Lahore—The Institute of Chartered Accountants of Pakistan (ICAP) arranged an exclusive meetup with the leading professionals from the corporate sector at a local hotel. President ICAP, Mr. Nadeem Yousaf Adil was the Chief guest on the occasion. The event was largely attended by leading business men, top executives, representatives of public sector and senior CAs.
Khalilullah Shaikh, VP South ICAP, briefed the audience about the recent initiatives of the Institute in general and those related to industry, in particular. He explained that Accountancy, deemed as one of the oldest profession, has witnessed most changes in the business environment, some triggered by the technology, complexities and changing economies while some triggered as consequences of accounting failures. ICAP, being the flag bearer of accounting profession in Pakistan, has been promptly responding to the changed environment. Focusing on some major initiatives, such as, improved focus on professional accountants in business and industry, mid-tier certification and industrial training.
It was further explained that ICAP considers industry as its important stakeholders and believes that better industry contributes in building better society. ICAP, that already had strong footprints in top-tier management of industry, has further increased its connectivity with the industry. ICAP launched CFO conferences, National Finance Olympiad and Best Corporate Report awards in order to engage directly with the industry.
Introducing a historic decision of the Institute Khalilullah Shaikh said at the event “The Institute has decided to recognize its capable students who have completed the required practical training and passed a significant part of advanced stage of CA qualification by awarding them the ‘Professional Accounting Affiliate’ status,”.
The holder of this certificate will become an officially recognized part of the institute’s professional family and would be entitled to use the designation of ‘Professional Accounting Affiliate’ or ‘Affiliate’. He said that all those who have completed the specified papers of Final level examinations and practical training under the bye-laws would be eligible for the scheme.
Khalilullah explaining the rationale that formed the basis for another landmark decision, the industrial training, stated that modern industry is now capable of providing the required diversity and depth, complexity of businesses demands specialization more than diversification and industry exposure is most relevant exposure for career in business.