Institute reiterates its commitment for complete compliance to International Financial Reporting standards (IFRS) and International Standards on Auditing (ISA). ICAP is signatory to all major compliance statements issued by IFAC. IFAC has duly acknowledged Institute's achievements in this respect and have always extended their continued support.
During 1980's and 1990's, ICAP showed foresight, vision and commitment in adopting international standards. The seeds sown have now reaped the fruits and Pakistani qualified Chartered Accountants are most sought after professionals in UK and European Union for the reason that the members are fully conversant with IFRS because they are exposed to these areas as student and also in practice. Similar opportunities are expected to arise in USA in near future. This has provided a unique status for the institute in the region.
EFFORTS IN PROMOTION OF MEMBERSHIP: Institute possesses a unique status in the country with reference to marketability of its membership. ICAP members are 'highest' paid professionals in the country. For reasons identified earlier, now very reasonable employment opportunities are also available for ICAP members abroad. ICAP's strength is the quality of its alumni. Institute is totally focused in looking for the ways and means to provide maximum possible avenues for earning growth of its members.
Institute is initiating an education program for stakeholders, in general, to properly identify the value addition to the business arising from effective 'audit' function and compliance to international reporting standards.
Institute intends to promote, as far as possible, export of services such as 'outsourcing' in business processes including finance and accounting functions. ICAP's aim is that in next five years at least 25 to 30 per cent of income of its members in practice is made up of export services.
SMALL AND MEDIUM SIZED PRACTICES: Small and medium size practices can play a very important role in economies like Pakistan where a large segment of Gross Domestic Product (GDP) is contributed by businesses in SME's sector.
Growth and sustainability of SMP's has direct bearing on future of the profession. For many years large part of the business of small and medium size practices has revolved around tax practices. ICAP realises the need of forging ahead and find solutions that bring prosperity to its members which can go a long way in stabilising SMPs.
GEOGRAPHICAL GROWTH: Presently profession of chartered accountancy is largely concentrated in three large urban areas of Pakistan. ICAP plans to extend its area of operation including development of distance learning and e-based programs so that it is extensively available in greater number of cities and population of Pakistan.
Within Pakistan the Institute has opened sub offices in Faisalabad, Multan and Peshawar while human and material resources are also being strengthened at Lahore and Islamabad offices to cater local needs. With many challengers ahead in the field of accountancy and the world is becoming of global village our Institute is fully geared to meet up these challenges and look forward to contribute significantly.