Islamabad, January 15, 2015 (PPI-OT): Mr. Zafar Hijazi, the chairman of the Securities and Exchange Commission of Pakistan (SECP), has urged the Institute of Chartered Accountants of Pakistan (ICAP) to expedite the development of accounting standards for NGOs, corporate social responsibility assurance standards and simplify the audit reporting on the financial statements of companies.
Chairman Hijazi was addressing the SECP-ICAP coordination committee at the SECP’s head office in Islamabad. In addition to the SECP chairman, Mr. Tahir Mahmood, SECP commissioner, Yacoob Suttar, president, ICAP, its vice presidents and senior council members and senior officers of respective bodies attended the meeting. While appreciating the ICAP for producing quality accountants, he suggested to the ICAP to broaden its student base to effectively compete with the international accounting institutions.
Mr. Hijazi emphasized the need for discouraging personal glorification of companies’ board members, at the company’s expense and asked them to avoid unnecessary printing costs in documents such as annual report. He stressed the importance of timeliness of decision making and directed the committee members to expedite the matters under their consideration.
Mr. Suttar appreciated Mr. Hijazi’s views, and spoke about the planned improvements to the ICAP’s licensing regime for its members, in line with the best international practices.
For more information, contact:
Shakil Ahmad Chaudhary
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +92-51-9214005 or +92-51-9214009 (Ext. 378)