THE INSTITUTE OF CHARTERED ACCOUNTANTS OF PAKISTAN

LIST OF RECOMMENDED READING &

SUPPLEMENTARY STUDY MATERIAL

FOUNDATION EXAMINATION

Module A

Paper A 1 Functional English

Paper A 2 Quantitative Methods

Module B

Paper B 3 Introduction to Economics and Finance

Paper B 4 Introduction to Financial Accounting
Paper B 5 Mercantile Law

INTERMEDIATE EXAMINATION

Module C

Paper C 6 Financial Accounting

Paper C 7 Taxation
Paper C 8 Business Communication and Behavioural Studies

Module D

Paper D 9 Company Law

Paper D 10 Cost Accounting
Paper D 11 Auditing
Paper D 12 Information Technology

FINAL EXAMINATION

Module E

Paper E 13 Information Technology Management, Audit and Control

Paper E 14 Advanced Accounting & Financial Reporting
Paper E 15 Corporate Laws
Paper E 16 Business Management

Module F

Paper F 17 Management Accounting

Paper F 18 Business Finance Decision
Paper F 19 Advanced Taxation
Paper F 20 Advanced Auditing
ICAP Recommended Reading

PAPER A 1: FUNCTIONAL ENGLISH

Book Name & Author About the Book

1. High School – English Grammar & The book is very useful on grammar and
Composition by Wren and Martin composition and helps a lot in making the
foundation for the language.

2. Learners Companion Series Vocabulary by These books are very useful on vocabulary and
George Davidson help immensely in vocabulary building.

3. Word Power Made Easy by Norman Lewis

4. Understand & Communicate (book 2 and 3) These are very useful books on grammar and
published by FEP International (Pvt.) Ltd. comprehension.

5. Concepts (book 3 and 4) by P.C. Wren

SUPPLEMENTARY STUDY MATERIAL

1. Functional English Study Text and Revision Series by AT Foulks Lynch Pakistan

2. Functional English Study Text and Revision Series by Professional Business Publications (PBP)

3. Précis writing by R. Dhillon

4. System’s Student Companion English for lower secondary schools by Magdalene Chew & Surinder
Kaur

Note: The following websites are also very useful on this subject:

www.grammarbook.com
www.englishclub.com
www.englishpage.com
www.better-english.com
www.englishlearner.com

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ICAP Recommended Reading

PAPER A 2: QUANTITATIVE METHODS

Book Name & Author About the Book

BUSINESS MATHEMATICS

1. Mathematics for Business and Finance by The book covers almost all the topics with easy
Hamid A Hakeem examples and is a good question bank.

2. Business Mathematics by M. M. Hasan and The book is specifically written for students of
M. A. Mirza finance and management and covers the entire
syllabus.

3. Mathematics for Business and Economics The book is useful for Finance Mathematics.
by Robert H. Nicholson

BUSINESS STATISTICS

4. Introductory Statistics for Economics and The book covers the entire syllabus and is very
Management by Hamid A Hakeem useful covering theoretical as well as practical
aspects of statistics.

5. Statistics Concepts and Methods by The book is very useful for conceptual
Khursheed Alam understanding of statistics.

6. Introduction to Statistics (Third edition) by The book is very useful especially for: probability,
Ronald E. Walpole normal distribution and hypothesis testing.

SUPPLEMENTARY STUDY MATERIAL

1. Quantitative Methods Study Text and Revision Series by AT Foulks Lynch Pakistan

2. Quantitative Methods Study Text and Revision Series by Professional Business Publications (PBP)

3. Applied Mathematics for Business, Economics and Social Sciences by Frank S. Budnick

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ICAP Recommended Reading

PAPER B 3: INTRODUCTION TO ECONOMICS AND FINANCE

Book Name & Author About the Book

1. Modern Economic Theory by K. K. Dewett The book covers all topics of syllabus, written in
simple and plain language with objectivity of
students learning of degree level. It is especially
useful for micro economics.

2. Economics by Samuelson and Nordhaus The book covers all topics of syllabus. It gives an
in depth understanding of the topics.

3. Introduction to Economics & Finance by The book is specifically written for ICAP’s students
Abdul Haleem Khawaja and contains all syllabus areas. It is especially
recommended for macro economics.

4. Macro Economics by Paul Crompton, The book gives an in-depth understanding of

Michael Swann, Sandra Hopkins, William A. macro-economic concepts.
McEachen

5. The Monetary and Financial System by The book covers some syllabus areas related to
David Goacher finance; such as financial institution, financial
markets, monetary policy, exchange rate etc.

SUPPLEMENTARY STUDY MATERIAL

1. Introduction to Economics & Finance Study Text and Revision Series by AT Foulks Lynch Pakistan

2. Introduction to Economics and Finance Study Text and Revision Series by Professional Business
Publications (PBP)

3. The books recommended in final level paper “Business Finance Decisions” contain chapters that
introduce financial environment relevant to this paper. Students may refer these books to establish
conceptual base regarding money and capital markets, international trade etc.

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ICAP Recommended Reading

PAPER B 4: INTRODUCTION TO FINANCIAL ACCOUNTING

Book Name & Author About the Book

1. Accounting – The Basis of Business The book is very useful for conceptual
Decisions by Meigs William Haka Bettner understanding.

2. Modern Accountancy (Volume 1) by The book covers substantial part of the syllabus
Mukherjee & Hanif and is very useful for: final accounts of sole
traders and partnership, receipts and payments
accounts, accounts from incomplete records,
branch accounts, and syllabus topics of
partnership.

3. Business Accounting by Frank wood and The book contains almost all syllabus areas and
Alan Sangster is recommended for: accounting theory, financial
accounting practices, branch accounts, syllabus
topics of partnership etc.

4. Framework for the preparation and The book contains detailed material including
presentation of financial statements and background, rationale and practical examples of
International Accounting Standards(1, 2 and various topics included in the syllabus.
16) issued by IASB and is published by ICAP
as Handbook

SUPPLEMENTARY STUDY MATERIAL

1. Introduction to Financial Accounting Study Text and Revision Series by AT Foulks Lynch Pakistan

2. Introduction to Financial Accounting Study Text and Revision Series by Professional Business
Publications (PBP)

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ICAP Recommended Reading

PAPER B 5: MERCANTILE LAW

Book Name & Author About the Book

1. Bare Acts: Contract Act 1872, Sale of Bare Acts are the primary source and also contain
Goods Act 1930, Partnership Act 1932, a large variety of practical examples.
Negotiable Instruments Act 1881, Trust Act
1920 and Carriage of Goods by Sea Act
1925 by Government of Pakistan

2. Mercantile law by Luqman Baig These books cover most of the syllabus area.

3. Mercantile Law by M.C. Kuchhal

4. Mercantile Law by M.C. Shukla

SUPPLEMENTARY STUDY MATERIAL

1. Mercantile Law Study Text and Revision Series by AT Foulks Lynch Pakistan

2. Mercantile Law Study Text and Revision Series by Professional Business Publications (PBP)

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ICAP Recommended Reading

PAPER C 6: FINANCIAL ACCOUNTING

Book Name & Author About the Book

1. Framework for preparation and presentation The book contains detailed material including
of financial statements and International background, rationale and practical examples of
Accounting Standards (listed in syllabus) various topics included in syllabus.
issued by IASB and is published by ICAP as
handbook

2. IFRS – Interpretation and Application of The book covers all topics of syllabus except for
International Accounting and Financial Laws and Regulations applicable in Pakistan
Reporting Standards (Wiley Series) by related to accountancy.
Barry J. Epstein and Abbas Ali Mirza
(Relevant topics) It contains detailed material including background,
rationale and practical examples of each subject of
the syllabus and provides intense understanding of
accounting issues in context with IFRS and
international standards.

3. IFRS Workbook and Guide (Wiley Series) The concepts built by Interpretation of IFRS are
by Abbas Ali Mirza, Graham J. Holt and further explained with practical examples and
Magnus Orrel (Relevant topics) understanding is enhanced through this book.

4. Companies Ordinance, 1984; (Fourth & Preparation of financial accounts of a limited

Fifth Schedules and provision related to company is regulated by the Companies
preparation of accounts of limited Ordinance 1984 and our syllabus emphasis on
companies) by Government of Pakistan financial statements of limited companies more
than any other form of business.

5. Advanced Accounts by M. C. Shukla and T. The book contains various areas of syllabus.
S. Grewal Students are, however, advised to be careful
about the concepts applied in the book that differ
from currently applicable accounting standards.

6. The following books by Javed H. Zuberi: Each book explains the topics in context with the
accounting treatments prescribed by IASs.
- Company Accounts – Preparation and
interpretation of financial statements
- Cash Flow Statements
- Accounting for leases

SUPPLEMENTARY STUDY MATERIAL

1. Financial Accounting Study Text and Revision Series by AT Foulks Lynch Pakistan

2. Financial Accounting Study Text and Revision Series by Professional Business Publications (PBP)

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ICAP Recommended Reading

PAPER C 7: TAXATION

Book Name & Author About the Book

1. Complete Income Tax Law by S. A. Salam Bare Act, Rules, Notifications; Circulars etc. on
syllabus topics are included in the book with brief
explanations.

2. Sales Tax Ready Reference by S. A. Salam. Bare Act, Rules, Notifications; Circulars etc. on
syllabus topics are included in the book with brief
explanations.

3. M. Adam Patel’s Income Tax Guide by These books are very useful for understanding
Najeeb Moochhala and Yasmin Anjani practical application of taxation.

4. Synopsis of taxation by Mirza Munawar

Hussain

5. Pakistan income tax law Principles and

Practice by Mian Safiullah & Kashif Aziz
Jahangiri

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ICAP Recommended Reading

PAPER C 8: BUSINESS COMMUNICATION AND BEHAVIOURAL STUDIES

Book Name & Author About the Book

1. The Effective Business Communication by The book covers substantial part of the syllabus
Herta A Murphy, Herbert Hildebrandt, Jane area of business communication.
P. Thomas

2. Organizational Behavior by Stephen P. These are very useful books for understanding the
Robbins theoretical and practical aspects of organizational
behavior.
3. Organizational Behavior by Fred Luthans

4. Business Communication Today by

Courtland L Bovee, John V. Thill

SUPPLEMENTARY STUDY MATERIAL

1. Business Communication and Behavioral Study Text and Revision Series by Professional Business
Publications (PBP)

2. Business Communication and Behavioral Study Text and Revision Series by AT Foulks Lynch
Pakistan

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ICAP Recommended Reading

PAPER D 9: COMPANY LAW

Book Name & Author About the Book

1. Complete Company Law S. A. Salam Bare Law and brief explanation thereon are
(Relevant topics) included in the book.

2. Practical Approach to the Companies The book is useful for understanding practical
Ordinance, 1984 by Nazir Ahmed Shaheen application of law.
(Relevant topics)

SUPPLEMENTARY STUDY MATERIAL

1. Company Law Study Text and Revision Series by A T Foulks Lynch Pakistan

2. Company Law Study Text and Revision Series by Professional Business Publications (PBP)

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ICAP Recommended Reading

PAPER D 10: COST ACCOUNTING

Book Name & Author About the Book

1. Cost Accounting, Planning and Control by The book covers almost all the parts of the
Matz and Uzry syllabus and ensures concept building by giving
examples on related topics especially good for
variances analysis and process costing.

2. Management and Cost Accounting by Colin The book covers almost all the parts of the
Drury syllabus and ensures concept building by giving a
variety of questions for each topic.

3. Cost accounting by T. Lucey It is a very useful book especially for theoretical

aspects of costing.

SUPPLEMENTARY STUDY MATERIAL

1. Cost Accounting Study Text and Revision Series by A T Foulks Lynch Pakistan

2. Cost Accounting Study Text and Revision Series by Professional Business Publications (PBP)

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ICAP Recommended Reading

PAPER D 11: AUDITING

Book Name & Author About the Book

1. International Standards on Auditing, The book covers all topics of syllabus except for
International Framework for Assurance Laws and Regulations related to auditing practice
Engagements and International Standards applicable in Pakistan.
on Review Engagement issued by IAASB &
IASC and published by ICAP as Handbook. It contains detailed material including
(ISAs and ISRE mentioned in syllabus) background, rationale and practical examples of
each subject of the syllabus.

2. Code of Ethics for Chartered Accountants The book covers the topics of client acceptance
issued and published by ICAP as Handbook and continuance procedure.

3. Companies Ordinance, 1984 by Government Provisions related to Appointment, Removal,

of Pakistan Report etc. of auditor of limited companies are
governed by the Companies Ordinance 1984.

4. Advanced Auditing by Dr. Khawaja Amjad These books contain almost all syllabus areas
Saeed and explain various topics in context with the
ISAs.
5. Practical Auditing by Javed H. Zubairi

SUPPLEMENTARY STUDY MATERIAL

1. Auditing Study Text and Revision Series by A T Foulks Lynch Pakistan

2. Auditing Study Text and Revision Series by Professional Business Publications (PBP)

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ICAP Recommended Reading

PAPER D 12: INFORMATION TECHNOLOGY

Book Name & Author About the Book

1. Management Information Systems Strategy The book is useful for understanding management
and Action by Charles Parker and Thomas information systems.
Case

2. Management Information Systems by Gerald The book contains adequate material on MIS,
V. Post and David L. Anderson networking, database management systems and
e-business for CA Intermediate students.

3. Management Information Systems (Sixth The book gives good explanation of MIS,
edition) by James A. O’ Brien networking and e-business solutions along with
real world case studies.

4. System Analysis and Design by Kenneth E. The book contains useful material on various types
Kendall and Julie E. Kendall of information systems, system development life
cycle, e-commerce, fundamentals of computer
programming and computer aided software
engineering.

SUPPLEMENTARY STUDY MATERIAL

1. Introduction to Information Technology Student Study Guide and Student Revision Material
published by ICAP

2. Information Technology Study Text and Revision Series by A T Foulks Lynch Pakistan

3. Information Technology Study Text and Revision Series by Professional Business Publications
(PBP)

4. Computers by Larry Long and Nancy Long

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ICAP Recommended Reading

PAPER E 13: INFORMATION TECHNOLOGY MANAGEMENT, AUDIT AND

CONTROL

Book Name & Author About the Book

1. Information Systems Control and Audit by The book is useful for gaining the understanding
Ron Weber of information systems audit function.
Management and application control framework
have been explained in an effective manner.
Ways to collect and evaluate the audit evidence
are also explained in the book in detail.

2. Strategic Management & Information The book is useful for the topic of strategic
Systems (Second Edition) by Wendy management of information system.
Robson

3. Auditing in a Computerized Environment by The book explains the fundamentals of

Mohan Bhatia information systems audit, business continuity
management and the application of CAATs in an
effective manner.

SUPPLEMENTARY STUDY MATERIAL

1. Information Technology Management, Audit and Control, Student Study Guide and Revision
Material Published by ICAP

2. Information Technology Management, Audit and Control Study Text and Revision Series by A T
Foulks Lynch Pakistan

3. Information Technology Management, Audit and Control Study Text and Revision Series by
Professional Business Publications (PBP)

4. Information Technology Management Audit & Control by Mohammad Amjad Bhatti and Muhammad
Qaiser Sheikh

5. International Information Technology Guidelines developed by IFAC’s IT Committee, available at

IFAC’s website

6. Students are also advised to download the related guidelines, research papers and checklists etc.
available at www.ifac.org and www.isaca.org

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ICAP Recommended Reading

PAPER E 14: ADVANCED ACCOUNTING & FINANCIAL REPORTING

Book Name & Author About the Book

1. International Financial Reporting Standards It is the primary source and explains the topics
(IFRS) Published by ICAP with illustrations and appendices.

2. Companies Ordinance 1984 Covers some relevant part of the syllabus.

3. Insurance Ordinance 2000 and Banking Covers some relevant part of the syllabus.
Companies Ordinance 1962

4. IFRS – Interpretation and Application of The book contains detailed material and many
International Accounting and Financial practical examples of topics included in syllabus.
Reporting Standards (Wiley Series) by Barry Gives in-depth understanding of accounting
J. Epstein and Abbas Ali Mirza issues in context with the IFRS and international
pronouncements.

6. IFRS Workbook and Guide (Wiley) by Abbas The concepts built by Interpretation of IFRS
Ali Mirza, Graham J. Holt and Magnus Orrel series are further explained with practical
examples and understanding is enhanced.

5. Advanced Accounting (Fourth Edition) by The book is very useful for the topic of
Simons and Karrenbrock consolidation.

6. Book-keeping and Accounts by Spicer and The book is very useful for: consolidation of local
Pegler’s and foreign subsidiaries, ratio analysis, earnings
per share, cash flow statement and segment
reporting.

SUPPLEMENTARY STUDY MATERIAL

1. Advanced Accounting & Financial Reporting Study Text and Revision Series by A T Foulks Lynch
Pakistan

2. Advanced Accounting & Financial Reporting Study Text and Revision Series by Professional
Business Publications (PBP)

3. Selected Opinions and Technical Releases (Accounting)

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ICAP Recommended Reading

PAPER E 15: CORPORATE LAWS

Book Name & Author About the Book

1. Complete Company Law S. A. Salam Bare Law and brief explanation thereon are
(Relevant topics) included in the book.

2. Foreign Exchange Manual (Latest Edition) Covers relevant part of the syllabus.
by State Bank of Pakistan (Chapter No. XIX,
XX only) available at www.sbp.org.pk

3. Banking Companies Ordinance, 1962 Covers relevant part of the syllabus.

(Relevant sections only)

4. Insurance Ordinance, 2000 (Relevant Covers relevant part of the syllabus.

sections only)

5. Practical Approach to the Companies It is a useful book for understanding practical

Ordinance, 1984 by Nazir Ahmed Shaheen application of law.
(Relevant topics)

SUPPLEMENTARY STUDY MATERIAL

1. Corporate Laws Study Text and Revision Series by AT Foulks Lynch Pakistan

2. Corporate Laws Study Text and Revision Series by Professional Business Publications (PBP)

3. SECP Guide Series available at SECP’s website (www.secp.gov.pk)

4. Relevant issues of Members’ Information and Education Series issued by ICAP

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ICAP Recommended Reading

PAPER E 16: BUSINESS MANAGEMENT

Book Name & Author About the Book

1. Strategic Management Concepts and Cases The book ensures concept building for the topics
by Fred R. David on strategic management.

2. Principles of Marketing by Kotler Armstrong The book gives an in-depth knowledge of the
principles of marketing and a good explanation of
basic marketing concepts.

3. Human Resource Management by H. John The book is relevant for various syllabus topics
Bernardin under the mentioned grid.

4. Management and Organizational Behaviour A comprehensive and detailed explanation of

by Laurie J. Mullins managerial practices is given in this book. The
book is a good guide for concepts in the field of
organizational behavior.

SUPPLEMENTARY STUDY MATERIAL

1. Business Management Study Text and Revision Series by AT Foulks Lynch Pakistan

2. Business Management Study Text and Revision Series by Professional Business Publications (PBP)

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ICAP Recommended Reading

PAPER F 17: MANAGEMENT ACCOUNTING

Book Name & Author About the Book

1. Cost Accounting by Matz and Uzry The book covers almost all the parts of the
syllabus and ensures concept building by giving
examples on related topics especially good for
variances analysis and process costing.

2. Management Accounting by Colin Drury The book covers almost all the parts of the
syllabus and ensures concept building by giving a
variety of questions for each topic.

3. Financial Management by P.K. Jain and M. The book is relevant for various syllabus topics
Y. Khan and contains a large number of questions for
practice.

SUPPLEMENTARY STUDY MATERIAL

1. Management Accounting Study Text and Revision Series by AT Foulks Lynch Pakistan

2. Management Accounting Study Text and Revision Series by Professional Business Publications
(PBP)

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ICAP Recommended Reading

PAPER F 18: BUSINESS FINANCE DECISION

Book Name & Author About the Book

1. Financial Management by Eugene The book covers substantial part of the syllabus.
F. Brigham and Michael C. Ehrhardt

2. Financial Management by P. K. Jain and M. The book covers substantial part of the syllabus. A
Y. Khan good source for practicing.

3. Essentials of Financial Management by The book covers substantial part of the syllabus.
George E. Pinches

4. Strategic Management – Concept and The book is very well written though covers only a
Cases by Fred R. David small portion of the syllabus, but is recommended
as it helps clear concepts.

5. Modern Investments and Security Analysis The book is specifically written for security
by Russel J. Fuller & James L. Farrel Jr. analysis. It is a good source for concept building.

6. Foundations of Finance by Keown, Petty, The book covers substantial area of syllabus.
Scott & Martin Provides firm foundation for the subject.

SUPPLEMENTARY STUDY MATERIAL

1. Business Finance Decision Study Text and Revision Series by AT Foulks Lynch Pakistan

2. Business Finance Decision Study Text and Revision Series by Professional Business Publications
(PBP)

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ICAP Recommended Reading

PAPER F 19: ADVANCED TAXATION

Book Name & Author About the Book

1. Complete Income Tax Law by S.A. Salam The book covers all topics of syllabus, regularly
updated and also gives background of any
changes made to the law.

2. Sales Tax Ready Reference Act by S.A. The book covers all topics of syllabus, regularly
Salam updated and also gives background of any
changes made to the law.

3. Federal Excise Act, 2005 including relevant The book covers the related topics of syllabus.
notifications, circulars etc. by Tariq Najeeb
Choudhry

4. Practical Handbook of Income Tax by Dr. These are very useful books for understanding
Ikram-ul-Haq practical application of taxation.

5. M. Adam Patel’s Income Tax Guide by

Najeeb Moochhala and Yasmin Anjani

6. Synopsis of taxation by Mirza Munawar

Hussain

7. Pakistan income tax law Principles and

Practice by Mian Safiullah & Kashif Aziz
Jahangiri

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ICAP Recommended Reading

PAPER F 20: ADVANCED AUDITING

Book Name & Author About the Book

1. International Standards on Auditing, The book covers all topics of syllabus except for
International Auditing Practice Statements, Laws and Regulations related to auditing practice
International Standards on Review applicable in Pakistan.
Engagement, International Standard
Standards on Assurance Engagement,
International Standards on Related Services
Issued by IAASB & IASC, and is published
by ICAP as Handbook

2. Code of Ethics for Chartered Accountants The book covers the related topics of syllabus.
issued and published by ICAP as Handbook

3. Companies Ordinance, 1984 by Government The book contains provisions related to

of Pakistan appointment, removal, report etc. of auditor of
limited companies.

4. Advanced Auditing by Dr. Khawaja Amjad The book contains almost all syllabus areas and
Saeed explains every topic in context with the ISAs.

8. Members Handbook published by ICAP The book contains important material useful to
deal with various issues of audit and related
services.

SUPPLEMENTARY STUDY MATERIAL

1. Advanced Auditing Study Text and Revision Series by AT Foulks Lynch Pakistan

2. Advanced Auditing Study Text and Revision Series by Professional Business Publications (PBP)

3. Selected Opinions, Technical Releases (Auditing)

4. Relevant issues of Members’ Information and Education Series issued by ICAP

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