An Overview of ICAP Karachi

In the dynamic realm of finance and business, the role of chartered accountants remains paramount, serving as the cornerstone of financial integrity and sound decision-making. In Pakistan, the Institute of Chartered Accountants of Pakistan ICAP Karachi stands as the apex body regulating the profession. It ensuring the highest standards of competence and ethical conduct.

ICAP Karachi, the regional hub of this esteemed institution, plays a pivotal role in shaping the accounting landscape of Pakistan’s largest city. In this comprehensive guide, Graana.com delves into the rich history, strategic focus, and global positioning of ICAP Karachi, providing insights into its contributions to the profession and the wider community.

 

About ICAP Karachi

 

 

ICAP stands as a prestigious regulatory body dedicated to fostering, advancing, and supporting a community of over 10,000 Chartered Accountants. Our mission encompasses providing qualifications, facilitating professional growth and development, sharing knowledge, insights, and technical expertise, and safeguarding the value and integrity of the accountancy profession.

Established on July 01, 1961, the Institute of Chartered Accountants of Pakistan (ICAP) was founded with the primary goal of overseeing and regulating the accountancy profession in the country. Thanks to the vision and foresight of our predecessors, ICAP has evolved into the foremost regulatory authority, shaping and guiding the Chartered Accountancy Profession in Pakistan.

Furthermore, ICAP plays a pivotal role in fortifying the regulatory framework within Pakistan by engaging in cooperation and collaboration with key policymaking institutions and regulators. These partnerships include the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan, the Federal Board of Revenue, and other relevant Ministries.

 

History of ICAP

 

 

The profession of chartered accountancy gained recognition only in the latter half of the 20th century with the establishment of The Institute of Chartered Accountants of Pakistan (ICAP), despite accounting itself having a history spanning hundreds of years.

 

1950s

The Federal Ministry of Commerce initially regulated the accounting profession, overseeing a modest group of 106 qualified accountants. On December 30, 1950, the Auditors Certificates Rules, 1950, were formally published in the Gazette of Pakistan as a new set of regulations.

Individuals meeting the criteria for both practical training and theoretical knowledge were eligible to have their names enlisted in the register maintained by the Ministry of Commerce. Such individuals were granted the privilege of using the designation “Registered Accountant.”

 

1960s

The Institute of Chartered Accountants of Pakistan (ICAP) was established on July 01, 1961.

 

1970s

In 1977, a formal ceremony took place to lay the foundation of the Institute’s building in Clifton, Karachi. The government provided a grant of Rs. 300,000 for the project.

 

1980s

In November 1980, Gorden H. Cowperthwaite, the President of IFAC (International Federation of Accountants), and Robert N. Sempier, the Executive Director, along with the Secretary of the International Affairs Committee of the Institute of Chartered Accountants in England and Wales, visited Pakistan.

The constitution of the regional body was endorsed during a meeting in August 1984 in New Delhi. It involves accountancy bodies from Bangladesh, India, Pakistan, and Sri Lanka. This led to the establishment of a new regional entity, the South Asian Federation of Accountants (SAFA).

The Institute of Chartered Accountants of Pakistan marked its Silver Jubilee with significant celebrations on March 15, 1987, in Karachi. The event, inaugurated by Prime Minister Mohammad Khan Junejo, was a momentous occasion in the institute’s history.

 

1990s

The 1990s earned the nickname ‘Era of Education.’ Each milestone raised expectations and responsibilities. After celebrating the Silver Jubilee, the Institute raised its goals. It focused on strengthening essential foundations for the profession’s future sustainability.

 

2000s

 

Strategic Focus of ICAP

ICAP serves as a paramount global accountancy institution, entrusted with the responsibility of regulating the accounting landscape in Pakistan. Its core mission revolves around cultivating highly skilled professionals equipped with competencies that resonate on a global scale, thereby enriching its members and contributing positively to society at large.

The governing Ordinance provides a clear framework for ICAP’s pivotal functions. Firstly, it empowers ICAP to confer the esteemed qualification of Chartered Accountancy upon deserving candidates. Secondly, it mandates ICAP to rigorously oversee membership protocols and regulations, ensuring that the highest standards of professionalism are upheld.

By virtue of this mandate, ICAP not only shapes the contours of the accounting profession but also exerts a significant influence on broader business and economic policies, positioning itself as a thought leader in these domains.

Furthermore, ICAP’s influence extends beyond its immediate membership. The institution actively provides expertise and support to a range of stakeholders. including governmental bodies, regulatory authorities, and the broader business community. This collaborative engagement underscores ICAP’s steadfast commitment to creating an environment conducive to growth. It is fostering innovation, and upholding ethical practices within the accounting and finance sectors.

Simultaneously, ICAP has firmly established itself as a premier institution. It is generating qualified accountants who are not only in high demand within the country but have also garnered recognition and success outside of Pakistan.

 

Global Positioning

ICAP serves as a globally recognized professional accountancy body that adds value to its members, the profession, and the wider community. Although ICAP has a smaller membership compared to other accountancy bodies, it maintains a significant presence on international platforms.

 

International Education Standards

Each IFAC member organization is required to either adopt or actively support the International Education Standards (IES). This mandate aligns directly with IFAC’s Statement of Membership Obligation 2. To facilitate this process, IFAC offers a Self-Assessment checklist.

This checklist serves as a comprehensive tool for evaluating the educational criteria established for professional accountants. Its primary objective is to enhance understanding and awareness of the IESs and their essential requirements among all relevant stakeholders.

It also facilitates collaboration between private and public-sector stakeholders in developing roadmaps. This checklist serves as a complement to the comprehensive requirements, guidance materials, and practical advice for the practical implementation of IES.

 

ICAP Karachi Location and Details

Following table provides information about ICAP Karachi, including address, phone number, UAN, fax, and email address.

Frequently Asked Questions (FAQs)

Here are some of the most common and frequently asked questions about ICAP Karachi.

Q: What is ICAP?

A: ICAP, or the Institute of Chartered Accountants of Pakistan, is a prestigious regulatory body that oversees and develops the chartered accountancy profession in Pakistan.

Q: How can I contact ICAP Karachi?

A: You can contact ICAP Karachi at Chartered Accountants Avenue, Clifton, Karachi-75600. You can also reach them by phone at +92-21-99251636-39 or through the UAN at +92-21 111-000-422. For faxes, use +92-21-99251626, and the email is info@icap.org.pk.

Q: What are the qualifications offered by ICAP?

A: ICAP offers the Chartered Accountancy qualification, recognised globally, ensuring a high standard of expertise in accounting.

Q: How can I become a member of ICAP?

A: To become a member, you need to fulfil the qualification requirements, complete practical training, and adhere to the membership regulations outlined by ICAP.

Q: What services does ICAP provide to its members?

A: ICAP provides a range of services, including professional development, networking opportunities, and support for its members’ career growth.

Q: Can ICAP help with job placements for its members?

A: Yes, ICAP facilitates job placements by connecting qualified members with potential employers through various channels.

Q: How does ICAP contribute to the regulatory framework in Pakistan?

A: ICAP collaborates with regulatory bodies such as the State Bank of Pakistan, the Securities and Exchange Commission, and the Federal Board of Revenue to strengthen the regulatory framework in the country.

Q: What is the significance of the Silver Jubilee Celebrations for ICAP?

A: The Silver Jubilee Celebrations marked a significant milestone in ICAP’s history. It emphasises its growth, achievements, and contributions to the accountancy profession.

Q: How does ICAP promote good corporate governance?

A: ICAP actively promotes good corporate governance through initiatives like the Code of Good Corporate Governance. It fosters transparency and accountability in businesses.

Q: Is ICAP involved in international collaborations?

A: Yes, ICAP engages in international collaborations. It aligns itself with global standards and best practices to enhance the standing of Pakistani chartered accountants on the international stage.

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