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Charatered Accountant 1961

This document provides information about the Institute of Chartered Accountants of Pakistan (ICAP). ICAP regulates the accounting profession in Pakistan and has over 7,200 members. It was established in 1961 under the Chartered Accountants Ordinance. ICAP's course involves 3.5 years of theoretical and practical training. ICAP's roles include maintaining standards, collecting fees, and managing the accounting profession. The Council of ICAP oversees its management and functions like setting qualifications and examining candidates.

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Faizan Ch
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125 views7 pages

Charatered Accountant 1961

This document provides information about the Institute of Chartered Accountants of Pakistan (ICAP). ICAP regulates the accounting profession in Pakistan and has over 7,200 members. It was established in 1961 under the Chartered Accountants Ordinance. ICAP's course involves 3.5 years of theoretical and practical training. ICAP's roles include maintaining standards, collecting fees, and managing the accounting profession. The Council of ICAP oversees its management and functions like setting qualifications and examining candidates.

Uploaded by

Faizan Ch
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Institute of Chartered Accountant of Pakistan

Subject:
Advance Auditing

Submitted to:
Prof. Itrat Naz
5rd Semester
By
Fezan Akhtar
MBAP-F13-19
Faisal Saeed
MBAP-F13-07
Hina Shaheen
MBAP-F13-10
Ammara Ch
MBAP-F13-24

MASTERS IN BUSINESS ADMINISTRATION


(Professional)

Faculty of Management Studies

THE SUPERIOR UNIVERSITY LAHORE


1

Campus, Okara, Pakistan

Table of Contents
No.
ICAP & Chartered Accountant :

Introduction of ICAP

Vision

Mission

Role of ICAP

Management

Chartered Accountant:

Define Chartered Accountant

Working of Chartered Accountant

Council of the Institute:

Function of Council

Duration & Dissolution of Council

Institute of Chartered Accountant Pakistan


Introduction:
Institute of Chartered Accountants of Pakistan (ICAP) is a professional Accountancy body
in Pakistan. As of July 2010, it had 7,200 members working in and outside Pakistan. The
institute was established on July 1, 1961 to regulate the profession of accountancy in
Pakistan. It is a statutory autonomous body established under the Chartered Accountants
Ordinance 1961. With the significant growth in the profession, the CA Ordinance and ByeLaws were revised in 1983.
In view of globalization of the accountancy profession, the Institute is in the process of
updating the Ordinance and Bye-Laws once again.
The course of ICAP involves a blend of theoretical education and practical training which run
concurrently for a period of 3.5 years and equips a student with knowledge, ability, skills and
other qualities required of a professional accountant.
The head office of the institute is in Clifton, Karachi where it has its own premises. The
institute also has regional offices in different cities.

Lahore

Islamabad

Peshawar

Multan

Faisalabad

Our Vision:
The profession of Chartered Accountants in Pakistan should be the benchmark of
professional excellence upholding the principles of integrity, transparency and
accountability.
3

Our mission:
Our mission is to achieve excellence in professional competence, add value to businesses and
economy, safeguard public interest; ensure ethical practices and good corporate governance
while recognizing the needs of globalization.

Role of Institute of Chartered Accountant of Pakistan


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 companys 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.

Management:
Management and day to day running of the Institute is the responsibility of the Secretary who
is appointed by the Council of the Institute.
The following departments assist the Secretary to accomplish the above functions:

Secretariat

Examinations

Education & Training

Quality Assurance Department

Technical Services

Finance

Information Technology

Internal Audit

Marketing & Communication

Human Resource & Administration

Regional Directorate North

Define Chartered Accountant:


A Chartered Accountant (CA) designation typically proves the holder has the qualifications to
audit financial statements and business practices as well as offer advisory services to clients.
The equivalent to a CA designation in the U.S. is the CPA.

Work Activities of Chartered Accountant


The role of a chartered accountant covers many aspects of finance work, including:

Continuous management of financial systems and budgets.

Undertaking financial audits an independent check of an organization's financial


position.

Providing financial advice.

In Public practice, tasks carried out by a chartered accountant include:

Liaising with clients and providing financial information and advice.

Reviewing the company's systems and analyzing risk.

Performing tests to check financial information and systems.

Maintaining accounting records and preparing accounts and management information


for small businesses.

Advising clients on business transactions, such as mergers and acquisitions.

Detecting and preventing fraud (forensic accounting).

Managing junior colleagues.

In commerce and industry and the public and not-for-profit sectors, work involves:

Producing reports and recommendations following internal audits or public-sector


audits.

Preparing financial statements, including monthly and annual accounts.

Arranging financial management reports, including financial planning and


forecasting.

Advising on tax and treasury issues.

Negotiating terms with suppliers.

Council of the Institute


Function of the council
There shall be a Council of the Institute for the management of the affairs of the
Institute.

Maintenance of the status and standard of professional qualifications of the members


of the Institute.

The levy and collection of fees from members.

Remove the name of members.

The maintenance of a library and publication of books and periodicals relating to


accountancy.

The exercise of such disciplinary power over the members and servants of the
Institute as may be prescribed.

Prescribing of qualifications for entry in the Register.


6

Regulation of the engagement and training of students.

Examination of candidates for enrolment and the prescribing of fees.

The granting or refusal of certificates of practice under this Ordinance.

The maintenance and publication of a register of persons qualified to practice as


chartered accountants.

Recognition of the foreign qualifications and training for purposes of enrolment.

Finance of institution

Appoint a full-time Secretary

Appoint such other officers and servants.

fix salaries, fees, allowances and other conditions of service of the officers and
servants of the Council.

Fix the allowances of the President, Vice-President or Vice-Presidents and other


members of the Council and members of its Committees.

Duration and dissolution of Council

The duration of the Council constituted under this ordinance shall be four years.

Duration of council is start from 1st meeting.

Provided that the duration of the Council existing immediately before the
commencement of the Chartered Accountants (Amendment) Ordinance, 1983, shall
be three years.

The expiry of the duration of the Council it shall continue to function until a new
Council is constituted in accordance with the provisions of this Ordinance.

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