ICMA Pakistan: ICAP Profile – Supplements

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TEXT: The Institute of Chartered Accountants of Pakistan (ICAP), an autonomous and autonomous body, was established under the Chartered Accountants (CAO) Ordinance 1961 for the purpose of regulating the accountancy profession. It operates under the provisions of the CAO and CA Bye-laws, 1983 (Bye-laws). Governance of the Institute rests with the Board which provides strategic direction to the Institute, formulates policies and procedures for students, members, governance and regulatory matters.

ICAP sets and applies the highest standards in qualification, education, training, professional development, quality of service and ethical practices and is always committed to promoting the profession in the best public interest. The Institute plays a key role in strengthening the regulatory framework in Pakistan through cooperation and collaboration with important political and regulatory institutions, including the State Bank of Pakistan (SBP), the Securities and Exchange Commission of Pakistan (SECP), Federal Board of Revenue (FBR) and other government departments.

ICAP is represented in various regional and international forums such as the International Federation of Accountants (IFAC), the Federation of Accountants of South Asia (SAFA), the Confederation of Accountants of Asia and the Pacific (CAPA) and the Asia and Oceania Standard Developers Group (AOSSG). ICAP continues to focus on expanding agreements with international accounting bodies and has signed a memorandum of understanding with ICAEW, CPA Canada and the Chartered Accountants of Australia and New Zealand (CAANZ).

ROLE OF ICAP IN THE PROFESSIONAL DEVELOPMENT OF MEMBERS ICAP has approximately 9,000 members who play a central role in creating a quality image of the Institute and of the profession. Our members are present in almost every industry both locally and internationally, working in more than 44 countries from all major economies around the world. Foreign members represent around 28% of all members.

The Institute realizes that in addition to professional training, values ​​and ethics are essential attributes for a professional accountant. To this end, professional development activities are offered through seminars, webinar conferences, online CPD activities and workshops.

RESEARCH COLLABORATION WITH UNIVERSITIES

The Institute collaborated with a leading university on the ICAP-Universities Accounting Research Program. This program envisions a mutually beneficial partnership between ICAP and leading universities in Pakistan within a defined framework with the aim of promoting research in areas such as finance, accounting, auditing, corporate governance and governance. taxation. For this, ICAP and IBA have formed ICAP-IBA Research Unit (IIRU) with the aim of promoting research and development in Pakistan.

ICAP-IBA RESEARCH UNIT – GRANT SIGNING CEREMONY

A call for research proposals was launched in November 2020 for which a number of proposals were received across Pakistan and three proposals were shortlisted. Grant agreement signing ceremonies were held in Karachi, Faisalabad and Lahore this year with the respective award recipients and representative universities.

INCUBATION CENTER – PROMOTING INNOVATION

In order to promote innovation and entrepreneurship among its members and students, the Institute has set up an ICAP Incubation Center. IThrive’s incubation center will provide for a period of twelve months, basic office infrastructure and related facilities, as well as mentoring and support for budding entrepreneurs to get them started in accounting businesses. and in finance.

DIGITAL FINANCIAL REPORTING IN PAKISTAN – IXBRL

The Institute is developing an iXBRL financial reporting taxonomy in coordination with SECP. During the year, the iXBRL Taxonomy for Non-Specialized Businesses was completed by the international supplier XBRL Fujitsu and is currently under review by the ICAP Technical Services Department. This taxonomy is based on the IFRS 2020 taxonomy published by the IASB with extensions created for presentation and disclosure requirements under the Companies Act 2017.

ICAP MOBILE APPLICATION

The Institute has launched ICAP Mobile App – A Digital Gateway to All Your Facilitation Needs. The app will improve the Institute’s service delivery, allow members and students to pay fees, submit forms, update CPD details and record, access technical credentials, connect with other members, access online study resources, exam schedules, access your results and your admission card. and much more at the touch of a button. The app is available on Google Play Store and App Store.

PRACTICE REVIEW AND SUPPORT PROGRAM

To strengthen our SMPs in accordance with the best practices in force, the Institute has set up the Audit Practice Review & Support program for the conduct of firm examinations and firm assignments not rated by the quality control review (QCR) engaged in audits, insurance or related services. The program came into effect on October 1, 2020.

ICAP VIRTUAL LAUNCH (DMCC DIRECTORATE) WATER OFFICE

The ICAP DMCC – UAE Virtual Branch Launch Ceremony was held this year with the aim of making CA Pakistan a truly global qualification with its education and training partners across the globe. The UAE Chapter represents the largest community of ICAP members abroad. The Chapter Management Committee aims to raise awareness of CA Pakistan in the local market and increase member engagement by regularly organizing events related to CPD, networking, conferences and social engagements for the benefit of members.

LAUNCH OF THE BOOK “AN INSPIRING JOURNEY OF CA WOMEN”

An “Inspirational Journey of CA Women” hybrid book launch was hosted by the CA Women Committee on February 4, 2021 at ICAP Karachi. The launch was attended by the CA Women’s Fellowship, virtually and also in person. This book shares many historical and current facts and figures about the growth and diversity of women in public accounting over the decades.

WOMEN’S DIGITAL DIRECTORY CA 2021

The CA Women Committee has introduced the concept of a digital directory which gives the opportunity to all women members to present their profile. Now companies can easily find potential women for their board with relevant experience / qualification. The Committee also requested accelerated support from the PSX platform for this initiative.

CA PAKISTAN 2021 GOLF TOURNAMENT

ICAP hosted a CA Pakistan 2021 Golf Tournament on March 12-13, 2021 in Royal Palm, Lahore.

The tournament was graced by the presence of 102 golfers, including senior professionals, amateurs, senior veterans, ladies, masters and guest golfers. Punjab Governor Chaudhry Muhammad Sarwar was the guest of honor at the 2021 golf tournament.


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