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SECP and ICAP discuss accounting issues

KARACHI: A meeting of the coordination committee of the Securities and Exchange Commission of Pakistan (SECP) and the Institute of Chartered Accountants of Pakistan (ICAP) was held to discuss various matters relating to accountancy profession at the SECP headquarter on Friday a press release said.

Issues relating to transfer pricing, appointment of cost auditors, progress on professional misconduct cases, revision of Fifth Schedule to the Companies Ordinance, 1984, appointment of Cost Auditor, indebtedness of auditors, International Standards on Auditing 720 and notification of International Accounting Standards were also discussed.

Dr Tariq Hassan, Chairman SECP chaired the meeting attended by office bearers and President ICAP Zafar Iqbal Subhani and senior officials of SECP.

The meeting also discussed strategy for adoption and implementation of IFRS in place of IAS and ICAP sought SEC’s cooperation in this regard. The meeting also revived the status of the draft Chartered Accountants (Amendment) Bill.

The Chairman SECP stressed the need for increased coordination and cooperation between the two regulators to strengthen and bring transparency in the accounting and auditing profession, added the statement.

“Focused efforts are needed to enhance the quality of the profession through increased education and expeditious handling of disciplinary actions,” he added.

ICAP President Zafar Iqbal Subhani appreciated SECP’s cooperation and said the coordination committee will meet regularly to achieve the desired results, the press release said.

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