ICAP is a prestigious regulating body that promotes, develops and supports over 10,000 Chartered Accountants. We provide qualifications, professional growth and development, share our knowledge, insight and technical expertise, and protect the worth and integrity of the accountancy profession.
The Institute of Chartered Accountants of Pakistan (ICAP) was established on July 01, 1961 with the prime objective of regulating the profession of accountancy in Pakistan. It was due to the vision and the foresight of our predecessors that today we are the premier regulatory body for the development and regulation of the Chartered Accountancy Profession in the Country.
In addition, ICAP plays a vital role in strengthening the regulatory framework in Pakistan through cooperation and collaboration with important policymaking institutions and regulators, including the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan, the Federal Board of Revenue and other Ministries.
An Overview of ICAP
As leaders in accountancy, our members have the knowledge, skills and commitment to maintain the highest professional standards and integrity. Together we contribute to the success of individuals, organizations, communities and economies.
Key facts about ICAP
- Name: ICAP (The Institute of Chartered Accountants of Pakistan)
- Founded: July 01, 1961
- Head Office: Chartered Accountants Avenue Clifton Karachi-75600
- Regional & Satellite Offices: Lahore, Islamabad, Abbottabad, Mirpur, Sukkur, Hyderabad, Quetta, Peshawar, Gujranwala, Faisalabad, Multan
- Members: over 8,358 active members around the world
History of ICAP
Even though accountancy is hundreds of years old, it was not until after the middle of the 20th century when The Institute of Chartered Accountants of Pakistan (ICAP) came into existence and the profession of chartered accountancy became recognized.
1950s
The Federal Ministry of Commerce, the then regulatory body of the accounting profession, inherited just 106 qualified accountants. A new set of rules known as the Auditors Certificates Rules, 1950 were published in the Gazette of Pakistan on December 30, 1950.
A person who met the conditions for practical training and theoretical knowledge could have his name on the register maintained by the Ministry of Commerce and was entitled to use the designation “Registered Accountant’
1960s
The Institute of Chartered Accountants of Pakistan (ICAP) came into existence on July 01, 1961.
1970s
In 1977, a formal function was held to lay the foundation of the Institute’s building at Clifton, Karachi. The government granted a sum of Rs. 300,000 for the project.
1980s
The IFAC President Gorden H. Cowperthwaite and the Executive Director Robert N. Sempier along with the secretary International Affairs Committee, Institute of Chartered Accountants in England and Wales visited Pakistan in November 1980.
The constitution of the regional body was signed at the meeting held in August 1984 in New Delhi among the accountancy bodies from Bangladesh, India, Pakistan and Sri Lanka and a new regional body, the South Asian Federation of Accountants (SAFA) was formed.
Silver Jubilee Celebrations of the Institute
The Institute of Chartered Accountants of Pakistan celebrated its twenty-fifth anniversary and witnessed its most momentous event on March 15, 1987, when Prime Minister Mohammad Khan Junejo inaugurated the Silver Jubilee held in Karachi.
1990s
The decade of nineties is known as the ‘Era of Education.’ Expectations and responsibilities increase after each milestone. After celebrating the Silver Jubilee the expectations grew even higher.
The Institute rightly gave importance towards strengthening the foundations which would hold the profession for years to come.
2000s
A resolution was adopted in the 5th All Pakistan Chartered Accountants’ Conference held on December 7 and 8, 1998 for taking an initiative to evolve and recommend a Code of Good Corporate Governance – the first ever institutional effort of its kind in Pakistan by the Institute of Chartered Accountants of Pakistan which distinguished it from other comparable efforts.
Golden Jubilee Celebrations: 2011
The year 2011 was designated as the Golden Jubilee Year by the Council to celebrate the fiftieth anniversary of the Institute that was set-up on July 01, 1961.