Chartered accountancy on the path towards globalisation

Globalisation is a phenomenon that lays its foundation in the concept of shared learning and development. Nations today are tying knots not only in commerce, trade and business but also in such learning fields as of culture, sciences, arts, social ethics and values.
Today a globally recognised entity - The Institute of Chartered Accountants of Pakistan began its journey on the path towards globalisation on 1st July 1961. Through the years, the Institute has established itself as one of the leading Institutes in the world, playing a vital role in upholding professional standards and integrity contributing to national and international policy formulation in the areas of accountancy profession.
Constituted under the CA Ordinance 1961, the Institute was formed as a statutory autonomous body to regulate and develop the accounting profession within the limits of the code of conduct and serve as a platform to protect the professional interest of the Chartered Accountants.
During this journey ICAP has successfully become an active member of various international accountancy bodies, such as the International Federation of Accountants (IFAC), International Accounting Standards Board (IASB), Confederation of Asian and Pacific Accountants (CAPA) and South Asian Federation of Accountants (SAFA). As member of these International bodies, ICAP is compliant with the International Financial Reporting Standards (IFRS) and International Auditing Standards (IAS).
Our ambassadors and their proficient knowledge in the application of the International standards have earned us world-wide recognition. It is for this reason that our members have earned global confidence in expressing their unique potential, exchanging innovative ideas, prompt and accurate dissemination of information and establishing high quality standards to achieve greater success in business.
With 25% of our Chartered Accountants working abroad, our professionals are being appreciated for their proficiency in managing the challenges of business and trade in 35 countries of the world. The essence of our development program is derived from the highest standards of integrity, professionalism and competence. Not only this but the Institute has given exclusive consideration to ethical guidelines to support its members and assist them in expanding their professional expertise.
Chartered Accountancy is a prestigious qualification specialising in the highly technical fields of accounting and auditing. However, Chartered Accountancy courses not only comprise of these areas of specialisation but also encompass other relevant areas such as taxation, law, business management, business finance decision and information technology.
Additionally, our students are required to complete a well-defined education and training period so that they are well aware of the practical applications of their class room studies. This process of learning gives them a vast edge over other qualifications and facilitates their understanding of business applications.
Unlike yesteryears when Chartered Accountants were thought to be backdoor accountants, our professionals are now leading the industries as frontline managers. This is because the Institute has tailored its syllabus keeping in view the latest developments in the accounting profession world-wide. Our courses offer a combination of technical and management skills that incorporates confidence in our Chartered Accountants to direct organisations as leading professionals.
Chartered Accountants are enjoying endless opportunities in capital markets, industry and consultancy firms etc. They are also engaged in activities such as auditing, preparing project reports, market research, management accounting, cost analysis, budget planning, working capital management, inventory control, policy planning, consultancy, registrar for issuance of securities etc.
Our professionals are making their mark in large multinationals and challenging new ventures through the application of their knowledge in research, analysis and interpretation of financial and non-financial data enabling them to make effective decisions.
The profession holds unlimited horizons to explore for our professionals. It is on these grounds that the Institute has derived a mission to achieve excellence in professional competence; add value to businesses and economy; safeguard public interest; ensure ethical practices and good corporate governance; while recognising the needs of globalisation.