TEXT: The Institute of Chartered Accountants of Pakistan (ICAP), a self-governing, autonomous body, was formed under the Chartered Accountants Ordinance, 1961 (CAO) for the purpose of regulating the accountancy profession. It operates under the provisions of the CAO and the CA Bye-laws, 1983 (Bye-laws). The governance of the Institute vests with the Council who provides strategic direction to the Institute, formulates policies and procedures for students, membership, governance and regulatory matters.
ICAP sets forth and enforces the highest standards of qualification, education, training, professional development, service quality and ethical practices and always committed to promote the profession in the best public interest. The Institute plays a vital role in strengthening the regulatory framework in Pakistan through cooperation and collaboration with important policy making institutions and regulators, including the State Bank of Pakistan (SBP), the Securities and Exchange Commission of Pakistan (SECP), the Federal Board of Revenue (FBR) and other ministries.
ICAP has representation at various regional and international forums like International Federation of Accountants (IFAC), 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, and has signed Memorandum of Understanding (MOU with ICAEW, CPA Canada and Chartered Accountants Australia and New Zealand (CAANZ).
ICAP ROLE IN PROFESSIONAL DEVELOPMENT OF MEMBERS ICAP has around 9,000 members who are playing a pivotal role in creating a high quality image of the Institute and the profession. Our members have presence in almost all sectors both locally and internationally, working in over 44 countries of all major economies around the world. Overseas members account for approximately 28% of overall membership.
The Institute realises that apart from professional education, values and ethics are critical attributes for a professional accountant. For this, professional development activities are provided through seminars, webinars conferences, online CPD activities and workshops.
RESEARCH COLLABORATION WITH UNIVERSITIES
The Institute has collaborated with a leading university through ICAP-Universities Accounting Research Program. This program envisages mutually beneficial partnership between ICAP and leading universities in Pakistan under a defined framework with an aim to promote research in the areas, including finance, accounting, auditing, corporate governance and taxation. For this ICAP and IBA have formed ICAP-IBA Research Unit (IIRU) with the aim to promote research and development in Pakistan.
ICAP-IBA RESEARCH UNIT - GRANT AWARD SIGNING CEREMONY
A call for Research Proposals was invited in November 2020 against which a number of proposals were received across Pakistan and three proposals were shortlisted. Grant Agreement signing ceremonies were held at Karachi, Faisalabad and Lahore this year with respective award recipients an representative universities.
INCUBATION CENTER – PROMOTING INNOVATION
To promote innovation and entrepreneurship among its members and students, the Institute has set up an ICAP Incubation Centre. The IThrive incubation center will provide for a period of twelve months, basic office infrastructure and allied facilities along with mentoring and hand holding to budding entrepreneurs to enable them to embark on ventures in accounting and finance.
DIGITAL FINANCIAL REPORTING IN PAKISTAN - IXBRL
The Institute is developing iXBRL financial reporting taxonomy in coordination with SECP. During the year, the iXBRL taxonomy for non-specialized companies has been completed by the International XBRL vendor Fujitsu and is currently under review of ICAP Technical services department. This taxonomy is based on IFRS 2020 Taxonomy published by IASB with extensions created for the presentation and disclosure requirements under the Companies Act, 2017.
ICAP MOBILE APP
The Institute launched ICAP Mobile App – A digital gateway to all your facilitation needs. The App will improve service delivery of Institute, facilitate members and students to make fee payments, submit forms, update particulars and CPD record, access technical credentials, connect with other members, access online study resources, exam schedules, access your result & admit card and much more with just a tap. The app is available on Google Play Store & App Store.
PRACTICE REVIEW & SUPPORT PROGRAM
To strengthen our SMPs in line with the prevailing best practices, the Institute has rolled out the Audit Practice Review & Support Program for conducting firm and engagement review of non-Quality Control Review (QCR) rated firms engaged in audits, assurance or related services. The program has become effective from October 1, 2020.
VIRTUAL LAUNCH OF ICAP (DMCC BRANCH) UAE OFFICE
The virtual launch ceremony of ICAP DMCC Branch – UAE was organized this year with a vision to make CA Pakistan a truly global qualification with its Education and Training partners across the globe. The UAE chapter represents the largest community of ICAP overseas members. The Chapter’s Managing Committee aims at branding CA Pakistan in local market and increasing members’ engagement by regularly organizing events relating to CPD, networking, conferences and social engagements for member’s benefit.
BOOK LAUNCH OF “AN INSPIRING JOURNEY OF CA WOMEN”
A hybrid book launch of “An Inspiring Journey of CA Women” was organized by CA Women’s Committee on 4th February 2021 at ICAP Karachi. The launch was attended by the CA Women fraternity, virtually and also in person. This book shares numerous historic, as well as current fact and figures, about the growth and diversity of women in Chartered Accountancy over the decades.
CA WOMEN DIGITAL DIRECTORY 2021
The CA Women Committee introduced the concept of digital directory which gives an opportunity to all women members to showcase their profiles. Now, companies can easily find potential women board member for their Boards with relevant experience/qualification. The Committee has also sought accelerated support from PSX platform for this initiative.
CA PAKISTAN GOLF TOURNAMENT 2021
ICAP organized a CA Pakistan Golf Tournament 2021 on 12th & 13th March 2021 at Royal palm, Lahore.
The tournament was honored by the presence of 102 Golfers, including Senior professionals, Amateurs, Senior Veterans, Ladies, Master, and Guest Golfers. Governor of Punjab Chaudhry Muhammad Sarwar was the Chief Guest at the Golf Tournament 2021.