The Government of Pakistan adopted the Auditors’ Certificate Rules, 1932 and the Companies Act of 1913 for regulating the profession of accountancy in the country. In the year 1950, the Government of Pakistan reframed the Auditors’ Certificate Rules with necessary modifications to suit the prevalent needs of the profession. Under these Rules, the accountancy profession in Pakistan included practicing and non-practicing Registered Accountants. The Registered Accountants formed a private body known as the Pakistan Institute of Accountants (PIA) to safeguard and promote the interests of the Accountants.
The Pakistan Institute of Accountants persisted with the idea of establishment of an independent body. In June 1959, the Government established a Department of Accountancy with Controller of Accountancy as its Chief Executive. An advisory body called the council of accountancy was set under the auditor’s certificates rules 1950 which recommended establishment of the Institute of Chartered Accountants in Pakistan which was accepted. The Chartered Accountants Ordinance 1961 received assent of the President of Pakistan on March 3, 1961 which was published in the Extraordinary Gazette of Pakistan on March 10, 1961.
Accordingly the Institute of Chartered Accountant of Pakistan (ICAP) was established on 01 July 1961 with the prime objective of regulating the profession of accounting in Pakistan. It was due to the vision and the foresight of our predecessors that today we are the premier regulatory body for the development and regulation of the Profession in the Country.
ICAP has indeed come a long way from small band of members to currently above five thousand professionals. Today our professionals are recognized and respected globally for their technical expertise and adherence to ethics and integrity.
The repute and the standing that ICAP commands today is due to the determination, courage and loyalty shown by the members and the leadership. The Institute was envisioned and established to regulate the accountancy profession in general, particularly the auditing profession and is responsible for imparting Chartered Accountancy qualification in the country. ICAP offers great services to the nation by fostering and nurturing the young talent for leadership through its robust education and examination system throughout the years producing high calibre professionals.
In addition to this, ICAP plays its role in strengthening the regulatory framework in Pakistan through working in cooperation with important policy making institutions and regulators including the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan, the Federal Board of Revenue and other Ministries.
I thank you for deposing your trust and confidence by nominating me to this prestigious position. I take this opportunity to congratulate the outgoing president Mr. Amin Qureshi and the members of the previous Management Committee for the valuable contribution during last two years. I would also like to thank the Secretary General of SOCPA, Dr. Ahmad Al Meghames and His Excellency the Ambassador of Pakistan to KSA Mr. Naeem Khan for their invaluable support and appreciation of the initiatives taken by the Chapter and look forward to their cooperation all along. At this stage I would also like to place on record and highlight the role of the ICAP which has been encouraging not only for the KSA Chapter but for its members globally.
As the ICAP KSA Chapter is formed under a Memorandum of Understanding between ICAP and SOCPA and operates under the formal patronage of the Embassy of Pakistan, I would like to see this partnership strengthening further by organizing seminars and sessions of mutual interest.