KARACHI: For promoting research in the field of Accounting and Finance, Institute of Chartered Accountants of Pakistan and Institute of Business Administration laid the foundation of ICAP-IBA Research Unit, here in a ceremony.

The two institutes expressed their intention to promote research and development in Pakistan by attracting and retaining outstanding scholars having research interest in the areas relevant to the profession, including finance, accounting, auditing, corporate governance and taxation, said a press release issued here on Tuesday.

ICAP and IBA sponsors of the IIRU would provide the requisite funding, in shape of grants to the research candidates. The unit would focus on action-oriented research, which was expected to create value and impact for relevant stakeholders. Through this initiative ICAP members, students and renowned researchers will work together as team to foster culture of research.

President ICAP, Khalilullah Shaikh said both institutes share the common vision of serving public interest and ICAP-IBA Research Unit was a great step in this direction. ICAP had been striving to foster culture of research in CAs and IIRU will help contribute towards this area.

ICAP was well represented in global accounting bodies and CAs from Pakistan were proving their mettle across the globe. The President said that the field of research had always been very close to his heart and establishment of IIRU would go a long way in inculcating research culture at ICAP, he said.

Executive Director IBA, Dr. Syed Akbar Zaidi expressed his gratitude that leading professional body had come forward to become a partner for research and development.

He said that the collaboration between the leading university and professional accounting body in the field of research will be beneficial for the research fraternity and Pakistani society. He further added that the IIRU framework has already been developed and the advertisement for call for proposals will be the next step.