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The Government of Pakistan adopted the Auditors’ Certificate Rules, 1932 and the Companies Act of 1913 for regulating the profession of accountancy in the country. In the year 1950, the Government of Pakistan reframed the Auditors’ Certificate Rules with necessary modifications to suit the prevalent needs of the profession. Under these Rules, the accountancy profession in Pakistan included practicing and non-practicing Registered Accountants. The Registered Accountants formed a private body known as the Pakistan Institute of Accountants (PIA) to safeguard and promote the interests of the Accountants.
The Pakistan Institute of Accountants persisted with the idea of establishment of an independent body. In June 1959, the Government established a Department of Accountancy with Controller of Accountancy as its Chief Executive. An advisory body called the council of accountancy was set under the auditor’s certificates rules 1950 which recommended establishment of the Institute of Chartered Accountants in Pakistan which was accepted. The Chartered Accountants Ordinance 1961 received assent of the President of Pakistan on March 3, 1961 which was published in the Extraordinary Gazette of Pakistan on March 10, 1961.
Accordingly the Institute of Chartered Accountant of Pakistan (ICAP) was established on 01 July 1961 with the prime objective of regulating the profession of accounting in Pakistan. It was due to the vision and the foresight of our predecessors that today we are the premier regulatory body for the development and regulation of the Profession in the Country.
ICAP has indeed come a long way from small band of members to currently above five thousand professionals. Today our professionals are recognized and respected globally for their technical expertise and adherence to ethics and integrity.
The repute and the standing that ICAP commands today is due to the determination, courage and loyalty shown by the members and the leadership. The Institute was envisioned and established to regulate the accountancy profession in general, particularly the auditing profession and is responsible for imparting Chartered Accountancy qualification in the country. ICAP offers great services to the nation by fostering and nurturing the young talent for leadership through its robust education and examination system throughout the years producing high calibre professionals.
In addition to this, ICAP plays its role in strengthening the regulatory framework in Pakistan through working in cooperation with important policy making institutions and regulators including the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan, the Federal Board of Revenue and other Ministries.
Role of ICAP within the country
In the history of the country, the members of ICAP have contributed playing key role for reforming and building of institutions with number of senior members still serving the boards of leading public and private sector companies. Professional accountants have a critical role in accelerating the progress of our country towards economic stability.
An accountant who works for private organizations also delivers a lot in the economy with their sound knowledge, professional skills and ethical responsibilities. If an accountant performs his duties with honesty, he serves the nation in various ways because he is generating taxes for the country, rightful documentation of the economy and provides an outlook of sector and company’s performance level that helps the government.
ICAP continues to support and facilitate not only its members but also the government, the regulators and the business community in this respect. The Institute, being the custodian of the accounting profession in Pakistan, has gradually evolved processes to ensure transparency, accountability and good governance within the profession.
Simultaneously, the Institute has firmly established itself as a premier institution which produces qualified accountants, who are not only in high demand within the country but have also made a mark for themselves outside Pakistan.
This journey of ICAP has been a test of endurance. The institute has come a long way from a very small community of Registered Accountants to what it is today – a professional body of more than 7000 members.