Institute of Chartered Accountants of Pakistan

Established through the enactment of the Chartered Accountants Ordinance, 1961 the Institute of Chartered Accountants of Pakistan (ICAP) is a professional body representing Chartered Accountants employed in public practice, business and industry.
The Institute was established to regulate the accountancy profession in general, particularly the auditing profession and is responsible for imparting Chartered Accountancy qualification in the country. ICAP offers great service to the nation by fostering and nurturing the young talent for leadership through its robust education and examination system throughout the years producing high caliber professionals.
ICAP continues to support and facilitate not only its members but also the government, the regulators and the business community at large. The Institute, being the custodian of the accounting profession in Pakistan, has gradually evolved processes to ensure transparency, accountability and good governance within the profession. Simultaneously, the Institute has firmly established itself as a premier institution which produces qualified accountants, who are not only in high demand within the country but have also made a mark for themselves outside Pakistan.
The governance of the Institute vests with the Council comprising of nineteen members. Fifteen members are elected from amongst the members for a period of four years. The remaining four are nominated by the federal government of Pakistan. The Council has overall responsibility for monitoring the development and implementation of ICAP's strategy, planning, budgeting and the development of policies.
Membership
The institute has come a long way from a very small community of Registered Accountants to what it is today - a professional body of more than 7000 members. Our members have established themselves as business leaders not only locally, but also internationally. According to the latest data, about 22% of our members are working abroad. The overseas chapters in Canada, Kingdom of Saudi Arabia (KSA), United Arab Emirates and United Kingdom ensure that our members stay connected amongst themselves and with the Institute.
Professional Development
The Institute realises that apart from professional education, values and ethics are critical attributes for a professional accountant. It upholds excellence in core competencies of the accounting profession adding value to the businesses and economy, safeguarding public interest, and aiding corporate governance in line with International best practices.
Chartered accountants are playing an important and influential role not only as the backbone of organisations in finance and accounting divisions but also as business advisors, strategists and forefront administrators.
CPD activities are provided through seminars, conferences and workshops. During the year, CPD programs through webinars was introduced whereby members could attain the desired information at the comfort of their own desk; however, we understand that the value of a live interaction still stands strong due to which seminars and workshops are also conducted in the ICAP auditorium and various hotels. Following are some activities and initiatives:
Director's Training Program
The Institute is the pioneer of corporate governance and is highly committed to creating an accountable and transparent system in Pakistan. The Institute through various initiatives continues to work in advocating corporate governance as a business case. One of the most successful initiatives in this regard is the Directors Training Program (DTP) launched in 2013. As of date, more than 500 directors have been certified under the ICAP banner.
Directors' Orientation and Training Program The Directors' Orientation and Training Program (DOTP) is directly linked with the Public Sector Companies Corporate Governance Rules, 2013 (PSC Rules) issued by Securities and Exchange Commission of Pakistan in 2013. The DOTP aims to inculcate better understanding of specific context under which directors operate, create awareness of PSC Rules and applicable laws and effectively manage the interests of the public sector companies.
Certification on Board Evaluation Techniques
The Institute launched Certification on Board Evaluation Techniques (CBET) last year. The program is specifically designed for Board Evaluation in accordance with the Code of Corporate Governance 2012.
Chartered Accountants Women's Forum
ICAP recognised the need for creating a platform for professional development and engagement of women chartered accountants and therefore established the Chartered Accountants Women Forum (CAWF) in 2011. The forum aims at providing a platform for women chartered accountants and other members to grow together.
Professional Accountants in Business Committee
Professional Accountants in Business (PAIBs) constitute a significant part of ICAP membership. They work in various roles as business and financial leaders, strategic partners and advisors to create sustainable value for their organisations. The PAIB Committee of the Institute endeavours to serve this large membership segment - by engaging them, helping them in their professional development and highlighting their great contribution to the economy as creators, enablers, reporters and preservers of value for the organisations they work for.
CFO Conference 2016
Seven years ago, the Professional Accountants in Business Committee (PAIBC) of ICAP took this initiative to reach out to its members in industry and provide them with a platform to discuss, debate and seek pragmatic solutions of emerging business and finance issues. ICAP has successfully delivered 14 conferences resulting in the participation of over 7,000 professionals across the country. For last two years ICAP is also organizing CFO Conference in the Middle-East.
ICAP PAIBC has over a period of time developed very strong connection with IFAC. Recognising our effective representation and high quality input in all IFAC PAIB Committee (IFAC PAIBC) activities and documents, IFAC has appointed past president ICAP Yacoob Suttar as deputy chair of the IFAC PAIBC. This year ICAP hosted meeting of IFAC PAIBC in Dubai on September 29, 2016, after the CFO Conference Middle East 2016.
Besides being a resourceful platform to learn about evolving strategies and dynamics of business and finance, the event also involves recognising the outstanding contributions of ICAP members for corporate sector through Professional Excellence Awards.
National Finance Olympiad
In order to engage the Professional Accountants in Business, ICAP in collaboration with Unilever Pakistan, held an engaging competition, National Finance Olympiad. The competition is aimed at providing a platform to the finance and non-finance professionals to discover their potential and unleash their talent.
Public Financial Management Conference
ICAP organised the second Public Financial Management (PFM) Conference in May 2016 in collaboration with the Chartered Institute of Public Finance & Accountancy (CIPFA). The theme of the conference, PFM for Service Delivery, highlighted the role of effective and efficient service delivery and brought together a wealth of expert speakers from Pakistan and internationally to debate and discuss the role of finance as strategic decision makers and business partners.
Small and Medium Practices
The Small and Medium Practices (SMP) Committee is actively involved in assessing the problems of Small and Medium Sized CA firms in Pakistan and trying to resolve them by bringing the matters to the attention of the Council and making appropriate recommendations for the same.
Quality Assurance
On the regulatory front, ICAP worked jointly with SECP for establishment of Independent Audit Oversight Board. The Council is also working to fast track and enhance independence of disciplinary process for which necessary changes have been made in the Bye-laws. The QCR framework has also been revised significantly. Introduction of Practice Review mechanism is also in its final stages of deliberation.
International Recognition
ICAP has representation at various international forums. Nomination on International Federation of Accountants (IFAC) and International Public Sector Accounting Standards Board (IPSASB) are few examples. On regional basis, the Institute plays its role through its nominees on South Asian Federation of Accountants (SAFA), Confederation of Asian and Pacific Accountants (CAPA), and Asian Oceanian Standard-Setters Group (AOSSG).
ICAP's continued focus to widen arrangements with international accountancy bodies especially with bodies in countries where significant number of our members resides.
ICAP has been awarded Associate membership by Chartered Accountants World-wide (CAW). ICAP is the second professional body to be admitted to the organisation since it was launched in February 2013 by leading institutes from around the world to support, develop and promote the role that chartered accountants play throughout the global economy.
ICAP SAFA Conference 2016
ICAP organised a two day South Asian Federation of Accountants (SAFA) Conference on January 29 and 30, 2016 at Pearl Continental Hotel, Lahore. The theme of the conference was South Asia: Corridor of Opportunities. More than 700 participants including diplomats, dignitaries, representatives of the SAFA countries and the media had assembled to witness the Inaugural Ceremony of the SAFA Conference 2016. The conference concluded with the SAFA Best Presented Annual Reports Awards to acknowledge the companies who have excelled in the quality of their annual reports.
Our Students
One of the primary functions of the Institute is education and training of students. Educational Reforms are a part of the Institute's effort to ensure alignment with the best practices and international standards. Following initiatives were taken by the Institute:
Edhi Talent Program
To attract the talented students from underprivileged backgrounds into the folds of CA under the umbrella of Talent Program, 38 students were given scholarship during this year which includes students from various cities covering all the provinces.
CA Pakistan Olympiad 2015
ICAP reached out to students of Intermediate (F.Sc, FA, ICS and I.Com) all across Lahore, Islamabad and Karachi to arrange a quiz competition at the respective ICAP houses on October 15, 2015. The event intended to promote intangible skills like intellectual competition, concrete decision making and camaraderie among students. A similar quiz competition was arranged for Matriculation students at Karachi, Lahore and Islamabad ICAP houses on January 26, 2016.
Training outside Practice
An overwhelming response has been observed from the companies keen to get into this fold as this is now the latest global trend and almost all major professional accountancy institutes have opened the doors for this training. This will also enable existing employees of approved training organisations who fulfill eligibility criteria to become trainees in industry and obtain membership of the Institute.
Mid-Tier Qualification
This scheme is applicable to students who have passed the Assessment of Fundamental Competencies (AFC) and Certificate in Accounting and Finance (CAF) examinations as well as certain specified subjects of the final examination along with the completion of their training period. The scheme will open up employment opportunities for our advanced level students in mid-level management which otherwise was restricted without a formal recognition.
Information Technology
The Institute has been taking a number of IT initiatives so as to keep the members abreast with the latest technology and help them offer exemplary services. Enhancement of the ICAP-ERP system is an ongoing process through which new modules are developed and linked to the main database. To improve work-life balance and reduce time spent in travel, the Institute encourages use of audio and video conferencing facilities. These facilities are available at offices located at Karachi, Lahore, Faisalabad, Multan, Peshawar and Islamabad.