The Securities and Exchange Commission of Pakistan (SECP) has advised the Institute of Chartered Accountants of Pakistan (ICAP) to strengthen its licensing regime. The SECP has taken action against certain chartered accountants' firms for non-compliance with various provisions of the 1984 Companies Ordinance, IFRS, AFRS, ISAs, audit reporting and other laws, rules and regulations.
Over the last few years, significant changes have taken place in the laws governing the practising chartered accountants and implementing those changes will not only enhance the quality of the audit and allied services provided by the chartered accountants, but also improve the credibility of the Pakistani chartered accountants throughout the world.
The SECP's suggestions to the ICAP are based on the best international practices, covering areas such as the introduction of mandatory public practice programmes, know your licensee, continued professional education, interview process and other measures that will keep the ICAP members updated on new demands of the accounting profession and equip them with the understanding of key issues that directly affect the industry.-PR
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