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.
In line with its vision ‘Enabling professional excellence while contributing towards sustainable economic development and promoting public trust’, ICAP sets forth and enforces the highest standards of qualification, education, training, professional development, service quality and ethical practices.
The Institute is always committed to promote the profession in the best public interest. ICAP plays a vital role in strengthening the regulatory framework in Pakistan through cooperation and collaboration with important policymaking institutions and regulators, SBP, SECP, 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), Asian Oceanian Standard-Setters Group (AOSSG), Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and “Belt & Road” National Accounting Standards Cooperation Forum (BRI Forum).
ICAP ROLE IN PROFESSIONAL DEVELOPMENT OF MEMBERS
ICAP plays 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 50 countries and in all major economies around the world. Overseas members account for approximately 25% of overall membership.
The Institute is cognizant that apart from professional education, values and ethics are critical attributes for a professional accountant. Accordingly, professional development activities are conducted through seminars, webinars, conferences and workshops for members.
KEY ACTIVITIES / EVENTS OF THE YEAR
Following are the key activities and events of ICAP:
ICAP’s representations on International Accounting Forums
• Mr. Ashfaq Tola, Chairman Reforms and Reduces Mobilization Committee has been given the status of State Minister
The Prime Minister of Pakistan has given the status of Minister of State to Mr. Ashfaq Tola, ICAP current Council member, Past President, and chairman Reforms and Resource Mobilisation Committee in December 2022.
• Asian Oceanic Standards Setters Group (AOSSG) appoints ICAP Representative as Vice Chair
ICAP has an active participation in AOSSG, which is a group of accounting standard-setters in Asian-Oceanian region and 27 jurisdictions are its members. ICAP representative, Mr. Rana M. Usman Khan is the vice chairman of the AOSSG for the term 2021-2023 and will become the AOSSG Chair for next two-year term (from Nov 2023- 2025).
• IFAC Board appoints Mr. M. Ali Latif as Member of IFAC Small and Medium Practices Advisory Group (SMPAG) •
Mr. Ali Latif, ICAP President and Council Member, has been appointed as Non-Executive Director on the Board of State Bank of Pakistan (SBP).
• He is also the member of the IFAC Small and Medium Practices Advisory Group (SMPAG) for the term 2022-2024.
• Mr. Asad Feroze, ICAP Council Member has become a member of the Sustainability group of the Chartered Accountants Worldwide (CAW)
• SAFA appoints Ms. Hina Usmani as Chairperson of the SAFA Women Leadership Committee for 2023-2024
• Asian Oceanic Standards Setters Group (AOSSG) appoints ICAP Representative as Vice Chair
ICAP has an active participation in AOSSG, which is a group of accounting standard-setters in Asian-Oceanian region and 27 jurisdictions are its members. ICAP representative, Mr. Rana M. Usman Khan (past council member) is the vice chairman of the AOSSG for the term 2021-2023 and will become the AOSSG Chair for next two-year term (from Nov 2023- 2025).
Serving the Public Interest and Thought Leadership
All Pakistan Chartered Accountants (APCA) Conference
The Overseas Coordination Committee of ICAP organized the first all-virtual CA Pakistan Overseas Convention 2023 on January 13, 2023. The convention witnessed outstanding participation, being one of the biggest virtually engaged events in ICAP's history with over 350,000 individuals across the globe involved on social media. The event hosted 23 dignitaries from across the globe, who spoke on the theme of “Seizing Opportunities from Economic Crisis”.
President IFAC, Ms. Asmaa Resmouki’s visit to ICAP
IFAC's current President, Ms. Asmaa Resmouki, visited ICAP on March 17, 2023. She appreciated ICAP’s role and the benefit to IFAC of inclusion of ICAP Members on IFAC’s Boards/Committee and other programs. In particular, she appreciated ICAP’s scholarship program, which is serving the academically bright and financially deserving students to pursue CA-Education and also acknowledged the success of diversity and inclusion drive of ICAP.
ICAP Goes Green benefiting from Renewable Energy
ICAP inaugurated its cutting-edge solar panels in August 2023, propelling ICAP’s unwavering commitment towards a greener future. The phrase “ICAP Goes Green” not only symbolizes this project but also signifies a profound shift in our mindset and approach to our environmental responsibilities.
Certificate Course on External Shariah Audit and Governance
ICAP has recently launched its first online Certificate Course on External Shariah Audit and Governance for members. The course has been designed for the existing external auditors and future aspirants for helping them develop skills to perform external Shariah audit. The course covers the latest developments in Shariah audit and governance, including best practices, regulatory requirements and international standards on Shariah audit.
ICAP carries out Awareness s & Capacity Building Sessions on Sustainability Reporting
The Accounting Standards Board of ICAP has been organizing series of seminars and webinar for members and other stakeholder’s awareness on the IFRS Sustainability Disclosure Standards (IFRS S1 & S2) recently issued by ISSB. The sessions aims to create awareness about the international framework for corporate sustainability reporting and to initiate a conversation on a synergized action plan for corporate sustainability reporting in Pakistan. The representative of IFRS Foundation also participated in the events. The Board is also reviewing the issued standards and actively working with SECP for seeking comments on the adoption and implementation of the standards in Pakistan.
Technology Assurance Certificate Cohort 2
The ICAP's Digital Assurance & Accounting Board (DAAB) has introduced a tailor-made certification course for the individuals engaged in auditing, controlling, monitoring, and assessing an organization's IT and business systems. It covers various domains including role of technology auditor, technology Governance and Risk Management, digitalization, emerging technologies and management of it.
ICAP CONFERENCES/ EVENTS
ICAP CFO Conference 2023
ICAP’s Professional Accountants in Business (PAIB) Committee organised the CFO Conference 2023 on the theme ‘Resilient CFO: Balancing the Agenda for Tomorrow’ in Karachi and Lahore in May 2023. The conference focused on the need for finance professionals to be resilient in the face of adversity and to balance individual and organizational expectations. The conference featured a variety of learned speakers and panelists and covered a wide range of topics, including leadership, skills for the future, optimization, and opportunities beyond uncertainties.
ICAP Post Budget Conference 2022
The ICAP, in collaboration with the Institute’s Fiscal Laws Committee, the Economic Advisory Committee and the Regional Committees, organised the flagship conference ‘ICAP Post Budget Conference 2023’ on June 12, 2023 simultaneously in Karachi, Lahore, and Islamabad. The conference extensively covered significant areas of direct/ indirect taxation, regulatory changes and their consequences, and the broader economy of Pakistan. The conference was honored to have the presence of the Chief Guest, Honorable Mr. Ishaq Dar, Federal Minister of Finance Pakistan.
Professional Excellence Awards 2023
The PAIB Committee organized the Professional Excellence Awards 2023 on May 15, 2023. These awards aimed to recognize members in business, including NPOs, government bodies, and other entities, for their contribution, performance, and value addition within their respective organizations. The awards recognized members’ excellence in five categories: Business Leader, Finance Leader, Overseas Member, Business Enabler, and Emerging Leader.
The Digital Technology Awards-AccounTech Congress
ICAP's DAAB introduced its inaugural ‘Digital Technology Awards-AccounTech Congress’ on August 12, 2023. The event aimed at recognizing organizations leading in Digital Technology in Accounting, Internal Audit, and Data Analytics.
SAFA Best Presented Annual (BPA) Report Awards 2021
In the last year, out of thirty one, twenty-two Pakistani companies secured top three positions in different categories of the SAFA Best Presented Annual (BPA) Report Awards 2021. Further, a Pakistani company secured the Joint Silver position for the ‘Excellence in Overall Competition’ in SAFA BPA Awards.
National Financial Olympiad 2022
ICAP PAIB Committee, in collaboration with Unilever Pakistan, organized National Finance Olympiad (NFO) in December 2022. NFO is an excellent combination of testing skills, showcasing talent and basking in the glory of triumph, conducted every year. The exciting program encourages participants to step up their knowledge and application of accounting, finance and governance standards, facilitates networking and recognizes finance talent. The Professional Academy of Commerce was the winner of NFO 2022.
Silver Jubilee Members Recognition Ceremony
The ICAP Members Recognition Ceremony was held on July 21, 2023, in Karachi. The ceremony aimed to celebrate the exceptional journeys of members with 25 or more years of dedication to the ICAP and invaluable contributions to the accounting profession and the nation's economy.
Awards were presented to honor members' outstanding achievements and commitment to professional excellence. The ceremony was graced by Chief Guest Mr. Kamran Tessori, Governor Sindh.
CA Women’s Day Celebrations 2023
The Women day was celebrated on March 6, 2023 on the theme "Celebrating the Successful Journey: Leading Towards a Promising Future" with hashtag #EmbraceEquity. The event called for gender equality in the workplace and showcased the CA Women Committee's progress in promoting the CA profession and encouraging women's participation in various professional activities.
Copyright Business Recorder, 2023
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