Exemptions
Exemptions Criteria
The Institute's criteria for granting exemptions to individuals with academic and professional qualifications are based on the principle of ensuring that the Institute's standards are equivalent to those of other educational and professional bodies. The Executive Council/Exemption Committee of The Institute of Forensic Accountants of Pakistan (IFAP) has established a list of exemptions available to prospective candidates who wish to take the Institute's examinations. However, cases of exemption that fall outside this prescribed list are considered by the Executive Council/Exemption Committee on their individual merits, and their decisions in such cases are final.
Following this principle, the Executive Council/Exemption Committee has developed comprehensive rules for evaluating claims for exemptions from the Institute's examinations. Eligibility for exemption is determined based on approved academic and professional examinations that cover relevant knowledge in areas such as Accounting, Auditing, Finance, Banking, Management, Law, Taxation Laws, Corporate Laws, and related subjects. To apply for exemptions and student registration, individuals must use the prescribed form available from the Institute's Head Office and include the required exemption and registration fees.
It's important for students to note that exemption applications must be supported by authenticated documentary evidence of all subjects completed in their academic and professional qualifications. The Executive Council/Exemption Committee reserves the right to periodically review and re-evaluate the criteria for equivalence and exemptions in relation to all or specific academic and professional examinations that have been approved as equivalent to the Institute's examinations. Exemptions are granted based on the equivalence established by The Institute of Forensic Accountants of Pakistan (IFAP) between subjects in other academic and professional examinations and its own.
Exemption Policy
Candidates who possess academic and professional qualifications may request exemptions from specific subjects within the Forensic Accountant/Forensic Auditor (FA) Program syllabus. These exemptions are granted on an individual basis and are subject to meeting the necessary requirements established and approved by the Executive Council/Exemption Committee of The Institute of Forensic Accountants of Pakistan (IFAP). The IFAP Exemption Policy and criteria outline the specific details regarding these exemptions.
Exemptions/Waivers for Professional Qualifications Holders
CA/ACCA/CMA/CPA/CFA Members having 5 years or more than 5 years practical job experience (19 papers exempted out of total 21 papers and 2 papers non exempted, paper FS1 & paper PS20).
CA/ACCA/CMA/CPA/CFA Finalists, ACCA Affiliates plus graduation qualification having 5 years or more than 5 years practical job experience (18 papers exempted out of total 21 papers and 3 papers non exempted paper FS1, paper PS16 & paper PS20).
CA/ACCA/CMA/CPA/CFA Inter students/applicants plus graduation qualification having 5 years or more than 5 years practical job experience (17 papers exempted out of total 21 papers and 4 papers non exempted paper FS1, paper CS6, paper PS16 & paper PS20).
PIPFA Members plus graduation qualification having 5 years or more than 5 years practical job experience in public sector or corporate sector (17 papers exempted out of total 21 papers and 4 papers non exempted paper FS1, paper CS6, paper PS16 & paper PS20).
PIPFA Members plus graduation qualification having less than 5 years practical job experience in public sector or corporate sector (16 papers exempted out of total 21 papers and 5 papers non exempted paper FS1, paper FS2, paper CS6, paper PS16 & paper PS20).
ICSP/ICSM/ITMP/IMMP Members plus graduation qualification having 5 years or more than 5 years practical job experience (18 papers exempted out of total 21 papers and 3 papers non exempted paper FS1, paper PS16 & paper PS20).
ICSP/ICSM/ITMP/IMMP finalists/Inter Students/applicants plus graduation qualification having 5 years or more than 5 years practical job experience (17 papers exempted out of total 21 papers and 4 papers non exempted paper FS1, paper CS6, paper PS16 & paper PS20).
IBP full Members plus graduation qualification having 5 years or more than 5 years practical job experience (17 papers exempted out of total 21 papers and 4 papers non exempted, paper FS1, paper FS2, paper PS20 & paper PS21).
CIA/CICA/CFE Members plus graduation qualification having 5 years or more than 5 years practical job experience(19 papers exempted out of total 21 papers and 2 papers non exempted, paper FS1 & paper PS20).
LLB, LLM plus graduation qualification having 5 years or more than 5 years practical job experience(19 papers exempted out of total 21 papers and 2 papers non exempted, paper FS1 & paper PS21).
Exemptions/Waivers for Academic Qualifications Holders
B. Com, BBA students/applicants having 5 years or more than 5 years practical job experience (7 papers exempted out of total 21 papers).
M.Com, MBA, MPA, B.Com Hons qualifications holders having less than 5 years practical job experience (15 papers exempted out of total 21 papers and 6 papers non exempted paper FS1, paper FS2, Paper CS6, paper PS16, paper PS20 & paper PS21).
M.Com, MBA, MPA, B.Com Hons qualifications holders having 5 or more than 5 years practical job experience (18 papers exempted out of total 21 papers and 3 papers non exempted paper FS1, paper PS16 & paper PS20).
M.Com, MBA plus MS/M.Phil/Phd Accounting, Finance & Banking qualifications holders having 5 or more than 5 years practical job experience (19 papers exempted out of total 21 papers and 2 papers non exempted paper FS1& paper PS20).
Qualification | Exempted Papers | Non-Exempted Paper |
---|---|---|
CA/ACCA/CMA/CPA/CFA Members | 19 | FS1, PS20 |
CA/ACCA/CMA/CPA/CFA Finalists, ACCA Affiliates | 18 | FS1, PS16, PS20 |
CA/ACCA/CMA/CPA/CFA Inter students/applicants | 17 | FS1, CS6, PS16, PS20 |
PIPFA Members | 17 | FS1, CS6, PS16, PS20 |
ICSP/ICSM/ITMP/IMMP Members | 18 | FS1, PS16, PS20 |
ICSP/ICSM/ITMP/IMMP finalists/Inter Students/applicants | 17 | FS1, CS6, PS16, PS20 |
IBP full Members | 17 | FS1, FS2, PS20, PS21 |
CIA/CICA/CFE Members | 19 | FS1, PS20 |
LLB, LLM | 19 | FS1, PS21 |
B. Com, BBA students/applicants | 7 | |
M.Com, MBA, MPA, B.Com Hons qualifications holders | 18 | FS1, PS16, PS20 |
M.Com, MBA plus MS/M.Phil/Phd Accounting, Finance & Banking Qualifications | 19 | FS1, PS20 |
5 Years Or More Than 5 Years Practical Job Experience Is Required. |
Special Cases
Individuals who are members of other professional institutes or bodies with examinations and standards that are deemed equivalent to those of The Institute of Forensic Accountants of Pakistan (IFAP) may be eligible for membership in IFAP. The specific membership status conferred by IFAP will depend on the membership status already held by the applicant in the other institutes or bodies.
While IFAP follows a rigorous evaluation process for membership and exemptions, the Executive Council/Exemption Committee has the authority to consider and grant exemptions to applicants whose educational qualifications do not align with the conditions outlined in the exemption schedule. In such special cases, the Executive Council/Exemption Committee takes into account the applicant's comprehensive academic and practical achievements, ensuring they meet the criteria for equivalence on an individual basis. The decisions made by the Executive Council/Exemption Committee in these cases are final.
Applicants falling into this category have the opportunity to appeal and provide additional documentation and clarifications to support their exemption claims. The Executive Council/Exemption Committee may, at its discretion, reconsider such appeals.
Exemption Fees
When applying for exemptions, you are required to pay the applicable exemption fees as outlined in the exemption fee schedule provided below. If your request for an exemption is denied, The Institute of Forensic Accountants of Pakistan (IFAP) will either refund the fees or adjust the amount against any other outstanding dues you may have. Payment methods accepted include cash, direct transfer, bank pay order, bank demand draft, and crossed checks, all made payable to The Institute of Forensic Accountants of Pakistan (IFAP).
Powers Of Exemption Committee
The Executive Council/Exemption Committee has several powers, including the review of all exemption applications to ensure they meet the specified criteria and rules. They have the authority to either approve or reject exemption requests. Applicants do have the right to appeal to the Executive Council/Exemption Committee to present their case and provide justification for their exemption claim. However, it's important to note that the decision made by the Executive Council/Exemption Committee in such cases is considered absolute and final.