Knowledge (XXG)

Institute of Chartered Accountants of Pakistan

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profession was then being supervised and controlled by the Ministry of Commerce of the Central Government. With a view to helping the Government in discharging the necessary responsibilities with respect to the accountancy profession, the Indian Accountancy Board was established. The Board consisted of officials and practising accountants nominated by the Government. Later, in 1939, the appointment of a majority of the members on the Board was made on the elective principle. The Board was only an advisory body. The Auditors' Certificates Rules, 1932, required the passing of two examinations – Registered Accountants first and final. It further laid down the tenure of the prescribed training which was required to be completed during the period of apprenticeship. Provisions meant to regulate and control the profession were also contained therein.
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therein. A person who passed the Registered Accountants first and final examinations and who satisfied the Ministry of Commerce, Central Government of Pakistan that he had completed the prescribed practical training could have his name placed on the register maintained by the said Ministry and was entitled to use the designation 'Registered Accountant' (RA). The Companies Act, 1913, as adapted by Pakistan allowed only a Registered Accountant to act as the auditor of a public limited company, although his services could also be utilised for the audit of private companies, partnership, etc.
25: 511:. With this Ordinance, it was also necessitated for the manufacturing concern to prepare and maintain cost accounting records and to arrange cost audit on annual basis by a Chartered Accountant or a Cost and Management Accountant. It also lays down the requirements for the preparation of financial statements of unlisted companies. For listed companies the above Ordinance also made mandatory the National Accounting Standards (NAS) and other standards to be strictly followed while preparing financial statements. 355:. It has over 10,000 members working locally and globally. The institute was established on July 1, 1961 to regulate the profession of accountancy in Pakistan. It is a statutory autonomous body established under the Chartered Accountants Ordinance, 1961. With the significant growth in the profession, the CA Ordinance and By-Laws were revised in 1983. 124: 495:
amended version called the Chartered Accountants By-Laws, 1961 was published in Part 1 of the Extraordinary Gazette of Pakistan on July 1, 1961 and was enforced on that date. As of that date the Department of Accountancy and the Pakistan Institute of Accountants having served a very useful purpose for a long time were finally liquidated.
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An Accountancy Board was set up by the Government and was attached to the Sydenham College of Commerce and Economics, Bombay. This functioned till 1932. The Board was required to register apprenticeships and conduct the required examinations. The successful candidates were granted the GDA Diploma and
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On 1 April 1914, the Indian Companies Act, 1913 was passed and it was necessitated that every auditor of a public limited company must be a certified auditor by the government. The provincial governments were empowered to grant auditors' certificates but, at the same time, the central government also
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Then the Companies Act of 1885 was passed. Regulations 83–94 of Table A contained in the First Schedule provided for the audit of accounts of the companies adopting that table and for the appointment, remuneration and duties of the auditors. In those times, it was not necessary for an auditor to be a
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In the Indian subcontinent there were a few British firms of accountants, but they were so busy that their services were not available to the general public. The public companies used to appoint a European auditor for safeguarding the interests of the European shareholders, and an Indian auditor with
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During this period, an advisory body called the 'Council of Accountancy' was set up under Auditors' Certificates Rules, 1950 and recommended the establishment of the Institute of Chartered Accountants in Pakistan. The Government accepted the recommendations and the Department of Accountancy assisted
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From 1994, a Pre-entry Proficiency Test (PPT) was introduced to determine the suitability of candidates before being registered as Trainee Students/Full Time Students. PPT was mandatory for all entrants except those who were exempt from PPT but later when a new policy was introduced in 2014, it was
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on March 3, 1961 and was published in Part 1 of the Extraordinary Gazette of Pakistan on March 10, 1961. The Institute of Chartered Accountants of Pakistan came into being on July 1, 1961. A draft of the Chartered Accountants By-Laws was also prepared and published for inviting public comments. The
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The course of CA by ICAP involves 4 stages named PRC, CAF, CFAP and MSA. PRC stage has 5 papers, CAF stage has 2 groups (group A and group B) 4 papers in group A and 4 papers in group B, CFAP stage has 6 papers and MSA stage has 2 papers but in-between after CAF stage there is a period of mandatory
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Keeping in view the convergence, undergone by the major economies of the world such as United States of America, China and Canada, of the International Financial Reporting Standards with respective local GAAP, the demand for IFRS specialists is increasing. The Institute of Chartered Accountants of
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At that time there was no provision of any kind for the training and examination of the accountants. The government of Bombay was the first provincial government to take a constructive step in the direction of organising the profession. In 1918, it instituted the Government Diploma in Accountancy
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In 1932, the Government framed rules under Section 144 of the companies Act, 1913, called Auditors' Certificates Rules, 1932. The objectives of the rules, broadly, were to register apprenticeships, to conduct examinations, and to control and regulate the profession of auditing. The accountancy
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After independence, Pakistan adopted the Auditors' Certificates Rules 1932 with certain amendments in 1950, and thus the auditing profession was administered under the Auditors' Certificates Rules, 1950. The Rules of 1950 were generally based on the old rules with some amendments incorporated
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The ICAP Council governs the Institute under the provisions of the Chartered Accountant Ordinance, 1961 and the CA by-laws. The Council has a four-year term, and consists of 19 members: 15 members elected by chartered accountants among themselves, and four nominated by the
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reserved the right to recognise members of certain professional bodies as qualified auditors without obtaining an Auditor's Certificate from the government. Consequently, the members of the English, Scottish, and Irish Institutes of Chartered Accountants and the English
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In 1952, the Registered Accountants formed a private body known as 'Pakistan Institute of Accountants' with the object of looking after their own interest and taking up with the Ministry of Commerce, Government of Pakistan, matters affecting the accountancy profession.
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The Pakistan Accountant is the professional flagship publication of the Institute. It is intended to serve as a forum for disseminating information on auditing and accounting practices, business and finance, and topics of current national and international interest.
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The Chartered Accountants By-Laws provided for the formation of regional committees to look after the interests of their members. The members are divided into two classes – namely, Associate Chartered Accountants (ACA) and Fellow Chartered Accountants (FCA).
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The course of ICAP involves a blend of theoretical education and practical training which runs for a period of approximately 6 years and equips a student with knowledge, ability, skills and other qualities required of a professional accountant.
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they could practise if they had previously received training as apprentices with a practising accountant. The Accountancy Board was also required to advise the Government on all matters relating to accountancy and the Government.
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In June 1959 the Department of Accountancy was established in the Ministry of Commerce with a Controller of Accountancy to deal with the profession instead of a Section Officer.
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Through the Members Information & Education Series (MIES) the Institute hopes to promote the integration of best practices and sound judgment among members.
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the objectives of safeguarding the interests of the Indian shareholders. The audit of financial statements were conducted under the Companies Act 1850.
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called GDA and made regulations for the examination and training of those who wanted to obtain that Diploma and certificate to practise.
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In December 1984, the Companies Act, 1913 was replaced by the Companies Ordinance, 1984 with an order by the President of Pakistan
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Saeed, Prof. Dr. Khawaja Amjad, Auditing: Principles & Procedures, Lahore: Institute of Business Management, 1993 pages 18–22.
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These publications form the body of literature that fosters the Institute's policy of promoting education and research.
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by the officials of the Institute and a number of its members prepared the Draft Ordinance to be passed.
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Pakistan (ICAP) has introduced a diploma in IFRS to prepare the candidates to avail such opportunities.
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International Federation of Accountants (IFAC), South Asian Federation of Accountants (SAFA)
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established under The Chartered Accountants Ordinance, 1961 that was promulgated by the
2304:"An inspiring Journey of CA Women – The Institute of Chartered Accountants of Pakistan" 1224: 900: 832: 543: 168: 1630: 3016: 2996: 1234: 867: 338: 2624: 1912: 2541: 1743: 1064: 1763: 1693: 2450:"Our International Presence – The Institute of Chartered Accountants of Pakistan" 2874: 2579:"2nd Saudi-Pak Accountancy Seminar organised in Riyadh – Business News Pakistan" 1220: 348: 2109:"An interview with President ICAP Riaz A. Rehman Chamdia | The Financial Daily" 2950: 2425: 2402:"The Pakistan Accountant – The Institute of Chartered Accountants of Pakistan" 407: 403: 387: 2225:"Council and Presidents – The Institute of Chartered Accountants of Pakistan" 1623:"Institute of Chartered Accountant of Pakistan » Our Vision Our Mission" 437:
qualified accountant and companies used to employ lawyers as their auditors.
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where it has its own premises. The institute also has regional offices at
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http://www.icap.org.pk/wp-content/uploads/CoffeeTable/CTB/index.html#p=14
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Kanika Jenson, 1961, received the assent of the President of Pakistan,
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ICAP has over 10,750 members, out of which 25% working abroad.
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Member bodies of the International Federation of Accountants
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and tools are available to assist in formatting, such as
1913:"Ahmad Saeed elected president ICAP – Business Recorder" 1502:
Institute of Cost and Management Accountants of Pakistan
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The following is a list of presidents of the institute:
1790:"Asad Ali Shah Jilani appointed director K-Electric" 2984: 2928: 2852: 2776: 2665: 313: 303: 295: 281: 267: 253: 237: 227: 190: 178: 164: 146: 138: 130: 2382:. Institute of Chartered Accountants of Pakistan. 1089:Muniff Ziauddin & Co., Chartered Accountants 2542:http://www.icapuaechapter.com/contact-us.aspxand 2154:"Iftikhar Taj elected as president ICAP Council" 1744:"ICAP elects office-bearers – Business Recorder" 1532:"Institute of Chartered Accountants of Pakistan" 1507:Pakistan Institute of Public Finance Accountants 448:Society of Incorporated Accountants and Auditors 2031:"ICAP Council unanimously elects President, VP" 1669:"ICAP initiates reviewing of financial reports" 1100:A.F. Ferguson & Co., Chartered Accountants 16:Pakistani professional accountancy organization 2219: 2217: 2215: 1512:Securities and Exchange Commission of Pakistan 1492:Association of Chartered Certified Accountants 1451:Confederation of Asian and Pacific Accountants 335:Institute of Chartered Accountants of Pakistan 108:Institute of Chartered Accountants of Pakistan 2640: 1788:Report, BR Web Desk | Recorder (2020-01-29). 928:A. R. Suriya & Co, Chartered Accountants 8: 1814:"Saqib Masood elected ICAP council chairman" 107: 38:, which are uninformative and vulnerable to 3023:Professional associations based in Pakistan 2609:, Lahore: Institute of Business Management. 1474:ICAP has two full overseas centers, one in 53:and maintains a consistent citation style. 2647: 2633: 2625: 796:M/s Amin & Co., Chartered Accountants 525: 343: 122: 114: 106: 3033:Pakistan federal departments and agencies 95:Learn how and when to remove this message 2616:, And it can be viewed using this link, 2273:"Symbolising Growth :Annual Report 2013" 2178:"ICAP elects office-bearers for 2022-23" 1933:"Briefing: ICAP delegation meets AJK PM" 1445:International Accounting Standards Board 1281: 1208: 3043:Government agencies established in 1961 2605:Saeed, Prof. Dr. Khawaja Amjad (1993), 1523: 1497:International Federation of Accountants 1439:International Federation of Accountants 1392:The publications of the Institute are: 1189:MALIK AMJED ZUBAIR TIWANA CHAIRMAN, FBR 1107:Council members and government nominees 450:were recognised as qualified auditors. 366:The head office of the institute is in 2249:"Chartered Accountant Ordinance, 1961" 2130:"ICAP awards RDAI certificate to NUST" 1958:"Partners : ICAP, CIPFA sign MoU" 1719:"Best 2005 corporate awards announced" 1482:, where students can appear in exams. 1128:KHURSHEED KOTWAL, FCA (Vice President) 846:Chartac Business Services (Pvt.) Ltd. 1608: 1606: 1604: 1602: 1600: 1457:South Asian Federation of Accountants 1384:completely excluded from the course. 1179:The current government nominees are: 7: 2607:Auditing: Principles and Procedures 342: 45:Please consider converting them to 1131:ZEESHAN IJAZ, FCA (Vice President) 1039:Professionals' Academy of Commerce 14: 1983:"ICAP to organise CFO conference" 1396:An Inspiring Journey of CA Women 1165:MUHAMMAD SAMIULLAH SIDDIQUI, FCA 344:ادارہَ محاسبانِ منشوری ، پاکستان 115:ادارہَ محاسبانِ منشوری ، پاکستان 23: 3038:1961 establishments in Pakistan 2522:Chartered Accountants Worldwide 2007:"Yousaf elected ICAP president" 1463:Chartered Accountants Worldwide 1183:SENATOR MOHAMMAD ISHAQ DAR, FCA 1125:FARRUKH REHMAN, FCA (President) 1052:Pakistan International Airlines 492:Field Marshal General Ayub Khan 701:Hameed Chaudhri & Company 562:Ministry of Finance (Pakistan) 182:Chartered Accountants Avenue, 49:to ensure the article remains 1: 2278:. Icap.org.pk. Archived from 2084:"ICAP office-bearers elected" 113: 2659:Member Bodies and Associates 1534:. 2008-06-21. Archived from 1067:Hussain Chaudhury & Co. 549:First Accountant of Pakistan 2498:"Member Bodies – esafa.org" 868:Syed Mohammad Shabbar Zaidi 676:BKR International Pakistan 3064: 1434:The ICAP is a member of: 1430:International affiliations 1192:JAMEEL AHMAD GOVERNOR, SBP 953:Rusell Brad Ford Pakistan 560: 347:, ICAP) is a professional 2376:"The Pakistan Accountant" 1839:"ICAP appoints president" 1186:AKIF SAEED CHAIRMAN, SECP 807:First Paramount Modaraba 121: 112: 2612:ICAP Coffee Table Book, 2583:businessnewspakistan.com 2474:"Membership : CAPA" 2683:ICMAI (formerly ICWAI) 2380:The Pakistan Accountant 2057:"ICAP elects president" 1408:The Pakistan Accountant 1278:Evolution of membership 1141:ASHFAQ YOUSUF TOLA, FCA 977:Hassan Naeem & Co. 212:24.984167°N 67.035444°E 3028:Accounting in Pakistan 2614:A journey through time 2559:www.thefreelibrary.com 2332:www.thefreelibrary.com 1868:www.thefreelibrary.com 1415:Technical e-Newsletter 1153:HUSNAIN R. BADAMI, FCA 1021:Riaz A. Rehman Chamdia 873:PricewaterhouseCoopers 804:Pir Mohammad A. Kaliya 783:PricewaterhouseCoopers 755:PricewaterhouseCoopers 713:PricewaterhouseCoopers 649:PricewaterhouseCoopers 152:; 63 years ago 1478:and the other one in 1159:MOHAMMAD MAQBOOL, FCA 996:Hafiz Mohammad Yousaf 737:Syed Masoud Ali Naqvi 698:Abdul Hameed Chaudhri 173:President of Pakistan 723:Muhammad Yousuf Adil 276:Ms. Khursheed Kotwal 217:24.984167; 67.035444 142:Ministry of Commerce 2253:pakistancode.gov.pk 1962:The Express Tribune 1937:The Express Tribune 1892:The Express Tribune 1162:MUHAMMAD AWAIS, FCA 1086:Muhammad Ali Latif 1075:Ashfaq Yousuf Tola 974:Naeem Akhtar Sheikh 936:Shaikh Saqib Masood 815:A. Husain A. Basrai 621:Abdur Raouf Shaikh 208: /  109: 2182:www.thenews.com.pk 2158:www.thenews.com.pk 2134:www.thenews.com.pk 2055:PPI (2016-09-11). 2011:www.thenews.com.pk 1987:www.thenews.com.pk 1215:Number of members 1156:KHALID RAHMAN, FCA 1147:ARSLAN KHALID, FCA 1114:Federal government 1048:Khalilullah Sheikh 1007:Nadeem Yousuf Adil 925:Abdul Rahim Suriya 911:Syed Asad Ali Shah 854:Zafar Iqbal Sobani 765:Ahmad Dawood Patel 509:General Zia-ul-Haq 309:>approx. 75,000 262:Mr. Farrukh Rehman 239:Official language 3010: 3009: 2208:. 3 January 2023. 2206:www.nation.com.pk 1400:Coffee Table Book 1376: 1375: 1275: 1274: 1174:SHAHAB QADIR, FCA 1168:M. ALI LATIF, FCA 1104: 1103: 1025:Ernst & Young 999:NCBMS Consulting 965:Mazars Consulting 950:Rashid Rahman Mir 887:Ernst & Young 858:Hub Power Company 793:Shaukat Amin Shah 779:Najam I. Chaudhri 769:Ernst & Young 688:Ernst & Young 663:BDO International 659:Ebrahim Dahodwala 629:Aftab Ahmed Khan 596:Vasim Aon Jafarey 331: 330: 150:July 1, 1961 105: 104: 97: 55:Several templates 3055: 2649: 2642: 2635: 2626: 2593: 2592: 2590: 2589: 2575: 2569: 2568: 2566: 2565: 2551: 2545: 2539: 2533: 2532: 2530: 2529: 2514: 2508: 2507: 2505: 2504: 2494: 2488: 2487: 2485: 2484: 2470: 2464: 2463: 2461: 2460: 2446: 2440: 2439: 2437: 2436: 2422: 2416: 2415: 2413: 2412: 2398: 2392: 2391: 2372: 2366: 2365: 2363: 2362: 2348: 2342: 2341: 2339: 2338: 2324: 2318: 2317: 2315: 2314: 2300: 2294: 2293: 2291: 2290: 2284: 2277: 2269: 2263: 2262: 2260: 2259: 2245: 2239: 2238: 2236: 2235: 2221: 2210: 2209: 2198: 2192: 2191: 2189: 2188: 2174: 2168: 2167: 2165: 2164: 2150: 2144: 2143: 2141: 2140: 2126: 2120: 2119: 2117: 2116: 2105: 2099: 2098: 2096: 2095: 2080: 2071: 2070: 2068: 2067: 2052: 2046: 2045: 2043: 2042: 2027: 2021: 2020: 2018: 2017: 2003: 1997: 1996: 1994: 1993: 1979: 1973: 1972: 1970: 1969: 1954: 1948: 1947: 1945: 1944: 1929: 1923: 1922: 1920: 1919: 1909: 1903: 1902: 1900: 1899: 1884: 1878: 1877: 1875: 1874: 1860: 1854: 1853: 1851: 1850: 1835: 1829: 1828: 1826: 1825: 1810: 1804: 1803: 1801: 1800: 1785: 1779: 1778: 1776: 1775: 1764:"ICAP president" 1760: 1754: 1753: 1751: 1750: 1740: 1734: 1733: 1731: 1730: 1715: 1709: 1708: 1706: 1705: 1694:"ICAP president" 1690: 1684: 1683: 1681: 1680: 1665: 1659: 1658: 1656: 1655: 1641: 1635: 1634: 1629:. 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Afzal Munif 671: 667: 666: 660: 657: 653: 652: 646: 643: 639: 638: 635: 631: 630: 627: 623: 622: 619: 615: 614: 611: 607: 606: 603: 599: 598: 593: 589: 588: 585: 581: 580: 577: 573: 572: 569: 565: 564: 559: 556: 552: 551: 546: 544:Syed Osman Ali 541: 537: 536: 533: 530: 520: 517: 504: 501: 472: 469: 463: 460: 442: 439: 433: 430: 424: 421: 419: 416: 329: 328: 315: 311: 310: 307: 304: 301: 300: 297: 293: 292: 287: 282: 279: 278: 273: 268: 265: 264: 259: 254: 251: 250: 241: 238: 235: 234: 231: 228: 225: 224: 192: 188: 187: 180: 176: 175: 169:Body corporate 166: 162: 161: 148: 144: 143: 140: 136: 135: 132: 128: 127: 119: 118: 103: 102: 47:full citations 31: 29: 22: 15: 13: 10: 9: 6: 4: 3: 2: 3060: 3049: 3046: 3044: 3041: 3039: 3036: 3034: 3031: 3029: 3026: 3024: 3021: 3020: 3018: 3003: 3000: 2998: 2997:CPA Australia 2995: 2993: 2990: 2989: 2987: 2983: 2977: 2974: 2972: 2969: 2967: 2964: 2962: 2959: 2957: 2954: 2952: 2949: 2947: 2944: 2942: 2939: 2937: 2934: 2933: 2931: 2927: 2921: 2918: 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