The 50th Annual General Meeting of the Institute of Chartered Accountants of Pakistan (ICAP) was held recently at Lahore. In his opening remarks, ICAP President Saqib Masood while felicitating the members acknowledged that the journey till the revered golden mark has been exhilarating and fantastic, however, the real test lies in continuing beyond, aiming for new heights of success and adding value for all the stakeholders.
He further said that the Council aware of the challenges is dedicatedly working towards further development and prosperity of the Institute and the profession. In this regard he termed continued co-operation of the members, students, executives and staff and other key stakeholders as crucial.
Saqib Masood informed the members that Council is fully aware of the importance of improvement and upgradation of the education and examination system and remained focused towards aligning the scheme and syllabi with the International Education Standards and best practices. In this regard after an extensive review of the education and training scheme the Council approved a revised scheme of education, and accordingly constituted a task force to recommend the implementation of the scheme.
The President further said that the Institute remains committed towards the professional development of its members, and that in addition to the other seminars and workshops, the Institute successfully held two CFO Conferences as well as a two day international conference to mark the Golden Jubilee Celebrations. The conference on the role of Accountants and Social Responsibility drew hundreds of professionals along with delegations from ICAI, ICAB, ICASL, ICAN and SAFA. Further elaborating on the Institutes' endeavours to recognise and felicitate its professionals, he spoke of the Professional Excellence Awards held in Karachi as the first step to encourage the profession and appreciate the professionals.
Masood while speaking highlighted the contribution of the overseas members, who account for more than 24 percent of the Institute's total membership. Earlier in 2009 an Overseas Co-ordination Committee was established to enable facilitation of members residing abroad by ICAP. In this regard the President informed the members that during the year the Committee established overseas chapters of the Institute in the United Kingdom, the Kingdom of Saudi Arabia and Canada. While speaking on global affiliation he shared with members the Memorandum of Understanding (MoU) signed between the Institute and Saudi Organisation for Certified Public Accountants (SOCPA), through which both the Institutes will work together to enhance co-operation, while assisting the professional development of their members. He also elaborated on the MoU signed between the Institute and USAID Pakistan for the capacity building of the Institute and its members.
As the premier regulatory body of the profession in the country, ICAP is dedicated towards promoting responsible reporting by companies, Masood informed the members of a new award namely 'Best Sustainability Report Award'. The Criteria for the Award is based on "G3 Guidelines of Global Reporting Initiative (GRI)", an international standard on Sustainability Reporting that has also been recognised by the IFAC.
At the end, Saqib Masood while thanking the members and the Council for their support said that it was an honour to serve as the President of the Institute especially during the Golden Jubilee Year. He further stated that with the growing competition and changing dynamics of the profession complacency will not suffice; the only way forward is growing together and striking out on new paths, rather than travelling on worn paths of accepted success. He ended the session with the words of Jessica Savitch that aptly define the crux of the journey beyond. "No matter how many goals you have achieved, you must set your sights on a higher one".-PR