Monday, August 29, 2011
The Institute of Chartered Accountants of Pakistan was established under The Chartered Accountants Ordinance, 1961 as a self regulatory body and it operates under the CA Bye Laws 1983.
ICAP is an examining body for the candidates aspiring to become Chartered Accountants. It regulates the accounting and auditing profession in Pakistan, which inter alia include:
Affairs of ICAP are governed by a Council comprising of 19 members. 15 members of the Council are elected by ICAP members and 4 council members are nominated by the Federal Government. Current nominees of the Government are Chairman SECP, Deputy Auditor General of Pakistan, Secretary Planning and Development (formerly Chairman FBR) and Secretary Finance.
Apart from its core functions, ICAP contributes in promoting corporate governance, formulating economic policies of Federal and Provincial Governments including federal budget making with specific focus on taxation.
ICAP is also a prominent participant of professional activities and development at international level. Presently, ICAP nominees are working in the following capacities on various international bodies:
Member of the IFAC Board
Member of the International Auditing and Assurance Standards Board
Member of the IFAC Developing Nations Committee
Member of the IFAC Professional Accountants in Business Committee
Chairman of International Standards of Accounting & Reporting of UNCTAD
Member of the Board of Confederation of Asia and Pacific Accountants
Member of the Board of South Asian Federation of Accountants
Member of Asian-Oceanian Standard-Setters Group
The Institute of Cost & Management Accountants of Pakistan was established in 1951 and was granted statutory status under the Cost and Management Accountants Act, 1966 for the regulation of the profession of Cost and Management Accounting. ICMAP is the sole provider of cost and management accounting education, training and professional certification in Pakistan. The institute has earned reputation both nationally and internationally for its high standard in imparting education and testing. The Institute has been meeting an important national human resource need through a steady flow of professional management accountants to occupy leading positions in the corporate world.
ICMAP has over 4000 members, who hold senior positions in trade, commerce, industry and government in Pakistan and abroad. The number of active registered students is around 15000, which makes ICMAP one of the largest professional institutions in Pakistan.
The Institute is member of the following international accounting bodies:
International Federation of Accountants (IFAC)
International Accounting Standards Board (IASB)
Confederation of Asian and Pacific Accountants (CAPA)
South Asian Federation of Accountants (SAFA)
Through energetic participation in the activities of these bodies, the Institute plays a vibrant role in the development of management accounting profession both at domestic and international level.
ROLE OF MANAGEMENT ACCOUNTANT
The Management Accountants produced by the Institute, have met the requirements of the industry over the years and performed creditably in the assigned roles. Today, more than 60% ICMAP Members occupy top to middle management positions in industry, financial institutions, consultancy firms etc., as Chief Executive Officers, Managing Directors, Chairpersons, General Managers, Controllers, Directors of Finance, Company Secretaries, etc.
Organisations over the years have turned increasingly complex and the Management Accountants have enhanced their knowledge and sharpened their skills to meet the challenge of change, becoming more important players in the management decision-making. Their training, during this period, has been modified gradually to cover the best financial and business practices with information management skills.
In a business, the role of professional Management Accountants is like brain in the human body. It collects data, analyses it, plans for the future, puts in place an effective control mechanism and operates an emergency alarm system. This being so, the economy is greatly indebted to the contribution of professional Management Accountants.
HOW MANAGEMENT ACCOUNTANTS ADD VALUE TO BUSINESS?
Management Accountants are trained to turn knowledge into profit and they are successfully competing in the employment market for senior positions even in the general management areas. Now Management Accountant is more a business manager, who understands the dynamics of business as an organic whole, rather than being a typical "finance man" with tunnel vision.
Some of the areas where qualified Management Accountants can contribute towards better corporate governance are highlighted as under:
Breaking down of cost/expenditure into functions and processes to facilitate cost control at each operational level.
Developing standards for all operating areas and evaluating actual with the standards.
Analysing overall business and operational data.
Suggesting alternatives to improve productivity.
Identifying areas of wastages, leakages and inefficiencies or invisible losses.
Ensuring optimum utilization of available resources.
Deploying informatic tools for an efficient management information system.
Contributing to Total Quality Management (TQM).
Assisting in decision-making process at all cadres of management.
Over the years the Pakistan Institute of Public Finance Accountants (PIPFA) has developed into respectable size ñ reputable institution providing quality education and training in the field of accounting. Our members and students are serving both in corporate and as well as public sectors. PIPFA, for many years, was mainly perceived as an organization that produced middle tier accounting qualification but with the passage of time it has evolved into supportive and collaborative body especially in the context of training the government sector for strengthening their accounting and auditing systems. PIPFA is also trying to set and improve professional standards for its members by updating them and keeping them abreast of the changes in the field of accountancy and is determined to prepare them to play significant role in the economy. PIPFA is indeed a right choice for those who believe in professionalism. It is an established fact that the education plays an essential role in the endurance and success of individuals as well as nations. In 2011 Pakistan Institute of Public Finance Accountants is celebrating its 18 th anniversary; the institute has been enjoying good reputation and has history of efforts leading towards success in achieving its goals. PIPFA provides top quality education which fully commensurate with the demands of present era of perfection, specialization and professionalism. PIPFA, has accomplished much over the years but there is still much more to do and at PIPFA we continuously strive through this endless journey with a thirst of excellence and perfection.
Developing countries are rapidly becoming the driving force of innovation and entrepreneurship. It is a fact that there is a direct correlation between knowledge capital and economic development. We here at PIPFA, are constantly trying to establish a link between our qualified and the head hunters. Please take a moment to further explore our website and view the additional information that is available for you. PIPFA centres always stand ready to assist you at each step in furthering your educational goals. You are welcomed to contact us through our website, in person, or by telephone. Experience our competent faculty and staff who are committed to provide you with the educational excellence and assistance that you deserve.
After qualifying examinations and getting membership, you join the elite society of professional accountants. PIPFA's qualification is ready recognition of professional standing and opens up bright career in industry, trade and services in both public and private sectors. There is additional opportunity of having a ladder to become a Chartered Accountant, Cost & Management Accountant or some other professional qualification by availing various exemptions available to PIPFA qualified or members.
If you are a Master or Graduate or qualified at least Intermediate or equivalent examinations you can become the Accounting Professional in a short span of time at easily affordable cost. You can do it more conveniently if you have some specified qualification eligible for exemptions. There is no pre-entry test.
Institute of Chartered Accountant Pakistan (ICAP)
Institute of Cost and Management Accountants of Pakistan (ICMAP)
Auditor General of Pakistan (AGP)