By Guest Author · Monday, May 20, 2013 0 Comments
By Anita Brook
As an accountant, I would be the first to admit that the profession doesn’t have a reputation for being particularly exciting or dynamic. In fact, one mention of the dreaded “a” word at a dinner party can make the eyes of even the most polite guests glaze over, so it is often a surprise to people when they learn about the organisations out there who are using accounting skills to really make a difference in some of the world’s poorest countries.
My career in accountancy started working the City, but after a few years I became disillusioned with the cut-throat nature of industry and decided to start my own projects to make accountancy services more accessible and transparent. I set up both Accounts Assistand Brilliant Bookkeeping both to provide help for small businesses, and as a franchise for finance professionals who want to start their own business.
It was while helping small businesses set up accountancy practices at home that I found out about Accounting for International Development (AfID), a multi-award winning social enterprise offering similar help but to organisations a little further afield than Northampton, and on a much larger scale! They offer finance professionals the opportunity to use their skills to make a genuine difference as volunteers and to gain rewarding hands-on International Development experience.
Through volunteering with AfID, I was given the opportunity to visit Malawi in Southeast Africa, and work closely with an organisation called Community Youth in Development Activities (COYIDA). They do some great work helping with causes like water sanitation, HIV, nutrition, children’s rights and sexual protection, and by working with them to establish some best-practice accountancy systems it really felt like I could use my years of experience to make a difference. To make sure there was a lasting legacy left by AfID and myself, I was also delighted to mentor and sponsor an aspiring local finance professional, and I am pleased to report she also recently qualified as a Certified Chartered Accountant.
For any other qualified or aspiring accountants out there I would strongly recommend that they take a look at AfID, and the great work they do. They offer placements ranging from 12 months to 2 weeks, so whether it is a career break or just a couple of weeks away, you can use your skills to make a genuine lasting difference. Plus, how many accountants do you know who have woken up to find a black mamba snake in their bedroom before they go to work – because I did!
Inspired by my experiences, I am currently working on a project to launch my bookkeeping business in India, and in the long-term I would love to expand the practice to offer accessible ACCA training to encourage Indian women to become qualified Chartered Certified Accountants.
I was recently delighted to hear that I have been shortlisted in the finance category for First Women Awards, which is sponsored by the Lloyds Banking Group. While it is amazing to be recognised for such a prestigious award, it would feel like a wasted opportunity if I didn’t use it as a platform to tell people more about how accountancy can make a difference to the development of some of the world’s poorest countries, and perhaps change people’s perceptions of the day-to-day life of an accountant – it’s not all suits and spreadsheets, or at least, it doesn’t need to be.
About Anita Brooks
After graduating with a 2.1 in Applied Accountancy, Anita worked as an accountant in the city for many years. Disillusioned by the long hours and cut throat culture, Anita saw an opportunity to do things differently and achieve a better work/life balance in the process. With this in mind, Anita set up Accounts Assist in August 2008. Accounts Assist is a growing firm of Chartered Certified Accountants specialising in accountancy and taxation services for small businesses, freelancers, contractors and consultants.
By Ali Ahmad · Monday, May 20, 2013 5 Comments
A.F.Ferguson & Co, an affiliate of PriceWaterCoopoers, has successfully secured a contract from National Bank of Pakistan for Business Processes Review (BPR Services) and COSO Implementation. Both Giants of their respective industries signed an agreement at National Bank’s head office. 
The NBP President Dr Asif A Brohi said, “NBP is committed to achieve the leadership position in the industry by adopting international best practices and ensuring consistent compliance with regulatory requirements”.
“NBP believes in business growth and excellence through robust infrastructure, technology and operational support aimed at improving internal and external customer satisfaction,” he said in a statement.
Dr Brohi said, “The project is aimed at incorporating the operating model into NBP’s business processes and core systems and achieve operational effectiveness and efficiency”.
“Implementing the project will eventually provide a platform for achievement of the bank’s strategic objectives through a phased process of institutional capacity building,” he added.
By Nabila Mujtaba · Monday, May 20, 2013 0 Comments
The Southern Regional Committee of the ICAP is organising a seminar on “Corporate Reporting – New Challenges” on Wednesday, May 22, 2013 at ICAP House, Clifton, Karachi. Abdul Rahim Suriya FCA, Past President, ICAP will be the speaker and Khaliq-ur-Rahman FCA, Past President ICAP will be the chief guest for the session. 
Abdul Rahim Suriya is a Fellow Member of the Institute of Chartered Accountants of Pakistan and Fellow Member of the Institute of Cost and Management Accountants of Pakistan. He is also a Past President of ICAP. Presently, he is Principal of AR Suriya & Co, Chartered Accountants.
Publication of Annual Report is considered a means of corporate governance communication and Financial Information to stakeholders. Stricter regulations and increasing concern of stakeholders on transparency and accountability triggered by the recent economic crisis have drawn more attention and focus on both the role of the Board and effective execution of responsibilities.
By Ali Ahmad · Monday, May 6, 2013 1 Comment
Her eyes shining with pride, smile with humility, graceful clothing and a firm posture. That is what I saw when I first entered into the office of Mrs Hina Usmani, who was sitting behind an Apple laptop on her desk, a small cabin with a glass covered wooden desk which was full of files. 
The file cabinets were flooding with files – a usual sight in accountancy firms with employees working in a line facing their desktops. They looked more like call center people absent the headphones and chats.
Hina Usmani is the founder of the first Chartered Accountant firm, which is led by women Chartered Accountants. The Firm is an approved Training Organization and has applied for Quality Control Review (QCR) by Institute of Chartered Accountants of Pakistan.
Why She Became a Chartered Accountant?
Hailing from humble origins, Mrs Usmani had a businessman for a father and started out her luck in medical field on her mother’s will. With less success in beginning – she opted for Bachelors of Commerce and after graduating in First Division; her late elder brother “Khurram” pushed her for Chartered Accountancy, who with lots of hopes for her bright future could not see her success.
Being very uncommon for women in her time to pursue careers in finance her father late Mr. Altaf Ahmed Zuberi was reluctant because of very male dominated environment specially in this profession, but when she managed to clear her CA-Intermediate Part-1 in first attempt, he had nothing but high expectations from her and was the most happiest person along with entire family. She also has the privilege of becoming the first female Chartered Accountant in the whole “Zuberi family” and in recognition got gold medal from Zuberi Association.
The first gear went smooth and then she never looked back and managed to complete her 4-year Article ship from Ford Rhodes Robson Morrow (now Ernst & Young) in 1991 and went on to work for First Leasing Corporation where she qualified as Chartered Accountant in first year of her service and worked under Mr. Khurshid Hadi whom she considers as a great mentor in her career development.
“He was in particular a huge influence in my career and really gave me a lot of confidence throughout. I progressed from financial analyst position to Executive Director & Company Secretary level in my 11 years career at First Leasing.” She says.
Later in 2002 she worked for First Women Bank for a year as EVP-Head of Risk Management & Credit Monitoring Cell and managed to reduce infected portfolio by 20% and developed various credit/risk management manuals. She is a certified director from Pakistan Institute of Corporate Governance and a working committee member of the Chartered Accountant Women Forum (CAWF).
Her eldest brother Captain Asim is the great inspiration, who persuaded her to commence her practice as Usmani & Co. Chartered Accountants in 2004 from which he got full support from her husband Mr. Masood Usmani- also an FCA.
Behind a Successful Women – There is a Supporting family
“What more can you tell us about your family?” I asked her.
“Alhamdollilah – I have two lovely daughters and a wonderful son, the elder ones are doing their O’levels with sciences majors whereas my little angel is in Grade-2”
So I asked her how is she managing these roles? Is it challenging to raise kids, attend to family needs and to do justice with your professional and domestic responsibilities?
“Of course – I won’t argue with the time pressure issue but with course – I have been able to manage time well and I lent my evenings for my children. I’m very serious about their education and progress and all of their tutoring has been done by me”, she added with joy.
She went on to add that at home she changes her cap from a Founding Partner at Usmani & Co. to a housewife and pledges with everyday tasks with her wards. “My secret is setting priorities in their right order”. My family is my utmost priority!” Usmani added.
Once you prioritize your goal becomes clear. She said that there is no point in pursuing a career where you do not have the support of your family or if your family is paying the price for it. She acknowledged repeatedly of being blessed with an extremely supportive family at start and later luck tied her knot with her husband who was second to none in having her back.
Surviving in Male-Dominated Industry
Surely you had some problems in starting your own business in this male-dominated environment?”
“Yes, you’re right – I faced many challenges and I believe that all entrepreneurs specially women entrepreneurs face such hurdles in the beginning and it is particularly difficult for them to cope up with these challenges. Since we are not allowed to advertise much, personal relationship and quality service is the key of getting that first shot in this competitive industry.”
“Where is your firm standing now? And what future holds for it?”, I throw another tough one on her.
“We have a sound client base for assurance, taxation & advisory services which mainly comprises of small & medium enterprises. We provide them quality service with one stop solution for their financial issues, specially women entrepreneurs as our clientele are quite comfortable dealing with us. We are looking forward to become the first Chartered Accountant Firm led by women to achieve QCR rating from ICAP before mid-year”
“ICAP has been male dominated organization since ever. What do you see the cause of this?”, EconomyAge asked her.
“It is not the lack of talent or any discrimination – I believe women chartered accountants are unable to step forward to take up these positions which bring with it extra responsibilities”, she said.
“The time it takes to be on the board is dearly needed by the family at house particularly from a mother and a wife. I have been myself asked to stand in the ICAP council elections for quite some time but my kids are not mature enough at this stage for me to volunteer myself for this professional cause”.
“So when the time is right, you will stand up for the election, right?”, we asked her.
“Yes- Yes I will Insha’Allah” she said assuredly.
We went on to know her thoughts about students who wish to pursue careers in Accountancy, and your advice to those who struggle with their papers.
She believes that students who find themselves comfortable with numbers have a good chance in accountancy profession. They should be focused, committed and hard working and their main focus should be on concept building and presentation, which would ultimately help them to apply their knowledge in the examinations.
“Strong technical abilities, excellent public relations and sound managerial skills are the 3 most important skill-set she believes an audit firm entrepreneur must be equipped with”, she answered when I asked her if she believes more women will follow this route in future in accountancy profession.
“Contrary to popular belief – ICAP is fair and has kept quality standards at all levels specially in conducting exams. It is not hard and with committed and focused approach an average student throughout his/her academics can achieve this prestigious qualification!” she said in a casual tone.
By Ali Ahmad · Friday, May 3, 2013 0 Comments
Tax experts fear that the lack of coordination between federal and provincial revenue authorities would lead to leakage of due taxes from the national kitty. 
The Institute of Chartered Accountants of Pakistan (ICAP) officials informed the Federal Board of Revenue (FBR) about the issue of sales tax on services. They said that there would be tax leakages due to the unclear and overlapping mechanism and procedures of federal and provincial sales tax laws.
From July 01, 2011, the province of Sindh initiated the collection of sales tax on services rendered, initiated or consumed under the Sindh Sales Tax on Services Act 2011, which is administered by the Sindh Revenue Board (SRB). Likewise, the Punjab Revenue Authority (PRA) also started the collection of sales tax on services from July 01, 2012.
The News quoted sources who said that the provincial laws are almost similar to the federal act. However, at various places, the provisions of the federal act and provincial laws not only overlap each other but also lack clarity, especially with reference to the kitty, they added.
The FBR has been informed that the position was uncertain and overlapping regarding the mechanism and procedure of sales tax on restaurants, franchise services and advertisement services. “On the other hand, the FBR authorities still dispute over the admissibility of Sindh / Punjab sales tax as refund,” said the association.
Moreover, taxpayers operating across the provinces were being confronted by the FBR, SRB and PRA for payment of sales tax on the same services due to arguments among FBR, SRB and PRA over the interpretation of respective laws and the 18th Amendment.
The chartered accountants’ body said that service providers, such as banking companies, telecommunication companies, TV channels, fast moving consumer goods (FMCGs), pharmaceutical companies and other sectors face severe financial and compliance pressures, which result in unwarranted litigation.
The FBR has been warned that if the issues were not addressed in time to save taxpayers from undue litigation and the federal and provincial tax laws were not harmonised, it might result in the failure of the implementation of 18th Amendment in its true spirit.
In view of 2013-14, ICAP suggested that FBR, SRB and PRA agree upon a legal framework and eliminate the various legal and procedural matters, which remains unsettled to date. Besides, the association also recommended that specific provisions be simultaneously incorporated in all the tax statutes, whereby taxpayers would not be called upon to pay the tax twice.
By Ali Ahmad · Friday, Apr 26, 2013 0 Comments
As part of its mandate to monitor listed and unlisted companies to safeguard investor interest, the Enforcement Department of the Securities and Exchange Commission of Pakistan (SECP) has initiated one hundred and twenty- two
(122) show-cause proceedings against chief executives, directors, and auditors of listed and unlisted companies, that failed to comply with the applicable provisions of the laws. 
Enforcement actions for breaches of statutory requirements related to: issuance of auditors’ reports, takeover regulations, holding of annual general meeting, inter-corporate financing, issuance of capital, misstatement of facts, employees’ provident funds, consolidation of financial statements, circulation of financial statements, disclosure of directors’ interests, and cost audit rules.
Penal proceedings against directors of listed company concluded on account of material misstatements whereby the directors siphoned off the tax refunds disguising them as proceeds from the false sale of its subsidiary.
In addition to the proceedings noted above, the Department has concluded seventy nine (79) proceedings against directors and auditors of companies either by penalizing and/or by warning the identified defaulters. In addition, the Department has also initiated inspections of the affairs of four companies while an investigation has been initiated into the matters of a private limited company.
The Department addressing the grievances of investors successfully resolved nineteen complaints. These complaints were mainly pertaining to non-issuance of shares, non-verification of transfer deeds, and non-payment of dividends.
Four companies have been directed to hold their overdue annual general meetings within a specified time. To facilitate companies in preparation of their consolidated financial statements, six companies have been granted exemption from the requirements of consolidation of their annual financial statements.
By M Yasir · Tuesday, Apr 23, 2013 0 Comments
The Institute of Chartered Accountants of Pakistan (ICAP), Auditor General of Pakistan (AGP) and the Controller General of Accounts (CGA) signed a memorandum of understating (MoU) here on Monday. 
The MoU was signed by Ahmed Rasul Bangash, AGPR; Ahmed Saeed President ICAP; Asif Usman Khan Controller General of Pakistan. Abdullah Yusuf Council Member ICAP was also present.
Purpose of this Collaboration
The purpose of this MoU is to establish collaboration between AGP, the CGA and ICAP for the improvement of auditing, accounting, professional training and financial management in accordance with international standards and best practices.
This collaboration will further enhance public and private partnership and capacity building of the Government departments and provide them professional training.
The ‘Auditor General of Pakistan’ has the constitutional mandate for audit of the federal, provincial and district governments, besides prescribing, with the approval of the President, the forms, methods and principles for the accounts of the Federation and of the Provinces.
The’ Controller of General Accounts’ has the responsibility of preparation of the accounts of the federal, provincial and district governments. Both the organisations are engaged in wide ranging reforms to enhance the quality of Pakistan’s public sector auditing and accounting.
According to the press release – this Memorandum of Understanding is classified as a milestone in capacity building for the three organisations in the multiple disciplines.
With reciprocal sharing of training facilities including the use of premises or attending/participation in training courses, seminars or workshops of members of the DAGP, CGA and ICAP.
Such collaboration will create synergy and will facilitate the growth and enhancement of public sector accounting and auditing. With the current focus on governance it is imperative to enhance the accounting image. Working in partnership with the public sector regulator – AGP and CGA will be a step in the right direction.
By Ali Ahmad · Thursday, Apr 18, 2013 1 Comment
Institute of Chartered Accountants of Pakistan (ICAP) issued its updated list of audit firms having satisfactory Quality Control Review (QCR) status. 
According to the notification sent to stock exchanges and other regulatory bodies – ICAP informed that one audit firm Tabussum Saleem and Co. Chartered Accountants was removed and two new audit firms, Hameed Zahid and Chartered Accountants & MAZARS M.F and Chartered Accountants was added in new QCR list.
Its worth mentioning here that Securities and Exchange Commission of Pakistan (SECP), through the Listing Regulations of the three Stock Exchanges namely Karachi, Lahore and Islamabad, has made mandatory QCR rating for the firms of chartered accountants engaged in the audit of listed entities.
Accordingly, no listed company can appoint as external auditors a firm of Chartered Accountants which has not been given a satisfactory rating under the Quality Control Review Program of the Institute of Chartered Accountants of Pakistan.
| A.A. Baig & Co. |
| A. Aziz Chaudhury & Co. |
| A.D. Akhwala & Co |
| A.F. Ferguson & Co |
| A.M. Lailwala & Co. |
| Abdan & Co. |
| Ahmed Mushir & Co. |
| Akhter Mahmood Mian |
| Ale Imran & Co. |
| Amin & Co. |
| Amin Mudassar & Co. |
| Amir Alam Khan & Co. |
| Anjum Asim Shahid Rahman |
| Arshad Raheem & Co |
| Aslam Malik & Co. |
| Avais Hyder Liaquat Nauman |
| Azhar Zafar & Co. |
| Baker Tilly Mehmood Idrees Qamar |
| BDO Ebrahim & Co. |
| Daudally Lalani & Co. |
| Ernst & Young Ford Rhodes Sidat Hyder |
| Faisal Iqbal Khawaja |
| Faruq Ali & Co |
| Fazal Mahmood & Co. |
| Feroze Sharif Tariq & Co. |
| F.R.A.N.T.S & Co |
| Ghalib & Co. |
| H.A.M.D & Co. |
| Hafizullah & Co |
| Haider Shamsi & Co. |
| Hameed Chaudhri & Co. |
| Hameed Zahid & Co. |
| Haroon Zakaria & Co |
| Hashmi & Co |
| Hassan Farooq & Co. |
| HLB Ijaz Tabussum & Co. |
| Horwath Hussain Chaudhary & Co |
| Hyder Bhimji & Co. |
| Ibrahim, Shaikh & Co. |
| Iylas Saeed & Co. |
| Imran Saeed & Co. |
| Jalis Ahmad & Co. |
| Javaid Jalal Amjad & Co. |
| Javed & Co. |
| Kabani & Co. |
| Kaleem & Co. |
| Kamran & Co. |
| Khalid Majid Rehman |
| KRMG Taseer Hadi & Co. |
| M. Almas & Co. |
| M. Aslam & Co. |
| M. Ather & Co. |
| M. Yousaf Adil Salee & Co. |
| Mansoor Aslam Seraj Saleem Shahid |
| Manzoor Hussain Mir & Co. |
| Maqbool Haroon Shahid Safdar & Co. |
| MAZARS M.F. & Co. |
| Moochhala Gangat & Co. |
| Mudassar Ehtisham & Co. |
| Munaf Yusuf & Co. |
| Muniff Ziauddin & Co. |
| Mushtaq & Co. |
| Nasir Javaid Maqsood Imran |
| Nauman Rafique & Co. |
| Naveed Zafar Ashfaq Jaffery & Co. |
| Nazir Chaughri & Co. |
| Parker Randall-A.J.S (formerly Ahmad Junaid and Co.) |
| Qadeer & Co. |
| Qavi & Co. |
| Rafaqat Mansha Mohsin Dossani Masoom & Co. |
| Rahim Jan & Co. |
| Rahman Iqbal Umar Iftikhar & Co. |
| Rahman Sarfaraz Rahim Iqbal Rafiq |
| Riaz Ahmed & Co. |
| Riaz Ahmed Saqib Gohar & C.o. |
| Rizwan & Co. |
| S.M. Masood & Co. |
| S.M. Rehan & Co. |
| S.M. Suhail & Co. |
| Saeed Methani Siraj Mohy-ud-din & Co. (Formerly Saeed Moy-ud-din & Co.) |
| Salariya & Co. |
| Sarwar Awan & Co. |
| Sarwars |
| Sheikh & Chaudhri |
| Tahir Siddiqi & Co. |
| Tanwir Arif & Co. |
| Tanzeem & Co. |
| Tariq Abdul Ghani Maqbool & Co. |
| Tariq Ayub Anwar & Co. |
| UHY Hassan Naeem & Co. |
| Uzair Hammad Faisal & Co. |
| Viqar A.Khan & Co. |
| Yaqub & Co. |
| Yusaf Saeed & Co. |
| Zaheer Babar & Co. |
| Zahid Jamil & Co. |
| Zakaria Loya & Co. |
By Ali Ahmad · Monday, Apr 15, 2013 0 Comments
The Institute of Chartered Accountants of Pakistan arrogate that the corporate tax rate in Pakistan for public and private companies should be mow down 25% from current 35% rate. 
“Corporate tax rate in Pakistan was the highest in the region, as China has the corporate tax rate of 15% to 20% only”, Saqib Masood, chairman of ICAP’s taxation committee said while exhibiting ICAP’s proposals for the federal budget 2013-14.
“The data government officials use is mostly inaccurate, biased and incomplete. In fact, we have to read websites of the World Bank and International Monetary Fund (IMF) every morning in order to keep ourselves up-to-date with Pakistan’s economic data.” added by Saqib.
Saqib also vouched for terminating the discrimination between salaried and non-salaried persons by providing separate tax rates because it is against the ‘norms of personal taxation’.
“It is very odd that where the income exceeds Rs 2.5 million, a salaried person attracts the maximum tax rate of 20% compared to a non-salaried person, who attracts the maximum rate of 25%. This clearly indicates that the law itself admits that non-salaried persons understate their income.”
The ICAP also calls sales tax – which is 16% with an additional 3% value addition tax on commercial imports – a limiting factor in letting people come within the tax net.
Unlike many developing countries, Pakistan does not offer any substantial protection to its manufacturing/industrial sector and therefore businesses prefer to operate as traders and enjoy associated tax/duty benefits.
By Nabila Mujtaba · Friday, Apr 5, 2013 0 Comments
Pakistan’s leading accountancy body and accountancy regulator – Institute of Chartered Accountants of Pakistan (ICAP), has entered into a Memorandum of Understanding (MOU) with the top business school, Lahore University of Management Sciences (LUMS), on Wednesday 3rd April. 
In accordance with this MOU, the graduates of BSc (Honours) Accounting and Finance programme at the Suleman Dawood School of Business (SDSB) will be facilitated in acquiring their CA professional qualification. Upon graduation they will qualify for a more streamlined route which will exempt them from four modules A – D (12 subjects) of CA curriculum.
The Memorandum of understanding (MOU) was signed by Dr. Adil Najam, Vice Chancellor LUMS, and Mr. Ahmad Saeed, President ICAP here at the LUMS Campus.
Speaking on this occasion, Vice Chancellor LUMS, Dr. Adil Najam said, “This is an important collaboration and a major step forward in education innovation. It will serve not only to fill an important need of our students, but of finance and accounting education in Pakistan “
President ICAP, Mr. Ahmed Saeed, while expressing his views to the audience added how the collaboration ‘is an endeavour to offer dynamic routes of achievement to our brilliant youth’. He said that work-integrated learning will provide a ‘vibrant experience to all graduates, who will be well equipped to make a positive contribution toward business, economic and financial sector of the country.’
By virtue of this arrangement, LUMS will give a novel option to its students whereby their academic degree will lead to a strong professional qualification. Consequently, ICAP will recruit quality graduates with global university exposure within a local context, and a diversified academic background. Signing ceremony was attended by council members of ICAP, and faculty members of LUMS.
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