Message from Governor, State Bank of Pakistan

I am pleased to learn that the Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Cost and Management Accountants of Pakistan (ICMAP) have kept the tradition of giving Best Corporate and Sustainability Report Awards. Being a professional body of chartered accountants, ICAP is playing a key role in promoting accounting and auditing profession in Pakistan.
The services rendered by ICAP in standard setting, quality control and investigation in the profession of accounting and auditing are commendable. ICAP has successfully contributed in promoting corporate governance. Similarly, the ICMAP has created a niche for itself in imparting professional education of high standard. The management accountants produced by ICMAP are effectively meeting the requirements of the industry.
It is very encouraging to note that both the ICAP and the ICMAP are jointly encouraging the companies to disclose maximum information in a timely and organised manner by giving Best Corporate and Sustainability Report Awards. In the present complex corporate world, the profession of accountancy has attained a key place in the concept of accountability and transparency in the public and private undertakings. This profession is regarded as one of the most important players in the economic development of the country.
However, it must be emphasised that the profession of accountancy still has room to gear itself to pursue new levels of excellence, if it has to acquire and retain its key role in identifying problems, assessing their impact, developing the solutions and effectively managing the changes that are expected to come its way in times ahead.
It must be recognised that we live in a rapidly shrinking world and the move to a global economy has further accelerated with rising trend of international trade agreements and the advancements in the field of technology and communication. Hence, with the businesses accommodating these changes, the profession of accountancy will have to respond accordingly to meet the emerging needs of clients, employers and the public. I would also like to congratulate the winners of these awards and hope that they will continue to achieve excellence in corporate reporting in future.