RECOMMENDED STUDY MATERIAL

LIST OF RECOMMENDED READING & SUPPLEMENTARY STUDY MATERIAL


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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 &
Composition by Wren and Martin
The book is very useful on grammar and
composition and helps a lot in making the
foundation for the language.
2. Learners Companion Series Vocabulary by
George Davidson
3. Word Power Made Easy by Norman Lewis
These books are very useful on vocabulary and
help immensely in vocabulary building.
4. Understand & Communicate (book 2 and 3)
published by FEP International (Pvt.) Ltd.
5. Concepts (book 3 and 4) by P.C. Wren
These are very useful books on grammar and
comprehension.
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

PAPER A 2: QUANTITATIVE METHODS
Book Name & Author
About the Book
BUSINESS MATHEMATICS
1. Mathematics for Business and Finance by
Hamid A Hakeem
The book covers almost all the topics with easy
examples and is a good question bank.
2. Business Mathematics by M. M. Hasan and
M. A. Mirza
The book is specifically written for students of
finance and management and covers the entire
syllabus.
3. Mathematics for Business and Economics
by Robert H. Nicholson
The book is useful for Finance Mathematics.
BUSINESS STATISTICS
4. Introductory Statistics for Economics and
Management by Hamid A Hakeem
The book covers the entire syllabus and is very
useful covering theoretical as well as practical
aspects of statistics.
5. Statistics Concepts and Methods by
Khursheed Alam
The book is very useful for conceptual
understanding of statistics.
6. Introduction to Statistics (Third edition) by
Ronald E. Walpole
The book is very useful especially for: probability,
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

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
Abdul Haleem Khawaja
The book is specifically written for ICAP’s students
and contains all syllabus areas. It is especially
recommended for macro economics.
4. Macro Economics by Paul Crompton,
Michael Swann, Sandra Hopkins, William A.
McEachen
The book gives an in-depth understanding of
macro-economic concepts.
5. The Monetary and Financial System by
David Goacher
The book covers some syllabus areas related to
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.

PAPER B 4: INTRODUCTION TO FINANCIAL ACCOUNTING
Book Name & Author
About the Book
1. Accounting – The Basis of Business
Decisions by Meigs William Haka Bettner
The book is very useful for conceptual
understanding.
2. Modern Accountancy (Volume 1) by
Mukherjee & Hanif
The book covers substantial part of the syllabus
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
Alan Sangster
The book contains almost all syllabus areas and
is recommended for: accounting theory, financial
accounting practices, branch accounts, syllabus
topics of partnership etc.
4. Framework for the preparation and
presentation of financial statements and
International Accounting Standards(1, 2 and
16) issued by IASB and is published by ICAP
as Handbook
The book contains detailed material including
background, rationale and practical examples of
various topics included in the syllabus.
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)

PAPER B 5: MERCANTILE LAW
Book Name & Author
About the Book

Goods Act 1930, Partnership Act 1932,
Negotiable Instruments Act 1881, Trust Act
1920 and Carriage of Goods by Sea Act
1925 by Government of Pakistan
Bare Acts are the primary source and also contain
a large variety of practical examples.
2. Mercantile law by Luqman Baig
3. Mercantile Law by M.C. Kuchhal
4. Mercantile Law by M.C. Shukla
These books cover most of the syllabus area.
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)

PAPER C 6: FINANCIAL ACCOUNTING
Book Name & Author
About the Book
1. Framework for preparation and presentation
of financial statements and International
Accounting Standards (listed in syllabus)
issued by IASB and is published by ICAP as
handbook
The book contains detailed material including
background, rationale and practical examples of
various topics included in syllabus.
2. IFRS – Interpretation and Application of
International Accounting and Financial
Reporting Standards (Wiley Series) by
Barry J. Epstein and Abbas Ali Mirza
(Relevant topics)
The book covers all topics of syllabus except for
Laws and Regulations applicable in Pakistan
related to accountancy.
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)
by Abbas Ali Mirza, Graham J. Holt and
Magnus Orrel (Relevant topics)
The concepts built by Interpretation of IFRS are
further explained with practical examples and
understanding is enhanced through this book.
4. Companies Ordinance, 1984; (Fourth &
Fifth Schedules and provision related to
preparation of accounts of limited
companies) by Government of Pakistan
Preparation of financial accounts of a limited
company is regulated by the Companies
Ordinance 1984 and our syllabus emphasis on
financial statements of limited companies more
than any other form of business.
5. Advanced Accounts by M. C. Shukla and T.
S. Grewal
The book contains various areas of syllabus.
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:
- Company Accounts – Preparation and
interpretation of financial statements
- Cash Flow Statements
- Accounting for leases
Each book explains the topics in context with the
accounting treatments prescribed by IASs.
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)

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
Najeeb Moochhala and Yasmin Anjani
4. Synopsis of taxation by Mirza Munawar
Hussain
5. Pakistan income tax law Principles and
Practice by Mian Safiullah & Kashif Aziz
Jahangiri
These books are very useful for understanding
practical application of taxation.

PAPER C 8: BUSINESS COMMUNICATION AND BEHAVIOURAL STUDIES
Book Name & Author
About the Book
1. The Effective Business Communication by
Herta A Murphy, Herbert Hildebrandt, Jane
P. Thomas
The book covers substantial part of the syllabus
area of business communication.
2. Organizational Behavior by Stephen P.
Robbins
3. Organizational Behavior by Fred Luthans
4. Business Communication Today by
Courtland L Bovee, John V. Thill
These are very useful books for understanding the
theoretical and practical aspects of organizational
behavior.
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

PAPER D 9: COMPANY LAW
Book Name & Author
About the Book
1. Complete Company Law S. A. Salam
(Relevant topics)
Bare Law and brief explanation thereon are
included in the book.
2. Practical Approach to the Companies
Ordinance, 1984 by Nazir Ahmed Shaheen
(Relevant topics)
The book is useful for understanding practical
application of law.
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)

PAPER D 10: COST ACCOUNTING
Book Name & Author
About the Book
1. Cost Accounting, Planning and Control 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 and Cost 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. 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)

PAPER D 11: AUDITING
Book Name & Author
About the Book
1. International Standards on Auditing,
International Framework for Assurance
Engagements and International Standards
on Review Engagement issued by IAASB &
IASC and published by ICAP as Handbook.
(ISAs and ISRE mentioned in syllabus)
The book covers all topics of syllabus except for
Laws and Regulations related to auditing practice
applicable in Pakistan.
It contains detailed material including
background, rationale and practical examples of
each subject of the syllabus.
2. Code of Ethics for Chartered Accountants
issued and published by ICAP as Handbook
The book covers the topics of client acceptance
and continuance procedure.
3. Companies Ordinance, 1984 by Government
of Pakistan
Provisions related to Appointment, Removal,
Report etc. of auditor of limited companies are
governed by the Companies Ordinance 1984.
4. Advanced Auditing by Dr. Khawaja Amjad
Saeed
5. Practical Auditing by Javed H. Zubairi
These books contain almost all syllabus areas
and explain various topics in context with the
ISAs.
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)

PAPER D 12: INFORMATION TECHNOLOGY
Book Name & Author
About the Book
1. Management Information Systems Strategy
and Action by Charles Parker and Thomas
Case
The book is useful for understanding management
information systems.
2. Management Information Systems by Gerald
V. Post and David L. Anderson
The book contains adequate material on MIS,
networking, database management systems and
e-business for CA Intermediate students.
3. Management Information Systems (Sixth
edition) by James A. O’ Brien
The book gives good explanation of MIS,
networking and e-business solutions along with
real world case studies.
4. System Analysis and Design by Kenneth E.
Kendall and Julie E. Kendall
The book contains useful material on various types
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

PAPER E 13: INFORMATION TECHNOLOGY MANAGEMENT, AUDIT AND
CONTROL
Book Name & Author
About the Book
1. Information Systems Control and Audit by
Ron Weber
The book is useful for gaining the understanding
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
Systems (Second Edition) by Wendy
Robson
The book is useful for the topic of strategic
management of information system.
3. Auditing in a Computerized Environment by
Mohan Bhatia
The book explains the fundamentals of
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

PAPER E 14: ADVANCED ACCOUNTING & FINANCIAL REPORTING
Book Name & Author
About the Book
1. International Financial Reporting Standards
(IFRS) Published by ICAP
It is the primary source and explains the topics
with illustrations and appendices.
2. Companies Ordinance 1984
Covers some relevant part of the syllabus.
3. Insurance Ordinance 2000 and Banking
Companies Ordinance 1962
Covers some relevant part of the syllabus.
4. IFRS – Interpretation and Application of
International Accounting and Financial
Reporting Standards (Wiley Series) by Barry
J. Epstein and Abbas Ali Mirza
The book contains detailed material and many
practical examples of topics included in syllabus.
Gives in-depth understanding of accounting
issues in context with the IFRS and international
pronouncements.
6. IFRS Workbook and Guide (Wiley) by Abbas
Ali Mirza, Graham J. Holt and Magnus Orrel
The concepts built by Interpretation of IFRS
series are further explained with practical
examples and understanding is enhanced.
5. Advanced Accounting (Fourth Edition) by
Simons and Karrenbrock
The book is very useful for the topic of
consolidation.
6. Book-keeping and Accounts by Spicer and
Pegler’s
The book is very useful for: consolidation of local
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)

PAPER E 15: CORPORATE LAWS
Book Name & Author
About the Book
1. Complete Company Law S. A. Salam
(Relevant topics)
Bare Law and brief explanation thereon are
included in the book.
2. Foreign Exchange Manual (Latest Edition)
by State Bank of Pakistan (Chapter No. XIX,
XX only) available at www.sbp.org.pk
Covers relevant part of the syllabus.
3. Banking Companies Ordinance, 1962
(Relevant sections only)
Covers relevant part of the syllabus.
4. Insurance Ordinance, 2000 (Relevant
sections only)
Covers relevant part of the syllabus.
5. Practical Approach to the Companies
Ordinance, 1984 by Nazir Ahmed Shaheen
(Relevant topics)
It is a useful book for understanding practical
application of law.
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

PAPER E 16: BUSINESS MANAGEMENT
Book Name & Author
About the Book
1. Strategic Management Concepts and Cases
by Fred R. David
The book ensures concept building for the topics
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
Bernardin
The book is relevant for various syllabus topics
under the mentioned grid.
4. Management and Organizational Behaviour
by Laurie J. Mullins
A comprehensive and detailed explanation of
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)

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.
Y. Khan
The book is relevant for various syllabus topics
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)

PAPER F 18: BUSINESS FINANCE DECISION
Book Name & Author
About the Book
1. Financial Management by Eugene
F. Brigham and Michael C. Ehrhardt
The book covers substantial part of the syllabus.
2. Financial Management by P. K. Jain and M.
Y. Khan
The book covers substantial part of the syllabus. A
good source for practicing.
3. Essentials of Financial Management by
George E. Pinches
The book covers substantial part of the syllabus.
4. Strategic Management – Concept and
Cases by Fred R. David
The book is very well written though covers only a
small portion of the syllabus, but is recommended
as it helps clear concepts.
5. Modern Investments and Security Analysis
by Russel J. Fuller & James L. Farrel Jr.
The book is specifically written for security
analysis. It is a good source for concept building.
6. Foundations of Finance by Keown, Petty,
Scott & Martin
The book covers substantial area of syllabus.
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

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.
Salam
The book covers all topics of syllabus, regularly
updated and also gives background of any
changes made to the law.
3. Federal Excise Act, 2005 including relevant
notifications, circulars etc. by Tariq Najeeb
Choudhry
The book covers the related topics of syllabus.
4. Practical Handbook of Income Tax by Dr.
Ikram-ul-Haq
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
These are very useful books for understanding
practical application of taxation.

PAPER F 20: ADVANCED AUDITING
Book Name & Author
About the Book
1. International Standards on Auditing,
International Auditing Practice Statements,
International Standards on Review
Engagement, International Standard
Standards on Assurance Engagement,
International Standards on Related Services
Issued by IAASB & IASC, and is published
by ICAP as Handbook
The book covers all topics of syllabus except for
Laws and Regulations related to auditing practice
applicable in Pakistan.
2. Code of Ethics for Chartered Accountants
issued and published by ICAP as Handbook
The book covers the related topics of syllabus.
3. Companies Ordinance, 1984 by Government
of Pakistan
The book contains provisions related to
appointment, removal, report etc. of auditor of
limited companies.
4. Advanced Auditing by Dr. Khawaja Amjad
Saeed
The book contains almost all syllabus areas and
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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