EXEMPTIONS

Exemptions/Waivers from IFAP’s FA Program Examinations Syllabus - Exemption/Waiver Criteria & Rules

The underlying principle in respect of granting exemptions to persons holding academic and professional educational qualifications is the predetermined equivalence of the Institute’s standards with other academic and professional educational institutes/bodies in respect of examinations, courses of studies and other conditions as to professional standards etc. Based on this principle the Executive Council/Exemption Committee of The Institute of Forensic Accountants of Pakistan (IFAP) has listed the exemptions/waivers available to intending candidates who wish to join the Institute’s examinations but nevertheless cases of exemption/waiver claimed falling outside the prescribed list are considered by the Executive Council/Exemption Committee of the Institute on the basis of their respective merit. On this question the decision of the Executive Council/Exemption Committee is absolute and final.

Adhering strictly to the foregoing principle, the Executive Council/Exemption Committee of The Institute of Forensic Accountants of Pakistan (IFAP) has framed comprehensive rules for deciding claims for exemption/waiver from the Institute’s examinations. Accordingly eligibility for exemption/waiver will be assessed/evaluated on the basis of approved academic and professional examinations having relevant and considerable knowledge content of Accounting, Auditing, Finance, Banking, Management, Law, Taxation Laws, Corporate Laws and allied subjects. Applications for exemption and student registration must be made simultaneously in the prescribed form obtainable from the Heads Office of the Institute and must accompany the prescribed exemption and registration fees.

Students are advised that applications for exemptions must be supported by attested documentary evidence of all subjects taken in the academic and professional qualifications. The Executive Council/Exemption Committee of The Institute of Forensic Accountants of Pakistan (IFAP) reserves the right to review and re-evaluate the equivalence criteria for exemption in respect of all or any academic and professional examinations which presently or in future have been accorded approval for equivalence with the Institute’s examinations. Exemptions are granted from the Institute’s examinations in subjects of other academic and professional examinations on the basis of equivalence established by The Institute of Forensic Accountants of Pakistan (IFAP).

Exemptions Allowed in Special Cases

Members of others professional Institutes/Bodies whose examinations, educational and professional standards are considered equivalent to those of the Institute may be admitted as members. The status of membership of this Institute conferrable will, however, depend upon the status of membership already held by such applicant in the others Institutes/Bodies. While The Institute of Forensic Accountants of Pakistan (IFAP) strictly adheres to the principles of detailed scrutiny of applications for membership and exemptions to assess the equivalence criteria, the Executive Council/Exemption Committee is also empowered to consider and grant exemptions to applicants whose educational qualifications are not covered by the conditions laid down in the exemption schedule.

Another important consideration which the Executive Council/Exemption Committee follows in granting exemptions in special cases which fall outside the existing frame-work of exemption rules, is the overall and complete set of relevant academic and practical achievements of the applicant acceptable to the Executive Council/Exemption Committee, of course, having regard to the cardinal principle of determining the professional equivalence in each case separately. The decision of the Executive Council/Exemption Committee in this behalf is absolute and final. The applicants falling in this category are, however, entitled to an opportunity to appeal and submit necessary clarifications and documentary evidence in support of their claim for exemption to the satisfaction of the Executive Council/Exemption Committee who may in its sole discretion reconsider such appeals.

IFAP Exemption Policy / Criteria

Candidates/applicants with prior academic and professional qualifications are eligible to claim/get exemptions from the Institute’s examinations syllabus of the Forensic Accountant/Forensic Auditor (FA) Program on case to case basis subject to fulfill necessary requirements as prescribed and approved by the Executive Council/Exemption Committee of The Institute of Forensic Accountants of Pakistan (IFAP). According to IFAP Exemption Policy/Criteria, the detail of exemptions/waivers are as under:-

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)

Exemption Fees

Exemption fee shall be paid along with the applications for exemptions as per exemption fee schedule given below. The Institute of Forensic Accountants of Pakistan (IFAP) will refund the amounts in respect of claims for exemption disallowed or adjust the amount against other dues. Payments shall be in cash direct transfer/bank pay order/bank demand draft, and crossed check in favour of The Institute of Forensic Accountants of Pakistan (IFAP).

Level 1: Foundation Stage

  • Paper FS1
  • Paper FS2
  • Paper FS3
  • Paper FS4
  • Paper FS5

Level 2: Certificate Stage

  • Paper CS6
  • Paper CS7
  • Paper CS8
  • Paper CS9
  • Paper CS10

Level 3: Professional Stage Group I

  • Paper PS11
  • Paper PS12
  • Paper PS13
  • Paper PS14
  • Paper PS15

Level 3: Professional Stage Group II

  • Paper PS16
  • Paper PS17
  • Paper PS18
  • Paper PS19
  • Paper PS20
  • Paper PS21

 

  • Introduction to Forensic Accounting
  • Concepts & Techniques of Fraud Examination
  • Forensic Accounting & Litigation Framework
  • Business Communication & Behavioural Studies
  • Corporate Management & Performance

 

  • Forensic Accounting Investigation (Process & Techniques)
  • Taxation & Company Laws
  • Evidence & Forensic Accountant
  • Audit & Assurance
  • Public Financial Management

 

  • Treasury & Forex Management
  • Risk Management (Basics & Tool)
  • Forensic Accountant Independent Accounting Expert Reports
  • Banking & Insurance Laws
  • Corporate Financial Management

 

  • Anti-Money Laundering Measurement & Business Ethics
  • Corporate & Financial Reporting
  • Corporate Governance & Administration
  • Business Valuation Management
  • Criminology, Legal Environment & Ethics
  • Advanced Audit & Assurance or Advanced Taxation or Cyber Laws or Banks/Corporate Fraud (Case Studies)

For Nationals

  • Rs. 2,000
  • Rs. 2,000
  • Rs. 2,000
  • Rs. 2,000
  • Rs. 2,000

 

  • Rs. 2,000
  • Rs. 2,000
  • Rs. 2,000
  • Rs. 2,000
  • Rs. 2,000

 

  • Rs. 2,500
  • Rs. 2,500
  • Rs. 2,500
  • Rs. 2,500
  • Rs. 2,500

 

  • Rs. 2,500
  • Rs. 2,500
  • Rs. 2,500
  • Rs. 2,500
  • Rs. 2,500
  • Rs. 2,500

For Overseas

  • Rs. 2,500
  • Rs. 2,500
  • Rs. 2,500
  • Rs. 2,500
  • Rs. 2,500

 

  • Rs. 2,500
  • Rs. 2,500
  • Rs. 2,500
  • Rs. 2,500
  • Rs. 2,500

 

  • Rs. 3,500
  • Rs. 3,500
  • Rs. 3,500
  • Rs. 3,500
  • Rs. 3,500

 

  • Rs. 3,500
  • Rs. 3,500
  • Rs. 3,500
  • Rs. 3,500
  • Rs. 3,500
  • Rs. 3,500

For Foreigners

  • US $ 40
  • US $ 40
  • US $ 40
  • US $ 40
  • US $ 40

 

  • US $ 50
  • US $ 50
  • US $ 50
  • US $ 50
  • US $ 50

 

  • US $ 50
  • US $ 50
  • US $ 50
  • US $ 50
  • US $ 50

 

  • US $ 50
  • US $ 50
  • US $ 50
  • US $ 50
  • US $ 50
  • US $ 50

 

Powers of the Executive Council/Exemption Committee to Grant Exemptions/Waivers

The powers vested in the Executive Council/Exemption Committee interalia also includes the scrutiny of all applications for exemptions in accordance with the prescribed criteria and rules and eventually grant or refuse exemptions. A right to appeal to the Executive Council/Exemption Committee is, however, given to every applicant for exemption to plead and justify his/her claim. The Executive Council’s/Exemption Committee’s decision in that case is absolute and final.

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