{"id":3663,"date":"2020-09-11T09:40:47","date_gmt":"2020-09-11T09:40:47","guid":{"rendered":"https:\/\/www.icap.org.pk\/?page_id=3663"},"modified":"2025-07-31T05:46:01","modified_gmt":"2025-07-31T05:46:01","slug":"aprsp","status":"publish","type":"page","link":"https:\/\/staging.icap.org.pk\/icap\/aprsp\/","title":{"rendered":"APRS Program"},"content":{"rendered":"<p align=\"justify\"><strong>Audit Practice Review &#038; Support Program<\/strong><\/p>\n<p align=\"justify\">The  Institute of Chartered Accountants of Pakistan (the Institute) is a member of  the International Federation of Accountants (IFAC). IFAC has issued  &nbsp;Statements of Membership Obligations (SMOs) which are &nbsp;to be  mandatorily complied by its member bodies. IFAC SMO-1 (Quality Assurance)  requires that a mandatory quality assurance review system should be in place  for firms performing audits of financial statements. Accordingly, the Council  of the Institute is &nbsp;introducing&nbsp;&nbsp;<strong>&lsquo;Audit Practice Review  &amp; Support Program&rsquo; (APRS Program)&nbsp;<\/strong>for conducting firm and  engagement review of non-Quality Control Review (QCR) rated firms &nbsp;engaged  in audits, assurance or related services in line with the international best  practices and to support to such members efforts in raising the standard of  professional services.<\/p>\n<p align=\"justify\">The key features of the <strong>APRS Program<\/strong>&nbsp;are  as follows:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/p>\n<ol type=\"i\" align=\"justify\">\n<li>Review of engagements to ensure that  Audit, Assurance and Related Services rendered by firms, comply with the  Chartered Accountants Ordinance, 1961, Chartered Accountants Bye-Laws, 1983,  Professional Standards, Training Regulations and Directives of the Council of  the Institute;<\/li>\n<li>Applicable to \u2013 non \u2013 QCR rated firms carrying out Audit,  Assurance or Related Services;<\/li>\n<li>Establishment  of a Directorate of Practice Review; and<\/li>\n<li>Constitution of an Independent Appellate  Forum.<\/li>\n<\/ol>\n<p align=\"justify\">The APRS Program is being introduced vide <a href=\"https:\/\/icap.org.pk\/view\/?add=per\/aprsp\/&#038;file=APRSP-Framework.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Directive 4.25 &lsquo;<strong><em>Audit  Practice Review &amp; Support Program&rsquo;<\/em><\/strong><\/a>. The effective implementation  of the APRS Program will go a long way in the development of the  profession.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Audit Practice Review &#038; Support Program The Institute of Chartered Accountants of Pakistan (the Institute) is a member of the International Federation of Accountants (IFAC). IFAC has issued &nbsp;Statements of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"class_list":["post-3663","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/staging.icap.org.pk\/icap\/wp-json\/wp\/v2\/pages\/3663","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/staging.icap.org.pk\/icap\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/staging.icap.org.pk\/icap\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/staging.icap.org.pk\/icap\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.icap.org.pk\/icap\/wp-json\/wp\/v2\/comments?post=3663"}],"version-history":[{"count":10,"href":"https:\/\/staging.icap.org.pk\/icap\/wp-json\/wp\/v2\/pages\/3663\/revisions"}],"predecessor-version":[{"id":10657,"href":"https:\/\/staging.icap.org.pk\/icap\/wp-json\/wp\/v2\/pages\/3663\/revisions\/10657"}],"wp:attachment":[{"href":"https:\/\/staging.icap.org.pk\/icap\/wp-json\/wp\/v2\/media?parent=3663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}