The SKANS School of Accountancy Lahore
Information Pack (CFAP)
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What is CFAP stand for?
Ans: Certified Finance and Accounting Professional and it’s a third stage of CA qualification.
How may number of papers does CFAP have?
Ans: There are 6 papers in CFAP level and which are as below:
| Sr.# | Paper code | Subject Name |
| 1 | CFAP-1 | Advanced Accounting and Financial Reporting (AAFR) |
| 2 | CFAP-2 | Advanced Corporate Laws and Practices (ACLW) |
| 3 | CFAP-3 | Strategy and Performance Measurement (SPM) |
| 4 | CFAP-4 | Business Finance Decisions (BFD) |
| 5 | CFAP-5 | Tax Planning and Practices (TPP) |
| 6 | CFAP-6 | Audit Assurance and Related Services (AARS) |
What is the eligibility for appearing in CFAP examinations for trainee students?
Ans: Subject to the gazette notification of the corresponding amendments in CA Bye-Laws, effective from Summer 2022 all students including existing students will be required to fulfill the following eligibility requirement to appear in CFAP examinations:
(a) Complete twelve months of training prescribed under the bye-laws on or before the first day of the month in which examination is to be held; and
(b) Pass or obtain exemptions from all papers of CAF.
What is the maximum time period available at each stage for passing papers?
| Stage | Period for passing |
| CFAP | Pass at least 4 papers within 10 years from the date of commencement of training. No limit after achieving the 4 paper benchmark |
| MSA | No limit if have not been debarred from appearing in examinations in writing by the Institute due to CFAP time limit |
| Stage | Minimum number of papers to be attempted | Effective from |
| CFAP | 2 papers | Summer 2022 |
| MSA | No requirement | Not applicable |
| Unlock paper | Paper to be passed |
| MSA-1 | CFAP-1& CFAP-6 (AAFR&AARS) |
| MSA-2 | CFAP-3& CFAP-4 (SPM&BFD) |
| Stage | Frequency |
| CFAP & MSA | Semi-annually (Summer and Winter), June and December |
Which mode of classes will be available?
Ans: In both online and on-campus mode of learning class will be available for CFAP students however on-campus class will be conducted subject to student’s interest and strength, but students will have both choices either to attend on campus class or to take lectures in online mode.
At which campus physical classes and operation for CFAP will be conducted?
Ans: 159 Abubakar Block New Garden Town Lahore.
When will be the CFAP orientation session?
Tentative date for CFAP orientation will be 18th july’24 for winter 2024 session.
When will be the class commenced?
Ans: Tentative date for classes’ commencement will be 24th july’24 for winter 2024 session.
Which papers of CFAP are CBEs?
Ans: CFAP-2: Advanced Corporate Laws and Practices (ACL)
CFAP-3: Strategy and Performance Measurement (SPM)
CFAP-4: Business Finance Decisions (BFD)
CFAP-5: Tax Planning and Practices (TPP)
MSA-1: Financial Reporting and Assurance Professional Competence
MSA-2: Management Professional Competence