Financial Risk Manager

My dear Honourable Members

As you would no doubt be aware that your Institute would inshaAllah be fifty years old on July 1, 2011. The Council has therefore decided to celebrate the calendar year 2011 as the Institute’s Golden Jubilee year. To this end the Council and the Regional Committees plan to hold various events throughout the year for its members, students and the secretariat.

Fifty years back, the then Registered Accountants displaying immense foresight and vision recognized the requirement of an upcoming modern State of Pakistan to have an independent platform for accountants. Thus, The Institute of Chartered Accountants of Pakistan was established on July 1, 1961 under The Chartered Accountants Ordinance, 1961. Your Institute has come a long way since then from a very small community of Registered Accountants to what it is today, a professional body of over 5000 members.

Over the years numerous developments have taken place within the accounting profession. The role of accountants has gradually evolved from a stereotypical image of bookkeepers to that of business advisors. 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, your 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.

Your Institute possesses the distinction of being the first body of professional accountants in the region to embark upon the adoption of the International Financial Reporting Standards (IFRSs) [(previously referred to as the International Accounting Standards (IASs)] and courtesy the corporate and the banking regulators of the country has succeeded in having those IFRSs, with a very few exceptions, as constituting the accounting framework for the corporate sector in Pakistan. Whereas, adoption of the IFRSs has greatly improved the quality of corporate reporting within the country, it has significantly promoted the acceptability of our members internationally.

It is no secret that throughout the last five decades your Institute has never compromised on the integrity of its examination system which is virtually unimpeachable and the quality of the product coming out of that system has now established itself as a benchmark for professional competence. This in itself is a matter of immense pride to be recognized as a member of The Institute of Chartered Accountants of Pakistan. Today, the members of our Institute while conducting themselves in accordance with its principles of professional ethics and fully armed with appropriate technical skills, have established themselves as professionals in demand across the globe especially in the Middle East, UK, Canada and USA. In fact, they can also be found in the Southern Hemisphere i.e. in places like Australia and South Africa. With the expected conversion to IFRSs by USA and Canada, it is anticipated that the demand for our members would increase substantially.

Over the last fifty years your Institute has been able to establish for itself an enviable reputation in the educational and business sectors of the Pakistani society due to the relevance of its syllabus, its very secure examination system and the professional conduct of its members, whether as stewards in the industrial and banking sectors or as auditors and tax consultants. The Institute continues to recognize its responsibility in the development of the profession and producing quality competent professionals.

Thus it encourages students to consider Chartered Accountancy as a career of choice at their school leaving level or upon graduation. Of course, this quest would not be fully achieved if the Institute was unable to ensure that the students are provided quality on‐the‐job training.

But this journey of ours is a test of endurance and being fifty years old is just another milestone. We have a greater responsibility on our shoulders now as the journey beyond the golden jubilee is expected to be more challenging. There is no time for complacency in a dynamic environment where information is being exchanged in micro seconds; both the honorable members and the Institute must appreciate the challenges lying ahead and effectively plan to address them. As professional accountants we have a critical role in accelerating the progress of our country towards economic stability and the Institute will continue to support and facilitate not only its members but also the government, the regulators and the business community in this respect.

The pivotal role played by the senior members and the leaderships in the development of a nascent institute to what it is today is great fully acknowledged. The Institute could not function effectively without having in place a dedicated secretariat and their effort deserves a special mention. 

We should at this moment of celebration also remember those of our members who are no longer with us and may Allah rest their souls in eternal peace.

We at the Council look forward to your effective participation in the Golden Jubilee activities throughout the year. On behalf of the Council I would like to wish you and your families a very happy, healthy and prosperous 2011, our Golden Jubilee Year, and pray that may Allah shower his blessings upon us and our country.

Thanks and warm regards

Saqib Masood
President (ICAP)