LAHORE - Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan) has lauded the issuance of Companies Ordinance 2016, which is catering better disclosure requirements specially in the context of prevailing country’s dilemma of investing and reaping benefits from off-shore companies.

In a conference, the speakers were of the view that the Companies Ordinance would bring bundle of beneficiary packages for the industry, trade and business in terms of opening companies, ease of doing business and upholding the confidence of investors.

Independence and autonomy of the audit is very much essential and crucial for the survival and growth of business and economy, they unanimously said.

The speakers said that it is a general perception that there are challenges faced by the companies with respect to ease and cost of doing business when it comes to single source of auditors for measuring the activities of heavy business investments. The global trend of the audit profession has opened up and in most of the developed countries including UK, Canada and Australia there are more than one accounting bodies who have equal rights for statutory audit.