Inserting Content Using
Quick; Parts; Using Templates to Automate; Document Formatting; Controlling the Flow of a
Document; Simplifying and Managing Long; Documents; Using Mail Merge to Create Letters,
Envelopes, and Labels; Manipulating Images; Using Custom Graphic Elements; Collaborating
on Documents; Adding Document References and Links; Securing a Document; Using Forms
to Manage Content; Automating Repetitive Tasks with Macros

PART-C MS POWERPOINT: Getting Started with PowerPoint; Developing a PowerPoint;


Presentation; Performing Advanced Text Editing Operations; Adding Graphical Elements to
your Presentation; Modifying Objects in Your Presentation; Adding Tables to Your
Presentation; Adding Charts to Your Presentation; Preparing to Deliver Your Presentation;
Modifying the PowerPoint Environment; Customizing Design Templates; Adding Smart Art
and Math; Equations to a Presentation; Working with Media and Animations; Collaborating on
a Presentation; Customizing a Slide Show; Securing and Distributing a Presentation

MODULE-3: PRACTICAL ASPECTS OF BANKING AND FINANCE (1 PAPER OF 3 HOURS


- 100 MARKS)
PART-A: General Banking Operations

PART-B: Bank Financing; Islamic Banking

PART-C: Import & Export Documentation; Consumer Financing

PART-D: Compliance Requirements of State Bank of Pakistan

PART-E: Modern Trends in Banking

PRACTICAL CORPORATE TRAINING PROGRAMME LEVEL-2

MODULE-4: PRACTICAL ASPECTS OF TAXATION (1 PAPER OF 3 HOURS - 100 MARKS)


PART-A: TAXATION: Registration with Tax Authorities, Maintaining of Tax Records, Type of
taxes and duties including local
supplies & services and import & export
[84] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

PART-B: COMPUTATION OF TAX LIABILITIES: Computation of Tax Liabilities for Individuals,


AOPs and Business Organizations

PART-C: FILING OF TAX RETURNS AND STATEMENTS: Income Tax, Sales Tax,
Withholding Tax, Federal Excise, Provincial Sales Tax, Assessment Procedures

MODULE-5: PRACTICAL ASPECTS OF BUSINESS LAWS (1 PAPER OF 3 HOURS - 100


MARKS)
PART-A: CORPORATE LAWS: Company’s Registration; Maintaining of Statutory Records;
Filing of Statutory Returns and Forms

PART-B: OTHER LAWS AND PROCEDURES: Social Security; Employees Old Age Benefits
(EOBI); PPRA Rules; Human Resource (HR) Policies, Procedure and Rules

MODULE-6: COMMUNICATION SKILLS (1 PAPER OF 3 HOURS - 100 MARKS)


PART-A: BUSINESS REPORT WRITING: Drafting of Business Letters, Drafting Corporate
Correspondence, Preparation of Formal Reports.

PART-B: PRESENTATION SKILLS: Presentation Planning and Preparation, Using Power


Point Techniques, Live Presentations, Mock Interviews, Groups Discussions, Extempore
Speech, Interactive / Group Discussions.
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [85]

SCHEDULE ‘B’
SCHEDULE OF EXEMPTIONS
[See Regulation 118(2)]

SYLLABUS 2018 – TO-DATE

GENERAL RULES:

The candidates who have obtained 12-year, 14-year and 16-year academic qualifications from
recognized board/ university or have professional certifications from professional accounting
bodies are eligible to join CMA according to following entry routes to get CMA certification:

Subject Basis of Exemption

1- Fundamentals of Financial Operational I.Com/D.Com./DBA/A-Level, 14


Accounting Level-1 and 16-Year of education in any
discipline. Members of PIPFA,
ICAP, CIMA-UK, Members/Affiliate
of ACCA-UK.

2- Business Economics A-Level, 14 and 16-Year of


education in any discipline.
Members of PIPFA, ICAP, CIMA-
UK, Members/Affiliate of ACCA-
UK.

3- Business Communication & 14 and 16-Year of education in any


Report Writing discipline.
Members of PIPFA, ICAP, CIMA-
UK, Members/ Affiliate of ACCA-
UK.

4- Fundamentals of Operational 14 and 16-Year of education in any


Management Level-2 discipline. Members of PIPFA,
ICAP, CIMA-UK, Members/Affiliate
of ACCA-UK.

5- Business Mathematics & A-Level, 14 and 16-Year of


Statistical Inference education in any discipline.
Members of PIPFA, ICAP, CIMA-
UK, Members/Affiliate of ACCA-
UK.
[86] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

6- Commercial Laws 14 and 16-Year of education in any


Commercial Laws discipline. Members of PIPFA,
ICAP.

7- Fundamentals of Cost & Managerial 16-Year education in


Management Accounting Level-1 Commerce/Business
Administration, Members of PIPFA,
ICAP, CIMA-UK, ACCA-UK.

8- Enterprise Management 16-Year education in


Commerce/Business
Administration, Members of ICAP,
CIMA-UK.

9- Management Information 16-Year education in


Systems Commerce/Business
Administration, Members of PIPFA,
ICAP, CIMA-UK, Members/Affiliate
of ACCA-UK.

10- Financial Accounting & Managerial Members of ICAP, CIMA-UK,


Corporate Reporting Level-2 Members/ Affiliate of ACCA-UK.

11- Advanced Management Members of CIMA-UK.


Accounting

12- Corporate Governance, LLM.


Business Laws & Ethics

13- Advanced Financial Strategic Members of CIMA-UK,


Accounting & Corporate Level-1 Members/Affiliate of ACCA-UK.
Reporting

14- Audit & Assurance Fellow Members of CIMA-UK,


Members/ Affiliate of ACCA-UK.

15- Business Taxation Members/Affiliate of ACCA-UK


subject to pass Pakistan Variant.

16- Strategic Management Strategic Members of CIMA-UK.


Accounting Level-2

17- Strategic Financial Members of CIMA-UK,


Management Members/Affiliate of ACCA-UK.
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [87]

18- Strategic Management Members of CIMA-UK.

19- ERP Solutions and Practical PCTP Members of *PIPFA, ICAP, CIMA-
Aspects of Accounting & Level-1 UK, ACCA-UK. *Obtained
Auditing Procedures membership through examination.

20- Financial Modeling and Members of *PIPFA, ICAP, CIMA-


Management Reporting UK, ACCA-UK. * Obtained
membership through examination.

21- Practical Aspects of Banking 14 and 16-Year of education in


and Finance any discipline.
Members of *PIPFA, ICAP, CIMA-
UK, ACCA-UK. *Obtained
membership through examination.

22- Practical Aspects of PCTP 14 and 16-Year of education in


Taxation Level-2 any discipline.
Members of *PIPFA, ICAP, CIMA-
UK, ACCA-UK. * Obtained
membership through examination.

23- Practical Aspects of 14 and 16-Year of education in


Business Laws any discipline.
Members of *PIPFA, ICAP, CIMA-
UK, ACCA-UK. *Obtained
membership through examination.

24- Communication Skills


Members of *PIPFA, ICAP, CIMA-
UK, ACCA-UK. *Obtained
membership through examination.
[88] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

SCHEDULE ‘C’

(See Regulation 126)

A member of the Institute shall be guilty of professional and other misconduct if he:---

(1) places his professional service at the disposal of or enters into


partnership with an unqualified person or persons in a position to obtain
business of the nature in which 1[Cost and Management] Accountants
engage by means which are not open to a member of the Institute;

(2) allows any person to practice in his name as 2[a Cost and Management]
Accountant in practice unless such person is also 2[a Cost and
Management] Accountant and is in partnership with or employed by him.

(3) pays or allows or agrees to pay or allows directly or indirectly a share,


commission, or brokerage in the fees or profits of his professional
business to any person other than a member of the Institute or a partner
or a retired partner or the legal representative or widow of a deceased
partner;

(4) accepts or agrees to accept any part of the profits of the professional
work of a lawyer, income-tax practitioner, auctioneer, broker or other
agent or any other person other than a member of the Institute;

(5) accepts a position as a 3[Cost and Management] Accountant in practice


previously held by some other member without first communicating with
him in writing;

(6) accepts an appointment as 4[a Cost and Management] Accountant with


a concern without first ascertaining from it whether the legal
requirements, if any, have been duly complied with;
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [89]

(7) accepts a position as a 1[Cost and Management] Accountant in practice


previously held by some other member in such conditions as constitute
under-cutting;

(8) publishes or sanctions the publication of expressions of thanks or


appreciation by clients or promotes in any way laudatory notices with
regard to professional matters;

(9) solicits clients or professional work either directly or indirectly by circular,


advertisement, personal communication or interview or by any other
means partaking of the nature of advertisement;

(10) advertises his professional attainments of services or uses any


designation or expressions other than 2[Cost and Management]
Accountant on professional documents, visiting cards, letter heads or
sign boards unless it be a degree of a university established by law in
Pakistan or recognized by the Federal Government or a title indicating
membership of the 3[Institute of Cost and Management Accountants] or
any other institution that has been recognized by the Federal
Government or may be recognized by Council.

(11) allows his name to be inserted in any directory, either in the main section
or in classified list, whether printed or not so as to appear in leaded type
or in any manner, which could be regarded as of an advertising character;

(12) certifies or submits in his name or in the name of his firm a report of an
examination of cost accounting and related statements, unless the
examination of such statements has been made by him or by a partner
or any employee in his firm or by another Cost and Management
Accountant in practice;

(13) permits his name or the name of his firm to be used in connection with
an estimate of cost or earnings contingent upon future transactions in a
manner which may lead to the belief that he vouches for the accuracy of
the forecast;
[90] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

(14) charges or offers to charge, accepts or offers to accept in respect of any


professional employment fees which are based on a percentage of profits
or which are contingent upon the findings or results of such employment;

(15) engages in any business or occupation other than the profession of cost
and management accountants unless permitted by the Council so to
engage;

Provided that nothing contained herein shall disentitle cost and


management accountant from being a director of a company unless he
or any of his partner is interested in such company as a Cost and
Management Accountant in practice;

(16) allows a person not being a member of the Institute or a member not
being his partner to sign on his behalf or on behalf of his firm any report
of cost or pricing statement or any other document required by his client;

(17) discloses information acquired in the course of his professional


engagement to any person other than his client, without the consent of
his client or otherwise than as required by any law for the time being in
force;

(18) expresses his opinion on cost or pricing statements of any business or


any enterprise in which he, his firm or a partner in his firm has a
substantial interest, unless he discloses the interest also in his report;

(19) fails to disclose a material fact known to him which is not disclosed in a
cost or pricing statement but disclosure of which is necessary to make
such statement not misleading;

(20) fails to report a material mis-statement known to him to appear in a


financial statement with which he is concerned in professional capacity;
or fails to invite attention to any material departure from the generally
accepted procedure of costing and pricing applicable to the
circumstances;

(21) is grossly negligent in the conduct of his professional duties;


ICMA Pakistan Cost and Management Accountants Regulations, 1990 [91]

(22) fails to obtain sufficient information to warrant the expression of an


opinion or his qualifications are sufficiently material to negate the
expression of an opinion;

(23) fails to keep moneys of his client in a separate banking account or to use
such moneys for purposes for which they are intended;

(24) has been guilty of any act or default discreditable to a member of the
Institute;

(25) contravenes any of the provisions of the Act or the Regulations made
thereunder;

(26) is guilty of such other act or omission as may be specified by the Council
in this behalf, by notification in the Gazette of Pakistan.

(27) not being a fellow styles himself as a fellow;

(28) does not supply the information called for by or does not comply with the
directions of the Council or any of its committees;

(29) includes in any statement, return or form to be submitted to the Council


any particulars knowing them to be false;

(30) does not pay any money he is ordered to pay by the Tribunal, appointed
under section 10;

(31) adopts one or more of the practices specified in Regulation 49.


[92] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

FORM ‘A’

PHOTOGRAPH (See Regulation 5) PHOTOGRAPH


(FELLOW) (ASSOCIATE)

INSTITUTE OF COST AND MANAGEMENT


ACCOUNTANTS OF PAKISTAN

MEMBERSHIP NO. ……. Date of election as Associate


NAME Resolution No.
Father’s Name Certificate No.
Nationality Date of election as Fellows
N.I.C. NO. Resolution No.
Date or Birth Certificate
Academic Qualifications Date of grant of Certificate of Practice
Professional Qualifications Resolution No.
Permanent Address Date of renewal of Certificate of Practice

Date of Removal Date of Re-instatement


Reasons
Annual Fee

Present Profession Year Amount Paid Date paid


Receipt No.
Address

1 2 3 4 5 6
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [93]

FORM ‘B’

* Available for download on www.icmap.com.pk


[94] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

FORM ‘B’
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [95]

FORM ‘B’
[96] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

FORM ‘B’
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [97]

FORM ‘B’

* Available for download on www.icmap.com.pk


[98] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

FORM ‘B’
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [99]

FORM ‘B’
[100] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

FORM ‘B’
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [101]

FORM ‘C’

SEAL
[102] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

FORM ‘D’

* Available for download on www.icmap.com.pk


ICMA Pakistan Cost and Management Accountants Regulations, 1990 [103]

FORM ‘D’

* Available for download on www.icmap.com.pk


[104] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

FORM ‘D’
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [105]
FORM ‘E’

SEAL
[106] Cost and Management Accountants Regulations, 1990 ICMA Pakistan
FORM ‘F’

SEAL
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [107]

FORM ‘G’

* Available for download on www.icmap.com.pk


[108] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

FORM ‘H’

* Available for download on www.icmap.com.pk


ICMA Pakistan Cost and Management Accountants Regulations, 1990 [109]

FORM ‘I’

INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF PAKISTAN

REGISTER OF STUDENTS

Educatio Grad
Registrat Registrat Fathe N.I.
Na nal e/ Ye Univers Addre
ion ion r’s C.
me Qualificat Divisi ar ity ss
No. Date Name No.
ion on
[110] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

FORM ‘J’

INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF PAKISTAN

Student Registration No.

APPLICATION FOR EXAMINATION


ICMA Pakistan Cost and Management Accountants Regulations, 1990 [111]

FORM ‘K’
[112] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

FORM ‘L’

* Available for download on www.icmap.com.pk


ICMA Pakistan Cost and Management Accountants Regulations, 1990 [113]

FORM ‘L’

* Available for download on www.icmap.com.pk


[114] Cost and Management Accountants Regulations, 1990 ICMA Pakistan

FORM ‘M’
[See Regulation 138]

INSTITUTE OF COST AND MANAGEMENT


ACCOUNTANTS OF PAKISTAN

PARTICULARS OF OFFICE AND FIRMS OF COST


AND MANAGEMENT ACCOUNTANTS
1. Name of office or firm and address
(where there are branches also give addresses of branches).
2. Name of the partners and their addresses.

3. Date from which the partnership was entered into and enclose certified
copy of the partnership deed signed by all the partners (relevant portion only).
4. Name of the member in charge of each office.
5. Names of the members of the Institute
who are working as paid assistants in the firm.
Signature of the partners

1. ____________________

2. ____________________

3. ____________________

4. ____________________

Place:
Date:
(i) Separate Performa may be completed for each firm.

(ii) A fresh form is required to be submitted whenever any change in


partnership takes place. Information should be furnished within thirty
days after the change.

Suffice
ICMA Pakistan Cost and Management Accountants Regulations, 1990 [115]

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