Page 2 - ICAP NewsLetter October 2014

NEWSLETTER The Institute of Chartered Accountants of Pakistan October 2014 The workshop was very well appreciated by the As per the agreement with IFC the ICAP would replicate participants. The Master Trainer of the Workshop was five similar workshops in different cities of Pakistan in Mr. Ashraf G. Shenouda, a BE Certified Master Trainer which at least 100 trainees from SMPs would be trained and a Corporate Governance Trainer by the IFC. by June 30, 2015. Karachi Lahore SECP Completes Consultation has been working on Limited Liability Partnership (LLP) Process on Limited Liability concept since 2008. Partnership (LLP) Corporate and financial sector experts, in their presentations explained that LLP is a form of business The Securities and Exchange Commission of Pakistan entity which will permit individual partners to be (SECP) and The Institute of Chartered Accountants shielded from joint accountability created by another Pakistan (ICAP) in collaboration with United States partner’s business decision or misconduct. In short, this Agency for International Development (USAID) through will fill the gap between different business firms such its Firms Project, launched a series of consultative and as sole proprietorship/ partnership and companies advocacy sessions throughout the country to introduce registered under the Companies Ordinance, 1984. It the concept of Limited Liability Partnership(LLP) in was also brought out that the growth of Pakistan’s Pakistan. A string of five major sessions, attended by economy is contingent on the role played by its government representatives, business leaders, members entrepreneurs as well as its technical and professional of academic institution and other stake holders, were manpower. There is a dire need of an alternative to held in Karachi, Lahore, Islamabad, Sialkot and Faisalabad the traditional partnership and company structure, between October 13 and October 23, 2014. to enable professionals, entrepreneurs and SMEs to combine, organize and operate in flexible, innovative A committee consisting of ICAP and SECP members and efficient manner. 2