TEXT: The Institute of Chartered Accountants of Pakistan (ICAP), a self-governing, autonomous body, was formed under the Chartered Accountants Ordinance, 1961 (CAO) for the purpose of regulating the accountancy profession.
It operates under the provisions of the CAO and the CA Bye-laws, 1983 (Bye-laws). The governance of the Institute vests with the Council who provides strategic direction to the Institute, formulates policies and procedures for students, membership, governance and regulatory matters.
In line with its vision ‘Enabling professional excellence while contributing towards sustainable economic development and promoting public trust’, ICAP sets forth and enforces the highest standards of qualification, education, training, professional development, service quality and ethical practices.
The Institute is always committed to promote the profession in the best public interest. ICAP plays a vital role in strengthening the regulatory framework in Pakistan through cooperation and collaboration with important policymaking institutions and regulators, including the State Bank of Pakistan (SBP), the Securities and Exchange Commission of Pakistan (SECP), the Federal Board of Revenue (FBR) and other ministries.
ICAP has representation at various regional and international forums like International Federation of Accountants (IFAC), South Asian Federation of Accountants (SAFA), Confederation of Asian and Pacific Accountants (CAPA) and Asian Oceanian Standard- Setters Group (AOSSG).
ICAP’s qualification is recognized by leading accountancy institutions like Institute of Chartered Accountants of England and Wales, CPA Canada and Chartered Accountants Australia and New Zealand (CAANZ).
ICAP ROLE IN PROFESSIONAL DEVELOPMENT OF MEMBERS
ICAP has more than 9,000 members who are playing a pivotal role in creating a high quality image of the Institute and the profession. Our members have presence in almost all sectors both locally and internationally, working in over 50 countries and in all major economies around the world. Overseas members account for approximately 25% of overall membership.
The Institute realises that apart from professional education, values and ethics are critical attributes for a professional accountant. Accordingly, professional development activities are conducted through seminars, webinars, conferences and workshops.
KEY ACTIVITIES / EVENTS OF THE YEAR
Following are the key activities and events of ICAP:
ICAP’s representations on International Accounting Forums
The Institute has always been playing a pivotal role in positioning and strengthening the CA Pakistan brand prominently on all international accounting forums. During the year, following ICAP council members have been appointed on international forums.
a. Asian Oceanic Standards Setters Group (AOSSG) appoints ICAP Representative as Vice Chair
AOSSG has appointed Mr. Rana M. Usman Khan, former Council Member and Partner Yousaf Adil, Chartered Accountants as Vice-Chair of Asian-Oceanic Standards Setters Group (AOSSG) from November 2021 for a period of two years.
b. IFAC Board appoints Mr. M. Ali Latif as Member - IFAC Small and Medium Practices Advisory Group (SMPAG)
The IFAC Board has appointed Mr. M. Ali Latif, Council Member, as Member of the IFAC Small and Medium Practices Advisory Group (SMPAG) for 2022-2024.
SERVING THE PUBLIC INTEREST AND THOUGHT LEADERSHIP
President ICAP visits ICAEW and CAW
President ICAP, Mr. Ashfaq Yousuf Tola, along with Mr. Khalid Rahman, Council Member, and Mr. Muhammad Shoaib J. Memon, Chairman UK Chapter of ICAP Members met with Ms. Julia Penny, FCA, President ICAEW on their visit to ICAEW and Chartered Accountants Worldwide. The meeting discussion brought into light various development points pertaining to ICAP and ICAEW, including setting up of a joint committee of ICAP and ICAEW for regular interactions, improvising affordable solutions to enhance the skill sets of our members and students on Anti Money Laundering, Data Analytics and ESG led Sustainable Development.
ICAP meeting with Director General ISPR
President ICAP, Mr. Ashfaq Yousuf Tola met Director General ISPR Major General Babar Iftikhar, HI (M) at ISPR Headquarters, Rawalpindi. The matters of mutual interest were discussed.
President meeting with Chairman FBR
President ICAP along with the ICAP Chairman Fiscal Laws Committee, M. Ali Latif met Chairman FBR, Mr. Asim Ahmad, and presented the Model Federal budget 2022-23 and ICAP Federal and Provincial Budget Proposals 2022-23.
The FBR was apprised that ICAP has always held a professional relationship with the government of Pakistan. As the leading accountancy body of Pakistan, ICAP is committed to playing a vital role in strengthening the regulatory framework in Pakistan through cooperation and collaboration with regulators.
President meet with the honorable Chairman Senate
President ICAP accompanied by Vice Presidents ICAP, Saifullah and Husnain R. Badami, Council Member ICAP Zeeshan Ijaz, and other senior ICAP officials visited the honorable Chairman Senate, Muhammad Sadiq Sanjrani. President ICAP highlighted the Institute’s initiatives taken for development of accounting profession in Balochistan and also discussed matters related to revision in CA Ordinance, 1961.
President’s Meet with Chief Minister Balochistan
ICAP President along with Mr. Shahab Qadir, Mr. Jehangir Khan Kakar, Mr. Masood Ahmed and Mr. Bashir Ahmed met with Mr. Mir Abdul Quddus Bizenjo, Chief Minister Balochistan at CM-Secretariat. President briefed about the ICAP initiatives taken for the promotion of CA Education in the Province which were very much appreciated.
ICAP meeting with Minister of State / Chairman Board of Investment
President ICAP met the new Chairman Board of Investment, Mr. Azfar Ahsan in Karachi and discussed matters of mutual interest.
President Connect – Presidents Fellowship Evening
ICAP organized a President Connect - Presidents Fellowship evening on November 05, 2021. The event was organized to honor previous ICAP presidents and recognize their contribution towards the profession, Institute and the country.
ICAP CONFERENCES/ EVENTS
ICAP CFO Conference
The Professional Accountants in Business (PAIB) Committee of the Institute organized the CFO Conference 2022 ‘Embracing the Role as Chief Value Officer’ on May 17 in Karachi and May 19 in Lahore. The conference was attended by 1700 finance and business professionals from renowned national and multinational organizations across Pakistan.
The Conference was rich in content and included exclusive session on CFO's Agenda for Sustainability and Integrated Value Creation by Mr. Kevin Dancey, CEO, International Federation of Accountants (IFAC), evolving role of CFOs into Chief Value Officers, Data Analytics and AI for Digital Transformation. The CFO Conference 2022 gathered leading economists, finance leaders, national and international key opinion leaders and subject matter experts.
ICAP Post Budget Conference 2022
ICAP in collaboration with the Institute’s Fiscal Laws Committee, the Economic Advisory Committee and the Regional Committees, organised the flagship conference “ICAP Post Budget Conference 2022: Pakistan’s Economy – Way Forward” on June 13, 2022.
The conference provided a platform to leading industry experts and business professionals to discuss, debate and seek pragmatic solutions of emerging budgetary, taxation and economic issues.
Mr. Miftah Ismail, Federal Minister of Finance, Govt. of Pakistan, was the chief guest and Mr. Asim Ahmad, Chairman Federal Board of Revenue was the guest of honor. The conference was well attended by professionals from the top management of renowned organizations, senior government officials, CA fraternity and tax practitioners.
CA Women Day 2022
The CA Women Committee of ICAP celebrated the CA Women's Day 2022 at ICAP Karachi, Lahore and Islamabad. The theme of this year was 'Gender equality today for a sustainable tomorrow’ # BreakTheBias. The CA Women Committee members expressed that breaking the bias is about changing the mindsets and looking beyond preconceived perceptions and notions.
ICAP Celebrated 75th Independence Day of Pakistan
ICAP celebrated the 75th Independence Day of Pakistan with great pride & enthusiasm on August 14, 2022. On this occasion, ICAP organized remarkable Flag Hoisting ceremonies at all its offices. The ceremonies full of nationalism were attended by ICAP Office Bearers, Council members, members, ICAP senior management & staff at their respective locations.
ICAP Elections 2021
ICAP successfully conducted the elections for the ICAP Council and Regional committees (Northern and Southern) on September 11, 2021. A key feature of Election 2021 was e-voting for voters that had a big impact on the turnout for the election.
STUDENTS SUPPORT PROGRAMS
Trainees’ Induction Fair
ICAP organized Trainees’ Induction Fair on December 15, 2021 and June 15, 2022 in major cities across Pakistan. The platform was set to provide training opportunities to Certified in Accounting and Finance (CAF) qualified students.
National Financial Olympiad 2021
ICAP Professional Accountants in Business (PAIB) Committee, in collaboration with Unilever Pakistan, organized National Finance Olympiad (NFO) in December 2021.
NFO, which was launched in 2015, is an excellent combination of testing skills, showcasing talent and basking in the glory of triumph, conducted every year. The exciting program encourages participants to step up their knowledge and application of accounting, finance and governance standards, facilitates networking and recognizes finance talent.
This year, ARTT Business School claimed victory while Thal Limited – House of Habib and Account Ants became the 1st and 2nd Runner Ups respectively.
Affiliates Convocation Ceremony
The Institute held first of its kind Affiliate Convocation Ceremony on December 18, 2021 and January 17, 2022 in Lahore and Karachi respectively. The objective of organizing affiliates convocation was to honor and appreciate ICAP’s affiliates contribution within the industry.
Copyright Business Recorder, 2022
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