I am glad to learn that the Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Cost and Management Accountants of Pakistan (ICMAP) have been regularly organising Best Corporate Report Awards during the past nine years. The accountancy profession occupies a key-place in the concept of accountability and transparency in the public and private undertakings.
Hence, the profession plays a vital role in the economic development of any country. The profession will have to gear itself to pursue new levels of excellence if it has to acquire and retain the competency to identify problems, assess impact, develop solutions and effectively manage the changes that are expected to come its way. We live in a rapidly shrinking world. The move to a global economy is accelerating, thanks to international trade agreements, advances in technology, communication etc.
Businesses are adapting to these changes and the accounting profession must also respond to meet the future needs of clients, employers, and the public. I urge the professional accountancy institutes of the region to band them together and form a common forum to deal with the emerging issues. My heartiest congratulations to all the winners and everyone associated with this award ceremony.
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