LAHORE - Praising performance of the Institute of Chartered Accountants of Pakistan, Chief Justice Lahore High Court Justice Muhammad Yawar Ali has said that ICAP is continuing to support and facilitate not only its members but also the government, regulators, business community and judiciary in resolving financial disputes and detecting financial tax frauds.

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. He was addressing the newly graduated chartered accountants, their families and members of institute during ICAP Gold Medal & Certificate Distribution Ceremony titled ‘Embracing the future’ at a local hotel. The event was organised by the Northern Regional Committee of ICAP.

He said the chartered accountancy opens the doors to a vast range of exciting career opportunities in every sector of business and finance both in Pakistan and internationally. “Role of an accountant is of utmost importance in litigation support and investigations in the prime areas of fraud committed by employees, embezzlement, cheque frauds, money laundering, misuse of corporate resources, economic offences, combating financial abuses, providing advice and financial analysis, and fraud detection etc.,” he added.

The importance of CAs has become crucial because of their proactive and analytical approach as their role is highly lauded by the police department, government regulatory bodies, lawyers, banks, courts and business community. “They can help the government in enforcements of regulatory requirements. Without accounting large business concerns simply cannot exist,” CJ LHC Justice Yawar Ali noted.

ICAP President Riaz A Rehman Chamida, speaking on the occasion, said: “There are two types of people in the world, one who fear the future and the other who embrace it, but the latter always have glorious future.”

He said the whole world is open for the young CAs as they should not restrict themselves to only accountancy profession, but also to look at a lot of opportunities like bankers, practicing accountants, chief internal auditors, supply chains, and information technology etc.

“The accountants of 2020 must be technology embraced. I urge you to attend all CPD events arranged by the Northern Regional Committee”, he emphasised.

Riaz A Rehman Chamdia told the gathering that 3,000 members of ICAP are working outside Pakistan at various leadership positions being key decision makers. He said ICAP had found many MoUs with the leading global accountancy bodies.