1 MSA Syllabus Summer 2021

MSA-1
MULTI SUBJECT ASSESSMENTS
*FINANCIAL REPORTING AND ASSURANCE PROFESSIONAL COMPETENCE

Objective
To develop competence that is necessary to perform the roles of reporting and assurance professional in
accordance with the international and local pronouncements.

Learning Outcome
On the successful completion of this paper candidates will be able to:
1 analyze and evaluate separate and consolidated financial statements to be prepared in accordance
with the International and local pronouncements from accounting data of common commercial
entities
2 explain and advise on the requirements underlying the preparation and presentation of financial
statements
3 examine and evaluate financial and non-financial representations of profit and non- profit entities
for the purpose of issuing audit report
4 examine and evaluate financial and non-financial representations of profit and non- profit entities
for the purpose of issuing other assurance and non-assurance report
5 recognize ethical and professional issues and act appropriately.

***Grid Weightage
Financial accounting and reporting 50-65
Audit, assurance and related services 30-40
Company law and ethics (provisions relating to accounts and audit) 05-10
Total 100

Syllabus Proficiency
Contents
Ref. Level
A Financial accounting and reporting
1 Presentation of Financial Statements (IAS-1, IAS-7 and Companies Act, 3
2017)
2 IFRS 1 First-time Adoption of International Financial Reporting Standards 2
3 IAS 27 Separate Financial Statements 3
4 IFRS 10 Consolidated Financial Statements 3
5 IAS 28 Investments in Associates 3
6 IFRS 11 Joint Arrangements 3
7 IFRS 12 Disclosure of Interest in Other Entities 3
8 IFRS 2 Share-based Payment 3
9 IFRS 13 Fair Value Measurement 3

Note: *Syllabus has been revised in 256th meeting of the Council held on August 7-9, 2014.
Note: **Grid has been revised in 300th meeting of the Council held on July 28, 2018.
Note: ***Grid has been revised in 310th meeting of the Council held on February 15, 2019.

2 MSA Syllabus Summer 2021

 Syllabus Proficiency
Contents
Ref. Level

10 IFRS 8 Operating Segments 3

11 IFRS 9 Financial Instruments 2
12 IFRS 3 Business Combinations 2
13 IAS 34 Interim Financial Reporting 3
14 IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors 3
15 IAS 10 Events After the Reporting Date 3
16 IAS 12 Income Taxes 3
17 IAS 16 Property, Plant and Equipment 3
18 IFRS 16 Leases 3
19 IAS 40 Investment Property 3
20 IFRS 15 Revenue From Contracts with Customers 3
21 IAS 19 Employee Benefits 3
22 IAS 21 The Effects of Changes in Foreign Exchange Rates 3
23 IAS 24 Related Party Disclosures 3
24 IFRS 7 Financial Instruments: Disclosures 3
25 IAS 32 Financial Instruments: Presentation 3
26 IAS 33 Earnings per Share 3
27 IAS 36 Impairment of Assets 3
28 IAS 37 Provisions, Contingent Liabilities and Contingent Assets 3
29 IAS 38 Intangible Assets 3
30 IFRIC 10 Interim Financial Reporting and Impairment 3
31 SIC 32 Intangible Assets – Web Site Costs 3
32 Current development and updates relating to IFRS 1
B Audit, assurance and related services
1 Quality control – ISQC 1, ISA 220, quality control framework of ICAP, 3
Quality Assurance Board of ICAP
2 Legal, professional and ethical consideration relating to appointment and 3
removal of auditor
3 Audit risk 3
4 Audit planning, execution, documentation and conclusion 3
5 Consideration of laws and regulations 3
6 Acceptance and continuance of client 3
7 Subsequent events 3
8 Going Concern 3
9 Fair value measurements and accounting estimates 3

3 MSA Syllabus Summer 2021

 Syllabus Proficiency
Contents
Ref. Level
10 Special consideration - Audit of group financial statements (including 3
work of component auditors)
11 Work of expert and internal auditor 3
12 Identification of audit issues and advising on relevant audit procedures 3
13 Unmodified audit report 3
14 Modification in audit report 3
15 Emphasis of matter and other matters in audit report 3
16 Reporting consideration on comparative information 3
17 Reporting consideration on other information in document containing 3
financial statements
18 Audit report under the Companies Act, 2017 3
19 Current development and updates relating to audit, assurance and 1
related services
C Company law and ethics (provisions relating to accounts and audit)
1 Accounts (Section 220 To 239) 3

2 Dividends and Manner and Time of Payment Thereof (Section 240 To 3

245)
3 Audit (Section 246 To 253) 3

4 Code of Corporate Governance (Codes relating to audit and accounts) 3

5 Professional misconduct under the Chartered Accountants Ordinance 3
1961
6 Code of Ethics (revised 2019) issued by the Institute of Chartered 3
Accountants of Pakistan

4 MSA Syllabus Summer 2021

 MSA-2
MULTI SUBJECT ASSESSMENTS
*MANAGEMENT PROFESSIONAL COMPETENCE

Objective
To develop competence that is necessary to perform the role of management professional in accordance with
well-recognized management techniques upholding the principles of good governance and ethical standards.

Learning Outcome
On the successful completion of this paper candidates will be able to:
1 analyze, evaluate and recommend vision, mission, external and internal analysis, long term
objective, operational initiatives, measurements of outcomes and targets
2 analyze, evaluate and recommend financial strategies to complement the business’s strategy
3 evaluate taxation implications of various courses of action and provide tax planning advice
4 review, analyze and evaluate budget, forecasts and projections
5 recognize legal, governance and ethical issues and act and advise appropriately.

Grid Weightage
Strategic management 40-50
Financial and performance management 35-45
Tax planning 05-15
Management & Administration related Corporate law and Codes of corporate 05-10
governance and ethics
Total 100

Syllabus Proficiency
Contents
Ref. Level
A Strategic management
1 Strategic Analysis: 3
Strategic management, organizational goals and objectives, the external
business environment, internal factors and strategic capability, analyzing
strategic position and performance, levels of strategy in an organization.
2 Strategic Choice 3
Strategic choices, generating strategic options, strategic decision-making,
evaluating strategic options, international strategies.
3 Strategic Implementation: 3
Acquisitions and strategic alliances, aligning organizational structure and
strategy, managing change, cost reduction methodologies, evaluating
functional strategies, business plans.
4 Business Risk Management 3
Business risks, enterprise risk management, risk management
responsibilities, stakeholders and risk, risk assessment, risk response.

5 MSA Syllabus Summer 2021

 Syllabus Proficiency
Contents
Ref. Level
5 Strategic Marketing And Brand Management 3
Understanding market position, developing a marketing strategy,
positioning strategies, the marketing mix, databases and e-marketing,
brand management, branding and marketing strategy, valuing brands and
intangible assets.
6 Information Strategy 3
Information technology and strategy, Information for strategic planning
and control, Management information systems, The value of information,
Evaluating management information and performance data, Using
information to develop competitive advantage
7 Human Resource Management 3
Strategic human resource management (HRM), the impact of HRM on
business strategy, appraisal and performance management, the impact of
remuneration and reward packages, HRM and change management.
B Financial and performance management
1 Strategic Performance Management 3
Performance management, information for strategic decision making,
performance measurement, rewards, behaviour and performance,
corporate social responsibility and performance
2 Business and Securities Valuation 3
Valuation methods, acquisitions and mergers, unquoted companies and
start-ups, valuation of debt.
3 Financial Instruments and Financial Markets 3
Equity instruments, equity markets, fixed interest securities, bonds and
leasing, bond markets, bond valuation and yields, credit risks, derivatives,
derivative markets.
4 Financial Structures and Reconstruction 3
Capital structure, Dividend policy, Financial reconstruction, Demergers and
disposals, Small and medium company financing.
5 Financial Risk Management 3
Financial risks, Interest rate risks, Foreign exchange rate risks, Hedge
accounting.
6 Treasury and Working Capital Management 3
Treasury management function, Global treasury management, Working
capital management.
C Tax planning
1 Income Tax for Businesses; Group Relief and Taxation; International 3
Expansion of Businesses restricted to permanent establishment (foreigners
investing into Pakistan); Choice of Business Structure, transformation and
reorganization; Sales Tax; and Taxation of Employees Remuneration
D Management & Administration related Corporate law and Codes of
corporate governance and ethics
1 Company Law relating to Management and Administration, 3
Listed Companies (Code of Corporate Governance) Regulations, 2019
and Public Sector Companies (Corporate Governance) Rules, 2013

2 Ethics 3
Ethics and ethical issues, Resolving ethical dilemmas, Ethical safeguards,
Ethics and strategy.

6 MSA Syllabus Summer 2021