Terms of Reference

Professional Accountants In
Business Committee

Introduction

The Professional Accountants in Business (PAIB) Committee is established as the working committee of the Institute of Chartered Accountants of Pakistan (ICAP).


Function of the PAIBC

  • The broad role of PAIBC is to work for the development and advocacy of Professional Accountants in Business by facilitating communication and sharing of knowledge, ideas, and good practices.
  • Provide strategic input on the most relevant business and accountancy issues that need to be addressed, and how to best do so.
  • Promote the role of professional accountants in business as creators, enablers, preservers, and reporters of organizational value.
  • Establish strong relations and collaboration with IFAC PAIBC by providing quality and timely input on all important agenda items.
  • Facilitate communication and sharing of knowledge between members as well as non-members regarding professional accountants in business.
  • Develop and issue publications such as Good Practices Guidelines to promote the sharing and adoption of good industry practices.
  • Plan and conduct conferences and seminars addressing global, regional, and local trends, challenges, and opportunities for the continuous professional development of PAIBs, helping them remain ahead of the curve.
  • Plan initiatives to engage PAIBs and encourage them to develop their competencies in line with emerging trends.

Communication and Reporting

Following communication and reporting protocol has to be observed.


  • All external correspondence to international regulators on important policy matters will be shared with the Secretary and President for information and record.
  • All communications of the PAIBC will be subject to ratification and for information of the PAIBC Chairperson.
  • The PAIBC Committee will present an annual report to the Council summarizing the work carried out during the year (July to June).

Membership of PAIBC

The PAIBC will comprise of thirty members with following broad composition. This number can be increased / decreased on the recommendation of Chairman PAIBC and approval from President.


  • A Member of the Council, as nominated by the Council, who will function as the Chairperson of the PAIBC.
  • Other members shall primarily be members of ICAP, in a composition that represents both the Northern and Southern regions of ICAP.
  • Stakeholders and industry experts may be invited to attend meetings to discuss specific agenda items.

Expectation from Committee Members

PAIBCs members are expected to adhere to the following principles:


  • Proactive contribution, achieving quality thresholds in terms of technical content, innovation, understandability, and timeliness.
  • Regular, active, and constructive participation in meetings.
  • Providing specific and general proactive feedback on issues and developments relevant to PAIBs.
  • Respect and commitment to support the reputation of PAIBC and ICAP.
  • Observance of the ICAP Code of Conduct and maintenance of confidentiality.

Meetings

The procedure of the meeting will be as follows:


  • The quorum of PAIBC shall be thirty percent of members, including the Chairperson.
  • In the absence of the Chairperson for any unavoidable reason, the Chairperson may nominate any senior PAIBC member to chair the meeting.
  • PAIBC will meet as required, but at least once every three months.
  • Members are expected to attend all meetings. A member may resign by submitting a written resignation to the Chairperson. The Chairperson of PAIBC, in consultation with the President, may replace members who fail to attend three consecutive meetings without leave of absence.
  • PAIBC members shall not be represented by alternates at PAIBC meetings.
  • The Chairperson will approve the agenda for each PAIBC meeting.
  • The agenda shall preferably be circulated within seven working days prior to the meeting.
  • Minutes along with the action plan shall be circulated within fifteen working days after the meeting.
  • PAIBC may conduct business between meetings through electronic or non-electronic correspondence. Meetings may also be conducted via video conference, depending on the geographical spread of members.
  • At the Chairperson’s discretion, a meeting requiring all members to attend in person may be held if the matter is of such significance that effective discussion can only take place in person.