Message from President, ICAP

I take this opportunity to congratulate the Joint committee of ICAP and ICMAP for holding the 9th Best Corporate Awards 2008 ceremony. Winning the prestigious Best Corporate Report Award has increasingly become a target of many companies, which demonstrates the wide recognition of this award as the benchmark for excellence in corporate reporting.
The awards are aimed at promoting greater and more effective communication of financial and other information by companies to their stakeholders through the publication of timely, informative, factual and reader friendly annual reports. It also aims to foster a spirit of competitiveness amongst companies in striving for excellence in corporate reporting and to promote the continual improvement of corporate reporting in Pakistan.
There is no doubt that the stakeholders, especially investors equate high quality annual reports as an integral part of high quality management and Corporate Governance. By providing relevant, concise and comprehensive information to the investors through their annual reports, the companies help the investors to understand their operating and financial performance, including the status and viability of shareholders investments.
Such information is mostly provided in the annual reports that are the single most important source of information that the public relies upon in making sound investment decisions. Thus, the purpose of Best Corporate Report Award is to recognise those companies who have provided most appropriate information in their annual reports that will be useful to the investors.
It is obvious that the companies who have participated, and especially those who have won these awards, demonstrate their commitment to the principle of transparency - the full and timely disclosure of information. Out of total 683 companies listed at Karachi Stock Exchange, 194 companies have taken part in this competition this year. ICAP is rendering invaluable services towards promoting transparency and accountability in Pakistan's corporate sector. With due adherence to professional ethics, professionalism and discipline, the profession has brought about a marked improvement in corporate governance and high quality financial reporting in the country.
Moreover, adoption and implementation of international standards on financial reporting and auditing, made possible due to ongoing efforts of ICAP, jointly with the apex regulators (SECP and SBP) has led to greater comparability and transparency of financial information.
The institution of this award has been a step in the right direction, which has not only resulted in further improvement in the level of compliance with the applicable financial reporting standards, but it has actually resulted in reporting and disclosure that goes beyond compliance.
While Pakistan's financial reporting framework is largely based on International Financial Reporting Standards, ICAP and SECP have agreed in principle to achieve full convergence with IFRSs by end of this year to further raise the level of our financial reports to the best in the world. For this purpose, ICAP is working very closely with SECP, and has already submitted its proposals for changes in the Companies Ordinance, 1984 to achieve full alignment with the IFRS.
Together with these endeavors, ICAP, which is the regulator of the accounting profession under the CA Ordinance, has taken steps to enhance the reliability of the financial statements prepared by listed companies through the adoption of international standards on auditing and ensuring their full compliance through a robust system of quality control enforced by an independent quality assurance board.
I again reemphasize that the core of a transparent and accountable corporate sector is the commitment to ethical behaviour by everyone involved in the financial reporting framework ICAP has exemplified as a key participant in developing the profession nationally and internationally, at the regional and global level in bodies like SAFA, CAPA and IFAC, and through its ongoing contribution to enhancing the quality of disclosure and transparency aspects of Corporate Governance.
However, the objectives of high quality financial reporting cannot be achieved without the support of regulators, such as SBP and SECP, our partner institution ICMAP and the Corporate entities who are themselves. This ceremony is further proof of our Corporate sector's dedication to the development of high quality corporate reporting to meet the needs of various stakeholders.
In the end, I on behalf of the Institute of Chartered Accountants of Pakistan commend you for your endeavors in producing high quality financial reports, participating in this program and making it a great success. Finally, my heartiest felicitations to those who have are adjudged the best.