One of the most challenging and dynamic yet rewarding professions includes name of chartered accountancy. There are independent accountancy associations of each country that regulate quantity & quality of such professionals. Chartered accountants are specialized professionals in the field of auditing, accounting and taxation. They also serve as management & corporate caretakers. ICAP is the professional body in Pakistan representing chartered accountants. Its members are employed in business, industry, public sectors, private sectors and are also in public practice. There are over 7000 members working worldwide. Chartered accountants are the key part in structuring an economy. They play actively while shaping the economy and managing it towards progress of the nation.
CONTRIBUTION OF CHARTERED ACCOUNTANTS IN STRENGTHENING PAKISTAN`S ECONOMY & CORPORATE SECTOR
CAs are playing effective role for development of economy and its progress. They are working in all sectors for betterment of Pakistan`s economy and are also working in public institutions. These institutions include corporate sector where majority of the companies employ chartered accountants. Chartered accountants are occupying top management positions in any organization, for example they are working as CEO, CFO, etc. There are chartered accountants working in commercial banks in different capacities. Chartered accountants can be called as great professional produce by ICAP. They serve with distinction in the corporate sector. They continuously support Pakistan higher authorities in making policies every year after budget preparation. Chartered accountants assist government in completing budget proposals, they support & give advice whenever required. Another dimension of their service in economy is to serve state bank over accounting issues.
CORPORATE GOVERNANCE AND CHARTERED ACCOUNTANTS
CAs work towards better and improved corporate governance. Chartered accountants laid the foundation for corporate governance. They introduced the idea of corporate governance. There are also other corporate rules introduced by them for assistance of Pakistan government. They make rules and also ensure compliance with those rules.
Without professionals like chartered accountant, it won`t be easy for government and other corporate sectors to ensure compliance with foreign laws and standards. Indeed, only accountants can manage the finance sector in a better and improved way.