The Institute of Chartered Accountants of Pakistan (ICAP) on Friday held a workshop on 'Challenges facing SMPs in Pakistan' at ICAP House. The Council of the Institute had invited Philip Cowperthwaite, FCA, Member of the IAASB steering committee, to share his experience with ICAP members. Nazir Ahmad, Vice President (North) also spoke on the subject.
The objective of the workshop was to facilitate the practising members in the small and medium practices in understanding the issues and benefits of the clarified ISAs from SMP's perspective. Since 1986, Cowperthwaite has been actively involved in setting auditing and assurance standards with the Canadian Institute of Chartered Accountants (CICA). Cowperthwaite is currently chairing the task forces on compilation engagements and engagements to review historical financial statements and is a member of the IAASB steering committee.
The session was largely attended and proved to be very interactive and helped the practitioners to discuss how the standards can be implemented in Pakistan in a culturally appropriate manner. Abdul Rahim Suriya, chairman of Continuing Professional Development Committee, was also present.
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