Introduction:
The Institute of Chartered Accountants of Pakistan (ICAP), the premier regulatory body for accountancy in Pakistan, has introduced Overseas Training Regulations and Guidelines in response to global changes and the increasing presence of ICAP professionals in international markets. This initiative allows overseas firms to become Approved Overseas Training Organizations of ICAP, providing students with specialized experience and training opportunities in overseas firms.
Registration of Overseas Training Organization
For registration of Overseas Training Organization, Initially an expression of Interest/ Authorization letter will be sent to overseas.training@icap.org.pk.
Expression of Interest / Authorization Letter
Pre-requisite for formation of Overseas Training Organization
- It must have an owner/proprietor/partner who is a member of the institute or Member of the following Professional Accounting Organizations.
- Institute of Chartered Accountants of England & Wales.
- Chartered Accountants Australia New Zealand
- Institute of Chartered Accountants of Scotland
- Chartered Accountants of Ireland
- Chartered Professional Accountants of Canada
- Any other condition specified by the Council from time to time.
- It must have a nominated CPD compliant Member of the Institute, being sole proprietor/ partner/ employee, with a minimum of ten-year post-qualification experience, as Member Responsible for Student Affairs.
- It has the following minimum number of audits to gain corresponding entitlement to train Trainee Students.
| Initial entitlement of 5 Trainee Students per sole proprietor/partner and member employee | Full entitlement as per bye-laws | |
| Minimum audits | 10 | 25 |
| Including audit of limited companies | 5 | 15 |
| Minimum paid up capital of limited companies being audited (aggregate) | Not Applicable | $ 0.5 million Or equivalent |
Eligibility Criteria for Students
CAF qualified student; or equivalent
- Four-year Graduate / Post Graduate from Specified Degree Awarding Institutes; or
- Graduate from a local or foreign university recognized by competent authority of higher education in Pakistan
- Minimum 16 years of education with 45% aggregate marks or equivalent grades; or
- Minimum 14 years of education with 45% aggregate marks or equivalent grades
Regulations & Guidelines
Detailed procedure for registration of students and firms has been set out in below Directive.
Training Regulations and Guidelines 2024 – Overseas Training in Practice