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Signature Qualification CA that Empowers to Lead PAKISTAN Family-owned, listed companies are the backbone of Pakistan’s economy. However, these companies are traditionally either unaware of the general principles of good corporate governance, or work in a relatively less open environment. Promoting basic principles of good governance for family-owned companies is crucial in supporting the family is much harder, and will take longer, and it’s understandable that development of a strong many family firms are shying away from tackling an issue so fraught with potential conflict. But it cannot be postponed indefinitely. The choice is to economic sector. do it slowly and painfully, or quickly and painfully. But the rewards will be significant for those who do seize this challenge, while the risks of not doing so will increase with time, especially as it’s likely that the failure rate of the family business sector will rise as the pace of change in the wider economy accelerates. Professionalising the family will ensure that family members become effective owners, whether or not they are actively involved in managing the firm. It will make it possible to reinvent the business, by taking the objective perspective of the informed investor, rather than falling prey to decisions dictated by emotion or history. We have already seen, in the International Group case study, how liberating this approach can be. By professionalising the family, the sector as a whole could reinvent itself, and evolve from a model based on a ‘family business’ to one driven by a new vision of the ‘business family’. Newsletter Newsletter www.icap.org.pk Volume 38 Issue 9 | September 2015 Volume 38 Issue 8 | August 2015 www.icap.org.pk Governance, Transparency and Service to Members and Students Governance, Transparency and Service to Members and Students contents meets & events contents meets & events meets & events ICAP National Finance Olympiad (NFO) 2015 meets & events ICAP Office Bearers for 2015-16 Seminar: Macro-economic Happenings in 3 ICAP’s 54th Annual General Meeting 2 Pakistan in light of Economic Theories ICAP Launches Coffee Table Book: Training Induction Fair 2015 ICAP - A Journey Through Time 5 CA Toastmasters Club Meeting Lahore 4 CA Pakistan Seminar & Job Fair 8 CA Toastmasters Club Meeting Faisalabad Best Corporate and Sustainability Report 9 2014 Awards Ceremony Discussion Session on Imposition of Sales 5 Seminar on Big Data & Business Tax on Services of Auditors & Accountants Analytics for Finance Professionals 12 member news 6 Live Webinar on Transforming your Top 5 CPD Earners Ability to Benefit from Globalisation Vice President-North: Vice President-South: 7 Reporting Standards (IFRS-9) Shifting of ICAP Faisalabad office Seminar on International Financial Hidayat Ali Nadeem Yousuf Adil technical update Creative Problem Solving Session 13 President: Hafiz Mohammad Yousaf IASB Proposes Clarifications to IFRS 15 8 Directors’ Orientation & Training Program The Council of the Institute of Chartered Accountants of Pakistan (ICAP) for Public Sector elected its new office bearers for the year 2015-16 in its 268th meeting held IPSASB Publishes Exposure Draft ICAP president Yacoob Suttar and chairman PAIB Khalilullah Shaikh giving the National Alumni Success Stories Seminar 14 in Lahore on September 12, 2015. on the Applicability of IPSASs 9 Finance Olympiad Champion 2015 trophy to team Engro Corporation. Audit Bulletin The Institute of Chartered Accountants of Pakistan (ICAP) and Unilever New ICAP Premises in Faisalabad 15 The Council unanimously elected Hafiz Mohammad Yousaf as president of the Institute, Hidayat Ali as vice president-North and Nadeem Yousuf Adil as Workshop on Financial Instruments hr news Pakistan jointly organised Pakistan’s first finance competition – National 16 vice president-South. Finance Olympiad (NFO) 2015, the grand finale of which was held on 10 August 6, 2015 at a local hotel in Karachi. meeting & Canadian Chapter Dinner Eid Breakfast ICAP Council Members attend IPSAS Board 17 a distinction in final examinations. He also holds CA qualifications from feedback Hafiz Mohammad Yousaf became a chartered accountant in 1989 with The event, organised by the ICAP’s Professional Accountants in Business member news Canada and CPA, CGMA, CMC, CMA and CIA from USA. He is also a Certified student section (PAIB) Committee, was attended by the top management of renowned SRC Office Bearers 2015-16 Director from Pakistan Institute of Corporate Governance (PICG). He has an national and multinational organisations. The top six qualifying teams: Career Counselling Session Byco Petroleum Pakistan Limited, Central Depository Company of Pakistan ICAP Kingdom of Saudi Arabia 19 extensive and wide range of experience in specialised fields, spreading over Express Education Expo 2015 Lahore 11 Limited, Engro Fertilizers Limited, Haleeb Foods Limited, Kot Addu Power Chapter Sponsor One CA Student thirty years most of which was with Big 4 member firms in Pakistan where he served on various leadership positions. His key areas of specialisation the grand finale. Inter RAETs Debate Competitions 2015 Company Limited and Pakistan State Oil Company Limited, competed in technical update are management consulting, financial advisory and assurance services. He Examination News feedback 20 got early retirement from the Firm of Chartered Accountant in December Results of CA Final Examinations Summer 12 The day commenced with recitation of verses from the Holy Quran followed 2014 to focus more on professional engagements and venture into private 2015 by opening remarks by Khalilullah Shaikh, the chairman PAIB Committee hr news business. "Love Pakistan, otherwise, leave Pakistan!" 13 and Council member ICAP. He welcomed the participants and shared the 21 Hafiz Yousaf was elected as Council member of ICAP in 2009 and 2013. He – Gold Medalist Murtaza Quaid concept and objectives for Pakistan’s first finance competition. He said that student section meet of the month the main purpose of the event was to engage finance professionals in their Career Counselling Session 22 has been instrumental and part of many important initiatives at ICAP and also served ICAP as vice president-North for 2010-11term and also had the Amal Gulraiz 16 professional development in a unique way, pit them against each other Education Expo at Lahore Grammar School has served its various important committees as member and chairman. He in a healthy competition and encourage them to discover their potential, "Chartered accountancy is a complete exhibit their talent and celebrate their competence. privilege of acting as the chairman Golden Jubilee Celebrations Committee. package!" Examination News 23 Chartered Accountants Avenue, Clifton, Karachi-75600 (Pakistan) UAN: 111-000-422 PABX: 99251636-39 Fax: 99251626 Email: [email protected] Chartered Accountants Avenue, Clifton, Karachi-75600 (Pakistan) UAN: 111-000-422 PABX: 99251636-39 Fax: 99251626 Email: [email protected] 24 The Pakistan Accountant July - September 2015