VISION

“To be the Preference in Value Optimization for Business”

MISSION STATEMENT
“To develop strategic leaders through imparting quality education and training in
Management Accounting, to continually set and upgrade professional standards
and to conduct research, bringing value-addition to the economy”

CAREER PACK
&
SYLLABUS

Estd 1951

Institute of Cost and Management Accountants of Pakistan

(Constituted under Cost & Management Accountants Act 1966)
Head Office: ST-18/C, Block-6, Gulshan-E-Iqbal, Karachi-75300
Telephone: (92- 21) 9243900,1,2 & 4 Fax: (92- 21) 9243342 Website: www.icmap.com.pk
ICMAP Career Pack

Printed in December 2007

Message of the President 2
3

Alhamdulillah, the Institute of Cost and Management Accountants

of Pakistan (ICMAP), has launched its new syllabus. The new
syllabus provides our students the best professional education,
which is in line with the latest developments in the profession
and responds positively to the rapidly changing global business
environment. It is also in accordance with the requirements of
International Education Standards (IESs) prescribed by the
International Federation of Accountants (IFAC). After launching
of the new syllabus, many students reported problems. These
problems have been considered seriously and almost all of them have been resolved.

Improvement and reorganisation of the syllabus:

The new syllabus has made many improvements over the previous one, the most significant
being the introduction of important business and management related subjects, such as
Risk Management, Integrated Management, Project Management, and Management
Accounting- Business Strategy and Decision Making. Moreover, additional topics have
been included in many subjects to bring them in line with the latest developments in the
profession. Courses including Fundamentals of Cost and Management Accounting,
Management and Marketing, Introduction to Information Technology, Cost and Management
Accounting – Performance Appraisal, Information System and I.T. Audit and Management
Accounting – Decision Making have been redesigned. The exemption policy has also been
revisited.
The transitional arrangement and switchover plans are explained in this Career Pack.

Practical training:
Yet another salient feature of the revised curriculum is the emphasis on practical training,
which has been made compulsory for ICMAP students in view of the importance of work
experience. Students will now be required to complete at least six months of work
experience to be eligible to get their Two Year Post Graduate Certificate in Cost and
Management Accounting and an over-all one year of work experience to be eligible to
get Certified Management Accountant (CMA) Certificate.

Comprehensive examination:
Effective Spring 2006 session, the students, who have passed all the examinations of
Institute, will be required to pass a Comprehensive Examination in order to be eligible
to receive their CMA final certificate. This examination will be conducted 30 days after
the result of Spring (Summer) or Fall (Winter) Examination. This will be a three-hour
examination, comprising multiple choice questions (MCQs) and short case studies.
An e-copy of the new syllabus is available online at our website www.icmap.com.pk. The
new syllabus has come into effect from spring 2006.
ICMAP Career Pack

Revision of the syllabus is part of ICMAP’s never-ending endeavour to provide its students
the best that comes in accounting education the world over. We are confident that the
new syllabus would help enhancing the competence of our students and would better
prepare them to face the challenges of the ever-changing business world.

Internet Based Distance Learning Programme (IBDLP):

The IBDLP method of learning is a step towards facilitation to correspondence students.
This digital technology will allow students to enjoy the flexibility of correspondence
course without losing much of the benefits of coaching classes. The programme will
provide lectures in a digital format so they may get maximum learning without losing the
spirit of distance learning i.e., acquiring knowledge conveniently outside class environment
at their own place.
IBDLP has been launched to facilitate the students living in remote areas where there is
lack of education, institution facilities and no existence of ICMAP centres nearby their
residence and employed persons, who are constrained by their office timings to attend
the scheduled coaching classes.
The magnificent features of IBDLP are the digital access to lecture through CDs, which
will be helpful in learning lesson during convenient timings and online availability of
course counselors for providing guidance and interactive learning environment to students.
Through this program, students will get the opportunity to interact with the course
counselors on a regular basis through telephone and internet, who would provide guidance
to students related to subjects they are enrolled in and will provide student friendly
environment.

Sher Afgan Malik, FCMA

President
Contents 4
5

DESCRIPTION Page No.

1. Introduction
1.1 About ICMAP 8
1.2 National Council 8
1.3 International And National Standing 8
1.4 Centres 8
1.5 Facilities 8
1.6 Web Site 9
1.7 Publications 9

2. The Programme
2.1 The Role of Management Accountants 12
2.2 How Management Accountants Add Value to Business 12
2.3 Salient Features of the new Syllabus 12
2.4 Membership of the Institute 13
2.5 Methodology 14
2.6 Courses of Studies 14

3. Admission Policy & Procedure

3.1 Admissions 18
3.2 Entry Test 18
3.3 Exemption Policy 18
3.4 Registration 21
3.5 Cancellation and Suspension of Registration 22
3.6 Admission Procedure 22
3.7 Transfers 23
3.8 Code of Conduct 23
3.9 Admission on Paper to Paper basis 24
3.10 Correspondence Course 24
3.11 Internet Based Distance Learning Programme (IBDLP) 26
3.12 Switch over Plan for the Students of 1998 Syllabus 26
3.13 Equivalency Schedule 29

4. Examination Policy and Procedures

4.1 Eligibility 32
4.2 Examination Application 33
4.3 Instructions to the Examinees 33
4.4 General Procedures 35
4.5 Examination Scheme 35
4.6 Examination Results 35
4.7 Proficiency Awards 36
4.8 Comprehensive Examination 37

5. Fee and Concession

5.1 Fee Payable 40
5.2 Concession in Fee 40
5.3 Scholarship / Financial Assistance 40
5.4 Payment of Fee 41
5.5 Refund/Adjustment 41
5.6 Fee Structure 42

6. Syllabus 44
ICMAP Career Pack
 6
7

1. Introduction
1.1 About ICMAP 8
1.2 National Council 8
1.3 International And National
Standing 8
1.4 Centres 8
1.5 Facilities 8
1.6 Web Site 9
1.7 Publications 9
ICMAP Career Pack
Introduction
1.1 ABOUT ICMAP
The Institute of Cost and Management
Accountants of Pakistan (ICMAP), established in
1951, was granted statutory status under the
Cost and Management Accountants Act, 1966
for the regulation of Cost and Management
Accountancy profession in Pakistan. ICMAP is
the sole provider of cost and management
accounting education, training and professional
certification in the country. Over the years, the
Institute has maintained high standards in
imparting education and testing and has thus
been meeting an important national human
resource need through a steady flow of
professional Management Accountants to occupy
leadership positions in the corporate sector.
ICMAP has around 3,300 members, who hold
senior positions in trade, commerce, industry
and government within the country and abroad.
The number of active registered students is
around 15,000, which makes ICMAP one of the
largest professional institutions in Pakistan.
1.2 NATIONAL COUNCIL
The affairs of ICMAP are governed by the National
Council, which discharges the functions assigned
to it under the Cost and Management
Accountants Act, 1966. The National Council has
twelve members; out of whom eight are elected
by members of the Institute while the remaining
four are nominated by the Federal Government.
1.3 INTERNATIONAL AND NATIONAL
STANDING
1.3.1 International Affiliations
ICMAP is a member of the following international
accounting bodies:
l International Federation of Accountants (IFAC)
l International Accounting Standards Board
(IASB)
l South Asian Federation of Accountants (SAFA)
l Confederation of Asian and Pacific Accountants
(CAPA)
1.3.2 International/ National Recognition
The following accounting bodies have recognised
ICMAP qualification and granted exemptions to
ICMAP Members/Qualified Students in different
papers:
l Institute of Management Accountants (IMA),
USA
l The Chartered Institute of Management
Accountants (CIMA), UK
l The Society of Management Accountants
(SMA), Canada
l The Association of Chartered Certified
Accountants (ACCA), UK
l Instituted of Chartered Accountants of
Australia (ICA- Australia)
l Certified General Accountants (CGA), Canada
l The Institute of Chartered Accountants of
Pakistan (ICAP)
l The Institute of Internal Auditors (IIA), USA
l The Institute of Corporate Secretaries of
Pakistan (ICSP)
l Pakistan Institute of Public Finance
Accountants (PIPFA)
1.4 CENTRES
ICMAP is a truly national level institute, having
12 centres throughout Pakistan. It also has one
overseas examination centre, in Dubai, UAE.
1.5 FACILITIES
1.5.1 Buildings
The Institute has its own buildings in all the
major cities of Pakistan which are fully equipped
with all the necessary facilities, like air-
conditioned classrooms, computers, modern
audio-visual devices and well-equipped libraries.
1.5.2 Faculty
The faculty comprises of professionals having
rich business and teaching experience. They
bring real life working environment to the
 Introduction

8
9

classroom and make learning more meaningful 1.6 WEB SITE

and effective with the help of different teaching
ICMAP has a well-designed web site
aids.
(www.icmap.com.pk) which provides comprehen-
sive useful information, such as introduction of
the Institute, its Council, various centres, syllabi,
admission procedure, coaching classes, corre-
spondence course, Internet Based Distance Learn-
ing Programme (IBDLP) course, exemption policy,
fee structure and information regarding the
Institute’s programmes and Continuing Profes-
sional Development (CPD) activities.

1.7 PUBLICATIONS
1.5.3 Computer Labs “Management Accountant” is the official organ
of the Institute, which is considered to be one
The Institute has adequate and well-equipped
of the leading professional journals in Pakistan,
computer labs at all centres. Students have e-
having bi-monthly circulation of over 15,500
mail and internet access in these labs. The Head
copies. It has been playing a proactive role in
Office in Karachi also offers computer facilities
updating its readers on the International Financial
to students and members in job search.
Reporting and Auditing Standards, New
Management Concepts, Changing Business
Scenario and latest developments, which are
taking place in Information Technology.
Through interviews of eminent personalities and
subject experts, the Journal has been instrumental
in the dissemination of their thinking and vision.
Besides, ICMAP also publishes on its web site
monthly e-Research Journal & e-News Letter for
1.5.4 Libraries its members and Students.
ICMAP libraries contain thousands of books on
accountancy and business-related subjects. The
Institute is a regular subscriber to about 50
international journals. Members in Islamabad
also have access to a digital library database,
which gives them online access to a number of
periodicals, journals and articles.
1.5.5 Auditoria
The ICMAP buildings at Karachi, Lahore,
Islamabad and Multan have auditoria, where
seminars and guest speakers’ sessions are held
as part of the overall educational programme.
This provides the students with an opportunity
to interact with policy makers and employers
who, in turn, get a chance to spot suitable
candidates for employment in their organisations.
ICMAP Career Pack
 10
11

2. The Programme
2.1 The Role of Management
Accountants 12
2.2 How Management Accountants
Add Value to Business 12
2.3 Salient Features of the new
Syllabus 12
2.4 Membership of the Institute 13
2.5 Methodology 14
2.6 Courses of Studies 14
ICMAP Career Pack
The Programme
2.1 THE ROLE OF MANAGEMENT
ACCOUNTANTS
The Management Accountants produced by the
Institute have met the requirements of the
industry over the years and performed creditably
in the assigned roles. Today, the members of
ICMAP occupy top to middle management
positions in the leading public and private sector
organizations, financial institutions, NGOs and
consultancy firms as Chief Executive Officers,
Managing Directors, General Managers,
Controllers, Directors of Finance, and Company
Secretaries. Because of their professional
capabilities, Management Accountants are
increasingly involved in the strategic management
decision-making. Studying at ICMAP provides
the students with an opportunity to sharpen
their accounting, finance and business skills
through world-class comprehensive syllabus,
effective education and testing system, and on-
the-job training.
2.2 HOW MANAGEMENT ACCOUNTANTS
ADD VALUE TO BUSINESS
Management Accountants are trained to turn
knowledge into value addition, they are
successfully competing in the employment market
for senior positions, even in the general
management areas. The Management Accountant
is now become more a business advisor, who
understands the dynamics of business as an
organic whole, rather than being a typical “finance
person” with tunnel vision. Some important
functions performed by the Management
Accountants are summarised as under:
l Devising ways and means for improving the
overall profitability of organizations they
serve and maximizing the value of business.
l Ensuring optimum utilisation of available
resources.
l Developing standards for all operating areas
and evaluating actual results with the
standards.
l Analysing overall business and operational
data.
l Suggesting alternatives to improve produc-
tivity, by identifying areas of wastages, leak-
ages and inefficiencies or invisible losses.
l Deploying informative tools for an efficient
management information system.
l Rationalizing cost/expenditure into functions
and processes, to facilitate cost control at
each operational level.
l Contributing to Total Quality Management
(TQM).
l Assisting in decision-making process at all
cadres of management.
2.3 SALIENT FEATURES OF THE NEW
SYLLABUS
The syllabus of ICMAP has been revamped in
order to enhance the competence of the students
enabling them to face the challenges of a dynamic
business environment, confidently.
Many new subjects, such as Risk Management,
Integrated Management, and Management
Accounting-Business Strategy and Decision
Making, have been added. Moreover, additional
topics have been included in many subjects to
bring them in line with the latest professional
developments.
The syllabus comprises 21 subjects, to be taught
in six stages over a total period of three years.
l The course of Fundamentals of Cost and
Management Accounting has been introduced
in Stage 2, by merging the major areas of
Cost Accounting and Operational Cost
Accounting of the 1998 syllabus.
l A new course of Management and Marketing
has been introduced in Stage 2 of the new
syllabus, by merging the contents of Strategic
Management and Marketing Management
courses of the 1998 syllabus.
l The subject of Cost and Management
Accounting – Performance Appraisal (Stage-
3) has been redesigned after merging the
major areas of Operational Cost Accounting,
Cost Accounting and Strategic Management
Accounting courses of the 1998 syllabus.

l Information System and IT Audit course
(Stage-6) has been redesigned. It now covers
areas from Computer Systems, MIS-II and
Information Management and Auditing cours-
es of the 1998 syllabus. It also contains addi-
tional topics reflecting recent developments
in the profession.
l A new paper of Management Accounting –
Decision Making has also been introduced in
Stage-5, after merging Strategic Management
Accounting and Operational Cost Accounting
courses of the 1998 syllabus.
PROGRESSION SCHEME
Cost and Management Accounting Final Certificate
Comprehensive Examination
Stage-6
Stage-5
Two-Year Post Graduate Certificate in Cost and
Management Accounting
Stage-4
Stage-3
One-year Post Graduate Certificate in Accounting
Stage-2
Stage-1
l After passing the prescribed examinations
and fulfilling the practical training
requirements, students will be awarded
following certificates:
l After passing all papers of Stage-1 and Stage
2, students will be awarded a One-year Post
Graduate Certificate in Accounting.
l After passing all papers of Stage-1 to Stage-
4 and on meeting the work experience
The Programme
12
13
requirements of six months, the students will
be awarded a Two-year Post Graduate
Certificate in Cost and Management
Accounting.
l Once the student passes all the Stages of
ICMAP, he/she will be required to undergo a
comprehensive examination of three hours.
Upon qualifying this examination and on
meeting one-year work experience
requirement, the student will be awarded
Cost and Management Accounting Final
Certificate.
2.3.1 Practical Training
In view of the importance of work experience,
the requirement of acquiring practical
training/hands on-job experience has been made
compulsory for ICMAP students. The students
will be required to complete at least six months
of practical training in business or profession,
in order to be eligible to get their Two-Year Post
Graduate Certificate in Cost and Management
Accounting, and a total of one year of work
experience to be eligible to get Cost and
Management Accounting Final Certificate.
2.3.2 Comprehensive Examination
From the Spring 2006 session, ICMAP students
are required to pass a Comprehensive
Examination in order to be eligible to receive
their CMA Final Certificate. This examination is
conducted 30 days after the announcement of
Stage-6 examination result. This will be a three-
hour examination, comprising multiple choice
questions and case studies covering the whole
syllabus.
2.4 MEMBERSHIP OF THE INSTITUTE
Membership of the Institute comprises Associate
(ACMA) and Fellow (FCMA) members. CMA Final
Certificate holder becomes eligible for admission
as Associate Member of the Institute if he/she
has gained a total of three years work experience
in Financial or Management Accounting. An
ACMA becomes eligible for admission as Fellow
Member of the Institute (FCMA) if he/she has
ICMAP Career Pack
gained additional work experience of five years
in a senior position in Finance and Accounts
Department or related work experience after
becoming ACMA.
2.5 METHODOLOGY
2.5.1 Medium of instruction and examination at
ICMAP is English. Communication between the
faculty and the students as well as among the
students is also in English.
2.5.2 The completion of each Stage requires a period
of about six months, of which 16 weeks are spent
on course study (through coaching, correspon-
dence or Internet Based Distance Learning Pro-
gramme (IBDLP)), and the rest is spent on self-
study and examination.
2.5.3 The syllabus serves as a guideline for the students,
teachers and examiners as to the scope of
subjects and the study time to be allocated to
various topics.
2.5.4 A list of books prescribed for core-reading and
references is also enclosed. The books adequately
cover the syllabus of the relevant subjects. The
students are encouraged to go through other
related books and study material for further
expanding their horizon of knowledge.
2.5.5 The case study method is also used to equip the
students with the knowledge and ability to face
problems in their practical life.
2.5.6 The percentage of the weightage is shown against
different sections of the syllabus. This serves as
a guide to devote the study time each section
requires. The weightage does not necessarily
specify the number of marks to be allocated to
the topics shown in each area in the examination.
The students, therefore, should study all the
topics in the syllabus. This weightage may not
be exactly followed by the examiners.
2.5.7 The Institute’s Curriculum is competency- based
and the major aim is to prepare the prospective
members of the Institute not only for the
positions of Chief Financial Officers in different
organisations but also for the ultimate position
of Chief Executive Officers, if they are associated
with some industrial or commercial organisations,
and for the position of Auditors as well as
Management Consultants, if they are in public
practice.
2.6 COURSES OF STUDIES
The scheme of professional studies is accom-
plished by satisfying the requirements of educa-
tion, examination, work experience, comprehen-
sive examination and practical training. The
education requirement includes courses in ac-
counting, business and related areas. The exam-
ination assesses knowledge, skills and application
of the subject matter.
In addition, all candidates must satisfactorily
complete at least one year of relevant work
experience, in addition to passing a comprehen-
sive examination. The course of studies along
with Classroom Hours (Coaching) and number
of assignments (Correspondence Course) for
each subject are listed in the following table:
 The Programme

14
15

SCHEDULE OF LECTURES, ASSIGNMENTS AND CREDIT HOURS OF ICMAP COURSES

Coaching Correspondence
Code Name of Subjects Class Room No. of
Credit Hours
Hours Assignments
Stage-1
S-101 Fundamentals of Financial Accounting 70 5 12
S-102 Business Economics 60 4 10
S-103 Business Laws 60 4 10
S-104 Business English 60 4 10
Stage-2
Fundamentals of Cost and Management
S-201 70 5 12
Accounting
S-202 Management and Marketing 60 4 10
S-203 Business Mathematics & Statistics 60 4 10
S-204 Introduction to Information Technology 60 4 10
Stage-3
S-301 Financial Accounting 80 5 15
S-302 Business Taxation 60 4 10
Cost and Management Accounting –
S-303 70 5 10
Performance Appraisal
S-304 Presentation & Communication Skills 70 5 10
Stage-4
S-401 Advanced Financial Accounting & Analysis 80 5 15
S-402 Integrated Management 60 4 10
S-403 Corporate Laws & Secretarial Practices 60 4 10
Stage-5
S-501 Financial Reporting 60 4 10
S-502 Management Accounting -Decision Making 60 4 10
S-503 Risk Management and Audit 70 5 12
Stage-6
S-601 Strategic Financial Management 80 5 15
S-602 Information Systems and I.T. Audit 70 5 10
S-603 Management Accounting - Business Strategy 60 4 10
Total Hours 1380 93 -

Graduation credit hours 60

ICMAP's credit hours 93
Total credit hours 153
ICMAP Career Pack
 16
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3. Admission Policy & Procedures

3.1 Admissions 18
3.2 Entry Test 18
3.3 Exemption Policy 18
3.4 Registration 21
3.5 Cancellation and Suspension of Registration 22
3.6 Admission Procedure 22
3.7 Transfers 23
3.8 Code of Conduct 23
3.9 Admission on Paper to Paper basis 24
3.10 Correspondence Course 24
3.11 Internet Based Distance Learning Programme (IBDLP) 26
3.12 Switch over Plan for the Students of 1998 Syllabus 26
3.13 Equivalency Schedule 29
ICMAP Career Pack
Admission Policy & Procedures
3.1 ADMISSIONS
The minimum qualification required for
enrolment in ICMAP’s Courses is Bachelor’s
Degree. Students are admitted twice a year - for
Spring Session in December and for Fall Session
in June. The students may opt studies through:
a. Coaching Classes,
b. Correspondence Course, or
c. Internet Based Distance Learning Programme
(IBDLP)
Admission to Stage 1 can be taken after passing
the Entry Test or being eligible for exemption.
Admission to a higher stage may be given, if a
candidate qualifies for /or gets exemption from
entry test and/or exemptions in the subjects of
lower stage(s).
3.2 ENTRY TEST
3.2.1 The entry test assesses the general intelligence,
proficiency of English and Arithmetic skills of
the candidate.
3.2.2 Entry Test Eligibility
The following candidates are required to appear
in the entry test:
l Holders of B. Com. degree.
l Graduates in other disciplines.
l An equivalent qualification approved by the
National Council.
l A candidate who has appeared in the final
examination of a Bachelor’s Degree and is
waiting for the examination results. If such
candidate passes the Entry Test, he/she will
be granted a provisional admission. However,
registration will be granted only when he/she
passes the Degree examination.
3.2.3 Exemption from Entry Test
The candidates having the following qualifications
will be exempted from the Entry Test
l Masters degree, B.E., MBBS, LL.B.
l 1st division graduates of any discipline.
l B.Com (1st & 2nd Division)
l Intermediate/FE-I & FE-II/Module-D of the
ICAP.
l Intermediate of PIPFA (formerly AAT) sub-
ject to holding bachelor's degree.
l Intermediate of the Institute of Corporate
Secretaries of Pakistan.
l The candidates seeking admission in
correspondence course and Internet Based
Distance Learning Programme (IBDLP).
l Candidates who have already passed CSS,
FPSC and PCS examinations.
l Overseas students.
l Any other professional institute approved by
the Council.
The candidates who do not qualify the Entry
Test may appear in the next Entry Test on
payment of the prescribed Entry Test fee. The
successful result of an Entry Test will be valid
for two sessions/terms only i.e. one for which
the test is taken and the other following it.
3.3 EXEMPTION POLICY
3.3.1 General Rules
The students, who have passed Bachelor’s or
Master’s examinations from a recognised
university are eligible to apply for exemption
according to the schedule of exemptions. In
addition they must have obtained at least 50%
marks in the specified subject(s) and these
subject(s) shall cover 80% course outlines of the
institute subject(s) in which exemption is sought.
Exemption is granted on the basis of completed
qualification. Those having passed only part(s)
of various qualifications will not be allowed any
exemption from any subject of the course. Details
of papers exempted for members of professional
accounting bodies and holders of other qualifi-
cations are given in the schedule of exemptions.
 Admission Policy & Procedures

18
19

SCHEDULE OF EXEMPTIONS FOR ACADEMIC QUALIFICATIONS

SUBJECT B.Com BCS BBA B.Engg. B.Sc. B.A. LLB M.Sc. MCS M.Com MBA MPA MA LLM

Stage-1
Fundamentals of Financial
Ex. - Ex. - - - - - - Ex. Ex. Ex. - -
Accounting
Ex. Ex. Ex. Ex.
Business Economics Ex. - Ex. - - - Ex. Ex. Ex. -
(Eco.) (Eco.) (Eco.) (Eco.)
Business Laws Ex. - - - - - Ex. - - Ex. Ex. Ex. - Ex.
Ex.
Ex.
Business English - - BBA - - - - Ex. Ex. Ex. Ex. Ex. Ex.
(Eng.)
(Hons.)
Stage-2
Fundamentals of Cost and
- - - - - - - - - Ex. Ex. - - -
Management Accounting
Management and
- - - - - - - - - Ex. Ex. Ex. - -
Marketing
Ex.
Ex. Ex. Ex. (Maths
Business Mathematics
- - BBA Ex. (Maths or - - (Maths or Ex. Ex. Ex. Ex. or -
& Statistics
(Hons.) Statistics) Statistics) Statistics
or Eco.)
Ex. Ex. Ex. Ex.
Introduction to
- Ex. (Computer (Computer (Computer - - (Computer Ex. Ex. Ex. Ex. - -
Information Technology
or I.T.) or I.T.) or I.T.) or I.T.)
Stage-3
Financial Accounting - - - - - - - - - - - - - -
Business Taxation - - - - - - - - - - - - - -
Cost and Management
Accounting - Performance - - - - - - - - - - - - - -
Appraisal
Presentation &
Communication Skills - - - - - - - - - Ex. Ex. Ex. - -

Stage-4
Advanced Financial
Accounting & Analysis - - - - - - - - - - - - - -

Integraated Management - - - - - - - - - - - - - -
Corporate Laws &
Secretarial Practices - - - - - - - - - - - - - Ex.

Stage-5
Financial Reporting - - - - - - - - - - - - - -
Management Accounting-
Decision Making - - - - - - - - - - - - - -

Risk Management and

Audit - - - - - - - - - - - - - -

Stage-6
Strategic Financial
Management - - - - - - - - - - - - - -

Information Systems &

I.T. Audit - - - - - - - - - - - - - -

Management Accounting-
Business Strategy - - - - - - - - - - - - - -

Total Exemption 3 1 5 2 3 1 1 4 3 9 9 8 3 3
ICMAP Career Pack

SCHEDULE OF EXEMPTIONS FOR PROFESSIONAL QUALIFICATIONS

CIMA SMA IMA
IBP PIPFA ICSP ICAP ACCA CGA IIA
SUBJECT ACMA CMA CMA/CFM
DAIBP APA ACIS ACA (UK) (Canada) (USA)
(UK) (Canada) (USA)

Stage-1
Fundamentals of Financial
Accounting Ex. Ex. Ex. Ex. Ex. Ex. Ex. Ex. Ex. Ex.

Business Economics Ex. Ex. Ex. Ex. Ex. Ex. Ex. Ex. Ex. Ex.

Business Laws - Ex. Ex. Ex. - Ex. Ex. - - -

Business English - Ex. Ex. Ex. Ex. Ex. Ex. Ex. Ex. Ex.

Stage-2
Fundamentals of Cost and
Management Accounting - - - Ex. - Ex. Ex. Ex. Ex. -

Management and Marketing - - - - - Ex. Ex. Ex. - -

Business Mathematics & Statistics - Ex. - Ex. - Ex. Ex. - Ex. -

Introduction to Information
Technology - Ex. Ex. Ex. Ex. Ex. Ex. Ex. Ex. Ex.

Stage-3
Financial Accounting - Ex. Ex. Ex. Ex. Ex. Ex. Ex. Ex. Ex.

Business Taxation - - - Ex. - - - - - -

Cost and Management Accounting-

Performance Appraisal - - - - - Ex. Ex. Ex. Ex. -

Presentation & Communication

Skills - - - Ex. - Ex. Ex. - Ex. -

Stage-4
Advanced Financial Accounting &
Analysis - - - - - Ex. Ex. - Ex. -

Integrated Management - - - - - Ex. Ex. - - -

Corporate Laws & Secretarial

Practices - - Ex. Ex. - - - - - -

Stage-5
Financial Reporting - - - - - - - - - -

Management Accounting - Decision

Making - - - - - Ex. Ex. Ex. - -

Risk Management and Audit - - - - - Ex. Ex. - - -

Stage-6
Strategic Financial Management - - - - - Ex. Ex. - - -

Information Systems & I.T. Audit - - - Ex. Ex. Ex. Ex. Ex. Ex. Ex.

Management Accounting - Business

Strategy - - - - - Ex. Ex. - - -

Total Exemption 2 7 7 12 6 18 18 10 11 6
 Admission Policy & Procedures

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21

The abbreviations used in the foregoing paragraphs represent the following:

ACCA (UK) Association of Chartered Certified Accountants of United Kingdom
ACA (Pak) Associate Member of Institute of Chartered Accountants of Pakistan
ACIS (Pak) Associate Member of Institute of Corporate Secretaries of Pakistan
APA (Pak) Associate Member of Institute of Public Finance Accountants of Pakistan
ACMA (UK) Associate Member of Chartered Institute of Management Accountants of United Kingdom
IMA (USA) Institute of Management Accountants (USA)
SMA (Canada) The Society of Management Accountants of Canada
CGA (Canada) Certified General Accountants, Canada
IIA (USA) The Institute of Internal Auditors (USA)
MBA Master of Business Administration
M.Com Master of Commerce
MPA Master of Public Administration
M.Sc. Master of Science
MCS Master of Computer Science
MA Master of Arts
LLM Master of Laws
BBA Bachelor of Business Administration
B.Engg. Bachelor of Engineering
BCS Bachelor of Computer Science
BA Bachelor of Arts
LLB Bachelor of Laws
B.Com Bachelor of Commerce
B.Sc. Bachelor of Science
DAIBP Diplomaed Associate of the Institute of Bankers Pakistan

3.3.2 Members of other professional accounting l Must have passed the Bachelor's Degree
bodies, which are member of IFAC, may be examination of any University or degree-
considered for exemption on case by case basis. awarding institute recognised by Higher
Education Commission, Government of
3.3.3 Exemption Certificate Pakistan.
The students, who meet the requirements of
exemption policy given in para 3.3.1 will be
granted exemption in the relevant subject(s) and
awarded exemption certificates.

3.4 REGISTRATION
To register as a student of the Institute, a
candidate:
l Must have passed the Entry Test of the
Institute unless otherwise exempted from it.
ICMAP Career Pack
l Must have attained 18 years of age on the
date of application.
l Must have paid the prescribed Registration
Fee.
l Must have paid the prescribed Annual
Subscription.
A registration card is issued to each registered
student of the Institute.
3.5 CANCELLATION AND SUSPENSION OF
REGISTRATION
3.5.1 A student of the Institute deemed to be guilty
of misconduct, will face cancellation/suspension
of registration, if he/she:
l fails to comply with the rules and regulations
of the Institute;
l fails to supply correct information to the
Institute;
l fails to comply with any of the directives
issued by the management of the Institute;
l involves himself/herself in such activities
which cause damage to the image of the
Institute;
l uses unfair means in an examination;
l is found indulged in any under-hand dealing
with any official or officials of the Institute.
3.5.2 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 an
opportunity of being heard, suspend or cancel
the registration of the student.
3.5.3 Registration of a student shall be cancelled and
all fees paid shall be forfeited if educational
documents are found fake at any later stage.
3.5.4 Registration of a student, who does not pay the
annual subscription within six months from the
date it falls due, i.e. 1st July of every year, is
liable to be cancelled but can be restored on
payment of 100% prescribed registration fee.
3.6 ADMISSION PROCEDURE
3.6.1 Registration, admission and exemption forms
are available at all centres. Candidates must
follow the instructions and ensure that the
required information has been provided while
filling in the forms. The items which are not
applicable should be crossed (X). The candidates
must state in the admission form whether
enrolment is desired for the Coaching Classes,
Correspondence Courses, or Internet Based
Distance Learning Programme (IBDLP).
In case of coaching, it should be stated whether
it is required in mornings, afternoon or evenings.
Students, who are interested to enroll themselves
in correspondence course, Internet Based
Distance Learning Programme (IBDLP) and
coaching for different subjects, are required to
tick in appropriate box in the admission form.
Students should fill in the Exemption Form, in
case they want to apply for exemption.
3.6.2 Documents to be Provided
Following documents are to be attached along
with the admission form:
l Photocopies of educational certificates and
degrees from matric to graduation and post-
graduation.
l Photocopy of Computerised National Identity
Card.
l Four recent passport size photographs.
l Copies of marks sheets of the examinations
based on which exemption(s) is/are sought.
Students are required to produce the original
documents to the office of the Institute for
attestation of copies thereof.
Candidates seeking admission in correspondence
course or Internet Based Distance Learning
Programme (IBDLP) should send the prescribed
forms along with copies of documents (attested

by the officer in-charge of the nearest office of
the Institute), to the nearest centre offering the
facility. Currently, Correspondence Course and
Internet Based Distance Learning Programme
(IBDLP) are being offered at Karachi, Lahore and
Islamabad centres only. Overseas candidates
should send copies attested by the Pakistani
Embassy to the Institute’s Head Office, Karachi
centre. In addition to the above, they should
provide copies of passport, visa/aqamah and
employment certificate.
The foreign students are required to obtain N.O.C.
from Government of Pakistan before applying
for admission in the Institute.
3.7 TRANSFERS
3.7.1 From one shift to another: The Institute allows
transfer of students in the same academic session
from the morning to the evening shift and vice
versa, provided the seats are available in the
classes.
3.7.2 From one centre to another: It is possible for
a coaching student to be transferred from one
coaching centre to another, due to change of
residence or employment, during the course of
an academic term. Such a student is required to
obtain the following certificates from his original
coaching centre:
a) Attendance Certificate.
b) Certificate showing the payment of Annual
Subscription and all other dues.
c) Clearance from library.
3.7.3 From Coaching to Correspondence Course/
Internet Based Distance Learning Programme
(IBDLP): A student who has enrolled for the
Coaching Classes can be transferred to the
Internet Based Distance Learning Programme
(IBDLP) or Correspondence Courses of that
subject(s). He/she will have to complete the
required number of assignments within the
prescribed time- frame in case of Correspondence
course, and will have to appear in two (2) online
Admission Policy & Procedures
22
23
tests at the prescribed dates in case of Internet
Based Distance Learning Programme (IBDLP).
This facility can be availed within one month of
the commencement of Coaching Classes on
payment of 50% tuition fee. The student will
have to pay 100% tuition fee, if he/she decides
to change to the Correspondence Courses or
Internet Based Distance Learning Programme
(IBDLP) on the expiry of one month after the
commencement of Coaching Classes.
3.7.4 From Correspondence Course / Internet Based
Distance learning Programme (IBDLP) to
Coaching Classes: A Correspondence Course or
Internet Based Distance Learning Programme
(IBDLP) student can be transferred to the
Coaching Classes on payment of 50% tuition fee
within one month’s time from enrolment in
Correspondence Course or Internet Based
Distance Learning Programme (IBDLP), and on
payment of 100% tuition fee after one month’s
time from enrolment in Correspondence Course
or Internet Based Distance Learning Programme
(IBDLP). The facility is subject to availability of
capacity in coaching classes. He/she will have to
complete 75% attendance in all subjects.
Note: The student, who has taken admission in
correspondence course and is not eligible for
exemption from entry test (as per rule 3.2.3) is
required to pass or obtain exemption from the
entry test before transfer from correspondence
course to coaching classes.
3.8 CODE OF CONDUCT
The code is aimed at encouraging and shaping
professional behaviour and ethics among the
students. The code, as laid down, is to be strictly
observed:
l Behave courteously and politely.
l Respect the teachers, fellow students, staff
and visitors to the Institute.
l Be punctual in attending their classes and lab
sessions.
ICMAP Career Pack
l Maintain the layout and arrangement of the
classroom, computer lab and library.
l Maintain discipline and decorum in the
reading study areas, classroom, computer lab
and library.
l Maintain cleanliness in and outside the
classrooms.
l Keep voice low while walking through
corridors, so that classes in progress are not
disturbed.
l Refrain from passing any derogatory and
insulting remarks about the Institute and its
functionaries.
l Display Identity Card of the Institute while in
the premises of the Institute.
l Protect the Institutes’ property.
l Park the vehicles only in the parking lot and
not wander around the campus.
l Should not smoke, eat betel leaf (Pan) and/or
chew gum inside the premises of the Institute
or in the vicinity.
3.8.1 Dress Code
Following dress-code is prescribed for the
students:
Male Students
(a) From Ist October to 31st March: Coat, shirt
and trousers with necktie or shirt and pants
with necktie. Or Qameez/kurta and shalwar
with waistcoat.
(b) From Ist April to 30th September: Same as
above, but coat is not compulsory.
(c) Chappals are not allowed. (However,
Peshawari chappal is allowed to students
wearing shalwar qameez/kurta, with
waistcoat).
Female Students
Should wear shalwar qameez with chaader or
dupattah.
3.8.2 Students will be fined on violation of this code.
3.9 ADMISSION ON PAPER TO PAPER
BASIS
As a policy, ICMAP encourages students to
complete all the six (6) Stages in their logical
sequential order. However, students are allowed
to take admission and examinations on paper
to paper basis in the Syllabus.
The same policy is applicable for the existing
students of ICMAP. Due to restructuring of the
syllabus, some of the courses for the existing
students have been moved to other Stages.
These lower Stages, with rearranged subjects
in them, will not be counted towards
maximum number of Stages allowed to the
students for admission and examination.
3.10 CORRESPONDENCE COURSE
Correspondence Course facility is available
through Karachi, Lahore and Islamabad
Campuses of the Institute. Those students who
cannot attend Coaching Classes can avail it of.
3.10.1 Duration of Correspondence Course
Correspondence students will be required to
complete all assignments of courses of the
Stage in which they are enrolled in the same
academic session. If they fail to complete 100%
assignments within that session, they shall be
required to re-enrol themselves in the next
session by paying 100% correspondence course
fee and completing the remaining assignments.

3.10.2 Preparation of Assignments
The students are advised to observe the
following guidelines:
l Review the core and additional readings as
prescribed in syllabus.
l Read the relevant chapters of the prescribed
text or other reading material.
l Read the assignment questions thoroughly
before writing answers.
l Avoid referring to the textbooks while
writing the answers to the assignment
questions.
l Prepare assignments with due care and
diligence.
l Organise and present the material for
answers carefully so as to reflect an analytical
approach to the understanding of these
problems.
l Produce narrative answers adequately and
express them with clarity and conviction.
l Provide complete answers and include all
pertinent points.
3.10.3 Model Solution
Model solutions are not provided to the
students as it is against the policy of the
Institute. In order to pass the examination of
any Stage, within the specified period, it is
necessary that the students must work hard
and equip themselves with the requisite
knowledge of the subject. Consistent hard work
will enable them to develop self-confidence
and self-reliance.
3.10.4 Evaluation of Assignments
The assignments are checked and returned
with necessary corrections and comments of
the evaluators. All assignments of a subject
consist of a specified number of questions. A
total of 100 marks is allocated to each
assignment and each question carries different
marks.
3.10.5 Rules for Submitting Assignments
In order to streamline the flow of assignments
Admission Policy & Procedures
24
25
at the Institute, the students are required to
submit assignments according to the following
rules:
a) The particulars noted below must be indi-
cated on the face sheet of the assignment
script:
i. Registration Number
ii. Name
iii. Full Mailing Address
iv. Stage
v. Subject
vi. Assignment Number
b) Assignments must be written in ink, in
student's own handwriting. Typewritten
assignments are not accepted.
c) The assignment should be submitted to the
officer In-charge of Correspondence Course
at the Centre.
d) Answers to the assignments questions
should be sent in accordance with the
schedule, minimum three (3) or maximum
six (6) assignments per subject in a month
shall be submitted. The assignments, more
than the prescribed maximum limit, will not
be accepted.
e) Students must not copy the answers from
the textbooks or other students'
assignments.
f) The student must obtain 50% marks in each
assignment. If he/she fails to obtain the said
percentage of marks, he/she has to re-write
and resubmit the assignment to the
respective Centre as per instructions of the
evaluator; otherwise he/she will not be
eligible to appear in the examination. The
original assignment must accompany the
resubmissions.
g) 100% assignments of those subject(s) must
be submitted in the session in which the
examination is to be taken. Last date for
submission of 100% assignments for May
Examination is 20th March and for
November Examination, it is 20th September.
The student who is not appearing in a spe-
ICMAP Career Pack
cific subject(s) in the particular examination
may, however, submit the assignments latest
by 15th May and 15th November respec-
tively.
h) Checked assignments are returned to the
students as soon as these are received from
the evaluators. The concerned centre should
be contacted if assignments are not received
back within 30 days from the date of
submission. The Institute will not be
responsible for misplaced/ lost assignments.
If the students, registered for a Corres-
pondence Course, do not receive the
Institute’s Identity Card and Correspondence
Course materials within 15 days of their
registration/ enrolment, they should contact
the nearest Centre of ICMAP.
3.11 INTERNET BASED DISTANCE
LEARNING PROGRAMME (IBDLP)
Internet Based Distance Learning Programme
(IBDLP) is the method of study through digital
technology. This Programme will facilitate the
students who are unable to attend coaching
classes or submit the assignments. Under this
3.12 SWITCH OVER PLAN FOR THE STUDENTS OF 1998 SYLLABUS
PART 1998 SYLLABUS
LAST EXAMINATION
SESSION UNDER
PRESENT SYLLABUS
FOUNDATION-I
to FALL (NOVEMBER-2005)
PROFESSIONAL-I
PROFESSIONAL-II SPRING (MAY-2006)
*PROFESSIONAL-III
to SPRING (MAY-2008)
PROFESSIONAL-IV
*The students who have attempted/passed Professional-III and Professional-IV examination would be allowed to
appear in Professional-III and Professional-IV examination along with their remaining papers from Foundation-I
to Professional-II in Fall (November 2007) and Spring (May-2008) examinations under 1998 Syllabus.
Programme subject wise lecture in digital
format on CDs will be provided to students so
that they can get maximum learning and
guidance on all subjects.
3.11.1 Study Procedure
Students, who would take admission under
this Programme, will get a complete set of
lecture CDs with manual on all subjects at the
time of admission. Course counsellors will also
be available online to attend the queries of the
students on IBDLP website.
IBDLP students will be required to appear in
two (2) online tests for each subject and will
have to pass one test to be eligible to appear
in the examination. Each test will contain 40
MCQs and 50% marks will be required to pass
the test. First test will cover 40% of the syllabus
and second test will be taken out of 80% of the
syllabus of each subject.
Two online tests will be held in each session.
First online test will be held, during prescribed
hours, in the first week of March/September
and Second online test will be held in the first
week of April/October for Spring and Fall
sessions respectively. Dates of the tests will be
announced in the beginning of every session.
2005 SYLLABUS
FIRST EDUCATION FIRST EXAMINATION
SESSION UNDER NEW SESSION UNDER NEW
SYLLABUS SYLLABUS
DECEMBER 2005 - MAY 2006 SPRING (MAY-2006)
JUNE 2006-NOVEMBER 2006 FALL (NOVEMBER-2006)
JUNE 2008-NOVEMBER 2008 FALL (NOVEMBER-2008)
 Admission Policy & Procedures

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a. Those, who have passed any subject(s) of any

STAGES SUBJECTS
Part/Stage of the 1998 syllabus, shall be allowed
exemption from the subject(s) of 2005 Syllabus, Stage-1 All Subjects
as provided in the equivalency schedule. The Stage-2 Introduction to Information Technology
students will not be required to take coaching
Stage-3 Financial Accounting
class or to submit assignments of correspondence
course in the remaining equivalent subject(s) of
new syllabus provided they have completed all They will be eligible to appear in the examination
requirements of coaching class or correspondence of the following subject(s) after taking admission
course of 1998 syllabus. and fulfil the eligibility requirements for sitting
the examination:
b. Completed Foundation-I:
STAGES SUBJECTS
Those, who have passed all examinations of
Foundation-I under the 1998 syllabus, will be Stage-2 Fundamentals of Cost and Management
exempted from the following subjects: Accounting
Business Mathematics & Statistics
Management and Marketing
STAGES SUBJECTS
Stage-3 Cost and Management Accounting -
Stage-1 Fundamentals of Financial Accounting
Performance Appraisal
Business English
Business Taxation
Business Economics
Presentation & Communication Skills
Stage-2 Introduction to Information Technology

d. Completed up to Professional-I:
They will be eligible to appear in the examination Those, who have passed all examinations up to
of the following subject(s) after taking admission Professional-I under the 1998 Syllabus, will be
and fulfil the eligibility requirements for sitting exempted from the following subjects:
the examination:
STAGES SUBJECTS
STAGES SUBJECTS
Stage-1 All Subjects
Stage-1 Business Laws
Stage-2 Fundamentals of Cost and Management
Stage-2 Fundamentals of Cost and Management Accounting
Accounting Introduction to Information Technology
Business Mathematics & Statistics Business Mathematics and Statistics
Introduction to Information Technology
Stage-3 Financial Accounting
Management and Marketing Presentation and Communication Skills

c. Completed upto Foundation-II: They will be eligible to appear in the examination

Those, who have passed all examinations up to of the following subject(s) after taking admission
Foundation-II under the 1998 Syllabus, will be and fulfil the eligibility requirements for sitting
exempted from the following subjects: the examination:
ICMAP Career Pack

STAGES SUBJECTS f. Completed upto Professional-III:

Those, who have passed all examinations up to
Stage-2 Management and Marketing
Professional-III Stage under the 1998 Syllabus,
Stage-3 Cost and Management Accounting - will be exempted from the following subjects:
Performance Appraisal
Business Taxation STAGES SUBJECTS
Stage-4 All Subjects Stage-1 All Subjects
Stage-2 All Subjects
e. Completed upto Professional-II
Stage-3 All Subjects
Those, who have passed all examinations up to
Professional-II stage under the 1998 Syllabus, Stage-4 Advanced Financial Accounting and
will be exempted from the following subjects: Analysis
Corporate Laws & Secretarial Practices
STAGES SUBJECTS
Stage-5 All Subjects
Stage-1 All Subjects
Stage-2 Fundamentals of Cost and Management They will be eligible to appear in the examination
Accounting of the following subject(s) after taking admission
Introduction to Information Technology and fulfil the eligibility requirements for sitting
Business Mathematics & Statistics the examination:
Stage-3 All Subjects
STAGES SUBJECTS
Stage-4 Advanced Financial Accounting and
Stage-4 Integrated Management
Analysis
Corporate Laws & Secretarial Practices Stage-6 Strategic Financial Management
Information Systems & IT Audit
Management Accounting - Business
They will be eligible to appear in the examination Strategy
of the following subject(s) after taking admission
and fulfil the eligibility requirements for sitting
the examination:

STAGES SUBJECTS
Stage-2 Management and Marketing
Stage-4 Integrated Management
Stage-5 All Subjects
 Admission Policy & Procedures

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3.13 (A) Equivalency Schedule

Syllabus-1998 Syllabus-2005
Stage Subjects Code Stage Subjects

F-I Principles of Accounting S-101 Stage-1 Fundamentals of Financial Accounting

F-I Computer Systems S-204 Stage-2 Introduction to Information Technology

F-I Business English S-104 Stage-1 Business English

F-I Economics & Business Environment S-102 Stage-1 Business Economics

F-II Financial Accounting S-301 Stage-3 Financial Accounting

F-II Management Information Systems-II S-204 Stage-2 Introduction to Information Technology

F-II Industrial & Commercial Laws S-103 Stage-1 Business Laws

Fundamentals of Cost and Management

P-I Cost Accounting S-201 Stage-2 Accounting

P-I Business Communication & Report Writing S-304 Stage-3 Presentation & Communication Skills

P-I Quantitative Methods S-203 Stage-2 Business Mathematics & Statistics

P-I Management Science Applications - - -

P-II Advanced Financial Accounting S-401 Stage-4 Advanced Financial Accounting & Analysis

Cost and Management Accounting -

P-II Operational Cost Accounting S-303 Stage-3
Performance Appraisal

P-II Business Taxation S-302 Stage-3 Business Taxation

P-II Corporate Laws & Secretarial Practices S-403 Stage-4 Corporate Laws & Secretarial Practices

P-III Financial Reporting S-501 Stage-5 Financial Reporting

P-III Strategic Management Accounting S-502 Stage-5 Management Accounting - Decision Making

P-III Organisational Behaviour & Strategic

S-202 Stage-2 Management and Marketing
Management

P-III Auditing S-503 Stage-5 Risk Management and Audit

P-IV Strategic Financial Management S-601 Stage-6 Strategic Financial Management

P-IV Corporate Performance Audit & Evaluation S-503 Stage-5 Risk Management and Audit

P-IV Marketing Management S-202 Stage-2 Management and Marketing

P-IV Information Management & Auditing S-602 Stage-6 Information Systems & I .T. Audit

New Subjects:
S-402 Stage-4 Integrated Management

S-603 Stage-6 Management Accounting - Business Straegy

ICMAP Career Pack

3.13 (B) Equivalency Schedule

Syllabus-2005 Syllabus-1998
Code Stage Subjects Stage Subject

S-101 Stage-1 Fundamentals of Financial Accounting F-I Principles of Accounting

S-102 Stage-1 Business Economics F-I Economics & Business Environment

S-103 Stage-1 Business Laws F-II Industrial & Commercial Laws

S-104 Stage-1 Business English F-I Business English

S-201 Stage-2 Fundamentals of Cost and Management P-I Cost Accounting

Accounting

S-202 Stage-2 Management and Marketing P-III Organisational Behaviour & Strategic
Management
OR
P-IV Marketing Management

S-203 Stage-2 Business Mathematics & Statistics P-I Quantitative Methods

S-204 Stage-2 Introduction to Information Technology F-I Computer Systems

OR
Management Information Systems-II

S-301 Stage-3 Financial Accounting F-II Financial Accounting

S-302 Stage-3 Business Taxation P-II Business Taxation

S-303 Stage-3 Cost and Management Accounting- P-II Operational Cost Accounting
Performance Appraisal

S-304 Stage-3 Presentation & Communication Skills P-I Business Communication & Report Writing

S-401 Stage-4 Advanced Financial Accounting & Analysis P-II Advanced Financial Accounting

S-402 Stage-4 Integrated Management - -

S-403 Stage-4 Corporate Laws & Secretarial Practices P-II Corporate Laws & Secretarial Practices

S-501 Stage-5 Financial Reporting P-III Financial Reporting

S-502 Stage-5 Management Accounting-Decision Making P-III Strategic Management Accounting

S-503 Stage-5 Risk Management and Audit P-III Auditing

OR
P-IV Corporate Performance Audit & Evaluation

S-601 Stage-6 Strategic Financial Management P-IV Strategic Financial Management

S-602 Stage-6 Information Systems & I .T. Audit P-IV Information Management & Auditing

S-603 Stage-6 Management Accounting - Business - -

Strategy
 30
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4. Examination Policies & Procedures

4.1 Eligibility 32
4.2 Examination Application 33
4.3 Instructions to the Examinees 33
4.4 General Procedures 35
4.5 Examination Scheme 35
4.6 Examination Results 35
4.7 Proficiency Awards 36
4.8 Comprehensive Examination 37
ICMAP Career Pack
Examination Policies and Procedures
4.1 ELIGIBILITY
The following regulations cover the eligibility
requirements for taking the ICMAP examination:
4.1.1 The students, who are enrolled under the
Coaching Course programme in a particular
session, must have attended at least 75%
lectures in the class and secured 60% marks in
Class Test, Class Presentation and Class
Participation in order to become eligible to
appear in the final examination of the subject.
Class Participation = 15%
Class Presentation = 25%
1st Class Test = 30%
2nd Class Test = 30%
100%
4.1.2 The students, who are enrolled under the
Correspondence Course programme, must have
submitted 100% assignments on or before 20th
March and 20th September (which are also the
last dates for submission of examination
applications for May and November
examinations, respectively), and must have
obtained 50% marks in each assignment.
4.1.3 The students, who are enrolled under the
Internet Based Distance Learning Programme
(IBDLP) must have to appear in two online tests
and should pass at least one test to become
eligible to appear in the examination.
4.1.4 If a student fails to qualify any stage within
two years, the student shall be required to take
fresh admission in either Coaching Classes or
the Correspondence Course, so that he/she
may acquire the requisite degree of knowledge
in the subjects of that Stage in order to pass
the examination.
4.1.5 Examination Progression Scheme
The students who are eligible for exemptions
and join ICMAP for the first time, are allowed
to appear for examination in a maximum of
two Stages at a time, including any partially
exempted Stage. In order to progress to the
next higher stage, they must pass the lowest
level Stage in which they are enrolled.
l A student can only appear in any subject(s)
of Stage-3 examination, if he/she has passed
all the papers of Stage-1 examination.
Note: However a student, who has
availed exemption(s) from various subject(s)
upto Stage-3 on the basis of his/her other
qualifications, is allowed to appear in
examination in maximum remaining four
courses upto Stage-3 irrespective of number
of stages involved.
l A student can only appear in any subject(s)
of Stage-4 examination, if he/she has passed
all the papers of Stage-1 & 2 examinations.
l A student can only appear in any subject(s)
of Stage-5 examination, if he/she has passed
all the papers of Stage-1, 2 & 3 examinations.
l A student can only appear in any subject(s)
of Stage-6 examination, if he/she has passed
all the papers of Stage-1, 2, 3 & 4 examina-
tions.
4.1.6 Work Experience Requirement
Work experience plays a very important role
in the profession of management accounting.
What students learn in the classroom can only
be suitably applied to a specific job of an
enterprise. Keeping in view this important
aspect, it has been decided to make it
compulsory for the students to obtain at least
one year practical training as indicated below:
The experience may be in the form of
internship, full time or part time, paid or unpaid
job in any organisation. The experience should
be in the field of financial accounting, cost
accounting, finance and banking, internal or
external auditing, treasury or any other
accounting or management-related area.
Part time job must be at least of three hours
per day and would be treated as 50% of a full
time job in terms of time. It will be the
responsibility of the students to get the job.
The Institute would however, help the students
in finding an internship, part time or a full time
employment.

The certificates will be issued to the student
provided he/she has completed the following
requirements:
l Two-year Post Graduate Certificate in Cost
and Management Accounting shall be issued
to a student only if he/she has completed a
minimum of 6 months work experience, in
addition to passing 1st four stages.
l Final Certificate in Management Accounting
shall be issued to a student only if he/she
has completed at least one year of work
experience, in addition to passing all six (6)
stages and a comprehensive examination.
4.1.7 Students’ TrainingRecord
The students shall be required to complete the
students training record. Each student is
required to submit this form, duly filled-in and
attested by his/her employer, to the Education
Department of the Institute. In lieu of this form,
he/she is allowed to submit an experience
certificate from his/her employer on the
letterhead of the company, showing the job
description and duration of his/her service.
4.2 EXAMINATION APPLICATION
4.2.1 Examinations are conducted twice a year in
May and November.
4.2.2 Applications for examination are to be
submitted by the candidates on the prescribed
form, which may be obtained from any Centre
of the Institute, from 1st March to 20th March
for the May Examination and from 1st
September to 20th September for the November
Examination. Applications providing complete
details should be sent so as to reach the Institute
on or before the prescribed date. Applications
for examination are to be accepted only if all
the requirements, including payment of all
dues, have been met.
4.2.3 All outstanding dues, including annual
subscription, must be paid along with
examination fee, through pay order/demand
draft or deposit voucher.
Examination Policies and Procedures
32
33
4.2.4 Examination application forms with 100% late
fee are accepted upto 31st March for the Spring
(Summer) Examination and upto 30th
September for Fall (Winter) Examination
respectively. If there is a public holiday on the
last date, the payment will be accepted on the
first working day after the holiday. No
application for examination is accepted if
submitted after due date.
4.2.5 Candidates are advised to write their full name
as well as mailing address on the examination
application forms, legibly and in block letters
to ensure correct mailing and delivery at the
stated address. Examination application forms,
which are incomplete or do not meet these
requirements, are likely to be rejected.
4.3 INSTRUCTIONS TO THE EXAMINEES
4.3.1 On receipt of their Admit Card/Slip, the
candidates are advised to check the particulars
entered therein. Inaccuracy, if any, must be
brought immediately to the notice of the
Director Examination.
4.3.2 Examinees must possess and be ready to
produce on demand their Identity Card, Student
Registration Card and Admit Card, issued by
the Institute, failing which they may not be
allowed to appear in the examination.
4.3.3 If a candidate is late by more than thirty
minutes, he/she will not be allowed to enter
the examination premises. Similarly, no
examinee will be allowed to leave the
examination hall earlier than one hour after
the commencement of the examination.
4.3.4 No candidate is allowed to change the seat
allocated to him/her for a particular examination
paper without the permission of the Centre
Supervisor, who has the authority to change
or interchange seats of any candidate, if
circumstances so demand. Candidates found
reluctant will be liable to disciplinary action.
4.3.5 Possession of books, notes, previous question
papers, course outlines and other related matter
ICMAP Career Pack
on any subject, if brought to the examination
hall, should be handed over to the invigilator
before the commencement of the examination
and taken back when leaving the examination
hall.
4.3.6 Candidates found talking, whispering, gossiping
or seeking assistance or exchanging notes or
answer scripts and so on with any person,
possessing any notes or using any unfair means,
shall be asked to leave the examination
premises at once, and a note to this effect will
be inserted on his/her script for the attention
of the examiner, along with a simultaneous
report to the Examination Department for
further necessary action.
4.3.7 Candidates must make sure that they have
received the appropriate question paper from
the invigilator so as to avoid any confusion in
this regard.
4.3.8 The examinees, on receipt of blank answer
scripts and supplementary sheets in the
examination hall, should instantly record their
roll numbers and registration numbers thereon.
4.3.9 If so required, candidate may ask for additional
supplementary sheets, graph paper and log-
table from the invigilator.
4.3.10 Only fountain pen or ballpoint with blue or
black ink should be used for writing answer
scripts. No marks will be given for questions
attempted with pencil.
4.3.11 Candidates must answer the questions exactly
in the manner as they are printed on the paper.
Amendments and corrections may be accepted
only if the Examination Supervisor, or any other
appropriate authority of the Examination Centre
announces them officially.
4.3.12 Candidates must start the answer of each
question from the new page. They should put
down question number, its part and sub-part
on each page of answer script so as to facilitate
correct assessment of the answers.
4.3.13 Candidates should not, as far as possible, leave
any blank page in the answer script. In case it
is unavoidable, the examinees should put a
cross line (/), meeting the two ends of the blank
page.
4.3.14 Candidates must tie up all supplementary
sheets, graph papers, working papers and rough
sheets to the main script at least five minutes
before the examination time is over. He/she
should arrange them in correct sequence with
sufficient space left for an easy reading of the
answer before handing it over to the invigilator.
4.3.15 No candidate is allowed to take away examina-
tion stationery from the examination hall.
4.3.16 Every candidate must ensure to sign the
attendance sheet for each examination paper
available with the invigilator.
4.3.17 The examination timetable is supplied along
with roll number slips to the candidates.
Students should carefully note the examination
centre, date and timings of the papers and also
ascertain, in advance, the exact location of the
examination centre.
4.3.18 During the examination, an examinee may use
the washroom/toilet facility, subject to permis-
sion of the Examination Supervisor.
4.3.19 Smoking is not permitted in the ICMAP pre-
mises.
4.3.20 Refreshments are not permitted in the
examination hall.
4.3.21 The examinees are not allowed to bring mobile
phone, PDA, Laptop, Pocket PC, Arms &
ammunition or any type of computers in the
examination hall.
4.3.22 The examinees are not allowed to write
anything on question paper except tick mark
(v) on the questions attempted.
4.3.23 No irrelevant appealing or indecent sentences
should be written in the answer script. This
will be treated as an unfair means and dealt
with accordingly.

4.3.24 The above mentioned rules pre-suppose that
the candidates have duly submitted the requisite
examination applications on the prescribed
form and completed all other formalities in
this regard and that the same have been
accepted and approved by the appropriate
authority of the Institute.
4.4 GENERAL PROCEDURES
4.4.1 Roll Numbers
Candidates not receiving their admit cards
seven days prior to the commencement of the
examination should contact the Officer In-
charge of their examination centre, which have
particulars of all the examinees with them to
facilitate the examinees.
4.4.2 Change of Examination Centre
Candidate whose applications have been
accepted for a particular examination, may
apply for change of their examination centre,
by not later than 10th April for the May
Examination, and by not later than 10th October
for the November Examination.
4.4.3 Electronic Calculators
Use of non-programmable scientific calculators
of any model is allowed subject to the following
conditions:
l Calculators must be self-contained, fully
portable and silent in operation.
l Calculators must have their own power
supply since they cannot be plugged into
the main supply in the examination hall.
l Calculators must not have printout facilities.
Candidates are strongly recommended to bring
their own calculators in the examination. They
will not be allowed to borrow calculators from
other candidates.
4.5 EXAMINATION SCHEME
4.5.1 The question papers are set in accordance with
the laws and regulations effective as at
preceding 1st January for the Spring (Summer)
Examination Policies and Procedures
34
35
examinations, and effective as at preceding 1st
July for the Fall (Winter) examinations in
Business Laws, Business Taxations and
Corporate Laws and Secretarial Practices.
4.5.2 The question papers of all accounting subjects
are set in accordance with International
Financial Reporting Standards (IFRS) and
International Auditing Standards (IAS) as well
as the Accounting and Auditing Practices and
Guidelines, issued by the professional bodies
of Pakistan upto 31st December of the
preceding year for May Examination and upto
30th June for the November Examination
respectively.
4.5.3 Examination questions of any specific part
/stage may be set from the syllabus of similar
subjects of a preceding part/stage. However,
in order to maintain the professional standard,
it is not necessary to confine examination
questions to core readings and additional
readings.
4.6 EXAMINATION RESULTS
4.6.1 Communication of Examination Results
The result of the examination in the form of a
Grade Sheet is communicated to each candidate
at the mailing address mentioned in the
examination application form. Students, who
do not receive the Grade Sheets within a month
from the date of official announcement of the
results, should approach the ICMAP Head Office
for a duplicate copy. The result is also uploaded
on the Institute’s website and posted on notice
board of centres.
4.6.2 Passing Percentage
Passing percentage in the examination of each
subject is 50%.
4.6.3 Publication of Result
The result of students who have passed all
stages i.e. Stage 1 to 6 and the comprehensive
examination are published in the “Gazette of
Pakistan.” The list of successful students of
each stage and the comprehensive examination
ICMAP Career Pack
is also published in the Institute’s Journal and
in the leading newspapers.
4.6.4 Failure of Candidates
a- Candidates, who have failed to qualify an
examination, may re-appear in any subse-
quent examination of the Institute.
b- The Institute does not enter into any corre-
spondence with students as to the reasons
of failure or re-totalling of examinees’ answer
scripts.
4.6.5 Examination Result Code
The following codes are used on the Grade
Sheets sent to examinees after the announce-
ment of the result of each examination::
Pass : Stage passed
Fail : Stage failed
AB : Absent
Ex : Exemption granted on the basis of
other qualifications.
PE : Permanent exemption in the subject
on the basis of examination.
A : Upto pass standard
B : Not upto pass standard.
C : Considerably below pass standard.
D : Very poor
4.6.6 Permanent Exemption on Paper-to-Paper
Basis
As per the examination policy, a student is
granted Permanent Exemption (PE) on paper-
to-paper basis either he/she appears and pass
all subjects or any number of subject(s) of any
stage under 2005 Syllabus or upto Professional-
IV under 1998 Syllabus. The condition for
appearing once in all subjects of a part/stage
under 2005 Syllabus or upto Professional-IV
under 1998 Syllabus has been withdrawn. This
policy has been effective from Spring (May-
2006) and Fall (November-2007) Examination
for 2005 Syllabus respectively.
The scheme for granting Permanent Exemption
(Ex-E), Temporary Exemption (TE) and Referral
for the students of Professional-IV under 1998
Syllabus has been withdrawn from Fall
(November- 2007) Examination.
The students of Professional-IV who have
Temporary Exemption (TE) valid upto Spring/Fall
(November-2007) Examination under 1998
Syllabus have been converted into Permanent
Exemptions after the result of Spring 2006
Examination.
4.7 PROFICIENCY AWARDS
The Institute has been providing professional
education of high standard to its students since
its inception.
To encourage the brilliant students, it offers
subsidies to position holders, at the time of
admission as well as during their education.
Moreover, Proficiency Awards are given to
candidates in recognition of their outstanding
performance in the examination.
4.7.1 M. Shoaib Gold Medal
This medal is awarded to a candidate passing
all the subjects of Stage 6 in his/her first attempt
in the same examination and obtaining highest
marks in the subject of Strategic Financial
Management.
4.7.2 NDFC Gold Medal
This Medal is awarded to the candidate securing
first position with at least 65% marks in the
aggregate in Stage 6 in his/her first attempt in
the same examination provided he/she has
already cleared the earlier Stages of the
Institute’s examination.
4.7.3 Billimoria Gold Medal
This Medal is awarded to a candidate who
successfully passes all subjects of Stage 4 in
first attempt in the same examination and
secures highest marks, but not less than 65%
marks, in the subject of Advanced Financial
Accounting and Analysis.
 Examination Policies and Procedures

36
37

4.7.4 D. R. Patton Gold Medal 4.8 COMPREHENSIVEEXAMINATION

This Medal is awarded to a candidate who To secure CMA Certification, all those students
passes all the subjects of Stage 6 in his/her first who qualify all Examinations of the Institute
attempt in the same examination and obtains upto Stage. 6 under 2005 Syllabus will be
highest marks in the subject of Management required to attempt and succeed a
Accounting-Business Strategy. “Comprehensive Examination” which will be
held one month after the announcement of
4.7.5 KRB Medal ICMAP result for Spring (Summer) and Fall
(Winter) Examination, as the case may be. The
This medal is awarded to a candidate who
details and essential requirements including
successfully passes all subjects of Stage-5 in
application form, examination fee, schedule of
first attempt in the same examination and
examination, nature of examination, result
secures highest marks but not less than 65%
announcement etc., are given hereunder:
marks in the subject of Risk Management and
Audit. 1. Eligibility to Must have passed all
appear in the examinations from
Comprehensive Stage-1 to 6 under
4.7.6 Certificate of Merit Examination: 2005 Syllabus and must
A certificate of Merit is only awarded to the possess one year com-
examinee securing first position in the subject, pulsory practical training.
provided that: 2. Application End July and End January
i. he/she obtains the highest marks in the submission for Spring and Fall session
subject amongst the students appearing in deadline: respectively (for first
attempt only).
that examination.
3. Fee for the Rs. 2,500
ii. he/she secures at least 65% marks in the
Examination:
subject.
4. Expected date of Mid. August and
iii. he/she passes all the subjects of that stage the Examination: Mid-February for Spring
at the same time. and Fall session
respectively (for first
4.7.7 Special Certificate of Merit & Cash attempt only).
Award 5. Time (Duration): 14 Hrs to 1700 Hrs PST
Examinees securing the highest marks in (03 Hours)
aggregate in any stage are awarded Special
6. Venue: Only those ICMAP Centres
Certificate of Merit, subject to the following: where eligible candidates
i. he/she secures at least 65% marks in the are available.
aggregate in a stage. 7. Passing %: 50%
ii. he/she passes all the subjects of that stage 8. Announcement Last week of August and
in that examination. of Result: February for Spring and
Fall session respectively
In addition to the Special Certificates of Merit,
(for first attempt only).
the examinee is awarded a cash prize of Rs.
5000.
ICMAP Career Pack

4.8.1 Proposed Structure of Comprehensive competency in the prescribed subjects of the

Examination Paper syllabus. This is in accordance with the
requirements of International Federation of
PART DURATION ITEMS MARKS TOTAL Accountants (IFAC) International Education
MARKS
Standards for Professional Accountants (IES-6).
1 One Hour 30 MCQs One 30 Marks
(From all subjects) mark This standard requires qualified accountants
each to undergo an “Assessment of Professional
2 Two Hours 02 Cases either 30 70 Marks Capabilities and Competence” to enable them
from: (Cost and marks to play their role effectively.
Management each
Accounting,
Strategic Financial This competence includes not only coverage
Management, of all subject areas of the syllabus but also in-
Business Taxation
& Business Laws) depth coverage of Financial Management,
TOTAL 100 Marks
Management Accounting, Business Taxation
and Business Laws. The comprehensive
4.8.2 For such students who fail to qualify First examination will upgrade the professional skills
Comprehensive Examination, their second and competency of the students and they can
Comprehensive Examination will be conducted better apply these skills in understanding the
after two months of declaration of the result business opportunities and threats as well as
of 1st Comprehensive Examination i.e., [with meeting challenges faced by the management
normal Examinations for Spring and Fall session accounting and finance professionals in the
respectively]. fast changing business environment.
4.8.3 The result of ICMAP qualified students under 4.8.5 EligibilitytositfortheComprehensiveExamination
2005 Syllabus will be published in the Official
Gazette of Pakistan only after they have passed The students, who have passed the
the Comprehensive Examination and have also examinations of all the Stages i.e. Stage 1 to
completed the other criteria of compulsory 6, are eligible to appear in the comprehensive
training / work experience of one year. examination. The CMA designation will only
be awarded to those students who have passed
4.8.4 Need for Comprehensive Examination examinations of all the Stages, a comprehensive
The main objective of introducing this examination and meet the minimum one-year
examination is to ensure whether or not a practical experience requirement.
student has acquired a desired level of
 38
39

5. Fee and Concession

5.1 Fee Payable 40
5.2 Concession in Fee 40
5.3 Scholarship/Financial Assistance 40
5.4 Payment of Fee 41
5.5 Refund/Adjustment 41
5.6 Fee Structure 42
ICMAP Career Pack
Fee and Concession
5.1 FEE PAYABLE
5.1.1 The Institute collects fees from students as
listed below:
a- Registration Fee
b- Annual Subscription
c- Restoration Fee
d- Coaching/Correspondence Course
/Internet Based Distance learning
Programme (IBDLP) Fee
e- Exemption Fee
f- Examination Fee
g- Identity Card / Registration Card Fee
h- Any other fee prescribed by the Council
from time to time
5.1.2 Annual subscription becomes due on 1st July
of each year. The student, who fails to pay
annual subscription by 31st December, has to
pay arrears of annual subscription along with
Restoration Fee. Restoration Fee is equal to
Registration Fee.
5.1.3 CMAs whose associate membership is not
approved by the Council, are required to
continue paying subscription at the existing
rate as applicable to students. This provision
also applies to those finalists/qualified who
themselves do not apply for membership.
5.1.4 As admissible under the Regulations, payment
of annual subscription by the finalist at student
rates is allowed only for a period of four years.
After the expiry of this period, a finalist is
expected to qualify for membership by virtue
of his/her experience attained during this
period.
5.2 CONCESSION IN FEE
5.2.1 If two or more real brother(s)/sister(s) take
admission, concession upto 50% of tuition fee
is permissible to the other(s) as explained under:
If real brother(s)/sister(s) take admission in the
same session, one pays full fee while the other
can avail of the concession.
If real brother(s)/sister(s) take admission in a
subsequent session, the brother(s)/ sister(s)
taking admission later can avail of the
concession.
This concession is admissible to those students
who are:
l wholly depending upon their parents
l not employed anywhere
l regular in their studies and show a good
progress with the Institute.
The above concession also applies to father,
mother, sons and daughters taking admission
simultaneously.
5.2.2 The concession is restricted only in respect of
the tuition fee and is non-assignable. It does
not apply to examination fee, registration fee,
annual subscription, or for any other
educational programme.
5.2.3 The concession is withdrawn if the recipient
gets employment or ceases to be a student of
the Institute.
5.3 SCHOLARSHIP/FINANCIAL
ASSISTANCE
Following is the detail of Scholarship and
Financial assistance will be granted to the
students.
5.3.1 Subsidies and Grants
ICMAP offers fee subsidy to those students
who cannot afford to pay tuition fee. There is
a scheme to offer Qarz-e-Hasanah whereby
students are offered loan to be repaid when
they start earning.
5.3.2 The Scholarship Policy
Merit-based scholarship for fresh intake is as
under:
Position holder in Bachelor’s or Master’s degree:
a) First class (or ‘A’ grade) first position: 100%
waiver in tuition fee for 6 regular sessions
from the date of admission.
b) First class (or ‘A’ grade) second position:
75% waiver in tuition fee for 6 regular
sessions from the date of admission.

c) First class (or ‘A’ grade) third position: 50%
waiver in tuition fee for 6 regular sessions
from the date of admission.
5.3.3 Performance-based scholarship for existing
students is as under:
a) Securing the highest aggregate marks in a
part in the latest result-100% waiver of tuition
fee for the next stage/session to be admitted.
Scholarship in the following stages/sessions
will be performance-based.
b) Securing the second highest aggregate
marks in a part in the latest result-75% waiver
of tuition fee for the next stage/session to
be admitted. Scholarship in the following
stages/sessions will be performance-based.
c) Securing the third highest aggregate marks
in a part in the latest result-50% waiver of
tuition fee for the next stage/session to be
admitted. Scholarship in the following stag-
es/sessions will be performance-based.
5.3.4 Upto 100% waiver in tuition fee will be granted
to the students only on need cum merit basis.
5.3.5 Financial Assistance/Qarz-e-Hasanah is available
to the students studying in coaching/ corre-
spondence courses at ICMAP centres or autho-
rised coaching Centres.
Note: The tuition fee also includes exemption
fee.
5.4 PAYMENT OF FEE
At Head Office, Karachi
5.4.1 Crossed demand draft/pay order in the name
of the “Institute of Cost & Management
Accountants of Pakistan” payable at Karachi
are acceptable by the Finance Department of
the Institute.
5.4.2 Payment can be made at the designated bank
and branch.
At Branch or Coaching Centres
5.4.3 All payments are required to be made through
pay orders/bank drafts favouring the “Institute
Fee and Concession
40
41
of Cost & Management Accountants of Pakistan”
in the bank authorised by the Head Office/
Branches.
5.4.4 The payment by students studying at a
authorized coaching centre may be made in
the designated bank of the authorised coaching
centres.
5.4.5 Correspondence Course Fee Payment By
Overseas Students: The overseas students
are required to pay registration, enrolment and
other fees to the Institute in US Dollars/Pak
Rupees. Such students will pay US$ 100 in
addition for postage charges.
5.4.6 Examination Fee
Students are required to pay the examination
fee as approved by the Council from time to
time.
5.5 REFUND/ADJUSTMENT
5.5.1 Examination Fee
Examination fee paid by a candidate will not
be refunded or carried over for any subsequent
examination(s).
Examination fee of a candidate, who has not
been admitted to an examination, can be
adjusted for the next examination session only
on the written request of the student, before
the issuance of admit card for the session for
which he/she deposited the examination fee.
5.5.2 Coaching/Correspondence/Internet Based
Distance learning Programme (IBDLP) Fee
The fee paid on enrolment for subject(s) will
not be refunded if studies are discontinued by
the student after the commencement of classes.
Students, joining coaching classes/ correspon-
dence courses/Internet Based Distance learning
Programme (IBDLP) during next or subsequent
sessions, are required to pay full fee for the
particular session. The previous payments, for
a session not completed by the students, are
not available for adjustment.
ICMAP Career Pack

The students will be allowed refund of fee 5.5.3 Re-Coaching Fee

deposited by them if financial assistance is
granted subsequently.
Correspondence Course/Internet Based Distance
learning Programme (IBDLP) fee and dues are
to be paid at the designated campuses only.
Students, who have already completed
examination requirements by attending
coaching classes or submitting assignments in
any subject, can update their studies after
paying 50% fee prescribed for that subject(s).
This fee is not refundable.

5.6 FEE STRUCTURE

Coaching / Correspondence / Exemption

Students Subscription and Fees Rs.

Student Registration Fee 1,100
Student Registration Restoration Fee 1,100
Student Annual Subscription 1,650
Entry Test/Entry Test Exemption Fee 1,650
Student Registration Card (Once) 1,100
Student Identity Card (Annual) 1,050
Overseas Examination Fee Dubai
UAE Dirham
Stage-1 to Stage-4 400 per stage
Stage-5 to Stage-6 500 per stage
Grade Sheet and Certificate Fee Regular Fee in Rs. Urgent Fee in Rs.
Duplicate Grade Sheet 100 200
Consolidated Grade Sheet 500 1,000
Part Completion Certificate 250 —
Intermediate Certificate 250 —
Duplicate Final Examination Certificate* 2,000 —

Note: Fee paid by students are non-refundable

*Application to be submitted along with police FIR and a cutting of newspaper advertisement for the lost
certificate.
 Fee and Concession

42
43

FEE STRUCTURE
Subject Wise
Coaching/Correspondence/Internet Subject Wise Stage Wise
Stage Sr. # Subjects
Based Distance Learning Exemption Fee Examination Fee
Programme (IBDLP) Fee

Rs. Rs. Rs.

1 Fundamentals of Financial Accounting 3,440 4,125
2 Business Economics 2,750 3,440
Stage-1 2,065
3 Business Laws 2,750 3,440
4 Business English 2,750 3,440
Total 11,690 14,445
5 Fundamentals of Cost and Management 3,440 4,125
Accounting
Stage-2 6 Management and Marketing 2,750 3,440 2,065
7 Business Mathematics & Statistics 2,750 3,440
8 Introduction to Information Technology 2,750 3,440
Total 11,690 14,445
9 Financial Accounting 4,125 4,815
10 Business Taxation 3,440 4,125
Stage-3 11 Cost and Management Accounting – 3,440 4,125 2,200
Performance Appraisal
12 Presentation & Communication Skills 3,440 4,125
Total 14,445 17,190
13 Advanced Financial Accounting & Analysis 4,815 5,500
Stage-4 14 Integrated Management 4,125 4,815 2,200
15 Corporate Laws & Secretarial Practices 4,125 4,815
Total 13,065 15,130
16 Financial Reporting 4,815 5,640
Stage-5 17 Management Accounting-Decision Making 4,815 5,640 2,620
18 Risk Management and Audit 4,815 5,640
Total 14,445 16,920
19 Strategic Financial Management 5,500 6,465
Stage-6 20 Information Systems and I.T. Audit 4,815 5,775 2,750
21 Management Accounting - 4,815 5,775
Business Strategy
Total 15,130 18,015
COMPREHENSIVE EXAMINATION
a) For Students appearing from any Examination Centre in Pakistan. Pak Rs. 2,500
b) For Students appearing from Examination Centre in Dubai, U.A.E. UAE Dirham 625

N.B.
The fees are applicable for current session and may be revised with the approval of the National Council, if needed
in future.
ICMAP Career Pack

Contents

List of Course

Code Stage-1 Page No.

S-101 Fundamentals of Financial Accounting 46
S-102 Business Economics 49
S-103 Business Laws 53
S-104 Business Eglish 57

Stage-2
S-201 Fundamentals of Cost and Management Accounting 60
S-202 Management and Marketing 63
S-203 Business Mathematics & Statistics 66
S-204 Introduction to Information Technology 70

Stage-3
S-301 Financial Accounting 74
S-302 Business Taxation 77
S-303 Cost and Management Accounting - Performance Appraisal 80
S-304 Presentation & Communication Skills 84

Stage-4
S-401 Advanced Financial Accounting & Analysis 88
S-402 Integrated Management 91
S-403 Corporate Laws & Secretarial Practices 93

Stage-5
S-501 Financial Reporting 98
S-502 Management Accounting Decision Making 100
S-503 Risk Management and Audit 104

Stage-6
S-601 Strategic Financial Management 110
S-602 Information Systems and I.T. Audit 114
S-603 Management Acounting - Business Strategy 118
 44
45

Stage-1
S-101 Fundamentals of Financial
Accounting 46
S-102 Business Economics 49
S-103 Business Laws 53
S-104 Business English 57
ICMAP Career Pack

Stage-1

Fundamentals of Financial Accounting S-101

i. Introduction: iii. Outcomes:
This course basically deals with the Fundamentals On completion of this course, students should be
of Financial Accounting. The students are expected able to:
to learn an understanding of accounting concepts, l apprehend and explain the fundamental
principles, procedures and systems for preparation accounting principles and concepts,
of financial statements, computer-based accounting l record transactions in journal,
application, accounting treatment of current assets l prepare ledger accounts, trial balance,
and liabilities, tangible and intangible assets. l prepare bank and cash accounts, bank
Students should become adept at classifying reconciliation statements and petty cash
problems, situations and applying the required statements,
accounting principles. l make year-end adjustments, prepare adjusted
trial balance,
ii. Objectives: l prepare profit and loss account and balance
To provide the students with: sheets from adjusted trial balance,
l prepare manufacturing accounts,
l an applied knowledge of accounting principles, l calculate depreciation by using different
concepts and skills of accounting, and preparing methods,
financial statements manually and through l prepare bad debts accounts and provision for
computer. doubtful debts,
l compute inventory by using different valuation
methods,
INDICATIVE GRID:
SYLLABUS CONTENT AREA WEIGHTAGE
SECTION – A
1. Accounting Concepts and Principles (IAS 1,2, & 18) 20%
2. Accounting Procedures and Systems
SECTION-B
3. Control Accounts
4. Inventory Accounting
5. Accounts Receivable
6. Accounting for Bills of Exchange
7. Payroll Accounting
8. Cash Control 60%
9. Tangible Non-Current Assets (IAS–16 including Revaluation of Assets)
10. Intangible Non-Current Assets (including IAS – 38 portion only)
11. Rectification of Errors
12. Computer based Accounting Systems
SECTION-C
13. Preparation of Financial Statements of a Sole Proprietor (both trading & manufacturing
concern) 20%
TOTAL 100%
Note: The weightage shown against each section indicates, study time required for the topics in that section. This
weightage does not necessarily specify the number of marks to be allocated to that section in the examination.

CONTENTS
SECTION – A
1. Accounting Concepts and Principles
Definition and scope of financial accounting; basic
principles of accounting; concepts and conventions
underlying accounting statements, the impact of
International Accounting Standards as applicable
in Pakistan. (IAS 1,2, & 18).
2. Accounting Procedures and Systems
Principles of double-entry book-keeping; accrual-
based accounting system, adjusting, closing and
reversing entries, methods of keeping and present-
ing books of prime entry (cash book, petty cash
book, sales journal, purchase journal, purchase
and sales return journals etc); principal and sub-
sidiary ledgers, trial balance.
SECTION-B
3. Control Accounts
Receivable control accounts; payable control ac-
counts, errors of control accounts (including sub-
sidiary ledger) and reconciliation of control ac-
counts and subsidiary ledger.
4. Inventory Accounting
Nature and classes of inventories, periodic and
perpetual inventory systems, periodic and perpet-
ual inventory system; requirements and application
of IAS-2.
5. Accounts Receivable
Receivables and its subsidiary ledger; recording
bad debts and its recovery; estimation of allowance
for bad and doubtful debts (both income statement
and balance sheet approaches of estimation).
6. Accounting for Bills of Exchange
Recording bills of exchange, endorsements and
discounting of bills, accommodation bills.
7. Payroll Accounting
Objectives of payroll accounting; internal control
over payroll, gross earnings of employees, com-
Stage-1
46
47
puting gross earnings; calculation and recording
of payroll taxes and deductions; maintenance of
payroll journal; accounting for payroll taxes.
8. Cash Control
Preparation of petty cash statement and mainte-
nance of petty cash system; preparation of bank
reconciliation statement; cash receipts and pay-
ments accounts. The purpose, requirements and
process of internal audit relating to cash control;
financial control, errors and frauds.
9. Tangible Non-Current Assets (IAS-16 including
Revaluation of Assets)
Recognition and measurement of tangible non-
current assets; distinction between and application
of principles of capital and revenue expenditures,
concept of depreciation; methods and recording
of depreciation; change of method; revision of life
of an asset; accounting for disposal and exchange
of tangible non-current assets; application of IAS-
16.
10. Intangible Non-Current Assets (including IAS-
38 Portion only)
Nature and composition of intangible assets; ac-
counting treatment of intangible assets of goodwill
and research and development; methods of good-
will computation; impairment of goodwill (concept
and recording entry); capitalization of development
cost; amortization development cost (concept and
recording entry); application of IAS-38 in respect
of research and development and goodwill.
11. Rectification of Error
Type and corrections of errors not affecting trial
balance; corrections of errors affecting trial balance
including suspense accounts.
12. Computer-based Accounting Systems
Computer-based application in accounting; advan-
tages of computer-based systems, ways of achiev-
ing Internal controls in a computer-based account-
ing system.
ICMAP Career Pack

SECTION- C Statements (balance sheet, income statement and

cash flow statement) of sole proprietor in respect
13. Preparation of Financial Statements of a Sole
of trading; reference to basic financial ratios
Proprietor (both trading & manufacturing
(liquidity ratios only).
concern)
Elements and components of Financial Statements
in accordance with format of IAS-1; Financial

CORE READINGS
TITLE AUTHOR PUBLISHER

Frankwood Business Accountancy Frankwood Pearson Education Ltd, England

Accounting Principles Jerry. J John Willey & Sons. Inc., England
IFRSs/IASs IASB International Accounting Standards
Board, London.

Accounting: The Basis for Business Robert F. Meigs, Irwin McGraw-Hill, New York
Decision Jan R. Williams,
Susan F. Hakar,
Mark S. Bettner
Jack L. Smith

Accounting Principles Jack L. Smith McGraw-Hill Company Inc.,

New York

Financial Accounting Fundamentals PBP Professional Business Publications,

Lahore.

ADDITIONAL READINGS

An Introduction to Accountancy S.N. Maheshwari Vikas Publishing House,

New Delhi.
Advanced Accounting S.P. Jain Kalyani Publisher,
New Delhi.

Business Economics
i. Introduction:
This course is designed to focus on fundamentals
of economic concepts, and develop understanding
and skill of the students, in order to enable them
to identify and correlate various economic issues,
to cost and management accounting for taking
managerial decisions.
ii. Objectives:
This course enables the students to:
l identify how a market economy functions,
l develop an understanding of the economic
environment, under which business operates,
l develop the economic analysis for the guidance
and information of decision-makers, and
l identify the economic factors, influencing the
behaviour and performance of firms and
industries.
iii. Outcomes:
On completion of this course, students should be
able to:
l explain the basic concepts of scarcity choice,
l describe the consumer behaviour and its
analysis,
l differentiate between small and large-scale
production,
Stage-1
48
49
S-102
l identify and explain types of internal and
external economies,
l explain law of demand and causes of change
in demand other than change in price,
l describe types of elasticity of demand, deter-
minants and measurement of elasticity and law
of supply, elasticity,
l explain the cost of production,
l distinguish between implicit costs and explicit
costs,
l explain how under perfect competition the
equilibrium price of a commodity is equal to
its marginal cost and average cost of production,
l explain the functioning of a market economy,
l explain how the price system works by applying
appropriate economic concepts and principles,
l identify macro-economic concepts to explain
the measurement and determination of national
income,
l explain inflation and its causes,
l differentiate between domestic and interna-
tional trade,
l explain the problems and performance of
industrial sector in Pakistan and to
l explain foreign private investment and its
impact on Pakistan economy.
ICMAP Career Pack

INDICATIVE GRID:
SYLLABUS CONTENT AREA WEIGHTAGE
SECTION – A
MICRO-ECONOMICS
1. Nature and Scope of Economics
2. Consumer Behaviour and its Analysis
3. Demand, Supply and Price Determination 40%
4. Scale of Production
5. Cost and Revenue
6. Market Structure, Price and Output Determination
SECTION-B
MACRO-ECONOMICS
7. Concept of National Income
8. Keynes Theory of Employment and National Income 30%
9. Money Banking and Finance
10. International Trade
SECTION-C
ECONOMY OF PAKISTAN
11. Growth, Structure and Performance of Pakistan Economy
12. Agriculture Sector 30%
13. Industrial Sector
14. Foreign Trade and Economic Assistance

TOTAL 100%

Note: The weightage shown against each section indicates, study time required for the topics in that section. This
weightage does not necessarily specify the number of marks to be allocated to that section in the examination.

CONTENTS utility. Indifference curve analysis and consumer

SECTION-A
MICRO-ECONOMICS
3.
1. Nature and Scope of Economics
Basic concepts- economic wants and allocation of
scarce resources. Natural resources, labour capital
and enterprise. Production possibility frontier and
concept of opportunity cost. Key features of
market, planned and mixed economy-merits and
demerits.
2. Consumer Behaviour and its Analysis
Utility-kinds and aspects. Cardinal and ordinal
approaches of utility. Law of diminishing marginal
equilibrium. Price effect, income effect and sub-
stitution effect.
Demand, Supply and Price Determination
Demand- Determinants of demand, law of demand,
shift in demand, elasticity of demand, measure-
ment of elasticity of demand. Percentage and total
outlay methods. Brief description of cross and
income elasticity of demand. Determinants and
importance of elasticity of demand. Supply stocks
and supply. Determinants of supply, law of supply,
shift in supply. Elasticity of supply-Determinants
of elasticity of supply. Market equilibrium-surplus
and shortage conditions. Consumer and Producers
surplus.

4. Scale of Production
Production function. Small and large scale produc-
tion-advantages and disadvantages. Internal and
external economies of scale. Laws of returns.
(Special emphasis on law of diminishing returns).
Very brief introduction of returns to scale.
5. Cost and Revenue
Average, marginal and total cost. Marginal, average
and total revenue in perfect and imperfect com-
petition. Concept of implicit and explicit cost.
6. Market Structure, Price and Output Determi-
nation
Characteristics of perfect and imperfect competi-
tion (monopoly, oligopoly and monopolistic com-
petition) in short run and long run. Price discrim-
ination in monopoly.
SECTION- B
MACRO- ECONOMICS.
7. Concept of National Income
Circular flow of national income. Concepts of
national income GDP, GNP, NNP, NI at factor cost
and PI. Methods to measure national income
Difficulties and importance.
8. Keynes Theory of Employment and National
Income
Consumption saving and investment function.
Investment multiplier, acceleration, inflationary
and deflationary gaps, taxation, budget.
9. Money Banking and Finance
Nature and functions of money, quantity theory
of money; inflation- its causes , effects and mea-
sures to control. Functions of commercial banks,
credit creation and role of commercial banks in
economic development of Pakistan. Functions of
central bank , monetary policy and role of central
Stage-1
50
51
bank in the economic development of Pakistan.
Brief introduction of money and capital market.
10. International Trade
Balance of trade and balance of payment, causes
of adverse balance of payment and methods to
correct them. Exchange rate determination. Pro-
tectionism or barriers to free international trade.
Arguments in favor or against protection. WTO.
SECTION- C
ECONOMY OF PAKISTAN
11. Growth, Structure and Performance of Paki-
stan Economy
Growth and structure of economy- overview of
economic policies in Pakistan.
12. Agriculture Sector
Role of agriculture in economic development;
performance and problems of agriculture sector;
needs and types of agriculture credit; problems
and solutions of rural credit, case for and against
agriculture tax. Role of ZTBL in the supply of rural
credit. Agriculture marketing, its problems and
measures for its improvement.
13. Industrial Sector
Overview of industrial sector of Pakistan; perfor-
mance and problems of industrial sector; causes
of industrial backwardness; privatization of state-
owned enterprises; needs and types of industrial
credit.
14. Foreign Trade and Economic Assistance
Exchange rate and convertibility of Pak rupee;
devaluation and its impact on Pakistan’s economy;
forms of foreign economic assistance, cost and
benefit of foreign economic assistance; foreign
private investment and its impact on Pakistan’s
economy.
ICMAP Career Pack
TITLE
Economics
Economics
Economics
Economics for Business
Economy of Pakistan
Pakistan Economic Survey
(Latest)
Economy of Pakistan 2004-2005
Pakistan: Economic and
Social Statistics
Micro Economics 4th Edition
Macro Economics 4th Edition
Modern Economic Theory
Issues in Pakistan’s Economy
CORE READINGS
AUTHOR
David Begg / Stanley Fischer
& Rudiger Dornbusch
Paul A. Samuelson and
William D. Nordhaus
Campbell R.
McConnell/Stanley L. Brue
PBP
Prof. Dr. Khawaja Amjad Saeed
Finance Division, Economic
Advisor Wing
Saeed Nasir and Kamal Haider
ADDITIONAL READINGS
Prof. Dr. Khawaja Amjad Saeed
David N. Hyman
David N. Hyman
Kewal Krishan Dewett/
Adarsh Chand
S.A. Zaidi
PUBLISHER
McGraw Hill Book Co.
Europe Shoppenhanaers Road,
Maidenhead, Berkshire SL6 2QL,
England.
McGraw-Hill Companies, Inc.
1221 Avenue of the Americas,
New York, NY 10020
McGraw-Hill, Co. Inc.,
Princeton Road, S-1 Hightslown,
NJ 08520, New York.
Professional Business Publications,
Lahore.
Distributed by Oxford University
Press, Karachi.
Government of Pakistan
---
Institute of Business Management,
G.P.O. Box No. 1164, Lahore.
McGraw-Hill, Co. Inc.,
Princeton Road,
S-1 Hightslown, NJ 08520,
New York.
McGraw-Hill Co. Inc.,
Princeton Road, S-1 Hightslown,
NJ 08520, New York.
Shyam Lal Charitable Trust,
Ram Nagar,
New Delhi-11055
Oxford University Press,
Karachi.

Business Laws
i. Introduction:
This course is designed to focus on the important
topics of Business Laws, governing the operational
aspects of business. A thorough study of this
course will develop students’ knowledge and ability
to comprehend the salient features of business
laws easily.
ii. Objectives:
To provide the students with a knowledge of
business laws, enabling them to:
l formulate various business plans helpful for
operational and long-term decisions-making,
l advise the management on the financial and
non-financial implications of business laws, for
the effective operations of the business.
iii. Outcomes:
On completion of this course, students should be
able to:
l identify and describe the sources of business
laws,
l identify and explain various aspects of contracts
such as communication, acceptance and revo-
cation of proposals, essentials of valid contract
performance, discharge, breach of contract and
damages for breach of contract, contract of
bailment,
Stage-1
52
53
S-103
l describe how an agency is created,
l differentiate between contract of Indemnity
and Guarantee,
l explain the classes of agent and describe the
agent’s duty to the principal and principal’s
duty to agent,
l identify and explain the rights and liabilities
of parties to a contract, when principal is
disclosed or undisclosed,
l describe the ways when an agency is terminat-
ed,
l explain the kinds of contract of sales,
l differentiate between hire-purchase contract
and deferred payment sale,
l identify and explain the conditions of sale of
goods, transfer of property, transfer of title of
goods, performance of the contract of sale,
l identify and explain various laws contained in
Partnership Act, 1932,
l identify and explain the provisions contained
in Negotiable Instruments Act, 1881.
l Identify and explain the provisions enunciated
in Industrial Relations Ordinance, 2002, Work-
men’s Compensation Act, 1923 and West Paki-
stan Industrial and Commercial Employment
(Standing Order) Ordinance, 1968.
ICMAP Career Pack

INDICATIVE GRID:
SYLLABUS CONTENT AREA WEIGHTAGE
SECTION – A
1. Introduction to Legal System of Pakistan 10%
SECTION-B
BUSINESS LAWS
2. The Contract Act, 1872
3. Sale of Goods Act, 1930 60%
4. Partnership Act, 1932
5. Negotiable Instruments Act, 1881
6. TRIPS and TRIMS
SECTION-C
INDUSTRIAL LAW
7. Industrial Relations Ordinance, 2002
8. West Pakistan Industrial and Commercial Employment (Standing Order) Ordinance,
1968. 30%
9. Factories Act 1934 / Workmen’s Compensation Act 1923
10. Social Security Ordinance, 1965

TOTAL 100%

Note: The weightage shown against each section indicates, study time required for the topics in that section. This
weightage does not necessarily specify the number of marks to be allocated to that section in the examination.

CONTENTS 1.2 Maxims Relating to the Mode of Administer-

ing Justice.
SECTION-A a) No man is to be a judge in his own cause.
1. Introduction to Legal System in Pakistan 1.3 Maxims Relating to Property.
a. Definition and sources of law a) Nexo Dat Quod non Habet - No one gives what
b. Interpretation of Statutes (Acts and Ordinances) he does not possess.
c. Structure of Subordinate and Superior Courts b) Sic utere tus utalienum non laedas - Enjoy
d. Legal Maxims your own property in such a manner as not to
injure that of another person.
LEGAL MAXIMS
1.4 Maxims Relating to Contracts & Torts
1.1 Maxims expressing fundamental legal princi-
a) Caveat Emptor - Let the Buyer Beware.
ples
b) Ex turpi causa non oritur actio / Ex dolo malo
a) Ubi jus ubi remedium – There is no wrong non oritur actio - A contract founded upon
without a remedy. an illegal or immoral consideration cannot be
b) Ignorantia Facit Excusat - Ignorantia Juris Non enforced.
Excusat – Ignorance of fact excuses, Ignorance c) Respondeat Superior – Let the principal be
of law does not held responsible.

1.5 Maxims Expressing Rules Founded on Public
Policy
a) Salus populi est suprema lex – Regard for the
public welfare is the highest law.
b) Vigilantibus, Non Dormientibus jura Subveni-
unt - The law assists those who are vigilant,
not to those who sleep over their rights.
SECTION- B
BUSINESS LAWS
2. The Contract Act, 1872
Difference between Contract and agreement; Void,
voidable and enforceable agreements; Ele-
ments/ingredients of a contract; proposal; accep-
tance and revocation; void agreements; Free con-
sent, Coercion, Undue Influence, Fraud, Mistake,
Misrepresentation; flaws in capacity; quasi – con-
tracts; contingent contracts; contracts which must
be performed; time and place for performance;
performance of reciprocal promises, appropriation
of payments; contracts which need not be per-
formed; anticipatory breach of contract; actual
breach of contract; remedies of breach of contract;
doctrine of frustration; various discharges of con-
tracts; Bailment; contract of indemnity and guar-
antee; Principal and agent; creation of agency;
kinds of agents; duties and rights of an agent;
duties and rights of principal scope, extent and
kinds of agent’s authority; liabilities of principal
to third party; personal liability of agent to third
party; termination of agency.
3. Sale of Goods Act, 1930
Contract of sale and its kinds; formalities of the
contract of sale; subject matter of contract of sale;
the price, conditions and warranties; transfer of
property as between seller & buyer; the Doctrine
of “nemo dare potest quod non-habet” and its
exceptions; the Doctrine of “caveat emptor”,
performance of the contract of the sale; rights of
un-paid seller; suits for breach of the contract of
sale; auction sale.
4. Partnership Act, 1932
Essentials and the nature of partnership; kinds of
Stage-1
54
55
partnership; general duties of partners; qualified
duties of partners; rights of partners; liabilities of
partners; the Doctrine of implied authority; the
Doctrine of holding out; admission of a minor to
the benefits of partnership; re-constitution of a
firm (incoming & outgoing partners); modes of
dissolution of a firm; registration of firm; effect
of non-registration.
5. Negotiable Instruments Act, 1881
Promissory note; bill of exchange; cheques; inland
instruments; foreign instruments; ambiguous in-
struments; inchoate stamped instruments; parties
to negotiable instruments; liabilities of parties;
negotiation of instruments and its kinds; present-
ment of instruments; discharge from liabilities on
negotiable instruments; presumptions as to nego-
tiable instruments.
6. TRIPS and TRIMS
Laws relating to TRIPS and TRIMS including intel-
lectual property rights, Trade marks Act and Copy
Right Act.
6.1 Introduction
a) Concept of Intellectual Property
b) Intellectual Property Rights
c) Necessity of Intellectual Property Rights Pro-
tection
d) International Intellectual Property Organizations
e) Future of Intellectual Property Rights
6.2 Intellectual Property Rights Laws in Pakistan
a) The Copyright Ordinance, 1962
b) The Registered Designs Ordinance, 2000
c) The Registered Layout-Designs of Integrated
Circuits Ordinance, 2000
d) The Patents Ordinance, 2000
e) The Trade Marks Ordinance, 2001
f) The Merchandise Marks Act, 1889
g) The Trade Marks (Invalidation and Summary
Registration) Act, 1950
h) The Electronic Transaction Ordinance, 2002
i) Section relating to infringement of Trade, Prop-
erty and other Marks in the Pakistan Penal
Code, 1860.
ICMAP Career Pack

6.3 International Treaties, Agreements Conven-
tions, Protocols and Regulations, etc. (Only
Introduction)
SECTION- C
INDUSTRIAL LAW
7. Industrial Relations Ordinance, 2002
Trade unions; workers’ participation and dispute
resolution, labour courts, National Industrial Rela-
tions Commission; authorities, decisions, settle-
ments and awards, penalties and procedures,
causation and remoteness of damage.
8. Standing Order
West Pakistan Industrial and Commercial Employ-
ment (Standing Order) Ordinance, 1968.
9. Factories Act 1934 / Workmen’s Compensation
Act 1923:
Provisions regarding health and safety, working
hours including rest intervals, working holidays
and overtime, employment of women and children
etc. Workman’s Compensation Act 1923, provisions
regarding definitions, employers’ liability for com-
pensation, amount of compensation, methods of
calculating wages, review, commutation and dis-
tribution of compensation, report of fatal accidents,
and medical examination etc.
10. Social Security Ordinance, 1965.
Provincial Social Security Ordinance 1965: provi-
sions, regarding definitions, amount and payment
of contributions, records and returns, benefits
including sickness and maternity benefits, death
grants, disablement pension etc.

CORE READINGS
TITLE AUTHOR PUBLISHER
Business Law M.C. Kuchhul Vikas Publishing House, New Delhi.
(A Manual of) Mercantile Law M.C. Shukla S. Chand & Co., Ram Nagar,
New Delhi 110055, India.
Bare Acts Govt. of Pakistan Publications Division, Govt. of Pakistan.
Mercantile Law Luqman Baig Ghazanfar Academy Pakistan
30, Urdu Bazar, Karachi.
Mercantile and Industrial Prof. Dr. Khawaja Institute of Business Management,
Laws in Pakistan Amjad Saeed G.P.O. Box No. 1164, Lahore.
Labour Code M. Shafi / P. Shafi Bureau of Labour Publications,
8, Business Centre, Mumtaz Hasan Road,
P.O. Box 5833, Karachi-74000

Elements of Mercantile Law
Mercantile Law and
Industrial Law
The Intellectual Property,
Intellectual Property Laws in
Pakistan and International
Treaties on IPRs.
Broom’s Legal Maxims
Handbook of Legal Terms &
Phrases Judicially Defined
ADDITIONAL READINGS
N.D. Kapoor Sultan Chand & Sons, New Delhi.
Q.A. Wadud Sun-rise Publishing Qazi Villa,
A/17-2-B, National Cement
Housing Society, Rashid Minhas Road,
Gulshan-e-Iqbal, Karachi-75300
G.M. Chaudhry Federal Law House, Main Plaza,
Chaudhry M. Zafar Iqbal Chandni Chowk, Murree Road,
Rawalpindi.
Herbert Broom Sweet and Maxwell London
Pakistan Law House, Karachi.
M. Ilyas Khan Pakistan Law House, Karachi.
 Stage-1

56
57

Business English S-104

i. Introduction iii. Outcomes
Business English consists of the following three sections: On completion of the course, students should be
(a) English Grammar and Usage, able to:
(b) Reading and Writing, l know the correct use of grammar,
(c) Listening and Speaking. l listen, understand and speak English correctly
and fluently,
ii. Objectives
l write business letters, précis and reports cor-
This course enables students to: rectly,
l write and speak grammatically correct English, l give presentation on a given business situation
l listen and comprehend various situations of effectively.
business environment,
l develop their writing and speaking skills in
different business situations.

INDICATIVE GRID:
SYLLABUS CONTENT AREA WEIGHTAGE
SECTION – A
1. English Grammar and Usage 30%
SECTION-B
2. Reading and Writing 40%
SECTION-C
3. Listening and Speaking 30%

TOTAL 100%

Note: The weightage shown against each section indicates, study time required for the topics in that section. This
weightage does not necessarily specify the number of marks to be allocated to that section in the examination.

CONTENTS onyms, words often confused and misused, pairs

SECTION – A
1. English Grammar and Usage
Structure of a sentence, subject and predicate,
correct use of articles, parts of speech; use of
auxiliaries (can, could, shall, will, should, would,
etc).; prepositions; tenses; direct and indirect
narration; active and passive; prepositional com-
binations and verbal phrases, antonyms and syn-
of words, phrases and clauses; types of sentences
(affirmative/negative, interrogative, exclamatory,
imperative), kinds of sentences (simple, complex,
compound), synthesis of sentences, punctuation.
SECTION – B
2. Reading and Writing
Reading comprehension of paragraphs and articles.
Writing essays; informal letters, report, and précis.
ICMAP Career Pack

SECTION – C about responsibilities at work, receiving visitors,

3. Listening and Speaking
In the class rooms, the students must be given
different business situations for learning presen-
tation skills and situations can be such as: talking
seeking information, sales negotiations etc; par-
ticipation in group discussions; expressing effec-
tively in meetings and interviews; making effective
presentation.

CORE READINGS
TITLE AUTHOR PUBLISHER

Mastering English Grammar S.H. Burton Macmillan Education Ltd.,

Houndmills, Basingstoke,
Hampshire RG 21 2XS and London.
Understanding and Using Betty Schramfer Azar Pearson Longman ESL
English Grammar St. Laurent, Quebec
Canada - H4S 1R3
English for Business Studies L. Gartside Pitman Publishing Ltd.,
3rd Edition 128, Long Acre, London
WC2E 9AN U.K.
Language Three & Four Sadler Hayllar Macmillan Education,
Powell 627 Chapel Street,
South Yarra,
Victoria 3141.

ADDITIONAL READINGS

A Quick English Reference J.S. Hooper Oxford University Press, Karachi.

High School English Grammar P.C. Wren / H. Martin S. Chand & Company Ltd.,
and Composition 7361, Ram Nagar, New Delhi-110055

Note: Teachers and students are encouraged to use authentic materials from newspapers, magazines and electronic
media to develop reading, writing, listening and speaking skills.
 58
59

Stage-2
S-201 Fundamentals of Cost and
Management Accounting 60
S-202 Management and Marketing 63
S-203 Business Mathematics &
Statistics 66
S-204 Introduction to Information
Technology 70
ICMAP Career Pack

Stage-2

Fundamentals of Cost and Management Accounting S-201

i. Introduction:
This course is designed to make the students
familiar with the application of basic methods and
techniques of cost and management accounting.
The course deals with the cost concepts, cost
classification and cost flows, material, labour,
factory overhead costing, marginal costing, stan-
dard costing and budgeting.
ii. Objectives:
To provide the students with an appropriate knowl-
edge of Cost and Management Accounting to
enable them to:
l apply cost methods and techniques for prepar-
ing and presenting information for decision-
making and cost control, and
l prepare standard costs and variances.
iii. Outcomes:
On completion of this course, students should be
able to:
l understand cost concepts, objectives, scope,
cost flow and classification,
l prepare cost of production report and cost
statement under process cost accounting sys-
tem and job order costing system, respectively,
l understand and explain material, labour, factory
overhead costing and control,
l calculate and interpret material, labour, over-
heads variances,

INDICATIVE GRID:
SYLLABUS CONTENT AREA WEIGHTAGE
SECTION – A
INTRODUCTION
1. Concept and Scope of Cost Accounting 20%
2. Cost Classification and Flows
SECTION-B
COST ACCOUNTING
3. Material Costing and Control
4. Labour Costing and Control 50%
5. Factory Overhead Costing and Control
5. Costing Systems
SECTION-C
INFORMATION FOR PLANNING AND CONTROL
7. Standard Costing 30%
8. Marginal Costing and Break-even analysis

TOTAL 100%

Note: The weightage shown against each section indicates, study time required for the topics in that section. This
weightage does not necessarily specify the number of marks to be allocated to that section in the examination.

CONTENTS
SECTION –A
INTRODUCTION
1. Concepts and Scope of Cost Accounting
Definition and concept of cost, Cost object, Cost
elements, Sources and uses of cost data, Cost
accounting v/s financial accounting, Costing de-
partment and its relationship with other depart-
ments, Role of cost accounting in a management
information system, Uses of cost data.
2. Cost Classification and Flows
Direct and indirect cost, Product and period cost,
Controllable and uncontrollable cost, Fixed and
variable cost, Semi-variable and step fixed cost,
Cost flow, Statement of cost of goods manufactured
and sold.
SECTION – B
COST ACCOUNTING
3. Material Costing and Control
Procedure of material procurement, Two-bin sys-
tem, The use of FIFO, LIFO and weighted average
for material, valuation and the pricing for material
issue, Stock taking and perpetual inventory, Treat-
ment of differences between physical and book
stock, Economic order quantity, Effect of quantity
discount on EOQ, Reorder level, safety stock and
maximum stock, ABC Control.
4. Labour Costing and Control
Direct and indirect labour, Productivity and effi-
ciency, Remuneration methods, Straight piece rate
and differential piece rate, Incentive wage plan,
Group bonus, Time sheet and job cards, Overtime
and idle time, Payroll, Labour turnover rate.
Stage-2
60
61
5. Factory Overhead Costing and Control
Classification and collection of overhead, Prede-
termined overhead applied rate, Factory overhead
cost: planned, applied and actual, Over and under
applied factory overhead and its disposal, Depart-
mentalisation of overhead, Allocation, apportion-
ment and reapportionment of overhead costs,
Repeated distribution and algebraic method for
reciprocal, service department costs.
6. Types of Costing Systems
Establishment of cost accounting system, Principles
of double entry system of costing, Integrated and
interlocking cost accounts, Chart of account and
coding for costing, Introduction to process costing,
Incomplete process and concept of equivalent
units, Format of process account and cost of
production report Job order costing, Operation /
service costing.
SECTION - C
INFORMATION FOR PLANNING AND CONTROL
7. Standard Costing
Preparation of standard cost, Material price and
usage variances, Labour rate and efficiency vari-
ances, Variable overhead expenditure and efficiency
variances, Fixed overhead budget and volume
variances.
8. Marginal Costing and Break-even Analysis
Marginal cost and contribution margin, Contribu-
tion margin to sales ratio (C/S ratio), Break-even
in units and value, Margin of safety ratio (M/S
ratio), Break-even graph.
ICMAP Career Pack

CORE READINGS
TITLE AUTHOR PUBLISHER

Cost Accounting F. Usry, H. Hammer & South Western Publishing Co.,

Adolph Matz Cincinnaci, Ohio, U.S.A.
Cost Accounting T. Lucy DP Publications,
Aldyne Place,
142-144 Uxbridge Road,
Shepherds Bush Green,
London W12 8AW.
Management Accounting PBP Professional Business Publications,
Fundamentals Lahore.

ADDITIONAL READINGS

Cost & Managerial Accounting
Management and Cost
Accounting
Cost Accounting
Jack Gray & Don Ricketts McGraw-Hill Company Inc.,
Princeton Road,
S-1 Hightslown, NJ08520,
New York.
Colin Drury Thomson Learning,
High Holborn Ouse,
50-51 Bedford Row,
London.
Charles T. Horngren, Srikant Prentice Hall of India,
M. Datar New Delhi.
George Foster
 Stage-2

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Management and Marketing S-202

i. Introduction:
This course consists of management, human re-
source management, change management, oper-
ations management and marketing management.
This will help the students to identify, correlate
and apply these concepts to other core subjects
of Professional stages for decision-making.
ii. Objectives:
This course enables the students to:
l appreciate the theoretical approaches of organ-
isational management,
l visualise and analyse business model of an
organisation,
l understand methods and procedures to manage
the people, and
l understand the techniques for strategic mar-
keting management to promote business.
iii. Outcomes:
On completion of this course, students should be
able to:
l explain the various functional areas of an or-
ganisation,
l assess various means for introducing change,
l examine and analyse the problems associated
with quality in an organisation,
l examine the career planning activities of an
organisation,
l make available chain management as a strategic
process, and
l evaluate and describe the marketing concepts,
and the role of technology in modern market-
ing.

INDICATIVE GRID:
SYLLABUS CONTENT AREA WEIGHTAGE
SECTION – A
MANAGEMENT
1. Introduction to Organisations and Management
2. Management Process 50%
3. Understanding Groups & Teams
4. Human Resource Management
SECTION-B
MARKETING MANAGEMENT
5. Introduction to Marketing Management
6. Product and Services Strategy 50%
7. Pricing Products: Pricing Considerations Approaches and Pricing Strategies
8. Advertising, Sales Promotion and Public Relations
9. Distribution Channels and Logistics Management
10. Other Topics in Marketing Management

TOTAL 100%

Note: The weightage shown against each section indicates, study time required for the topics in that section. This
weightage does not necessarily specify the number of marks to be allocated to that section in the examination.
ICMAP Career Pack
CONTENTS
SECTION-A
MANAGEMENT
1. Introduction to Organisations and Manage-
ment
i. Definition of Management
ii. Roles of a Manager
iii. Definition of an Organization
iv. External Environment of an organization
v. Internal Environment of an organization
vi. Linkage between Individual, Group, and Struc-
tures within an organization.
2. Management Process
2.1 Planning and Decision-Making
The definition of planning; types of plan; the
planning process; planning tools and techniques;
Managerial ethics and decision Making process.
2.2 Organizing and Managing Change
Defining organizational structure and design;
factors affecting organizational design; forms of
organizational design; application of organizational
design; sources of power; line and staff authority;
effective delegation; decentralization and central-
ization; Management and Organizational Change;
the forces of change; need of change; the change
process; resistance to change. Lewin’s three step
change modes; reorganization (merger and acqui-
sition); restructuring; rightsizing.
2.3 Controlling and Decision Making
Concept of control; types of control; Inventory
Management; Demand and Capacity Management;
TQM & ISO Systems, Business Process Re-
engineering; Six Sigma and Kaizen.
3. Understanding Groups and Teams
3.1 Difference between groups and teams; understand-
ing group behavior and group decision-making
process; groups and team work; turning groups
into effective teams.
3.2 Leadership
Managers verses leaders; contemporary theories
of leadership; contemporary issues in leadership;
developing and managing effective teams.
3.3 Motivating Employees
Concept of motivation; current issues in motivation
from theory to practice.
4. Human Resources Management
The human resource management process; human
resources planning; recruitment and selection;
orientation; performance appraisal (in MBO); em-
ployees training; compensation and benefits; the
human resources environment; competition influ-
ences; labor relation influences; legal and regulatory
influences; Global influences; technological, eco-
nomic and social influences.
SECTION - B
MARKETING MANAGEMENT
5. Introduction to Marketing Management
Marketing defined, needs, wants, exchange, trans-
actions and relationships, markets, 4P’s of market-
ing; Market Segmentation; levels of market seg-
mentation; evaluating and selecting market
segment; market targeting; positioning product
in the market.
6. Product and Service Strategy
What is a product and product life cycle. The
product service continuum; levels of product;
product classifications: consumer products, indus-
trial products, organisations, persons, places and
ideas; individual product decision; product at-
tributes: branding, packaging, labelling, product
support services; product line decisions; product
mix decisions; services marketing; nature and
characteristics of a service.
7. Pricing Product: Pricing Considerations ap-
proaches and Pricing Strategies
General pricing approaches: cost-based pricing,
value-based pricing, and competition-based pricing;
new-product pricing strategies; market-skimming
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pricing, market-penetration pricing; product mix
pricing strategies: product-line pricing, optional-
product pricing, captive-product pricing, by-
product pricing, product bundle pricing; price-
adjustment strategies: discount and allowance
pricing, segmented pricing, psychological pricing,
promotional pricing, geographical pricing, inter-
national pricing; price changes; initiating price
changes, responding to the price changes.
8. Advertising, Sales Promotion and Public Re-
lations
Major decisions in advertising: organising for
advertising; setting objectives; setting the adver-
tising budget; advertising strategy; advertising
evaluation; international advertising decisions;
sales promotion: rapid growth of sales promotion;
setting sales-promotion objectives; selecting sales-
promotion tools; developing the sales-promotion
programme, public relations; major public relations
tools.
9. Distribution Channels and Logistic Manage-
ment
The nature of distribution channels; why are mar-
keting intermediaries used? Distribution channel
functions, number of channel levels; channel be-
haviour and organisation; vertical marketing sys-
tems, horizontal marketing systems, hybrid mar-
keting systems; physical distribution and logistics
management: nature and importance of physical
distribution and marketing logistics; goals of the
logistics functions; integrated logistics manage-
ment.
10. Other Topics in Marketing Management
Marketing research; Marketing in the Digital Age;
major Forces shaping the digital age; marketing
strategy in the digital age; E-marketing domains;
conducting e-commerce.

CORE READINGS
TITLE AUTHOR PUBLISHER
Strategic Management John Thompson CIMA London.
10th Edition
Management Stephen P. Robinson & DP Publications,
6th Edition Mary Coulter New York.
Principles of Marketing Philip Kotler and Gary Prentice Hall International Inc.,
8th Edition Armstrong New York.
Strategic Management Fred R. David Prentice Hall International Inc.,
7th Edition New York.
Organisational Management and PBP Professional Business Publications,
Information Systems Suite # 3, 5 Third Floor,
Taj Arcade, 73-Jail Road,
Lahore.

HR. Management Manual --- Penguin Books, New Delhi, India.

(Managers Pocket Guide Series)
HRM/HRD: Personnel Prof. Dr. Khawaja Amjad
Management Saeed
Management: Text & Cases Prof. Dr. Khawaja Amjad
Saeed
Marketing Cases Prof. Dr. Khawaja Amjad
Saeed
Institute of Business Management,
G.P.O. Box No. 1164, Lahore.
Institute of Business Management,
G.P.O. Box No. 1164, Lahore.
Institute of Business Management,
G.P.O. Box No. 1164, Lahore.
ICMAP Career Pack
Business Mathematics & Statistics
i. Introduction:
This course comprises basic concepts and tech-
niques of mathematics and statistics. A thorough
knowledge in the areas of basic mathematics and
presentation of data, is an essential skill for man-
agement accountant. The management accountant
should understand statistical concepts, because
of the need to estimate the uncertainties of busi-
ness decisions. This course also gives basic under-
standing of mathematical techniques applied for,
forecasting in corporate planning and Financial
Management.
ii. Objectives:
To provide the students with the basic knowledge
of mathematics and statistics to enable them to:
l use and interpret mathematical and statistical
methods, and
l present the results of quantitative nature, in a
suitable form for taking business decisions.
S-203
iii. Outcomes:
On completion of this course, students should be
able to:
l describe and demonstrate the use of mathe-
matical and statistical techniques,
l understand the proper use of formulae and
ratios,
l describe reasonableness in the computation of
answer,
l understand and apply techniques for summa-
rising and analysing data,
l describe and demonstrate the use of probability,
in case of involvement of risk and uncertainty,
l describe and apply financial mathematical tech-
niques, and
l describe and demonstrate forecasting tech-
niques.
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INDICATIVE GRID:
SYLLABUS CONTENT AREA WEIGHTAGE
SECTION – A
BUSINESS MATHEMATICS
1. Preliminaries
2. Mathematical Functions
3. Differentiation
4. Optimisation: Application 50%
5. Integral Calculus
6. Matrix Algebra
7. Sequence and Series
8. Mathematics of Finance
SECTION-B
STATISTICS
9. Probability Theory
10. Probability Distributions 25%
11. Decision-Making
12. Statistical Forecasting
SECTION-C
OPERATINAL RESEARCH
13. Network Analysis
14. Linear Programming 25%
15. Optimisation
TOTAL 100%
Note: The weightage shown against each section indicates, study time required for the topics in that section. This
weightage does not necessarily specify the number of marks to be allocated to that section in the examination.

CONTENTS Representation of the Functions, Type of Functions

(Constant, Linear, Rational, Combinations, Com-
SECTION-A posite, Polynomial, etc.), Applications of the Linear
BUSINESS MATHEMATICS Functions, Break-Even Models (Analysis).

1. Preliminaries
Factorization, Equations, Inequalities, Absolute
Value Relationships. Quadratic Equation and Nature
of Roots, Mid-Points, Two Point Formula, Distance
Formula, Rectangular Co-ordinate System.
2. Mathematical Functions
Functions, Domain Range Relationship, Restricted
Domain and Range, Univariate, Bivariate and Mul-
tivariate Functions. Value of the Functions. Graph
3. Differentiation
The Limit and Introduction, Average rate of change,
Concepts of derivative and differentiation, Basic
Rules of Differentiation. Instantaneous-rate of
change. Partial Derivatives and Mixed Partial De-
rivatives.
4. Optimisation: Application
Derivatives, Maxima and Minima, Curve Sketching,
1st and 2nd Derivative Tests, Restricted-domain
ICMAP Career Pack
considerations revenue, cost and profit applica-
tions, additional applications.
5. Integral Calculus
Concepts of Anti-derivatives, Integration, Rules of
Integration, Definite and indefinite integrals,
Application of Integral Calculus.
6. Matrix Algebra
Concept of Matrices, Addition, Subtraction,
Multiplication, Inverse of Matrices, Solution of
linear equation with the help of Matrices (up to
three variables), The Determinant and its Proper-
ties, Cramer’s Rule, Gaussian Elimination Method,
Method of Elimination, Slope Intercept form se-
lected applications.
7. Sequence and Series
Concept of Sequence and Series, Arithmetic And
Geometric Progression and its business applica-
tions, Arithmetic and Geometric Means etc.
8. Mathematics of Finance
Concepts of Interest rate, Simple and Compound
Interest, singe-payment computations, Present
value, Nominal and Effective Interest Rates, Con-
cept of Annuities and Their Future Value, Annuities
and their present value, Mortgages, Cost-Benefit
Analysis, Discounted Cash Flow, Net Present Value.
SECTION-B
BUSINESS STATISTICS
9. Probability Theory
Introduction to sets and set operation, permuta-
tions and combinations, Basic probability concepts,
Statistical dependence and independence, Rules
of Probability (Additive and Multiplicative), Con-
ditional Probability, Marginal Probability, Joint
Probability.
10. Probability Distribution
Probability Distributions, Measures of Central
Tendency, Statistical Dispersions, Normal and
Binomial Distributions.
11. Decision-Making
Sampling Methods (Probability and Non-Probability
Sampling), Sampling Distribution of Mean Estima-
tion (Confident Innerves) for single population
mean, Test of hypothesis (t & z test) for single
population mean, Chi-Squire Test, Concept of
Sample Size.
12. Statistical Forecasting
Linear Correlation Coefficient, Coefficient of De-
termination, Linear regression model, Least square
methods, semi-average, moving average, Index
Number (Simple and Weighted).
SECTION-C
OPERATIONAL RESEARCH
13. Network Analysis
Critical Path Analysis (CPM), Gantt Charts Analysis
of network, crashing program evaluation and
network analysis, activity-on-arrow and activity-
on mode diagrams, probabilities network.
14. Linear Programming
Optimisation by linear programming using graph-
ical and simplex methods. Sensitivity Analysis.
15. Optimisation
Linear and non-Linear Optimisation.
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CORE READINGS
TITLE AUTHOR PUBLISHER

Quantitative Techniques T. Lucy DP. Publications Ltd.,

Aldine place,
142-144 Uxbridge Road,
Shepherds Bush, Green,
London W 12 8AW.
Introduction to Statistics Ronald E. Walpole Macmillan Publishing Co. Inc.
New York.
Applied Mathematics for Frank S. Budnick McGraw-Hill Cmpany Inc.,
Business, Economics & Princeton Road, S-1 Hightslown,
the Social Sciences. NJ08520, New York.
Business Mathematics PBP Professional Business Publications,
Lahore.

ADDITIONAL READINGS
Business Mathematics Mirza Muhammad Hassan & Farooq Kitab Ghar,
Muhammad Ali Mirza 32-33 Urdu Bazar, Karachi.
ICMAP Career Pack

Introduction to Information Technology S-204

i. Introduction:
This course is designed to focus on the theoretical
and practical aspects of computer skill. The stu-
dents will be provided with practical and theoretical
coaching facilities to gain knowledge within the
framework of the course.
ii. Objective:
To provide the essential IT knowledge related to
business systems, irrespective of their work primary
domain and role.
iii. Outcomes:
This course will cover both theoretical and practical
aspects of IT knowledge. On completion of this
course student will be able to have knowledge of
following theoretical and practical topics:
(a) Theoretical Knowledge
l explain the basic knowledge of IT,
l explain the characteristics of computers and
its classification,
l describe some of the major components of
a computer system and explain their rela-
tionships to one other,
l explain computer system’s CPU and memory,
l explain several types of input and output
devices and their functions,
l describe multimedia, benefits and its appli-
cations,
l understand the difference between applica-
tion software and system software,
l explain the different functions and differ-
ences of operating system,
l describe the low-level and high-level lan-
guages,
l describe the role of utility programme,
l describe different communication protocols,
l describe the local area network, wide area
network and other types of network,
l describe some security issues involved with
computer network usage.
(b) Practical Training
l Ability to use
- Word processor package,
- Spread-sheet package,
- Presentation package,
- Internet and E-mail.

INDICATIVE GRID:
SYLLABUS CONTENT AREA WEIGHTAGE
1. Theory (30 hours) - Introduction
- Hardware
- Software 50%
- Networks
2. Practical (30 hours) - Microsoft Windows
- Microsoft Word
- Microsoft Excel
- Microsoft Power Point 50%
- Internet
- Accounting Package

TOTAL 100%

Note: The weightage shown against each section indicates, study time required for the topics in that section. This
weightage does not necessarily specify the number of marks to be allocated to that section in the examination.

CONTENTS
1. THEORY
1.1 Module: Introduction (02 hours)
Fundamental characteristics of computers, Classi-
fication of computers, Components of a computer
system, Networks, Computer Security, Internet.
1.2 Module: Hardware (10 hours)
(i) Central Processing Unit (CPU) & Memory
Control unit, Arithmetic logical unit, registers,
Memory (RAM and ROM), Types of RAM (SRAM
and DRAM), Cache Memory, Registers, Data-
bases, Ports (Serial, Parallel and USB).
(ii) Input and Output
Keyboards, Mouse, Electronic Pens, Touch-
Screens, Track-ball, Touch-pad, Digitiser, Scan-
ners, Digital Cameras, Voice Recognition, Kinds
of outputs (Softcopy and Hardcopy), Display
Devices (CRT and Flat Panel), Screen clarity
(Resolution, Dot pitch and Refresh rate), Video
display adopters, Printers (impact and Non-
impact), Plotters, computer output microfilm
and microfiche.
(iii) Storage and Multimedia
Magnetic Disk Systems, Floppy Disks, Hard
Disks, Optical Discs (CDs, DVDs), Magnetic
Tape Systems, Online Storage, Smart Cards,
Flash Memory Devices, What is Multimedia,
Advantages and Disadvantages of using Mul-
timedia, Multimedia Applications.
1.3 Module: Software (08 hours)
Definition of software, Classification of software
(Application software and System software), Def-
inition of operating system, different type of
operating systems, functions of operating systems,
Processing techniques for increasing efficiency
(multi-tasking, multi-threading, multi-processing,
time-sharing, virtual memory and spooling), Pro-
gramming languages (Low-level languages and
high-level languages), Complier, Interpreter, gen-
eration of languages, Procedural and non-
procedural languages, Utility programmes (com-
pression software, diagnostic programmes, back-
up utilities and disk-defragmentation).
Stage-2
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71
1.4 Module: Network & Security Issues (10 hours)
Definition of network, Topologies, Types of net-
works (LAN, WAN, VAN, MAN and VPN), Commu-
nication Protocols (Ethernet, Token Ring, TCP/IP
and WAP), OSI models, Transmission Mediums,
Transmission Direction, Transmission Mode, Net-
work Devices (Switch, routers, and modem), Secu-
rity issues (Viruses, Firewall and unauthorised
access), Digital signatures, Bluetooth, Security
issues (Computer viruses, unauthorised access and
firewall), Biometric devices.
2. PRACTICAL
2.1 Microsoft Windows (02 hours)
The start menu, Manipulating windows, Copy Files,
Moving Files, Deleting Files, Create folder, Search
files, customised your desktop.
2.2 Microsoft Word (04 hours)
Editing, format, insert, view and file menu com-
mands in word-processor, Paragraph/page/character
formats. Letters, reports, standard templates, user-
defined templates, Mail merge using data from
spread-sheets and/or tables, formatting, borders,
size of columns, rows, captions, table of contents,
table of figures and index, page layout, print
formatting, Linking and embedding spread-sheet,
presentation and other integrated package docu-
ments, slide master, presentation package, Drawing
toolbox: Shapes, lines, text boxes, aligning, dis-
tributing, grouping, flipping objects. Slide anima-
tion commands. Inserting chart, table, picture
word processor and spread-sheet.
2.3 Microsoft Excel (10 hours)
File, edit, view, insert, format menu commands:
Print/page setup, custom header/footer, Absolute,
relative addressing, cell labelling. Formulae, copy-
ing formulae. Use of different types of functions.
Cell formatting, bordering, alignment, number.
Data types, formats, conversion Tools: Sorting,
filtering. Linking worksheets, pivot table, paste
special Import/export of data from/to word pro-
cessors, databases, text-files. Data format conver-
sion problems charts: Bar charts, pie charts, for-
matting. Suitability, conditional formatting.
ICMAP Career Pack

2.4 Microsoft PowerPoint (04 hours)
Create Slide, Edit Slide, Insert Slide, Run Slide
Show, Insert Pictures, Add Animation, Slide Tran-
sitions, Formatting Slides, Add Sounds, Slide Colour
Scheme, Using video clips and audio files, Enter
text in your slides, Insert and resize a digital image
or clip art (online, from PowerPoint), Apply a design
template, Draw lines, Draw and colouring shapes,
Create 3D shapes, Create Charts / tables, Add
narration.
2.5 Internet (02 hours)
Accessing Internet, Intranet, Extranet, Internet
Addresses, Surfing the web, Using bookmark and
the history list, Searching the web, E-mail, Sending
e-mails, receiving e-mails, managing e-mails, Con-
nectivity issues, How to block spamming (Unwant-
ed e-mails).
2.6 Accounting Packages (08 hours)
Under accounting package, a Peachtree Accounting
Software will be practically taught. The accounting
package through coverage of Peachtree software
gives a thorough introduction to the concepts of
computerised accounting. The students will learn
how to post, retrieve and manage the books elec-
tronically and design reports as per managements’
requirements. It gives a comprehensive coverage
to the software with hands-on training. By the
end of the course, students will be comfortable
with the package and can meet various job require-
ments of the professional managers, while taking
decision based on financial reporting.

CORE READINGS
TITLE AUTHOR PUBLISHER

Computer Fundamentals Pradeep K. Sinha Professional Business Publication

(Concepts, Systems & Priti Sinha Suite # 3, 5 Third Floor,
Applications) Taj Arcade
73-Jail Road, Lahore.
Computer, 8/E H.L. Capron Prentice Hall International Inc.
A Complete Book on Dr. Rajesh Trehan Cyber tech (CCT)
Information Technology
MS Office 2000 Gini Courter Sybex
Annette Marquis

ADDITIONAL READINGS
Network Security Chris Brenton Sybex
(Second Edition) Camreon Hunt
CISA Manual CISA Information Systems Audit and
Control Associations, Inc.,
3701 Algonquin Road,
Suite 1010
Rolling Meadows, Illinois,
60008 USA.
 72
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Stage-3
S-301 Financial Accounting 74
S-302 Business Taxation 77
S-303 Cost and Management
Accounting - Performance
Appraisal 80
S-304 Presentation &
Communication Skills 84
ICMAP Career Pack
Stage-3
Financial Acounting
i. Introduction:
This course covers specialised accounting as well
as preparation of financial statements, according
to local laws and International Accounting Stan-
dards as applicable in Pakistan.
ii. Objectives:
To provide the students with a knowledge of
accounting enabling them to:
l prepare financial statements for different types
of business such as joint venture, consignments,
Royalties, Branches/Departments, Partnership,
Non-profit organisations and Sole-proprietor-
ship,
l prepare financial statements of companies as
per requirements of the companies ordinance
1984 and IASs as applicable in Pakistan, and
l compute and interpret working capital ratios
and analyse various items of current assets and
liabilities, to highlight the current financial
position of the companies.
iii. Outcomes:
On completion of this course, students should be
able to:
l prepare accounts and financial statements of
joint venture, consignment, royalties, partner-
ship, branches and departmental types of busi-
nesses,
S-301
l prepare receipts and payments accounts and
financial statements of non-profit organisations,
l prepare financial statements from incomplete
records,
l understand the procedures to be followed in
formation of companies,
l identify and explain accounting treatment of
expenses, incurred during the course of forma-
tion of a company,
l identify and explain reasons for profit appro-
priation,
l identify and explain reasons why any loss/gain
is debited or credited to retained earnings,
l prepare and present financial statements of
companies, according to local laws and Inter-
national Accounting Standards, with appropriate
notes,
l explain potential matters that should be con-
sidered, while making a regulatory framework
for published accounts,
l describe the role of the International Accounting
Standards,
l prepare a statement of changes in Equity,
l compute working capital ratios for business
sectors,
l prepare cash management models, identify and
choose the most appropriate model,
l appraise debtors and creditors policies and
methods of inventory management.
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INDICATIVE GRID:
SYLLABUS CONTENT AREA WEIGHTAGE
SECTION – A
1. Accounting for Joint Venture
2. Accounting for Consignments 30%
3. Accounting treatment of Royalties
4. Branch & Department Accounting
SECTION-B
5. Accounting for Partnership concerns
6. Preparation of Financial Statements from Incomplete Records 30%
7. Financial Statements of Non-Profit making organizations
SECTION-C
8. Company Formation & Retained Earnings
9. Preparation of Company Financial Statements in accordance with International
Accounting Standards (IAS-1) 40%
10. Financial Statements (Balance Sheet & Income Statement) of a single company in
accordance with 4th & 5th schedule of Companies Ordinance, 1984.
11. Computation of basic financial ratios (analysis not required)
12. Application of IFRs/IASs (IAS 1, 8, 10, 16)

TOTAL 100%
Note: The weightage shown against each section indicates, study time required for the topics in that section. This
weightage does not necessarily specify the number of marks to be allocated to that section in the examination.

CONTENTS suspense account. Accounting treatment of sub-

SECTION-A
1. Accounting for Joint Venture
Accounting treatment when separate books of
accounts are maintained, and when separate books
are not maintained; Memorandum recording meth-
ods.
2. Accounting for Consignments
Nature and operation of the consignment; account-
ing for the completed and incomplete consign-
ments including losses (normal and abnormal both)
and stock valuations.
3. Accounting Treatment of Royalties
Preparation of journal entries and accounts; min-
imum rent account; shortage account; and royalty
leases.
4. Branch & Departmental Accounting
Operation of a branch; accounting systems for
branches (including dependent and independent
branches) and head office; reciprocal accounts and
inter-branch transactions; preparation of combined
statements for head office and branches; depart-
mental accounting, working paper for combined
statements.
SECTION-B
5. Accounting for Partnership Concerns
Formation of partnership; distribution of profits
among partners; changes in partners’ ratios, ad-
mission of a partner; retirement and death of a
partner; dissolution of firm; conversion of partner-
ship into a company.
ICMAP Career Pack

6. Preparation of Financial Statements from
Incomplete Records
Preparation of income statement and balance sheet
from incomplete record.
7. Financial Statements of Non-Profit Making
Organizations
Preparation of receipt & payment summary; prep-
aration of income and expenditure account and
balance sheet.
SECTION-C
8. Company Formation & Retained Earnings
Formation of public and private Companies as per
Companies Ordinance 1984; concept and nature
of shares and share capital; types of shares and
share capital; recording of issue of shares against
cash and for consideration other than cash; concept
of partly and fully paid shares; share splits; right
issue of shares; bond shares (stock dividend);
purchase of own shares (treasury stock); sources
of retained earnings; retained earnings appropria-
tion to dividends and reserves; concept and types
of dividends and reserves; accounting for dividends,
reserves and reserve funds.
9. Preparation of Company Financial Statements
in accordance with International Accounting
Standards (IAS – 1)
Requirements of relevant, IFRSs / IASs; forms and
contents of the Financial Statements as per
IAS-1.
10. Financial Statements (Balance Sheet & Income
Statement) of a single company in accor-
dance with 4th & 5th schedule of Companies
Ordinance 1984.
Requirement of 4th & 5th schedule of Companies
Ordinance 1984; balance sheet, profit and loss;
statement of changes in owners’ equity and notes
to the accounts.
11. Computation of Basic Financial Ratios (anal-
ysis not required)
12. Application of IFRs / IASs
IAS 1, 8, 10, 16.

CORE READINGS
TITLE AUTHOR PUBLISHER
Frank Wood’s Business Accounting Frank Wood/ Pearson Education Ltd.,
Alan Sangster England.
International Financial Reporting International Accounting International Accounting,
Standards (IFRSs/IASs) Standards Board Standards Board, 30 Cannon
Street London EC4M 6XH,
United Kingdom.
Financial Accounting and PBP Professional Business
and Principles Publications,
Lahore.
An Introduction to Accountancy S.N. Maheshwari/ Vikas Publishing House
S.K. Maheshwari (Pvt) Ltd.,
576, Masjid Road, Jangpura,
New Delhi.
Advanced Accountancy R.L. Gupta Sultan Chand & Sons,
Publishers 23, Daryaganj,
New Delhi.

ADDITIO
Accounting: The Basis for Robert F. Meigs/ McGraw-Hill Publishing
Business Decisions Walter B. Meigs Company Inc.,
New York.
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Business Taxation S-302

i. Introduction:
This course covers Income Tax Ordinance, 2001,
the Income Tax Rules, 2002 and other Tax Laws
such as the Sales Tax Act, 1990, Customs Act, 1969
and Federal Excise Act, 2005, as amended to date.
ii. Objectives:
To provide the students with an in-depth knowl-
edge of Tax Laws, enabling them to apply in deci-
sion-making process in different business situa-
tions.
iii. Outcomes:
On completion of this course, students should be
able to:
l identify and interpret principal types of taxation,
such as direct taxes on individuals, income,
business individuals, Association of persons,
registered and unregistered firms and compa-
nies, trading profit and capital gains, and indi-
rect taxes such as sales tax, customs duty and
central excise duty,
l describe features of the direct and indirect
taxes,
l describe record-keeping, filing and tax payment
requirements of principal types of taxation,
relating to business,
l differentiate between tax avoidance and tax
evasion,
l compute for recommendations to the manage-
ment on issues, pertaining to tax liabilities of
company or firm, arising from income genera-
tion and capital gains,
l recommend on minimising or deferring tax
liabilities for individuals or company, by using
exemptions,
l compute and advise on tax liabilities of indi-
viduals, arising from income receipts, capital
gains, business or professions and other sourc-
es, and
l identify foreign tax obligations, situations and
apply appropriate methods for relieving from
such tax.

INDICATIVE GRID:
SYLLABUS CONTENT AREA WEIGHTAGE
SECTION – A
1. Income Tax Law
1.1 Income Tax Ordinance 2001, as amended up-to-date covering 50%
SECTION-B
1.2 Income Tax Rules 2002 20%
SECTION-C
2. Other Tax Laws:
2.1 Sales Tax Act 1990
2.2 Customs Act 30%
2.3 Federal Excise Act and Rules
2.4 Capital Value Tax

TOTAL 100%

Note: The weightage shown against each section indicates, study time required for the topics in that section. This
weightage does not necessarily specify the number of marks to be allocated to that section in the examination.
ICMAP Career Pack
CONTENTS
SECTION-A
1. INCOME TAX LAW
1.1 INCOME TAX ORDINANCE, 2001
The Income Tax Ordinance 2001, as amended up-
to-date covering
Definitions; charge to tax; tax on taxable income
(computation of income from salary, property,
business, capital gains, other sources, exemptions,
losses, deductible allowances, tax credits); common
rules (general, tax year, assets); provisions govern-
ing persons (concept, individuals, AOP, companies);
special industries (insurance, oil & gas and other
mineral deposits); international (geographical
source of income, taxation of foreign source of
income of residents, taxation of non-residents,
double taxation); anti-avoidance; minimum tax;
procedures (returns, assessments, appeals, collec-
tion and recovery of tax, payments and deductions,
refunds, records and audit, penalty, offence and
prosecutions, additional tax); administration (gen-
eral, transitional advance tax provisions, miscella-
neous); Schedules (first schedule, second schedule,
third schedule, sixth schedule, seventh schedule).
Special provisions regarding depreciation, initial
allowance, intangibles, pre-commencement ex-
penses, scientific research expenditures, employees
training and facilities, profit on debt, financial
costs and lease payment, bad debts, provisioning
regarding consumer loans, profit on non-
performing debts, transfer to participating reserve
and tax accounting. Nature and areas of tax man-
agement; deduction of tax at source; advance
payment of tax; minimum tax; importance of tax
management, while claiming allowance; exemp-
tions deductions and tax credits; filing of returns
of income; defaults and penalties.
SECTION-B
1.2 INCOME TAX RULES, 2002
Definitions related to the rules; heads of income;
income of residents; tax of non-residents; transfer
pricing; records and books of accounts; certificates;
advance tax collection or deduction, payment,
statements of tax collected or deducted. Income
tax recovery rules, registration of income tax
practitioners, and recognised terminal benefits
funds.
SECTION-C
2. OTHER TAX LAWS:
2.1 The Sales Tax Act 1990
Chapter No. I, II, III, IV, V VII, VIII and IX of the
Act, as amended up-to-date covering; definitions;
scope and payment of tax; registration; book-
keeping and invoicing requirements; returns;
offences and penalties, appeals and recovery of
arrears.
2 .2 Customs Act
Chapter V, VI, X, XI, XVII and XIX of Customs Act,
as amended up-to-date covering; levy of exemption
from and repayment of customs duties; drawbacks;
clearance of goods for home consumption; ware-
housing; offences and penalties; appeals and
revisions.
2.3 Federal Excise Act And Rules
Federal Excise Act, 2005. Sections 2 to 19, 31,
& 33 to 39.
Federal Excise Rules, 2005. Rules 7 to 10, 15 to
17, & 32 to 34.
2.4 Capital Value Tax
Section 7 of the Finance Act 1989 as amended up-
to-date.
- Notifications, rules general orders and circulars,
issued under the above-mentioned laws.

TITLE
Complete Income Tax Law
(Latest Edition)
Introduction to Income Tax
Ordinance, 2001 &
Income Tax Rules, 2002
Sales Tax, 1990
Central Excise Act 1944
and Rules
Customs Act, 1969
Income Tax Law plus
Practical Problems with
Solution
Synopsis of Taxes in Pakistan
Stage-3
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79
CORE READINGS
AUTHOR PUBLISHER
Sheikh Asif Salam S.A. Salam Publications,
Lahore.
Huzaima Bukhari & Lahore Law Publications.
Dr. Ikramul Haq
Tariq Najeeb Choudhry Tariq Najeeb Corporation, Lahore.
Tariq Najeeb Choudhry Tariq Najeeb Corporation,
Lahore.
-- Government of Pakistan.
Prof. Dr. Khawaja Amjad Azim Academy,
Saeed 21-Urdu Bazar, Lahore.
Mirza Munawar Hussain Iqbal Brothers, Lahore.
ICMAP Career Pack
Cost and Management Accounting – Performance Appraisal S-303
i. Introduction:
There are certain cost, revenue and profit centres,
which need frequent performance measurement
for control purposes. This enables the management
to identify any deviation from the planned activi-
ties. This course is confined to such cost techniques
that enable the management accountant, to identify
the said deviations and report to the management
for taking remedial action.
ii. Objectives:
To provide the students with a detailed knowledge
of Cost and Management Accounting, to enable
them to:
l use the present and traditional approaches of
cost accounting in different contexts, and
l apply the cost and management accounting
techniques, and evaluate the desired results in
the light of the outcomes.
iii. Outcomes:
On completion of this course, students should be
able to:
l distinguish between the meaning of a joint
product and a by-product,
l describe the appropriateness of two acceptable
methods of accounting for by-product in the
determination of the cost of the joint products,
l describe two acceptable methods of allocating
cost to joint products and the cost of initial
producing department,
l explain how standards are set or revised in
manufacturing or service industries,
l compute and interpret material, labour, over-
head and sales variances,
l prepare reports showing direct materials quan-
tity and price variances and direct labour effi-
ciency and rate variances,
l explain why a company prepares master budget,
l describe the components of master budget,
l explain the inter-relationship between the
components of an operating budget and a
financial budget,
l explain the role of computerised financial
planning models in the budgeting process,
l explain how the JIT philosophy has changed
manufacturing environment,
l describe the criterion for selecting a cost driver,
when preparing a flexible budget,
l calculate overhead budget, spending, efficiency
and volume variances,
l explain how flexible budget is used to control
manufacturing and non-manufacturing activi-
ties,
l describe the causes for changes in gross profit,
l compute sales volume variance, cost volume
variance and sales mix variances,
l describe the need for uniform cost accounting,
l design and install costing system and cost
reports of a manufacturing company,
l apply direct and absorption costing approaches
in job, batch and process cost systems, and
l prepare ledger accounts according to context:
direct or absorption-based in job, batch or
process systems including all related accounts.
 Stage-3

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81

INDICATIVE GRID:
SYLLABUS CONTENT AREA WEIGHTAGE
SECTION – A
COST ACCOUNTING SYSTEMS AND TECHNIQUES
1. Marginal and Absorption Costing
2. Activity Based Costing 30%
3. Process Costing
4. Effect of JIT
5. Uniform Costing
SECTION-B
STANDARD COSTING AND VARIANCE ANALYSIS
6. Setting Standard Cost 30%
7. Variance Analysis and Profit Reconciliation
8. Interpretation of variances
SECTION-C
BUDGETING AND BUDGETARY CONTROL
9. Preparation of Budget 30%
10. Zero Based Budgeting and Activity Based Budgets
11. Budgetary Control
SECTION-D
PERFORMANCE MEASUREMENT AND TRANSFER PRICING
12. Divisional Performance Measurement 10%
13. Transfer Pricing

TOTAL 100%

Note: The weightage shown against each section indicates, study time required for the topics in that section. This
weightage does not necessarily specify the number of marks to be allocated to that section in the examination.
ICMAP Career Pack
CONTENTS
SECTION-A
COST ACCOUNTING SYSTEMS AND TECHNIQUES
1. Marginal and Absorption Costing
Marginal costing and absorption costing, Effect of
both systems on profit and inventory valuation,
Profit reconciliation.
2. Activity Based Costing
Emergence of ABC systems, Comparison of tradi-
tional and ABC systems, Designing ABC system,
ABC in service organisations, Pitfalls in using ABC
information.
3. Process Costing
Adjustment of WIP at start: FIFO and average
method, Normal, abnormal losses and abnormal
gain, Adjustment of scrap value of lost units,
Addition of units, Joint and by-products, Account-
ing for spoilage, rework and scrap.
4. Effect of JIT Production
The benefits of just in time production, Total
quality management, Theory of constraints and
throughput accounting, Throughput accounting
(TA) ratio, Accounting entries for a JIT manufactur-
ing system (Back flush).
5. Uniform Costing
SECTION – B
STANDARD COSTING AND VARIANCE ANALYSIS
6. Setting Standard Cost
Establishing cost standards, Direct material stan-
dards, direct labour standards, Overhead standards,
Basic cost standards, ideal standards and currently
attainable standards, Purposes of standard costing.
7. Variance Analysis and Profit Reconciliation
Computation of cost and sales variances, Mix and
yield variances, Idle time variances, Recording
standard costs in the accounts, Reconcile standard
profit and actual profit using absorption and mar-
ginal costing systems, Accounting disposition of
variances.
8. Interpretation of Variances
Interpretation of variances, interrelationship,
significance, Planning and operational variances,
Criticism of standard costing.
SECTION - C
BUDGETING AND BUDGETARY CONTROL
9. Preparation of Budget
Theory of budgeting, Administration and stages
in the budgeting process, Functional Budgets,
Projected income statement and balance sheet,
Cash budget, The budgeting process in non-profit
organisations, Flexible and Fixed Budgets, Rolling
budget.
10. Zero Based Budgeting and Activity Based
Budgets
Incremental approaches of budgeting, Zero based
budgeting- merits and pitfalls, Activity based
budgeting approach.
11. Budgetary Control
Feedback and feed-forward controls, Budget vari-
ances and their causes, Responsibility centres and
budgeting, Behavioural implications of budgeting
and budgetary control.
SECTION - D
PERFORMANCE MEASUREMENT AND TRANSFER
PRICING
12. Divisional Performance Measurement
Cost centre, revenue centre, profit centre and
investment centre, Methods of measuring divisional
performance, Return on capital employed, Residual
income, Divisional performance reporting.
13. Transfer Pricing
Transfer pricing methods, Pricing at cost, Standard
cost plus mark-up, Market prices, Dual pricing,
Negotiated prices, Capacity constrained, Goal
congruence.
 Stage-3

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CORE READINGS
TITLE AUTHOR PUBLISHER

Cost & Managerial Accounting
Managerial Accounting
Management and Cost
Accounting
Management Accounting
Performance Evaluation
Jack Gray & McGraw-Hill Company Inc.,
Don Ricketts Princeton Road,
S-1 Hightslown,
NJ08520, New York.
Ray H. Garrison & South Western Publishing Co.
Eric W. Noreen USA
Colin Drury Thomson Learning,
High Holborn Ouse,
50-51 Bedford Row, London
PBP Professional Business
Publications, Lahore.

ADDITIONAL READINGS
Cost Accounting Charles T. Horngren/ Prentice Hall of India (Pvt) Ltd.,
A Managerial Emphasis George Foster & Srikant New Delhi 110001,
M. Datar India.
Cost Accounting Adolph Matz / Milton South Western Publishing Co.,
F. Usry Cincinnati, Ohio,
USA
ICMAP Career Pack

Presentation and Communication Skills S-304

i. Introduction:
This course is designed to give more emphasis on
improving and developing the presentation and
communication skills of the students. They are
expected to develop and improve their verbal and
non-verbal communication capabilities.
ii. Objectives:
To provide the students with theoretical and prac-
tical knowledge of verbal and non-verbal presen-
tation and communication skills, enabling them
to:
l learn and understand theoretical and practical
approaches of managerial communication,
l learn and understand the concepts methodol-
ogies, and techniques for an effective presen-
tation, while developing and refining their own
abilities.
iii. Outcomes:
On completion of this course, students should be
able to:
l apply the concepts to real business scenario
and sharpen their business communication and
problem-solving skills,
l describe the role of effective communication
in business,
l describe the characteristics, process and im-
portance of communication in business;
l identify the steps in the communication pro-
cess,
l describe communication barriers and how to
overcome them,
l identify some of the common sources of mis-
understanding that occur in written and oral
intercultural communication,
l explain the importance of speaking and listen-
ing effectively, when communicating face-to-
face with people from other cultures,
l describe the communication role of electronic
mail and Internet technologies in designing
business messages,
l identify and demonstrate the methods and
procedures for writing letters, memos and
other brief messages,
l describe the various steps involved in the
process of report writing,
l describe the steps involved in presentation
skills.
l Compose their CV’s
l Perform well in the interviews
l Play significant role in meetings

INDICATIVE GRID:
SYLLABUS CONTENT AREA WEIGHTAGE
SECTION – A
1. Business Communication 20%
SECTION-B
2. Business Letters 50%
3. Business Reports
SECTION-C
4. Presentation Skills 30%
TOTAL 100%

Note: The weightage shown against each section indicates, study time required for the topics in that section. This
weightage does not necessarily specify the number of marks to be allocated to that section in the examination.

CONTENTS
SECTION – A
1. Business Communication
Effective communication in business; its definition,
characteristics, process, forms, channels and im-
portance, different kinds of communication; its
features, elements, concepts; verbal and non-verbal
communication; process of preparing effective
business messages; planning steps; basic organi-
sational plans; beginnings and endings; composi-
tion of the message; effective communication
principles; styles of communication; 7C’s of com-
munication, gestures; manners; presentations
and follow-up or feedback. Interviewing skills,
listening skills, organising and conducting meet-
ings, business group discussions, communication
within and outside the organization, structure of
the organization, open communication climate,
communication barriers, interpersonal communi-
cation, intercultural communication, ethical com-
munication, legal aspects of communication, the
role of technology in communication.
SECTION – B
2. Business Letters
Types of business letters; writing styles; informal
(friendly) letters; business or formal letters; writing
a note/ memo/circulars, direct request inquiries
claims and requests for adjustments; requests
regarding routine business or public causes; invi-
tations; preparing proposals/feasibilities, documen-
tation, orders; reservations; favourable replies;
unsolicited favourable messages; request; sales
letters; evaluating, achievements; market research;
making preliminary career decisions; resume and
job application letter.
Stage-3
84
85
3. Business Report
Meaning and classification of business reports,
preparation before writing reports, main parts of
the report, organisation and outline of report body,
visual aids, short reports, suggestions for short
reports, informational memorandum reports, an-
alytical memorandum reports with graphs, infor-
mational and analytical letter reports, formal
reports, working plans, prefatory parts, documen-
tation and other notes, supplementary parts,
presentation of the formal reports.
SECTION – C
4. Presentation Skills
Common myths about presentational ability; dif-
ference between speech and presentation; catego-
ries presentations according to their purpose;
analysis of the audience before making a presen-
tation; evaluating the appropriateness of the setting
and venue of presentation; the steps in planning
a presentation; some common symptoms of stage
fright and measures to overcome it; developing
an introduction, a body and a close for a formal
presentation; some do’s and don’ts of verbal and
non-verbal communication; selecting, designing
and using appropriate visual aids; handling audi-
ence questions effectively; delivering a short formal
presentation on an assigned topic, interviews,
meetings.
Note: The class room activities should be designed
to give students the maximum chance to get
proficiency in communication and presentation
skills. They should be encouraged to take part in
group discussions, mock interviews, holding meet-
ings and other class room presentations. They
should be taught to make effective and accurate
use of audio and visual aids. They should learn
the use of non verbal cues in an effective way.
ICMAP Career Pack

CORE READINGS
TITLE AUTHOR PUBLISHER

Excellence in Business Join V Thill Courtland L Prentice-Hall International Inc.

Communication Bove’s Upper Saddle River, New Jersey.
Model Business Letters L. Gartside Financial Times Prentice Hall
Pearson Professional Education

ADDITIONAL READINGS
Communication for Business Shirley Taylor Pitman Publishing
(A Practical Approach) 128 Long Acre,
London WC2E 9AN
Effective Business Communication Herta A. Murphy/ McGraw-Hill Company Inc.
Herbert W. Hildebranot Princeton Road, S-1 Hightslown,
& Jane P. Thomas NJ08520, New York.
 86
87

Stage-4
S-401 Advanced Financial
Accounting & Analysis 88
S-402 Integrated Management 91
S-403 Corporate Laws &
Secretarial Practices 93
ICMAP Career Pack

Stage-4

Advanced Financial Accounting and Analysis S-401

i. Introduction:
This course is designed to concentrate on prepa-
ration of financial statements, evaluation and
interpretation of financial analysis under different
business situations. This will help management
take appropriate decision on the basis of financial
comments and recommendations of management
accountant.
ii. Objectives:
To provide the students with a thorough knowledge
of advanced aspects of financial accounting to
enable them to:
l select and apply appropriate accounting tech-
niques and procedures to specific circumstanc-
es, and
l prepare, analyse, interpret financial statements
of entities under specific situations.
iii. Outcomes:
On completion of this course, students should be
able to:
l prepare accounts and financial statements in
connection with amalgamation, absorption,
liquidation, reconstruction, banks and financial
institutions,
l evaluate financial statements of an entity and
provide analysis and comments on its perfor-
mance,
l discuss the treatment of taxation as per IAS-
12,
l explain and demonstrate the accounting treat-
ment of investments and long-term liabilities,
l preparation of accounts and financial statements
of construction companies, and
l discuss various issues of business ethics.

INDICATIVE GRID:
SYLLABUS CONTENT AREA WEIGHTAGE
SECTION – A
1. Group/Consolidated Financial Statements (Balance Sheet & Income Statement)
in accordance with relevant IFRs/IASs.
[simple groups including subsidiaries & associates)
2. Cash Flow Statement of a Single Company 50%
(consolidated cash flow statement is not required)
3. Corporate Financial Analysis (including IAS 33)
4. Amalgamation, Absorption and Reconstruction
5. Final Statement of Liquidator
SECTION-B
6. Accounting for Leases (IAS-17)
7. Accounting for Taxation IAS-12 (for a single company)
8. Accounting for Construction Contracts (IAS-11)
9. Accounting of Insurance Company, Banks & Financial Institutions (IAS-30) 50%
10. Accounting treatment of Financial Instruments (Basic understanding of relevant
IFRs/IASs)
11. The measurement of Income & Capital (IAS-18, 29)
12. Ethical requirements from an Account
TOTAL 100%
Note: The weightage shown against each section indicates, study time required for the topics in that section. This
weightage does not necessarily specify the number of marks to be allocated to that section in the examination.

CONTENTS
SECTION-A
1. Group / Consolidated Financial Statements
(Balance Sheet & Income Statement) in accor-
dance with relevant IFRs / IASs. [simple
groups including subsidiaries & associates]
Definition of holding, subsidiary and associated
undertaking; preparation of company accounts
and consolidated financial statements as per IAS-
27.
2. Cash Flow Statement of a Single Company
(consolidated cash flow statement is not
required)
Preparation of the cash flow statement, including
relevant notes for an individual company, in accor-
dance with IAS 7.
3. Corporate Financial Analysis (including IAS
33)
Ratio analysis techniques, segment analysis, com-
mon size analysis and reporting the result; limita-
tions of ratio analysis; analysis of financial state-
ments and comments on the performance and
position of an entity as per IAS –33; principles of
substance in measurement of income & capital in
accordance with IAS – 1.
4. Amalgamation, Absorption, Liquidation and
Reconstruction
Amalgamation by forming a new company; amal-
gamation by absorption; amalgamation by forming
a holding company; reconstruction of companies.
Legal aspects of mergers and acquisitions.
5. Final Statement of Liquidator
Statement of affairs and deficiency or surplus
account; liquidator’s final statement of account.
SECTION-B
6. Accounting for Leases ( IAS – 17 )
Definition of leases and their importance, difference
between operating and financial leases; accounting
Stage-4
88
89
for operating and finance leases; definition, report-
ing requirements of finance lease in terms of IAS
17 and relevant IFRS.
7. Accounting for Taxation IAS – 12 (for a single
company)
Treatment of current taxation and deferred taxa-
tion; entries related to corporate tax in accounting
records as per IAS-12.
8. Accounting for Construction Contracts (IAS
– 11)
Preparation of contract account (profit and loss
account and balance sheet) as per IAS-11.
9. Accounting of Insurance Company, Banks &
Financial Institutions ( IAS – 30 )
Legal provisions and prudential regulations; prep-
aration of accounts and financial statements of
Insurance Companies, banks and financial Institu-
tions.
10. Accounting Treatment of Financial Instru-
ments (Basic understanding of relevant IFRs
/ IASs)
Short-term and long-term investments; investments
in shares; bonds and funds; convertible bonds and
debentures; debentures; debentures conversion
into shares; redeemable capital Term Finance
Certificates (TFCs); (IAS 21, 28, & 32)
11. The Measurement of Income & Capital (IAS
– 18, 29)
12. Ethical Requirements from an Accountant
The nature of ethics: difference between philo-
sophical and professional approach, concepts of
integrity, obligation, independence, public expec-
tations, ethics and the professional: social respon-
sibility, ethics and the law; consequences of un-
ethical behaviour to the individual, the profession
and society at large; ethics in business.
ICMAP Career Pack

CORE READINGS
TITLE AUTHOR PUBLISHER

Intermediate Accounting Donald E. Kieso/Jerry J. John Willey & Sons. Inc.,

Weygandt & Terry D. England.
Warfield
Modern Advanced Accounting E. John Larsen McGraw-Hill Company Inc.,
New York.
Financial Analysis PBP Professional Business
Publications,
Lahore.
An Introduction to Accountancy S.N. Maheshwari/ Vikas Publishing House
S.K. Maheshwari (Pvt) Ltd.,
576, Masjid Road, Jangpura,
New Delhi.
Companies Ordinance 1984 Govt. of Pakistan P.L.D. Publishers Lahore.
International Financial Reporting International Accounting International Accounting Standards
Standards / IASs Standards Board Board, 30 Cannon Street, London,
EC4M 6XH United Kingdom.
Advanced Accountancy R.L. Gupta Sultan Chand & Sons Publishers,
23, Daryaganj, New Delhi.

Reading in Financial Analysis
Advanced Accountancy
Advanced Accounting
ADDITIONAL READINGS
Qaisar Mufti Royal Book Co., Karachi.
S.P. Jain/K.L. Narang Kalyani Publishing, New Delhi,
Ludhiana.
Harry Simons/Wilbert South Western,
E. Karrenbrock Publishing Company, N.Y.
 Stage-4

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91

Integrated Management S-402

i. Introduction:
This course comprising strategic management,
project management and management of relation-
ships, is designed to give the students new ap-
proaches of management sciences, in order to
face emerging global organisational and techno-
logical challenges.
ii. Objectives:
This course enables the students to learn:
l the process of strategy formulation and imple-
mentation,
l key project management skills, and
l managing internal and external business rela-
tionships.
iii. Outcomes:
On completion of this course, students should be
able to:
l Explain process of strategy formulation and
establish relationship between strategy and
organisational structure, and find out the im-
portance and role of organisational cultures,
and ways to improving effectiveness of an
organisation,
l determine resource-based views of the firm
and implications for strategy development,
l determine and apply suitable structures and
frameworks to projects, and identify common
management issues,
l produce a basic project plan, recognise the
effects of uncertainty, and recommend strate-
gies for dealing with the uncertainty,
l recommend most suitable project control sys-
tems,
l explain the concepts of power, bureaucracy,
authority, responsibility, leadership and dele-
gation,
l analyse the relationship between managers
and their subordinates, and
l demonstrate personal time-management skills,
develop methodologies for managing individ-
uals and teams, and for managing group con-
flict.

INDICATIVE GRID:
SYLLABUS CONTENT AREA WEIGHTAGE
SECTION – A
1. Strategic Management 40%
SECTION-B
2. Project Management 30%
SECTION-C
3. The Management of Relationships 30%

TOTAL 100%

Note: The weightage shown against each section indicates, study time required for the topics in that section. This
weightage does not necessarily specify the number of marks to be allocated to that section in the examination.
ICMAP Career Pack

CONTENTS development, project proposal, project implemen-

SECTION-A
1. Strategic Management
Strategic Management; evolution & definition,
Process, content, functions, Direction Setting;
developing strategic vision, setting objective and
crafting Strategy, Strategic Planning; strategic
objective, strategy, allocation of resources, strategic
planning vs general planning, Strategy Implemen-
tation; external and internal environment, business
ethics and social responsibilities, organizational
culture, industrial analysis, company’s evaluation,
Winning Strategy; goodness of fitness test, perfor-
mance test, competitive edge test.
SECTION-B
2. Project Management
Project vs Organization, Uniqueness of a project,
Project Lifecycle; project identification, project
tation, project evaluation. Team Building; Group
vs Team, Data Gathering, Data Analysis, Action
Plan, Action Implementation, Evaluation. Stages
of Team Development. Microsoft Project 98: basic
understanding of drawing network diagrams,
creating activities, linking activities, creating sum-
mary tasks, finding the critical path, assigning
resources to activities, changing the calendar and
working hours and printing of network diagrams.
SECTION-C
3. Management Relationship
Definition of Management, Levels of Management,
Internal Relations; Management Functions, Man-
agement Roles, Power and Authority, Organization-
al Structure and Design, Organizational Politics,
Organizational Culture, Leadership, Teamwork,
External Relations; Networking, Going with Stake-
holders, Managing External Environment.

CORE READINGS
TITLE AUTHOR PUBLISHER

Strategic Management Leslie W. Rue McGraw-Hill,

Phyllis G. Holland New York.
Organisational Behaviour Fred Luthans McGraw-Hill, Irwin,
New York.
Organisational Behaviour Greory Moorhead Houghton Mifflin Company,
Ricky W. Griffin USA
Integrated Management PBP Professional Business
Publications,
Lahore.
PMBOK (Project Management Body Project Management Project Management Institute
of Knowledge) 1998 Edition Institute
Microsoft Project 98 (Software) Microsoft Microsoft Inc. USA

ADDITIONAL READINGS
Management James A.F. Stoner, Prentice-Hall of India,
A. Edward Freeman and New Delhi.
Daniel A. Gilbert, Jr.

Corporate Laws and Secretarial Practices
i. Introduction:
This course deals with the theoretical and practical
approach to the Companies Ordinance 1984, the
Securities and Exchange Commission of Pakistan
Act 1997, Securities and Exchange Commission of
Pakistan Regulations 2000 and secretarial practices.
ii. Objectives:
To provide the students with a thorough knowledge
of Corporate Laws and Secretarial Practices to
enable them to:
l advise and assist the management for taking
appropriate and prompt decision, and
l carry out secretarial work more effectively.
iii. Outcomes:
On completion of this course, students should be
able to:
l describe obligation to register certain associa-
tions and partnerships all as companies,
l differentiate between public, private and single-
member companies,
l describe procedures relating to incorporation
of companies and other matters incidental
thereto,
l describe general procedures relating to regis-
tration and alteration, of articles and memo-
randum of association,
l describe provision relating to conversion of
public company into private company and vice
versa and other matters,
l describe provisions relating to allotment, issue
and transfer of shares, debentures and deposits
etc.
l describe regulations regarding issuance of
shares certificates and debentures,
l explain procedures and regulations regarding
transfer of shares,
l explain procedures for conversion of limited
company into unlimited company and vice
versa,
Stage-4
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S-403
l describe procedures for registration of mort-
gage and charges,
l describe management, administration, regis-
tered office, publication of name of the com-
pany etc.
l explain procedure for commencement of busi-
ness by a public company,
l describe procedure of holding statutory meet-
ing and AGM of company and related matters,
l discuss procedure for appointment and removal
of directors,
l discuss procedures for appointment of first
and subsequent chief executive,
l describe miscellaneous provisions regarding
investments, contracts, officers shareholding,
trading and interests,
l discuss procedures for declaration of dividend,
issuance of dividend warrants and payment of
dividends,
l describe provisions regarding issue of bonus
and rights shares,
l describe procedure for books of accounts and
financial reports,
l describe procedures for winding up of compa-
nies,
l describe the qualifications, functions and legal
obligations of a company secretary,
l explain various matters relating to the Securities
and Exchange Commission of Pakistan Act 1997,
and the Securities and Exchange Commission
of Pakistan Regulations 2000,
l explain jurisdiction and procedures of the court,
l describe procedures and application of company
(court) rules 1997, and
l explain powers and functions of the commis-
sion.
l explain the rules relating to non-banking finance
companies.
ICMAP Career Pack

INDICATIVE GRID:
SYLLABUS CONTENT AREA WEIGHTAGE
SECTION – A
CORPORATE LAWS:
1. The Companies Ordinance 1984 50%
SECTION-B
2. The Securities and Exchange Commission of Pakistan Act, 1997, and the Securities 15%
and Exchange Commission of Pakistan Regulations 2000
3. Non-Banking Finance Companies (Establishment & Regulation) Rules 10%
SECTION-C
4. Secretarial Practices 25%

TOTAL 100%
Note: The weightage shown against each section indicates, study time required for the topics in that section. This
weightage does not necessarily specify the number of marks to be allocated to that section in the examination.

CONTENTS 3. Non-Banking Finance Companies (Establish-

ment & Regulation) Rules 2003 (Introduction
SECTION-A only)

CORPORATE LAWS SECTION-C

1. The Companies Ordinance 1984
The Companies Ordinance 1984 with latest amend-
ments.
SECTION-B
2. The Securities and Exchange Commission of
Pakistan Act 1997, and the Securities and
Exchange Commission of Pakistan Regulation
2000
The Securities and Exchange Ordinance 1969, as
amended up-to-date with the Securities and Ex-
change Rules 1971. The Securities and Exchange
Commission of Pakistan Act 1997 with latest
amendments, Securities and Exchange Commission
of Pakistan Regulations 2000. Single-Member Com-
panies Rules 2003.
4. Secretarial Practices
Incorporation of company, memorandum and
articles of association, prospectus, officers of the
company; directors, chief executive, secretary and
auditors. Offer of shares, underwriting, brokerage,
discount and premium on shares, listing with stock
exchanges, listing rules of stock exchanges, appli-
cations and allotment of shares, issuance of shares,
letters of regret, share certificates, transfer and
transmission of shares, flotation of corporate
securities, issuance and redemption of debentures.
Types of meetings, company and directors meet-
ings, annual general meeting, notice of meetings,
agenda of meetings, minutes of the meetings,
quorum of meetings, voting, proxies, resolutions,
declaration of dividend, dividend warrants, bonus
and rights issue, filing of returns with SECP and
other agencies, maintenance of statutory books,
register of shareholders, registration of mortgages
 Stage-4

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and charges, books of accounts and financial
reports, service of documents, receiving of deposits
by company, Central Depositary Company and its
regulations (Stock Exchange Regulations and CDC
Act-1997); Secretarial organisation and manage-
ment; appointment of secretary, qualifications of
secretary; functions and legal obligations of sec-
retary. Working procedure of Securities and
Exchange Commission of Pakistan (SECP), audit
and investigation.

CORE READINGS
TITLE AUTHOR PUBLISHER

Company Law & Secretarial Prof. Dr. Khawaja Amjad Institute of Business Management,
Practice in Pakistan Saeed G.P.O. Box No. 1164,
Lahore.
Practical Approach to Nazir Ahmed Shaheen Federal Law House,
Companies Ordinance 1984 H/136 Muree Road,
Committee Chowk, Rawalpindi.
Company Secretarial Practice Q.A. Wadud Royal Book Company
232, Saddar Cooperative Market,
Abdullah Haroon Road,
P.O. Box No. 7737,
Karachi-74400.
Secretarial Practice D.P. Jain Konark Publishers Pvt. Ltd.
Bare Acts --- Govt. of Pakistan Publishers,
Karachi.

ADDITIONAL READINGS
Manual of Corporate Governance SECP SECP, Islamabad.
ICMAP Career Pack
 96
97

Stage-5
S-501 Financial Reporting 98
S-502 Management Accounting
Decision Making 100
S-503 Risk Management and Audit 104
ICMAP Career Pack

Stage-5

Financial Reporting S-501

i. Introduction:
This course is designed to focus on preparing,
analysing financial statements and developing
reports thereon, for management decisions. The
students are expected to use knowledge and
understanding of more advanced financial account-
ing, for preparing and interpreting financial state-
ments in context of practice.
ii. Objectives:
To provide the students with an in-depth knowl-
edge of financial reporting enabling them to:
l analyse and interpret financial statements and
prepare financial reports, and
l submit recommendations to the management
for taking decision.
iii. Outcomes:
On completion of this course, students should be
able to:
l identify categories of users of financial reports
and describe the importance of financial report-
ing,
l evaluate the uses of international regulatory
framework, including international standards
of accounting and auditing and comparative
accounting systems and analysis in financial
reporting,
l prepare group financial statements, in accor-
dance with the requirements of the Companies
Ordinance 1984, International Accounting Stan-
dards and IFAC Guidelines,
l analyse, interpret and report on financial state-
ments (including cash flow statements) and
related information to different groups of users,
and
l demonstrate the financial reporting skills in
case studies.

INDICATIVE GRID:
SYLLABUS CONTENT AREA WEIGHTAGE
SECTION – A
1. General
2. Categories of Users 50%
3. International Regulations (IAS and IFRS)
SECTION-B
4. Corporate Financial Reporting
5. Corporate Governance 30%
6. Interpretation and Value Measurement
SECTION-C
7. Case Studies & Practical Assignments 20%

TOTAL 100%

Note: The weightage shown against each section indicates, study time required for the topics in that section. This
weightage does not necessarily specify the number of marks to be allocated to that section in the examination.
 Stage-5

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99

CONTENTS 5. Corporate Governance

SECTION-A
1. General
Importance of financial reporting; accounting,
strategic financial management, MIS/IT; marketing,
industrial and commercial laws.
2. Categories of Users
External users (investors, stock exchanges, Secu-
rities and Exchange Commission of Pakistan (SECP)
and other government agencies, financial institu-
tions, banks, financial analysts). Internal users
(directors, managers, employees and union).
3. International Regulations (IAS and IFRS)
The international regulatory framework including
international standards of accounting and auditing,
comparative accounting systems and analysis.
IASs: IAS 7, 12, 14, 17, 19, 20, 21, 23, 24, 27, 28,
31, 32, 34, 36, 37, 38, 39, 40, 41.
IFRs: 1, 2, 3, 4, 5, 6.
SECTION-B
4. Corporate Financial Reporting
Preparation of Consolidated Financial Statements
(complex group structure as well) including Con-
solidated Cash Flow Statement.
Various requirements under Code of Corporate
Governance.
6. Interpretation and Value Measurement
Advanced aspects of preparation and interpretation
of accounts and related reports, calculation of
stock market ratios and measurement of business
valuation.
SECTION-C
7. Case Studies & Practical Assignments
Students will be expected to demonstrate, that
they can integrate the knowledge and skill of their
studies of the subjects of financial accounting and
financial reporting and their practical training,
candidates’ professional capabilities will be tested
with reference to: their ability to identify key
issues, their judgment in prioritising issues and
recommending practical solutions, their commu-
nication skills, including their proper use of English,
in presenting solutions in structured and logical
format. The emphasis at this stage, will be on the
presentation, interpretation and meaningful use
of data.
Each student will be required to prepare at least
two annual reports of selected listed companies
from given data, and submit the same to the
concerned faculty member for evaluation.

CORE READINGS
TITLE AUTHOR PUBLISHER
International Financial --- International Accounting Standards Board,
Reporting Standards (IFRSs/IASs) 166 Fleet Street, EC4A 2DY, London.
Modern Advanced E. John Larsen Mc-Graw-Hill Companies Inc.,
Accounting Princeton Road, S-1 Highslown, NJ08520, New York.
Disclosure Requirements and
(Revised) Fourth & Fifth Schedules of --- Govt of Pakistan.
Companies Ordinance, 1984
Companies Ordinance 1984 --- Govt. of Pakistan
and Article of Association
Relevant Sections of Income --- Govt of Pakistan
Tax Ordinance, 2001
Relevant Sections of Banking --- Govt of Pakistan
Companies Ordinance, 1962
Prospectuses for Allotment of --- ---
Shares & Securities of Companies
Annual Reports of the listed companies --- ---
Periodic Reports of Companies --- ---
ICMAP Career Pack
Management Accounting–Decision Making
i. Introduction:
This course is designed to focus on the identifica-
tion and application of management accounting
techniques for decision-making in a specific area.
ii. Objectives:
To provide the students with an in-depth knowl-
edge of management accounting, to enable them
to:
l apply management accounting techniques for
analysing the information, and presenting it to
management for decision-making and control
purposes, and
l formulate strategic plans for achieving efficiency
and effectiveness in the operation of business.
iii. Outcomes:
On completion of this course, students should be
able to:
l develop information for managerial planning
and decision-making by using various tech-
niques, such as cost volume-profit analysis,
sales volume analysis, gross profit analysis,
S-502
marginal costing, sales mix, key limiting factors,
make or buy decision, differential cost and
comparative cost analysis, opportunity cost
and relevant cost, joint cost of product mix,
l undertake sensitivity analysis and evaluate the
impact of risk in decision models using strategic
management, cost benefits and behavioural
consideration, planning and control for product
life cycles, probabilities, probabilistic and ex-
pected value tables,
l use effectively the linear programming tech-
nique for determination of the best use of
available resources for profit maximising and
revenue maximising,
l develop cost management information to facil-
itate the principal management function and
strategic management,
l generate information on the basis of pricing
techniques, and
l compile information by applying the capital
budgeting techniques for use of management.
 Stage-5

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101

INDICATIVE GRID:
SYLLABUS CONTENT AREA WEIGHTAGE
SECTION – A
COST ANALYSIS
1. Cost Behaviour 15%
2. Cost Volume Profit Analysis
SECTION-B
SHORT TERM DECISION MAKING
3. Decision Making - Introduction
4. Limiting Factors 35%
5. Pricing Decision
6. Uncertainly and Use of
Probabilities
SECTION-C
LONG TERM DECISION MAKING
7. Discounted Cash Flow
Techniques 35%
8. Capital Investment Decisions
9. Sensitivity Analysis
SECTION-D
STRATEGIC ADVANTAGE THROUGH
COSTING
10. Cost Reduction Techniques 15%

TOTAL 100%

Note: The weightage shown against each section indicates, study time required for the topics in that section. This
weightage does not necessarily specify the number of marks to be allocated to that section in the examination.

CONTENTS 2. Cost Volume Profit Analysis

SECTION-A
COST ANALYSIS
1. Cost behaviour
Fixed, variable, semi variable and step fixed cost,
Linear, curvilinear and step functions, Relevant
range, Factors influencing cost behaviour. Methods
of segregation of cost into fixed and variable, High
low method, scatter graph method, regression
analysis and correlation, Learning curve and cost
function.
Break-even analysis, Break-even graph and profit
graph, Multi-product CVP analysis, Operational
leverage, The economist's and accountant's CVP
model, Assumptions of CVP analysis, Effect of
changes in cost and revenue.
SECTION - B
SHORT TERM DECISION MAKING
3. Decision Making - Introduction
The decision process, Definition of objectives,
Consideration, evaluation and selection of alter-
ICMAP Career Pack
natives, Relevant cost and revenue, Differential
cost, Opportunity cost, Sunk cost, Make or buy
decision or outsourcing, Sale or process further,
Replacement of equipment, Adding / deleting a
product, Discontinuation of operation.
4. Linear Programming
Decisions with limiting factors, Graphical linear
programming, Linear programming for minimising
of cost, Linear programming for maximising of
contribution margin, Shadow pricing concept.
5. Pricing Decisions
Economic theory of pricing, Optimal sales price
using differential calculus, Difficulties with applying
economic theory, Cost based or cost plus pricing,
Pricing policies, Pricing for target rate of return,
Pricing strategies for new products: skimming and
penetration pricing.
6. Uncertainty and Use of Probabilities
Risk and uncertainty, Use of probabilities and
expected values in decision making, Decision tree,
The value of perfect information.
SECTION - C
LONG TERM DECISION MAKING
7. Discounted Cash Flow Techniques
Simple and compound interest, Net present value,
Internal rate of return, Annuities and perpetuities,
Future value.
8. Capital Investment Decisions
Initiation of project, Request for proposals bidding
and tender documents, Non-financial consideration
(quantitative vs. qualitative) methods, Return on
capital employed, Payback period,, Identifying
relevant cash flows, Comparison between IRR and
NPV, NPV payback period, NPV index, Capital
rationing, Effect of tax and inflation on investment
decisions, Lease or buy decisions, Projects with
unequal lives.
9. Risk and Sensitivity Analysis
Business risk and financial risk, Risk adjusted
discount rate, Use of probabilities and expected
value in calculating cash flows, Sensitivity analysis
in long term decision making and the use, of
computer software for 'what if' analysis, Simulation
Analysis in project selection.
SECTION - D
STRATEGIC ADVANTAGE THROUGH COSTING
10. Cost Reduction Techniques
Value analysis, Total quality management and zero
defect programmes, Target costing, Continuous
improvement and cost of quality reporting, Learn-
ing curve and labour cost reduction over time,
Theory of constraints and bottle-neck analysis,
Value chain analysis and supply chain management,
Life cycle costing and implications of marketing
strategies, Activity based management.

TITLE
Managerial Accounting
Managerial Accounting
Management Accounting
Decision-Making
Introduction to Management
Accounting
Handbook of Management
Accounting
Managerial Accounting
Cost Accounting-A Managerial
Emphasis
Managerial Accounting
CORE READINGS
AUTHOR
Ray H. Garrison & Eric W.
Noreen
T. Lucy
PBP
Charis T. Horngren, Gary L.
Sundem & William O. Stratton
Roger Cowe
Lane K. Anderson, Harold
M. Sollenberger
Charles T. Horngren, George
Foster & Srikant M. Datar
Ronald W. Hilton
Stage-5
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103
PUBLISHER
South Western Publishing Co.
USA
DP Publications Ltd.
Aldine Place, 142-144,
Uxbridge Road, Shepherds,
Bush Green,
London W12 8AW
Professional Business
Publications,
Lahore.
Prentice-Hall of India Pvt. Ltd.,
New Delhi-110001
Gower Publishing Co. Ltd.,
Aldershot, England.
ADDITIONAL READINGS
South Western Publishing Co.
Prentice-Hall of India Pvt. Ltd.,
New Delhi-110001
Mc-Graw-Hill Companies Inc.
Princeton Road,
S-1 Hightslown,
NJ08520, New York.
ICMAP Career Pack
Risk Management and Audit
i. Introduction:
This course comprises conventional audit, cost
audit, and is designed to focus on risks involved
in operations and production areas, and to provide
safety to business from such risks.
ii. Objectives:
To provide the students an in-depth knowledge
of risk management, financial audit and cost audit
to enable them to:
l conduct audit effectively, and
l identify and advise management to take appro-
priate remedial actions in those areas where
major risks are involved.
iii. Outcomes:
On completion of this course, students should be
able to:
l identify, evaluate and manage different types
of risks,
l determine role and importance of internal
control,
S-503
l define objectives and scope of audit and de-
scribe the conceptual approach of auditing and
evaluate and manage these risks,
l determine legal and ethical considerations of
audit profession and carry out job keeping in
view of their professional responsibility,
l draw up audit planning and determine quantum
of audit work to be carried out in view of
significant business risks,
l determine status of internal control and inter-
nal audit for deciding quantum by audit work
to be conducted,
l apply audit techniques and procedures,
l describe documentation and evidence of audit
work,
l prepare an audit report, keeping in view types
of qualifications,
l describe nature, objectives, functions, scope,
planning and procedures of cost audit,
l describe Cost Accounting Records Rules, and
l explain audit of material, labour and overhead
costs.
 Stage-5

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INDICATIVE GRID:
SYLLABUS CONTENT AREA WEIGHTAGE
SECTION – A
1. RISK MANAGEMENT
1.1 Risk Management Control and Evaluation
1.2 Management of Financial Risks
1.3 Case Study - Risk Management System of a Limited Company/Corporation
2. AUDITING
2.1 Nature and Principles of Auditing
2.2 Legal, Professional and Ethical Considerations 75%
2.3 Audit Planning and Evaluation
2.4 Quality Controls
2.5 Internal Control and Internal Audit
2.6 Audit Techniques and Procedures
2.7 Documentation and Evidence of Audit Work
2.8 Completion Stage of an Audit
2.9 Reporting Function
2.10 Role of Corporate Governance in Mitigation of Risks
2.11 Case Study-Risk Management System of a Listed Company

SECTION-B
3. COST AUDIT
3.1 Nature, objects, Functions and Scope of Cost Audit
3.2 Planning the Cost Audit
3.3 Provision of Cost Accounting Records Rules 25%
3.4 Material Cost
3.5 Labour Cost
3.6 Overheads
3.7 Sales, Royalty, Inter-Company Transactions

TOTAL 100%

Note: The weightage shown against each section indicates, study time required for the topics in that section. This
weightage does not necessarily specify the number of marks to be allocated to that section in the examination.
ICMAP Career Pack
CONTENTS
SECTION-A
1. RISK MANAGEMENT
1.1 Risk Management Control and Evaluation
Meaning, nature and types of risks; identification
of risks of an organisation; methods of measuring,
assessing and controlling risks; evaluation of risk
management strategies; assessing and managing
risks; evaluation of cost and benefits of audit;
minimising the risks of fraud and application of
appropriate audit techniques; minimising political
risks; principles of diversification of risks; issues
related to management’s risk policy; involvement
of financial audit, cost audit, internal audit to
identify and eliminate various types of risks. Risk
assessment procedures and success of information
about the entity and its environment, revision of
risk assessment.
1.2 Management of Financial Risks
Identification and evaluation of financial risks
and appropriate methods for controlling them;
evaluating the effects of alternative methods by
risk management, and make recommendations;
impact of differential inflation rates, exchange
rates, currency risk management.
1.3 Case Study – Risk Management System of a
Limited Company/Corporation
2. AUDITING
2.1. Nature and Principles of Auditing
Nature, definition, objectives and scope of an
audit; types of audit; relation0 between internal
and external audit; general principles governing
audit; concept of true and fair view; reasonable
assurance; materiality; audit risk; going-concern
and responsibility for financial statements.
2.2 Legal, Professional and Ethical Considerations
Appointment, remuneration, resignation, removal,
powers, duties, liabilities, qualifications, disqual-
ifications etc. of auditors under the Companies
Ordinance, 1984. Appointment of auditor under
Section 177 of the Income Tax Ordinance 2001;
investigations and appointment of inspectors
under the Companies Ordinance, 1984. Interna-
tional Auditing Standards and Guidelines; pro-
nouncement and technical release, issued by
professional institutes of Pakistan; knowledge on
ICMAP Act; Regulation and Code of Ethics; Profes-
sional Code of Ethics and Behaviour issued by
International Federation of Accountants (IFAC)
Rules of professional conduct; professional re-
sponsibility and liability of auditor with regard
to fraud and error; misconduct; negligence; ex-
pectation gap; insider dealing. Responsibility of
management, responsibility of auditors, reporting
non compliance. Regulation of audit and devel-
opments in auditing theories and their implica-
tions for the profession.
2.3 Audit Planning and Evaluation
Review of client’s business, its significant business
risk; accounting; legal, ethical and practical re-
quirements; systems and procedures; preceding
year’s financial statements; client’s general infor-
mation; determining the audit risks and level of
materiality; audit planning; overall audit plan,
identifying critical or significant audit areas; effect
of transactions with related party on the financial
statements; detailed audit programmes; prepara-
tions and issue of engagement letters, in cases
of new and recurring customers; change in en-
gagement; multi-location and special purpose
engagements and for providing other services;
allocation and supervision of work; responsibili-
ties; monitoring of time; progress and costs.
Auditor’s liability to third parties, environmental
audit, social audit, audit of small entities.
2.4 Quality controls
Leadership responsibilities for quality of audits,
assignment of engagement teams, engagement
performance, engagement quality control reviews.
2.5 Internal Control and Internal Audit
Definition; objectives; types; principles and tech-
niques of internal control and internal audit;
limitations and effectiveness of internal control;
evaluation of accounting and internal control

systems; assessment of inherent; control and
detection risk and factors affecting thereto; use
of internal control questionnaire; role of audit
committee towards internal control and audit;
impact of internal audit work; reliance on internal
audit by external auditor; internal control in
Computer Information System environment; issu-
ance of management letter. Control environment,
entity’s risk assessment process, control activities,
monitoring of controls, controls relevant to audit,
depth of understanding of internal controls.
2.6 Audit Techniques and Procedures
Techniques of audit testing; third party confirma-
tion, management representations; sampling
techniques; compliance technique; substantive
testing; analytical review; use of Computer Assisted
Audit Techniques; reliance on other auditors and
experts; use of test of controls and substantive
procedures for identifying risks of material mis-
statements in existence; ownership obligation;
occurrence; completeness; valuation; measure-
ment; presentation and disclosure of assets and
liabilities; appropriateness of accounting policies
and their consistent application.
2.7 Documentation and Evidence of Audit Work
Documentation of work done, evidence of review,
conclusions drawn and action taken, types of
working- papers, recording of significant points;
objectives, existence, ownership, valuation, com-
pleteness (cut-off), nature and sources, sufficiency,
relevance, reliability.
2.8 Completion Stage of an Audit
Post-balance sheets events, contingent liabilities
and commitments, completion procedures, review
of audit work, review of the company’s report
and accounts.
2.9 Reporting Function
Audit reports; their meaning, types and qualifica-
tions; management letter (including communica-
tion with audit committee) subsequent discovery
of facts existing at the date of auditor’s report;
date and place of auditor’s report and signing
thereon; other information in report containing
Stage-5
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107
audited financial statements; report on un-audited
financial statements; group audit; joint audits;
partnership and sole-traders; special purpose
reports and reports on forecast and estimates;
forensic assignments; related parties (completion
and review engagements); report on prospectus
and relating to bonus-issues and due diligence
engagements.
2.10 Role of Corporate Governance in Mitigation
of Risks
Role of corporate governance in mitigation of
risks; financial risks and their mitigation; interest
rate risk; liquidity risk; credit risk; sovereign risk.
2.11 Case Study - Risk Management System of a
Listed Company
SECTION-B
3. COST AUDIT
3.1 Nature, objectives, functions and scope of cost
audit, cost audit as required under Section 258
of the Companies Ordinance 1984, rights, duties,
responsibilities and status of cost auditor, require-
ment of cost audit report rules. Cost Accounts
Rules and Cost Audit Report Rules 1995, authen-
tication of cost statements, penalty, cost audit
report, particulars to be included in cost auditor’s
report to the directors of the company, auditor’s
observations and conclusions of report, reconcil-
iation with financial account, cost statement,
miscellaneous.
3.2 Planning the cost audit familiarity with the pro-
duction process, systems and procedure of dif-
ferent industries, preparation of the audit pro-
gramme, obligation for maintenance of cost
accounting records under Section 230(I) (e) of the
Companies Ordinance 1984. Provision of cost
accounting records rules issued by the Securities
& Exchange Commission of Pakistan, under Section
230 (I) (e) of the Companies Ordinance 1984, from
time to time.
3.3 Provision of cost accounting records rules issued
under Section 230 (1) (e) of the Companies Ordi-
nance 1984 up-to-date.
ICMAP Career Pack

3.4 Material cost: receipts, issues, transfers, returned,
valuation of receipt, modes of valuation of stores
issues, consumption manufacturing / processing
losses, stores and spares: own-manufactured
components and containers, major components,
fabrication of different components, sub-
assemblies, by-products, waste, defective work,
spoilage, scrap and losses, methods of valuing
and costing by-products, spoilage/scraps, work-
3.7
in-progress, physical verification, nature and
treatment of discrepancies.
3.5 Labour cost: classification and departmentalisation
of labour costs.
3.6 Overheads: depreciation, plant utilisation, capacity
utilisation, interest, utilities, allocation of cost of
utilities, repairs and maintenance, collection of
research and development costs, indirect materi-
als/ wages/expenses, manufacturing overheads,
administration overheads, selling and distribution
overheads, service departments, distribution,
general principles of allocation/apportionment of
overheads.
Sale, royalty, inter-company transactions, income
from intermediary products, income from work
done for outside parties, abnormal non-recurring
costs, production and statistical record, standard
costing system, budgetary control; books of cost
accounting, measurements (Ratio).

CORE READINGS
TITLE AUTHOR PUBLISHER

Principles of Auditing Prof. Dr. Khawaja Amjad Institute of Business Management,

Saeed G.P.O. Box No. 1164, Lahore.
Advanced Auditing Prof. Dr. Khawaja Amjad Institute of Business Management,
Saeed G.P.O. Box No. 1164, Lahore
International Standards on --- International Federation of
Auditing Accountants,
545, Fifth Avenue, 14th Floor,
New York, NY 10017
Business Risk Assessment David McNamee The Institute of Internal Auditors
USA

ADDITIO
De Paula’s Auditing Frank A. Attwood & Pitman Publishing,
Neil D. Stein 128 Long Acre,
London WC2E 9AN.
Spicer & Peglar’s Practical Spicer and Peglar Butterworth & Co. Ltd.
Auditing 88 Kingsway,
London WC2B 6AB
Risk Management Michel Crouhy, Mc-Graw-Hill
Robert Mark,
Dan Galai
Cost Audit Rules --- Govt. of Pakistan
Corporate Governance Arya, Tandan and Deep and Deep Publications,
Vaslisht Rajouri Garden, New Delhi 110027
Corporate Governance Prof. Dr. Khawaja Amjad Institute of Business Management,
Saeed G.P.O. Box No. 1164, Lahore.
 108
109

Stage-6
S-601 Strategic Financial
Management 110
S-602 Information Systems and
I.T. Audit 114
S-603 Management Accounting –
Business Strategy 118
ICMAP Career Pack

Stage-6

Strategic Financial Management S-601

i. Introduction:
This course is designed to focus on the theoretical
and practical aspects of financial management.
The course contains tools and techniques of finan-
cial management, which can be applied in the
specific area of business, to manage operating,
financing and investing activities.
ii. Objectives:
To provide the students with an in-depth knowl-
edge of strategic financial management enabling
them to:
l understand and apply strategic approach of
financial management,
l use financial instruments for strategic financial
management,
l examine the financial goals and policy of the
business for proper application, and
l develop financial plan to manage various finan-
cial activities of business.
iii. Outcomes:
On completion of this course, students should be
able to:
l identify the objectives of the business in finan-
cial terms and evaluate their attainment,
l identify various financial techniques and de-
scribe their applications,
l review the financial statements of the business
and evaluate the financial position,
l develop financial plan to control short and
long-term finances,
l identify and evaluate working capital position,
in the light of policy, and recommend to manage
it properly,
l calculate and evaluate the cost of capital,
l develop and evaluate capital budgeting and
recommend methods of funding investments,
l explain the criteria that management uses to
determine whether profit should be reinvested
or paid out as dividends,
l outline the factors to be considered in the
development of dividend policy,
l identify and evaluate the financial and strategic
implications of proposals for mergers and ac-
quisitions,
l describe the procedures for transfer of money
from one country to another,
l describe the procedures for foreign exchange
control in business,
l explain various steps involved in mergers &
acquisitions & corporate restructuring,
l describe how to manage financial risks.
 Stage-6

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INDICATIVE GRID:
SYLLABUS CONTENT AREA WEIGHTAGE
SECTION – A
FINANCIAL PLANNING AND ANALYSIS
1. An Overview of Financial Management & Managerial Finance 15%
2. Analysis of Financial Statements
3. Financial Planning and
Forecasting
SECTION-B
SHORT AND MEDIUM-TERM STRATEGY
4. Working Capital Policy
5. Managing Cash and Marketable Securities 20%
6. Credit Management
7. Inventory Management
8. Short-term Financing
SECTION-C
LONG-TERM STRATEGY-I
9. The Cost of Capital
10. Capital Budgeting 40%
11. Capital Structure
12. Portfolio Theory and CAPM
SECTION-D
LONG-TERM STRATEGY-II
13. Dividend Policy
14. Multi-national Managerial Finance 25%
15. Mergers & Acquisitions
16. Corporate Restructuring
17. Managing Financial Risks

TOTAL 100%
Note: The weightage shown against each section indicates, study time required for the topics in that section. This
weightage does not necessarily specify the number of marks to be allocated to that section in the examination.
ICMAP Career Pack
CONTENTS
SECTION-A
FINANCIAL PLANNING AND ANALYSIS
1. An Overview of Financial Management &
Managerial Finance
Importance of managerial finance; the responsibil-
ities of manager finance; role of finance in organ-
isational structure of the firm; the goals of corpo-
ration; managerial finance in the current
perspective; objectives of financial management;
financial strategy and regulatory requirements;
domestic and international long-term finance:
share capital, long-term debt and finance leases,
creditworthiness of a lender, basis of lease or
buy-decision; the operation of stock exchanges;
role of professional advisors; role and advantages
of a treasury department; valuation bases for
assets, and pros and cons of these methods, inter-
ests of different stakeholders; efficient market
hypothesis, managerial actions to maximise share-
holders’ wealth; agency relationships and the
external environment.
2. Analysis of Financial Statements
Financial statements and reports; the accuracy of
financial statements; ratio analysis; uses and limi-
tations of ratio analysis.
3. Financial Planning and Forecasting
Sales forecast; projected (pro-forma) financial
statements; other considerations in forecasting;
financial control – budgeting and leverage; oper-
ating break-even analysis; operating leverage,
financial break-even analysis; financial leverage.
SECTION-B
SHORT AND MEDIUM-TERM STRATEGY
4. Working Capital Policy
Working capital terminology; the requirements of
external working capital financing; the relationship
of working capital items; the cash / operating cycle;
working capital investment and financing policies;
advantages and disadvantages of short – term
financing and long term financing.
5. Managing Cash and Marketable Securities
Cash management; the cash budget; cash manage-
ment techniques; the cost versus benefits of cash
management; marketable securities; cash break-
even, Baumol Model, Miller-Orr Model.
6. Credit Management
The credit function; credit policy; setting the credit
standards; terms of credit; credit collection policy;
monitoring accounts receivables; and other factors
influencing credit policy; offering discounts, op-
portunities for additional sales, using receivable
as a source of finance through factoring, length-
ening credit period of customers.
7. Inventory Management
Types of inventory; managing inventory; EOQ
model extension; inventory control system; mon-
itoring inventory levels including calculation of
safety stock using probabilistic Approach.
8. Short-Term Financing
Sources of short-term financing; accruals; accounts
payables; short- term bank loans; commercial
papers.
SECTION-C
LONG-TERM STRATEGY-I
9. The Cost of Capital
Cost of debt; cost of preferred stock; cost of
retained equity; cost of equity; weighted average
cost of capital, (WACC); marginal cost of capital;
leverage and risk.
10. Capital Budgeting
Importance of capital budgeting; links between
investment decisions & customer requirements;
generating ideas for capital budgeting; project
classification; similarities between capital budget-
ing and security valuation; capital budgeting eval-
uation techniques; comparison of the NPV and IRR
methods; pay-back period, cash flow estimation;
relevant cash flow; capital budgeting; introduction
to project risk analysis; beta (or market) risk, and
sensitivity analysis, APV (Adjusted present value),
lease versus buying decision.
 Stage-6

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11. Capital Structure 15. Mergers and Acquisitions

The target capital structure; determining the op-
timal capital structure; MM hypothesis and tradi-
tional theory of capital structure.
12. Portfolio Theory and CAPM
SECTION-D
LONG-TERM STRATEGY-II
13. Dividend Policy
Dividend policy and shares’ value; growth of capital
invested and retained earnings and dividend policy;
factors influencing dividend policy; bonus shares
16. Corporate Restructuring
and share splits; effects on market value, and
residual dividend policy.
14. Multi-national Managerial Finance
Multi-national corporations; multi-national versus
domestic managerial finance; the international
monetary system and exchange rates; trading in
foreign exchange; inflation; interest rates; multi-
17. Managing Financial Risk
national capital budgeting; international capital
structure; multi-national working capital manage-
ment; intellectual property; merger or acquisition;
integration process after acquisition or merger
(difference in culture & MIS), and venture capitalists
and exit strategy.
Definition & meaning; types of amalgamation;
take-over, methods of take-over, motives & strat-
egies influencing Mergers and Acquisitions; strat-
egies, operational and financial motives; categories
of Mergers and Acquisitions, horizontal, vertical,
conglomerate & preference for group structure;
methods of payment in Mergers and Acquisitions;
steps in merger transactions; tax benefits of Merg-
ers and Acquisitions; reverse merger: steps in
reverse merger; defensive strategies in hostile
take-over bids; preventive measures & active mea-
sures.
Meaning and areas of restructuring; techniques of
restructuring: expansion techniques, divestment
techniques & other techniques; strategies for
restructuring; hardware restructuring and software
restructuring; implications of restructuring; recon-
struction, and financial reorganisation.
Derivatives securities, hedging risks, futures mar-
kets, forward contracts, option contracts, interest
rate swaps; credit derivatives; commodity contracts.

CORE READINGS
TITLE AUTHOR PUBLISHER
Financial Management James C. Van Horne Prentice Hall of India Pvt. Ltd.,
and Policy New Delhi 110001.
Financial Management I.M. Pandey Vikas Publishing House
(Pvt) Ltd.,
576, Masjid Road, Jangpura,
New Delhi.
Management Accounting PBP Professional Business
Financial Strategy Publications,
Lahore.
Financial Management Eugene F. Brigham and South Western,
Theory and Practice Michael C. Ehrhardt United Kingdom.

ADDITIONAL READINGS
Financial Management M.Y. Khan and P.K. Jain Tata Mc-Graw-Hill Publishing
Co. Ltd.
4/12 Asif Ali Road, New Delhi.
ICMAP Career Pack

Information Systems and IT Audit S-602

i. Introduction:
This course deals with management of security of
the systems, and is designed to focus on tools and
techniques of information systems and application
of knowledge to I.T. Audit.
ii. Objectives:
To provide the students with a detailed knowledge
of Information System and I.T. Audit to enabling
them to:
l design and develop information system to
improve the performance of organisations, and
l apply conceptual approach of information sys-
tems to I.T. Audit.
iii. Outcomes:
On completion of this course, students should be
able to:
l demonstrate an understanding of the complex-
ity of managing security in electronic systems,
l identify and assess the critical threats to infor-
mation systems,
l perform preliminary security audit of informa-
tion systems and apply skills to a security
incident, and
l apply the most effective information systems
audit, control and security practices.

INDICATIVE GRID:
SYLLABUS CONTENT AREA WEIGHTAGE
SECTION – A
INFORMATION SYSTEM
1. Moving Towards E-business
2. Understanding Systems from a Business Viewpoint
3. Business Process
4. Information and Data-bases 50%
5. Customer, Product, and E-commerce
6. Artificial Intelligence
7. Information Systems Planning
8. Building and Maintaining Information Systems
9. Security and Ethical Challenges
10. Lab Sessions: Spreadsheets for Modeling and Forecasting
SECTION-B
I.T. AUDIT
AUDITING IN I.T. ENVIRONMENT
11. Information Systems, Audit Process and Internal Control
12. Management, Planning and Organisation of Information System 50%
13. Auditing Infrastructure and Operations
14. Protection/Security of Information Assets
15. Disaster Recovery and Business Continuity Planning
16. Auditing Development, Acquisition and Maintenance

TOTAL 100%

Note: The weightage shown against each section indicates, study time required for the topics in that section. This
weightage does not necessarily specify the number of marks to be allocated to that section in the examination.

CONTENTS
SECTION-A
INFORMATION SYSTEM 6.
1. Moving Towards E-Business
Definition of business; definition of work systems;
information systems and E-business; business
processes; functional areas and the value-chain;
E-commerce business models; E-business assump-
tions; phases in building and maintaining systems;
information technology as driving force for inno-
vation; obstacles when applying IT in the real
world.
2. Understanding Systems from a Business View-
point 7.
Frameworks and models; the work system frame-
work; work system principles; relationship between
work systems and information systems; principle-
based systems analysis (PBSA) method; measuring
work system performance.
3. Business Processes 8.
Process modeling; data flow diagrams (DFDs);
flowcharts and pseudo code; process characteris-
tics; business process performance variables; basic
communication concepts; basic decision-making
concepts.
4. Information and Data-bases
What is a data-base? data modeling; types of data-
bases; the roles of a data-base management system;
data as a resource; the importance of models.
Information systems categories; office automation 9.
systems; communication systems; transaction
processing systems; management and executive
information systems; decision support systems;
enterprise systems; limitation and uses of infor-
mation systems categories.
5. Customer, Product, and E-commerce
Three dimensions of products and services; the
customer experience; the customer’s criterion for
evaluating products and services; product custom-
isation and adaptability; information systems as
Stage-6
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115
a competitive advantage; mission-critical and
strategic information systems; challenges for e-
commerce.
Artificial Intelligence
Future trends including advances in artificial intel-
ligence.
Business and AI
The Domains of AI
Neural Networks
Fuzzy Logic Systems
Genetic Algorithms
Virtual Reality
Intelligent Agents
Expert Systems
Value of Expert Systems
Information Systems Planning
The importance of IS planning; project manage-
ment; strategic-level vs. project-level planning;
business maxims and IT maxims; centralised vs.
decentralised IS architecture; cost/benefit analysis
of information systems.
Building and Maintaining Information Sys-
tems
Four phases of any information system: initiation,
development, implementation and operation and
maintenance; alternative processes for building
information systems: traditional life cycle, proto-
types, application packages, and end-user devel-
opment; advantages and disadvantages of each
approach; deciding on a combination of methods
to use.
Security and Ethical Challenges
l Ethical Responsibility of Business Professionals
(Business Ethics, Technology Ethics and Ethical
Guidelines).
l Computer Crime (Hacking, Cyber Theft, Unau-
thorized Use at Work, Software Piracy, Piracy
of Intellectual Property, Computer Viruses and
Worms)
l Privacy Issues (Privacy on Internet, Computer
Matching, Privacy Laws, Computer Libel and
Censorship)
ICMAP Career Pack
l Other Challenges (Employment Challenges,
Computer Monitoring, Challenges in Working
Conditions, Challenges to Individuality) Health
Issues (Ergonomics)
l Internet worked Security defenses (Encryption,
Firewalls, Denial of Service Defenses, e-Mail
Monitoring, Virus Defenses)
l Other Security Measures (Security Codes, Back-
up Files, Security Monitors, Biometric Security,
Computer Failure Controls, Fault Tolerant Sys-
tems, Disaster Recovery).
10. Lab Sessions: Spreadsheets for Modeling and
Forecasting (6 Hrs)
a) Using spreadsheets as a decision support tool,
developing financial and forecasting models,
regression analysis, capital budgeting. Students
need to have competency in the use of advanced
built-in functions and accounting related exten-
sions to the spreadsheet package such as what-
if analysis, goal seeking, auditing and other
tools. Competency in developing a decision
support/forecasting implementation of a busi-
ness problem on a spreadsheet.
b) Optimisation
Linear optimisation; linear programming; sen-
sitivity analysis; linear programming applications;
integer optimisation; non-linear optimisation.
SECTION-B
I.T. AUDIT
11. Information Systems, Audit Process and In-
ternal Control
Audit mission, planning, laws and regulations’
effect on Information System (IS) audit planning;
code of professional ethics; auditing standards
and guidelines; corporate governance. Role and
responsibilities of internal, external and information
technology (IT) auditors; risk analysis: evaluation
and elements of risks; category of audit risk; risk-
based audit approach; risk assessment techniques;
audit objectives; compliance and substantive test-
ing; evidence and sampling; internal control: ob-
jectives, procedures and classifications; cost effec-
tiveness and controls; computer-assisted audit
techniques and its need and functional capabilities;
continuous on-line audit approach; audit docu-
mentation: constraints on the conduct of audit;
project management technique; control self-
assessment; performance IS audit; definition,
classification, procedures, methodology and phases
of IS audit; evaluation of audit strength and weak-
ness; judging the materiality of findings; commu-
nicating audit results; audit report structure and
contents.
12. Management, Planning and Organisation
of Information System
Reviewing the IS strategy: planning, policies,
procedures and management practices; review of
IS organisational structure and responsibilities;
segregation of IS and other organisational func-
tions; auditing the management, planning and
organisation of IS.
Case Study
Review of IT Planning/Strategy
13. Auditing Infrastructure and Operations
Hardware review; operating systems reviews; data-
base reviews; local area network reviews; network
operating; control reviews; information system
operations reviews; lights out operations; applica-
tion controls and their objectives; file creation;
data conversion; input and output; problem man-
agement reporting reviews; hardware availability
and utilising reporting reviews; scheduling reviews.
Case Study
Review of the infrastructure of a selected organi-
sation.
14. Protection/Security of Information Assets
Logical access exposures; logical access software
control policy: issues, features, tools and proce-
dures; passwords, logs, audit trails, biometrics,
dial-back, safeguards, token devices and other
tools; network infrastructure security: local area
network, client/server, internet threats and security,
encryption, firewalls, instruction detection systems;
auditing network infrastructure security; environ-
mental exposure and controls: water, fire, smoke,
power, wiring, emergencies etc.; physical access
exposures, controls and audit.
 Stage-6

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117

Case Study 16. Auditing Development, Acquisition and Main-

Review of the protection/security of information tenance
assets of a selected organisation. Risk of inadequate system development life cycle
15. Disaster Recovery and Business Continuity (SDLC) and review of development procedures and
Planning methodologies; review of acquisition process for
outsourcing; information system maintenance
Disaster and other disruptive events and compo-
practices: change management, library control
nents of an effective continuity planning; recovery
software, review of the practice of project man-
alternatives and off-site libraries: controls, security,
agement tools and techniques.
media, procedures, records; testing of recovery
plans: specification and execution of tests; auditing
of disaster recovery plans and their pre and post-
evaluations.

CORE READINGS
TITLE AUTHOR PUBLISHER
Information Systems: The Steven Alter Prentice Hall International Inc.,
Foundation of E-Business,
4/Edition
Decision Modelling with Jeffrey H. Moore, Stanford University of Wyoming,
Microsoft Excel, University Prentice Hall.
6/Edition Larry R. Weatherford
CISA Review Manual CISA Information Systems Audit and
Control Associations, Inc.,
3704 Algonquin Road,
Suite 1010 Rolling Meaduals,
Illinois 60008, USA.
Spreadsheet/MS Excel Microsoft Corporation Microsoft Corporation,
Package New York.
IFAC Guidelines on IT --- International Federation of
Accountants,
545, Fifth Avenue, 14th Floor,
New York, NY 10017.

ADDITIONAL READINGS
Introduction to James O’ Brien McGraw Hill, Irwin, New York
Information System
Practical IT Auditing James R. Hickman Warren Gorham & Lamont RIA
Group,
117 East Stenens Avenue Vahalla,
New York 10595
Information Technology for Prof. Dr. Khawaja Amjad Institute of Business Management,
Business Executives Saeed G.P.O. Box No. 1164,
Lahore.
Principles of Auditing Prof. Dr. Khawaja Amjad Institute of Business Management,
Saeed G.P.O. Box No. 1164,
Lahore.
ICMAP Career Pack

Management Accounting – Business Strategy S-603

i. Introduction:
This course is designed to identify and apply most
suitable tools for strategic planning and analysis,
in a variety of area of business management, for
evaluation and taking appropriate decisions.
ii. Objectives:
To provide the students with an in-depth knowl-
edge of Management Accounting – Business Strat-
egy enabling them to:
l evaluate and interact with the business envi-
ronment,
l identify options and make strategic planning,
and
l implement strategic planning in specific area
of business.
iii. Outcomes:
On completion of this course, students should be
able to:
l develop knowledge in business strategies such
as strategies in action, business mission, internal
and external assessment, strategies analysis
and choice, implementing strategies, strategy
evaluation & control and apply in the specific
area of decision-making,
l understanding strategic management,
l understanding the types of strategies,
l understanding external and internal assessment,
and
l understanding, analysing and implementing
the business strategies.

INDICATIVE GRID:
SYLLABUS CONTENT AREA WEIGHTAGE
SECTION – A
STRATEGIC MANAGEMENT
1. The Nature of Strategic Management 20%
2. Strategies in Action
SECTION-B
ASSESSING THE ENVIRONMENT
3. The Business Mission
4. The External Assessment 30%
5. The Internal Assessment
6. Strategy Analysis and Choice
SECTION-C
IMPLEMENTATION AND REVIEW
7. Implementing Strategies 30%
8. Strategy Review, Evaluation and Control
SECTION-D
CASE STUDY 20%
9. Selected Case Studies

TOTAL 100%

Note: The weightage shown against each section indicates, study time required for the topics in that section. This
weightage does not necessarily specify the number of marks to be allocated to that section in the examination.

CONTENTS
SECTION-A
STRATEGIC MANAGEMENT
1. The Nature of Strategic Management
What is strategic management? Stages of strategic
management, Integrating intuition and analysis,
Adapting to change, Key term in strategic manage-
ment, Strategists Mission statements, SWOT, Ex-
ternal opportunities and threats, Internal strength
and weaknesses, Long term objectives, Strategies
Short-term(annual) objectives, Polices Market
regulations and laws e.g.. WTO, Country analysis
and political risks, the strategic management
model, Importance of I.T. in strategy formulation.
2. Strategies in Action
Types of strategies, Integration strategies, Forward
integration, Backward integration, Horizontal
integration, Intensive strategies, Market penetra-
tion, Market development, Product development,
Diversification strategies, Concentric diversifica-
tion, Horizontal diversification, Conglomerate
diversification, Defensive strategies, Joint venture
retrenchment, Divesture, Liquidation, Combination,
Guideline for pursuing strategies, Mergers and
leveraged buy-outs, Leveraged buy-outs (LBOs),
Michel Porter’s generic strategies, Cost leader-
ship strategies, Differentiation strategies, Focus
strategies, The value chain, The competitive ad-
vantage of nations, Strategic management in non-
profit governmental organisations, educational
institutions, medical organisations, government
agencies and departments and in small firms.
SECTION - B
ASSESSING THE ENVIRONMENT
3. The Business Mission
What is out business? The importance of clear
mission, Vision versus mission, The process of
developing a mission statement, The nature of a
business mission, A declaration of attitude, A
resolution of divergent views, A customer orien-
tation, A declaration of social policy, Component
Stage-6
118
119
of mission statement, Writing and evaluating
mission statements.
4. The External Assessment
The nature of external audit, Key external forces,
The process of performing an external audit,
Information technology, Economic forces, Social,
cultural, demographic and environmental forces,
Political, governmental and legal forces, Techno-
logical forces, Competitive forces, Competitive
intelligence programmes, Cooperation among
competitors, Sources of external information,
Indexes, Internet, Forecasting tools and techniques,
Making assumptions, Competitive analysis, Porter's
five forces mode, Rivalry among competing firms,
Potential entry of new competitors, Potential
development of substitute products, Bargaining
power of suppliers, Bargaining power of consum-
ers, Industry analysis, The external factor evaluation
(EFE) matrix, The competitive profile matrix (CPM),
Credit rating.
5. The Internal Assessment
The nature of an internal audit, Key internal forces,
The process of performing an internal audit, Rela-
tionship among the functional areas of business,
Integrating strategy and culture, Operating as if
the nature environment matters, Selling product
or services, Product and service planning, Pricing
distribution, Marketing research, Opportunity
analysis, Social responsibility, Finance and account-
ing functions, Basic types of financial ratios, Pro-
duction and operation, Research and development,
Internal and external R & D, Computer information
systems, Strategic planning software, Internal audit
checklists, the internal factor evaluation (IFE)
matrix.
6. Strategy Analysis and Choice
The nature of strategy analysis and choice, The
process of generating and selecting strategies,
Long term objectives, The nature of long term
objectives, Managing by Objectives, A comprehen-
sive strategy formulation framework, The input
stage, The matching stage, The threats-
opportunities-weakness-strengths (SWOT) matrix,
The strategic position and action evaluation (SPACE)
ICMAP Career Pack

matrix, The Boston consulting group (BCG) matrix,
The internal-external (IE) matrix, The grand strategy
matrix, The decision stage, The quantitative stra-
tegic planning matrix (QSPM), Positive features
and limitations of the QSPM, Cultural aspects of
strategy choice, The role of a board of directors.
SECTION-C
IMPLEMENTATION AND REVIEW
7. Implementing Strategies
The nature of strategy implementation; Manage-
ment perspective; Annual objectives; Policies;
Resource allocation; Managing conflicts; Matching
organizational structure with strategy; The func-
tional structure; The divisional structure; The
strategic business unit (SBU) structure; The matrix
structure; Restructuring and reengineering; Linking
performance and pay to strategies; Managing
resistance to change; Managing the natural envi-
ronment; Creating a strategy-supportive culture;
Production and operation concerns when imple-
menting strategies; Human resource concerns
when implementing strategies; Employee stock
ownership plans (ESOPs); Balancing work life and
home life; Corporate fitness programmes.
8. Strategy Review, Evaluation and Control
The nature of strategy evaluation; The process of
evaluating strategies; The strategy-evaluation
framework; Reviewing bases of strategy; Measuring
organisational performance; Taking corrective
action; Published sources of strategy-evaluation
information; Characteristics of an effective evalu-
ation system; Contingency planning; Auditing; The
environmental audit; Using computers to evaluate
strategies; Guidelines for effective strategies.
SECTION-D
CASE STUDIES
9. Selected Case Studies

CORE READINGS
TITLE AUTHOR PUBLISHER
Management and Colin Drury Thomson Learning,
Cost Accounting High Holborn Ouse,
50-51 Bedford Row,
London.
Strategic Management Leslie W. Rue McGraw-Hill
Phyllis G. Hollan
Organisational Behaviour Fred Luthans McGraw-Hill Companies, Inc.
1221 Avenue of the Americas,
New York, NY 10020
Management Accounting PBP Professional Business Publications,
Business Strategy Suite # 3, 5 Third Floor,
Taj Arcade, 73-Jail Road,
Lahore.

ADDITIONAL READINGS
Manaement James A.F. Stoner Prentice Hall of India
A. Edward Freeman New Delhi.
Daniel A. Gilbert, Jr.
Organisational Behaviour Greory Moorhead Houghton Mifflin Company
Ricky W. Griffin Boston, USA