Message from adviser to the Prime Minister of Pakistan on Finance, Revenue, Economic Affairs and Statistics

I am pleased to learn that the Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Cost and Management Accountants of Pakistan (ICMAP) are jointly organising the Best Corporate Report Awards Ceremony. The world is changing at a rapid pace and the accounting profession must come up to the international standards of accounting and good corporate governance.
Having said that there is still a need for creating a change in the thinking of the Corporate Sector, as the old system of protectionism cannot work in this global challenging atmosphere, what we need is transparency in governance and decision making through greater financial and non-financial information to the stakeholders. In order to maximise dividend of the global opportunity the corporate sector has to improve the corporate governance even in tightly hold ownership companies.
The Best Corporate Report Awards would certainly take us towards greater transparency in disclosure of Annual Accounts and to strengthen Good Governance Practices in the corporate sector. These awards would also narrow the credibility gap which exists between the various stakeholders and the management of the companies. It is hoped that the level of reliance by all the stakeholders on the corporate reports and Annual Accounts will significantly improve in the years to come.
The accounting profession would need to make basic changes in the accounting system to establish its independence, ethical standards and a high level of professional expertise. Mere declaration of intent is not enough. Things should be transparent and fulfil the demands and needs of all the stake-holders and the society at large. If the accounting profession fails to accomplish its desired objectives, alternate sources of activities might emerge which will never be a substitute to the exceptionally good work done by the accountants and this will create undesirable void which will not be welcome by any strata of society.