Dr. Ishrat Husain, Governor State Bank of Pakistan (SBP) had a meeting with the Council Member and past Presidents of the Institute of Chartered Accountants of Pakistan (ICAP) on January 28, 2005, at ICAP House, Karachi.
The ICAP President, Mr. Zafar Iqbal Sobani made a multimedia presentation on the activities of ICAP, and informed the Governor that the Vision of the Institute of Chartered Accountants of Pakistan is “to be benchmark of professional excellence upholding the principles of integrity, transparency and accountability”. He highlighted some of the recent developments at the Institute including:
– Issue of Training Regulations and Guidelines
– Regular Meetings of Coordination Committees with SBP, SECP, and CBR.
– Development of Accounting and Auditing Standards for interest free modes of financing, and
– Establishment of a Directorate of Continuing Professional Development.
The State Bank Governor, Dr. Ishrat Husain, said that he considered ICAP to be a role model of a self regulatory Institution and often used it as a benchmark. The reasons for holding ICAP in such high esteem were:
– high standards for entry into the profession,
– requirement for Continuing Professional Development
– Weeding out those who do not maintain high professional and ethical standards
– Maintaining International Best Practices
Dr. Ishrat Husain recognized that the accounting profession had been tainted by Enron and WorldCom episodes. However, he advised that the profession should not become defensive. In view of new requirements of International Regulations, there is now a huge demand for professional accountants all over the world. He advised more bright young individuals to join the accounting profession which offer unlimited scope in Pakistan and abroad. He added that the accounting profession is very versatile and offered scope in areas of consultancy, tax, financial management, besides the core areas of auditing and accounting.
Dr. Ishrat Husain particularly stressed on the need to train young professional accountants for posting abroad to boast the countries export earnings. He pointed out that 75 – 80% of our countries export earnings could come from the service sector, reducing reliance on textiles.
On conclusion of the meeting the State Bank Governor inaugurated the extension to the ICAP Building in Karachi. The new extension would provide examination facilities for students in congenial way. In addition it will provide facilities to members including members lounge, meeting rooms and state of the art library.