Page 78 - PakAccountant-April_June-2017

Signature Qualification CA that Empowers to Lead PAKISTAN Access to IT Resources for Members Free Takaful Insurance for Members Currently, a number of members, practicing as auditors especially Currently in Pakistan, an accountancy body provides their in Small and Medium Size Practicing Firms, do not have sufficient members a Takaful Insurance cover GRATIS. My vision is to access to specialized auditing software, which make them unable introduce similar scheme for members of ICAP as well. to stand shoulder to shoulder with members having access to such resource through their Internationally affiliated and members Council to be a True Policy Making Body firms. The institute must develop/procure such software and My vision is to make the Council a true policy making body provide free access to all practicing members so as to make them comprising of members with independent thinking who take aware of technological developments which are beneficial to the decisions without conflict of interest. profession and enhance their skill sets. Alternate Dispute Resolution Mechanism to Overseas Members Settle Internal Disputes Members residing and working abroad contribute to the financial It is really unfortunate that internal matters of institute and resources of ICAP. However, in return, no justifiable services are between members are frequently referred to court of law resulting rendered by the Institute for their well-being or assistance. In in belittling the image besides putting huge financial burden. my humble view at least 25% of fees collected from overseas These matters can easily be resolved by forming an Alternate members shall be allocated to respective International Chapters Dispute Resolution Committee comprising of senior members and for carrying out activities at local level. past Presidents of institutes. It is my endeavor to introduce this My vision is to have a special secretariat dedicated solely to mechanism forthwith. overseas members to assist them in resolving their problems Alternate Certification for Students in Pakistan, e.g. property, tax and legal matters, which they are Last but not the least, Students of the Institute, who are unable unable to cater due to their absence in Pakistan. I also have a to clear their exams or take longer than usual period to clear background in resolving problems faced by overseas Pakistanis exams, start opting for other certifications like ACCA, ICMA, CIMA, over the requirement of filing Income Tax return –Few years back PIPFA etc. I have deliberated a lot about this issue and I liked the filing of returns by members of Professional Bodies (residing vision of our UAE Chapter President, Mian Farhan, to introduce abroad and even having no income in Pakistan) was mandatory an alternate certification under the roof of ICAP for such students and through my efforts it was deleted from the law. with a foreign nomenclature to enable them to secure better Job There must also be a quota reserved for overseas member in the opportunities both locally and abroad. council of ICAP through elections. The alternate certificate will be a breather for the students who are currently unable to earn according to their potential due to lack of Women Empowerment and Gender Balance certification. This will further prosper the Institute as an increased I want my sisters and daughters in the profession to have equal number of ICAP students would be working in the profession who opportunities as their male counterparts and serve the profession currently opt for other certifications. with all their capabilities and hard work. My vision for women of the Institute is to have a minimum quota of one seat in the council from “Let us open clenched fist and shake hand to prosper ICAP” each zone and one seat in the regional committees. Council has With the assistance and support of the fraternity, I am confident currently proposed for co-opting the female member but our vision that we will achieve our goals by working hand to hand and will is to make part the deserving candidate through direct elections. elevate the Institute to new heights. Farrukh Rehman, FCA [R-2661] After graduation (Bachelor of Commerce) from Karachi University e-marking, revised Framework of Quality Assurance for practicing I joined A.F.Ferguson & Co and qualified as Chartered Accountant firms, draft Practice Review Framework, Revised RAET Regulations, in 1996, continued with the Firm in managerial capacity and Revised Training Regulations, Professional Accounting Affiliate, admitted as Partner on 1 July 2004. I have extensive experience in Training outside practice, Audit Oversight Board mechanism, all aspects of the professional services. I am an Assurance partner strengthening of overseas chapters, Edhi Talent Programme, where apart from carrying out normal engagement level duties, opening of ICAP offices, introduction of CA Pakistan as identity I am also the Territory Risk Management Partner and Assurance logo, institute’s infrastructure development, capacity enhancement Transformation Leader. through human resource appointments, National Finance Olympiad, etc. I am a serving member of the council for the term 2013-17 and remained actively involved in the initiatives and projects of the During the council term I have provided my contribution in Institute that are the combined efforts of the council. These enhancing the status of the Institute in many areas. I have included the proposed amendments to the Chartered Accountants worked as member examination, investigation, executive, audit, Ordinance, 1961, implementation of new education scheme and professional standards & technical advisory committees and examination, student feedback scheme, subject matter specialist, Quality Assurance Board providing extensive time and discharging 6 The Pakistan Accountant April-June 2017