On The Occasion Of The Golden Jubilee Of The Institute Of Chartered Accountants Of Pakistan (ICAP) Commemorative Postage Stamp July 1, 2011:- The Institute of Chartered Accountants of Pakistan (ICAP) came into being through enactment of the Chartered Accountants Ordinance, 1961 on July 1^st 1961. The Institute was envisioned and established to regulate the accountancy profession in general, particularly the auditing profession. ICAP is responsible for imparting Chartered Accountancy qualification and the development and regulation of the profession and its members in Pakistan.

The glorious history of the Institute serving the nation and the profession for five decades is studded with achievements and milestones with the calendar Year 2011 being celebrated as the Golden Jubilee Year.

Since its formation ICAP has matured into a distinguished body of professional accountants from an initial few hundred members to more then 5,000 active members at present, who with their exceptional technical expertise and talent have established a brand of professionalism across the globe. ICAP’s flag bearers setting the bar high for others are working across the globe spreading from Pakistan in the East to the West with great demand in Middle East, UK, US and Canada.

The Institute offers great services to the nation by fostering and nurturing the young talent for leadership of tomorrow through its uniquely structured education and examination system. The examination system is the most robust and transparent system in the country emphasizing ethics and quality resulting in producing world-class professional accountants.

Apart from imparting the CA qualification, the Institute regulates the accountancy profession in the country. The ICAP plays its role in strengthening the regulatory framework in Pakistan through working in cooperation with important policy making institutions including the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan, the Federal Board of Revenue and other Ministries. ICAP and its members through various committees and platforms offer professional advice to other regulators in the implementation of the accounting standards, formulation of fiscal policies and economic policies including federal budget making with specific focus on taxation.

ICAP’s professionals in industry and business play a vital role in creating a more conducive environment for business by ensuring correct accounting and proper documentation economic activities. ICAP’s members with their technical expertise are immensely valuable for creating infallible accounting systems enhancing the reporting of the organizations and help in revenue generation. With the increasing inclination of the public sector towards transparent accounting there is a great role that is played by professionals to provide a strong and robust framework for realization of incentives of tax payers fulfilling the public expectations.

ICAP also renders invaluable service to the society by regulating the profession through its members; ensuring they perform their duties with due diligence and integrity through following the stringent rules and code of ethics essential for a transparent and robust economic system. For this the Institute has established an independent board Quality Assurance Board (QAB) to ensure the quality of audits through ‘Quality Control Review (QCR) Programe, in the public interest.

The budding Corporate Governance sector in Pakistan owes largely to the contributions of the Institute. Being an ardent supporter of ethical practices and integrity, ICAP was instrumental in development of the Code of Corporate Governance in 2002 for listed entities in Pakistan and pioneered the setting up the Pakistan Institute of Corporate Governance and implementation of the Code of Corporate Governance. Throughout the five decades ICAP has made significant contribution towards the development of the accounting profession by enhancing the quality of the professional competence to add value to businesses and economy while safeguarding public interest, through ensuring ethical practices and good corporate governance.

The Institute enjoys long history of close association with International accounting bodies and is an important member of the largest standard setter body the International Federation of Accountants (IFAC) since its formation. ICAP is a leader in implementing corporate governance in the South Asian region. ICAP also remains committed towards development of corporate governance by reviewing and adopting the code with some additional and more stringent requirements. The Institute thinking ahead of its time since IFAC’s establishment has adopted all IASs/IFRSs, believing standardization to be a better tool for creating understanding of accounting and auditing. The recent trend of convergence by some developed countries like USA to IASs/IFRSs is a testament to the vision and foresight of the Institute. The Institute realizes the importance of the development of the profession across the region. For this, ICAP remained an active member of the regional accounting bodies like South Asian Federation of Accountants (SAFA) and Confederation of Asian and Pacific Accountants (CAPA) to build regional cooperation and contribute to the growth of the region. ICAP has contributed significantly on the platform of SAFA and CAPA with its professionals providing insight with their technical expertise.

The journey beyond the golden mark comes with more expectations and the Institute is committed to exceed those through the cooperation of its members and students. The Institute realizing that the future of the country lies in its youth, aims at bringing improvements in its education system to bring it at par with best international standards, by developing learning/study material and training the trainers. The Institute also intends to create a National outreach programmes for students from the remote areas, enabling them to live their dreams. The Institute pledges to continue upon the road to professional excellence, developing the profession and serving the country for the years to come.

On the Occasion of the Golden Jubilee of the Institute of Chartered Accountants of Pakistan (ICAP). Pakistan Post is issuing a Commemorative Postage Stamp of Rs. 8/- denomination on July 1, 2011.