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ICAP Reviewing Syllabus
Wednesday, November 4, 2009

The Institute of Chartered Accountants of Pakistan (ICAP) is reviewing the syllabus in line with international education standards of the IFAC. This was stated by President of the ICAP, Abdul Rahim Suriya, says a statement issued here on Saturday. It said that he was speaking on the occasion of the 48th Annual General Meeting of the ICAP held at Islamabad .

The ICAP statement further pointed out that Suriya in his opening remarks informed the members regarding Memorandum of Understanding (MoU) signed by the Institute with the Federal Board of Revenue for tax audit. He said that tax audit will provide opportunity to audit professionals as well as it is a challenge for the profession. Suriya remarked that 'we have good examples of success stories of tax audit in India and Turkey '.

He informed the members that the Council is reviewing the whole education system. ICAP president said that the priorities are to review the syllabus in line with International Education Standards of IFAC, developing study packs for the students and introduction of permanent credit system which is expected to be applicable for examination after December 2009.

He further added that for the continuing professional development of members, the Institute is considering to introduce most modern techniques such as video conferencing, online in collaboration with the virtual universities. He said that for the professional accountants in business, a "CFO Forum" is being planned.

Regarding the amendments in Chartered Accountants Ordinance 1961, Suriya informed that the proposed Amendment Bill is with Cabinet Committee and 'we are hopeful that it will get through soon'. He stressed that the Institute will continue close liaison with SECP, SBP and FBR as well as maintaining close contacts with IFAC and other International bodies to maintain high professional standards.

Suriya said that 'we aim to achieve shortly 100 percent IFRS compliance status'. He said that because of high education standards and quality training our CAs are in demand all over the world and are treated at par with qualified accountants of developed countries. ICAP president stated that about 1,200 Chartered Accountants are working in Middle East, Europe and USA .

Labels: ICAP