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Creating Value for Professional Accountants in Business – Pakistan Experience

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Presentation by Khalid Rahman, Member, Compliance Advisory Panel, for SMO Workshop, February 13, 2016, in San Jose, Costa Rica.

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Creating Value for Professional Accountants in Business – Pakistan Experience

  1. 1. Page 1 Creating Value for Professional Accountants in Business – Pakistan Experience Khalid Rahman, Member, Compliance Advisory Panel SMO Workshop San Jose―Costa Rica February 13, 2016
  2. 2. Page 2 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
  3. 3. Page 3 • 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
  4. 4. Page 4 • 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?
  5. 5. Page 5 • 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
  6. 6. Page 6 • 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
  7. 7. Page 7 • 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
  8. 8. Page 8 • 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
  9. 9. Page 9 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
  10. 10. Page 10 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
  11. 11. Page 11 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
  12. 12. Page 12 National Finance Olympiad 2015 Top six qualifying teams during the last round of the Grand Finale. Olympiad Trophy
  13. 13. Page 13 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
  14. 14. Page 14 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
  15. 15. Page 15 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
  16. 16. Page 16 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
  17. 17. Page 17 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
  18. 18. Page 18 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
  19. 19. Page 19 Other Initiatives • ICAP Toastmasters clubs in different cities • Professional excellence awards for outstanding PAIBs – handed over during CFO conferences
  20. 20. Page 20 Special Sessions for PAIBs Creative Problem Solving by Dr. Sunil Gupta Exclusive Master Class by World Public Speaking Champion, Mr. Dananjaya J. Hettiarachchi
  21. 21. Page 21 Thank you!

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