The document discusses the role and challenges of professional accountants in business (PAIBs) in Pakistan, emphasizing the importance of trust, professionalism, and the connection to professional bodies. It highlights various initiatives by the Institute of Chartered Accountants of Pakistan (ICAP) to support PAIBs, including conferences, mentorship programs, and awards to enhance their skills and recognition. The document also outlines the significant contributions of PAIBs to businesses and public sectors, aiming for better societal outcomes.

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Creating Value for Professional
Accountants in Business –
Pakistan Experience
Khalid Rahman, Member, Compliance
Advisory Panel
SMO Workshop
San Jose―Costa Rica
February 13, 2016

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Accounting Profession in Pakistan
• The Institute of Chartered Accountants of Pakistan –
regulatory body established in 1961
• The Institute of Cost & Management Accountants of
Pakistan
• Pakistan Institute of Public Finance & Accounts –
established as not for profit organization by ICAP, ICMAP
and AGP

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• IFAC represents over 2.5 million global accountants. Over
60% of the profession are “PAIBs”
• In Pakistan, over 70% of the professional accountants are
PAIBs
• Professional accountants expected to drive businesses and
public sector for better society
• Trust and professionalism critical to all accountants
• Connection to a professional body has benefits
Context to Our Discussion

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• Professional accountant working in business and industry,
public and not-for-profit sectors, and education
• Working in finance, operations, internal audit, compliance
etc.
• Working in an environment surrounded by other
professional types and disciplines
• Subject to a unique set of challenges and present
responsibilities and opportunities for member bodies
What is a PAIB?

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• Meeting expectations of employers
• Balancing stewardship with business mind set
• Speed of change and keeping up-to-date
• Disconnected from member body – identity and recognition
crisis
• Increasing regulation particularly for public interest entities
Key Challenges & Issues Faced by PAIBs

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• Perception of PAIBs as back office support
• What is the future role of the controller/senior finance
professionals
• Being transparent, particularly in public sector
• Public interest responsibility?
• Difficulty in responding to diverse needs
Key Challenges & Issues Faced by PAIBs

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• Established in 2009
• Provide thought leadership and support through engagement of
PAIBs
• Generate ideas on how to connect PAIBs for knowledge and
experience sharing
• Act as intermediary between IFAC PAIB Committee and ICAP
members
• Focusing on desired outcome - better business, public sector and
society
ICAP PAIB Committee

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• CFO Conferences
• Conference on Public Financial Management
• Mentorship programs
• National Finance Olympiad
• Professional Excellence Awards
• Special sessions for PAIBs
• ICAP Toastmasters Clubs
PAIB Committee – Key Initiatives

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CFO Conferences
• Yearly event in two major cities of Pakistan
• 12 CFO Conferences - More than 200 professionals shared
their experience and expertise on stage
• Platform for emerging PAIBs to come on stage and share their
experience
• Participation of more than 7000 PAIBs in last six years
• Avenue for PAIBs to network and share knowledge and
experience

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CFO Conferences
• Leading speakers and panelists from and outside Pakistan
invited
• CFO Conference 2015:
 Live Streaming - More than 1,700 professionals across the globe get
benefitted
 Introduced for the first time dedicated apps and social media accounts
• Representation from IFAC PAIB is an important feature

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National Finance Olympiad
• Pakistan’s first ever competition for PAIBs
• To encourage participants to show case knowledge and
application
• To facilitate networking and recognize finance talent
• 28 leading companies participated in qualifying round – with
top 6 teams participated in thrilling Grand Finale
• The Winner Team was crowned National Finance
Champion 2015

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National Finance Olympiad 2015
Top six qualifying teams during the last round of the Grand Finale. Olympiad Trophy

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Public Financial Management (PFM) Conference
• Organized in collaboration with World Bank Group and USAID
• Two day event to disseminate the importance of PFM amongst the
stakeholders
• Showed ICAPs commitment to strengthen and enhance the PFM of the
Country
• Largely attended by parliamentarians, bureaucrats, government officials,
PAIBs in public sector, representatives of donor agencies and
international dignitaries
• Speakers from IFAC, USAID, World Bank ,CIPFA, SAFA & PIFRA shared
experiences and knowledge

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From left to right: Ian Ball, Chairman CIPFA; Rob Whiteman, CEO CIPFA; Khalid Rehman, COO
ICAP; Yacoob Suttar, President ICAP; Muhammad Zubair, Minister Privatization Commission;
Rashid Ibrahim, Council Member ICAP & Chairman Conference Organizing Committee

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Directors Training Program
• Launched in 2013
• Accredited by SECP under Code of Corporate
Governance
• Helping PAIBs to update their knowledge on corporate
governance and allied matters
• Certification of Certified Director issued to more than 300
participants

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Best Corporate/ Sustainability Report Awards
• Best Corporate Report awards jointly launched by ICAP and
ICMAP in 2000
• Best Sustainability Reports Awards – launched in 2011
• Annual reports of listed companies judged on:
 Management review and representations
 Stakeholder information/ performance ratios
 Corporate governance
 IFRS disclosures/ other statutory disclosures
 Presentation of the annual report

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Best Corporate/ Sustainability Report
(BCR) Awards 2015
President ICAP, President ICMAP Guest of Honors Council Members along
with the winners of the BCR Awards 2015

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ICAP Mentorship Program
• To facilitate ICAP members to think clearly and be able to:
 define their professional development goals
 determine the right strategies to achieve these goals
• To contribute to the growth and value of members and
thereby the organizations they work for
• Senior and experienced Members (primarily) to act as mentors

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Other Initiatives
• ICAP Toastmasters clubs in different cities
• Professional excellence awards for outstanding PAIBs –
handed over during CFO conferences

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Special Sessions for PAIBs
Creative Problem Solving by Dr. Sunil Gupta
Exclusive Master Class by World Public Speaking
Champion, Mr. Dananjaya J. Hettiarachchi

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Thank you!