Message from President, Institute of Chartered Accountants of Pakistan

Let me congratulate the Joint committee of ICAP and ICMAP for holding the Best Corporate Awards ceremony for the 11th consecutive year. In the year 2000, these awards were launched with an intention to encourage corporate sector to improve their financial reporting standards by providing enhanced disclosures for the benefit of the stakeholders. It is heartening to see now that the corporate sector has successfully met the objectives of accountability and transparency towards shareholders, with the result that two of our companies won the South Asian Federation of Accountants Best Presented Accounts awards last year.
I must also mention the efforts of Joint committee of ICAP and ICMAP to set up another award for sustainability reporting. Environmental consequences resulting from company's actions have a profound effect on the society and people. Reporting these effects will indeed educate general public about environmental issues, and this awareness will hopefully benefit our future generations. I must congratulate the companies who have been making sustainability disclosures voluntarily, for their concerns about society. I look forward to companies participating in the "Best Sustainability Report Awards" with the same enthusiasm and fervour as they have shown in the "Best Corporate Report Awards".
Pakistan's financial reporting framework is largely based on International Financial Reporting Standards and ICAP has been working very closely with SECP for achieving full compliance with IFRS. Further ICAP being the regulator of the accounting profession has taken steps to enhance the reliability of the financial statements prepared by listed companies through the adoption of international standards on auditing and ensuring their full compliance through a robust system of quality control enforced by an independent Quality Assurance Board.
ICAP has been playing a key role in developing the profession at the national as well as at regional and international level in bodies like SAFA, CAPA and IFAC, through its ongoing contribution to enhancing the quality of disclosure and transparency aspects of Corporate Governance. In the end, I on behalf of the Institute of Chartered Accountants of Pakistan wish to congratulate the companies which have participated in the competition for their endeavour to present high quality financial reports.