The Institute of Chartered Accountants of Pakistan (ICAP), the Institute, a self-governing, autonomous body, was formed under the Chartered Accountants Ordinance, 1961 for the purpose of regulating the accountancy profession. The provisions relating to the governance of the Institute are primarily contained in the said Ordinance and the Bye-laws 1983. The governance of the Institute vests with the Council which has the overall responsibility for monitoring the development and implementation of ICAP's strategy, planning, budgeting and policies.
ICAP offers great service to the nation by fostering and nurturing young talent for leadership through its robust education and examination system throughout the years, producing high caliber professionals.
ICAP attaches highest priority to its community including members, students, firms and other stakeholders. It enables community members to form network of knowledge to keep them informed and helps them access efficiently the development opportunities and services offered by ICAP and to contribute to the interests of economy and society.
ICAP sets forth and enforces the highest standards of qualification, education, training, professional development, service quality and ethical practices. It is committed to promoting the profession in the best public interest. ICAP promotes professional excellence through developing, monitoring and enforcing the highest standards of competence and ethical conduct.
The Institute is committed to encouraging good corporate governance and has played a key role in formulating the Code of Corporate Governance issued by the Securities & Exchange Commission of Pakistan (SECP). The Institute requires its members to act with the highest ethical standards in accordance with its code of ethics.
ICAP continues to support and facilitate not only its members but also the government, the regulators and the business community at large. The Institute, being the custodian of the accounting profession in Pakistan, has gradually evolved processes to ensure transparency, accountability and good governance within the profession.
Simultaneously, the Institute has firmly established itself as a premier institution which produces qualified accountants, who are not only in high demand within the country but have also made a mark for themselves outside Pakistan.
Our Members The institute has come a long way from a very small community of Registered Accountants to what it is today - a professional body of more than 7500 members. Our members have established themselves as business leaders not only locally, but also internationally. The overseas chapters in Canada, Kingdom of Saudi Arabia (KSA), United Arab Emirates and United Kingdom ensure that our members stay connected amongst themselves and with the Institute.
Professional Development The Institute realises that apart from professional education, values and ethics are critical attributes for a professional accountant. It upholds excellence in core competencies of the accounting profession adding value to the businesses and economy, safeguarding public interest, and aiding corporate governance in line with International best practices.
CPD activities are provided through seminars, conferences and workshops. CPD programs through webinars was introduced whereby members could attain the desired information at the comfort of their own desk. Following are some activities and initiatives:
Director's Training Program The Institute is the pioneer of corporate governance and is highly committed to creating an accountable and transparent system in Pakistan. The Institute through various initiatives continues to work in advocating corporate governance as a business case. One of the most successful initiative in this regard is the Directors Training Program (DTP) launched in 2013. ICAP has held 29 programs to date certifying 549 directors from renowned organisations across Pakistan.
Directors' Orientation and Training Program The Directors' Orientation and Training Program (DOTP) is directly linked with the Public Sector Companies Corporate Governance Rules, 2013 (PSC Rules) issued by Securities and Exchange Commission of Pakistan in 2013. The DOTP aims to inculcate better understanding of specific context under which directors operate, create awareness of PSC Rules and applicable laws and effectively manage the interests of the public sector companies. Other training programs include Certification in Board Evaluation Techniques (CBET) and DTP for Public Sector.
ICAP Mentorship Program ICAP has launched Mentorship Program to facilitate its members in their professional development and help them realize their full potential by pursuing right strategies with right toolset, skillset and mindset. Our mentors' pool comprises of senior experienced professionals from industry, practice and academia.
Professional Accountants in Business Professional Accountants in Business (PAIBs) constitute a significant part of ICAP membership. They work in various roles as business and financial leaders, strategic partners and advisors to create sustainable value for their organisations. The PAIB Committee of the Institute endeavors to serve this large membership segment - by engaging them, helping them in their professional development and highlighting their great contribution to the economy as creators, enablers, reporters and preservers of value for the organisations they work for.
Female Chartered Accountants ICAP has constituted a working committee for female chartered accountants - Chartered Accountants Women's Committee (CAWC) -will work towards mentoring females to pursue CA profession and enabling female CAs to transcend the barriers and break the glass ceiling.
Small and Medium Practices The Small and Medium Practices (SMP) Committee is actively involved in assessing the problems of Small and Medium Sized CA firms in Pakistan and trying to resolve them by bringing the matters to the attention of the Council and making appropriate recommendations for the same.
Quality Assurance On the regulatory front, ICAP worked jointly with SECP for establishment of Independent Audit Oversight Board. The Council is also working to fast track and enhance independence of disciplinary process for which necessary changes have been made in the Bye-laws. The QCR framework has also been revised significantly. Introduction of Practice Review mechanism is also in its final stages of deliberation.
Audit Oversight Board The most significant recent development is the establishment of Audit Oversight Board (AOB). Both the Institute and the Securities & Exchange Commission of Pakistan (SECP) jointly felt the need and after detailed deliberation with the stakeholders, the AOB was established through amendments to the SECP Act, 1997.
Accounting Standards Board An independent Accounting Standards Board (ASB) was constituted by ICAP in March 2017. The aim behind ASB is to further strengthen financial reporting in Pakistan. It includes representatives from the Council, Securities & Exchange Commission of Pakistan (SECP), State Bank of Pakistan (SBP), Pakistan Stock Exchange (PSX), Auditor General of Pakistan (AGP), Higher Education Commission (HEC) and other stakeholders.
International Recognition and Outreach The Institute of Chartered Accountants of Pakistan (ICAP) has representation at various international fora. Nominations on International Federation of Accountants (IFAC) committees and International Public Sector Accounting Standards Board (IPSASB) are few examples.
On regional basis, the Institute plays its role through its nominees on South Asian Federation of Accountants (SAFA), Confederation of Asian and Pacific Accountants (CAPA) and Asian Oceanian Standard- Setters Group (AOSSG). ICAP continues its focus to widen arrangements with international accountancy bodies, especially with bodies in countries where significant number of our members resides.
The Institute became member of Chartered Accountants Worldwide (CAW) in February 2016. The Institute actively participates in CAW activities and uses the forum as a platform for networking with the world's renowned institutes of chartered accountants.
Institute of Chartered Accountants in England and Wales (ICAEW) recently re-introduced its Pathway Scheme that included ICAP and other professional bodies whose members are eligible to apply under the scheme.
For international recognitions of the CA qualification, ICAP HAS signed an MoU with Chartered Professional Accountants (CPA) Canada, whereby the requirement of passing two capstone examinations in addition to final examination (CFE) were made recommendatory only.
We are also making progress in our negotiations with Chartered Accountants Australia and New Zealand (CAANZ). Mutual Recognition Agreements (MRAs) and Memoranda of Understanding (MoUs) have grown in number, both nationally as well as internationally, showing our empowerment procedures on a rising curve.
Overseas Chapters The key role of the Overseas Coordination Committee (OCC), acting under the aegis of ICAP Council, is to improve interaction between ICAP and its members residing outside Pakistan and to promote participation of such members in the ICAP activities by providing them a platform to identify and address their issues and problems. Overseas members account for approximately 23% of overall membership. At present Overseas Chapters are fully functioning in United Kingdom, Bahrain, Saudi Arabia, UAE and Canada.
Our Students One of the primary functions of the Institute is education and training of students. Educational Reforms are a part of the Institute's effort to ensure alignment with the best practices and international standards.
The Institute has been attracting talented students from across Pakistan without neglecting the underprivileged segments of the society and funding them through ICAP Endowment Fund Program (since 2008) and Edhi-CA Talent Program (since 2013).
Mid-Tier Qualification This scheme is applicable to students who have passed the Assessment of Fundamental Competencies (AFC) and Certificate in Accounting and Finance (CAF) examinations as well as certain specified subjects of the final examination along with the completion of their training period. The scheme will open up employment opportunities for our advanced level students in mid-level management which otherwise was restricted without a formal recognition.
National Finance Olympiad (NFO) NFO, launched in 2015, is a finance competition for professionals working in industry and firms. In 2016, 36 teams from industry as well as firms across Pakistan participated in the competition. The third National Finance Olympiad 2017 is to be announced in the next quarter.
Vision The profession of Chartered Accountants in Pakistan is the hallmark of professional excellence, upholding the principles of integrity, transparency and accountability.
Mission To achieve excellence in professional competence and value to business and economy, safeguard public interest, ensure ethical practices and contribute to good corporate governance while recognising the needs of globalisation.