President ICAP highlights recent achievementsSeptember 5, 2015
Karachi: The Institute of Chartered Accountants of Pakistan organized Meet the Press session with reporters and journalists of print and electronic media last evening.
The objective of the exercise is to reach out to the media and brief them about ICAPs recent achievements and their impact on various stakeholders i.e., members, students, government, society etc.
The council members and president of the Institute of Chartered Accountants of Pakistan (ICAP) Yacoob Suttar chaired the session along with two vice presidents Mohammad Maqbool and Syed Najmul Hussain. Feroz Rizvi the secretary/COO was also present at the occasion along with Shoaib Ahmed and Masood Akhtar, the two Executive Directors of ICAP. ICAP president briefed the media about the Institute’s accomplishments and also responded to various questions from media.
The president briefing highlighted the proposed amendments in the Chartered Accountants Ordinance, 1961, revamping of the education scheme, changes in the training regulations to enable interested students to complete their training in industry and changes in training regulations applicable for training in professional firms of Chartered Accountants.
He emphasized introducing a scheme of mid-tier qualification which is applicable to those students who have passed both the Assessment of Fundamental Competencies (AFC) and Certificate in Accounting and Finance (CAF) examinations and certain specified subjects of the Final examination along with completion of their training period.
He informed that ICAP delegation attended World Congress of Accountants (WCOA) 2014 in November 2014 in Rome, Italy. ICAP delegation held meetings with leading international institutes, which provided opportunities to explore possible areas of mutual interest, collaborations and measures for professional development of the members.
He said that ICAP in collaboration with Saudi Organization of Certified Public Accountants (SOCPA), Saudi Arabia also organized the third accounting forum Accounting and Finance: Meeting Future Challenges in April 2015 in Jeddah. The purpose of this Conference was to bring together the thought leaders from Saudi Arabia, Pakistan and worldwide to discuss the emerging issues, challenges and new trends of the profession and find their possible solutions.
The Institute has been organizing CFO Conferences since 2010. This year, the Institute went global and organized the CFO Conference in Dubai on May 2015 in addition to ones in Pakistan. The Dubai Conference was organized with the assistance of ICAP UAE Chapter. The Conference was a huge success of the year.
He highlighted that the Institute has conducted Corporate Governance training program (CG program) using training material developed by the International Finance Corporation (IFC). The objective of the training is to provide CG training to small & medium sized practices (SMPs) to build their capacity, enabling them in providing guidance to their clients.
To generate awareness about chartered accountancy profession amongst the young generation, ICAP has strengthened its outreach. Besides creating awareness in major cities we are conducting counselling sessions in smaller towns and far-flung areas all over Pakistan.
He also informed that for a smooth transition into the professional stream, Orientation Sessions were held at all ICAP stations (Karachi, Lahore, Gujranwala, Faisalabad, Multan, Islamabad, and Peshawar) to welcome new students.
During the year 2014, 17 talented students were facilitated through CA Talent Program. More than 150 students were given a scholarship through ICAP Endowment fund. Cowasjee Foundation sponsored four students and Shield Corporation Limited sponsored one student for the CA Talent program in 2014. Punjab Educational Endowment Fund (PEEF) has given scholarships to another 15 deserving CA students from Punjab for pursuing education for a period of five years.
Soft Skill workshops, CA Pakistan seminar & Job Fair and recruitment drives by Unilever and Coca Cola were also arranged for freshly qualified members to support placements.
The institute provided a distinctive platform in the form of National Finance Olympiad to finance professionals where they have exhibited their abilities and talent. The first event winner was Engro Fertilizer Limited.
He said that meeting with HR heads of leading organization were also arranged to facilitate placements and identify avenues of working together in the best interest of the economy and country.
He shared that the Institute established two new satellite offices, one in Quetta, Baluchistan and another in Mirpur, Azad Kashmir. Both the offices are now fully commissioned for providing better services to our members and students.
Revised Code of Ethics issued by IFAC in July 2014 with some amendments was adopted by the Institute and is effective for audits of financial statements for periods beginning on or after July 01, 2015.
The Institute has been constantly making efforts to identify tax areas where reforms are needed for broadening of the tax base, improving revenue collections, ensuring voluntary tax compliance and building tax payers’ confidence, leading towards tax compliant culture. In this regard, Budget proposals 2015-2016 were presented in April. The proposals contain, for the first time, a series of suggestions for administrative reforms for effective implementation of the fiscal laws, increasing tax payers’ compliance, improving quality of Human Resource of the FBR and the governance structure of the Policy Board.
The question and answer session held at the end of the press briefing in which lots of ambiguities cleared by the chairman and other committee members.
ICAP president assured the media representatives’ full support of the Institute for promotion of CA qualification in the country. He said that media can play an important role in bringing awareness about chartered accountancy in the country. The representatives thanked the ICAP team and other members for the support.