Embracing the role as Chief Value Officer:The Institute of Chartered Accountants of Pakistan (ICAP)

TEXT: The Institute of Chartered Accountants of Pakistan (ICAP) was established on July 1, 1961 with the prime objective of regulating the profession of accounting in Pakistan. It was due to the vision and the foresight of predecessors that today ICAP is the premier regulatory body for the development and regulation of the profession in the country.

ICAP has indeed come a long way from a small band of members to currently above nine thousand professionals. Today our professionals are recognized and respected globally for their technical expertise and adherence to ethics and integrity.

The repute and the standing that ICAP commands today is due to the determination, professional competence and know how shown by the members and the leadership. The Institute was envisioned and established to regulate the accountancy profession in general, particularly the auditing profession and is responsible for imparting Chartered Accountancy qualification in the country. ICAP offers great services to the nation by fostering and nurturing the young talent for leadership through its robust education and examination system throughout the years producing high caliber professionals.

In addition, ICAP plays its role in strengthening the regulatory framework in Pakistan through working in cooperation with key policy making institutions and regulators including the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan, the Federal Board of Revenue and other ministries.

Role of ICAP within the country:

ICAP members have played a key role in reforming and building institutions with a number of senior members still serving the boards of leading public and private sector companies. Professional accountants have a critical role in accelerating the progress of our country towards economic stability.

Accountants who work for private organizations also contribute substantially to the growth of the economy using their experience in improving business performance which spurts economics development in the country.

ICAP continues to support and facilitate its members as well as the government, the regulators and the business community. 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 the premier institution which produces qualified accountants, who only in high demand within the country and have also made a mark for themselves outside Pakistan.

ICAP’s journey has been a test of endurance. The Institute has come a long way from a small community of Registered Accountants to what it is today – a professional body of more than 9000 members.

Copyright Business Recorder, 2022