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Institute of Chartered Accountants of Pakistan

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Institute of Chartered Accountants of Pakistan
ادارہَ محاسبانِ منشوری، پاکستان
AbbreviationICAP
PredecessorMinistry of Commerce
FormationJuly 1, 1961; 65 years ago (1961-07-01)
Legal statusBody corporate established under The Chartered Accountants Ordinance, 1961 promulgated by the President of Pakistan
PurposeAccounting and Auditing Regulatory Body
HeadquartersChartered Accountants Avenue, Block 8, Clifton, Karachi, 75600
Coordinates24°59′03.0″N 67°02′07.6″E / 24.984167°N 67.035444°E / 24.984167; 67.035444
Region served
Pakistan
Members10,096 (2024)
Official language
English, Urdu
President
Muhammad Samiullah Siddiqui, FCA
Vice President
Ahmed Raza, FCA
Vice President
Jehan Zeb Amin, FCA
Websitewww.icap.org.pk

The Institute of Chartered Accountants of Pakistan (ICAP) is the premier regulatory and professional body for accountants in Pakistan. It was established on 1 July 1961 as a statutory body under the Chartered Accountants Ordinance, 1961 promulgated by the President of Pakistan to oversee the regulation of accountants and development of the profession of Chartered Accountancy in Pakistan.[1][2]

History

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Origins of the Accountancy Profession (Pre-1932)

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The roots of the practice of accountancy in Pakistan lie in the era of colonialism in Britain. At that time, audits were made according to the provisions of the Companies Act 1850, and companies usually had both European and Indian auditors who represented different shareholders' parties.[3]

The Companies Act 1885 introduced provisions relating to appointment, pay, and functions of auditors. It is worth mentioning that the auditors did not have to be professionally qualified accountants, and people from other professions could act as auditors.

An important point was the adoption of the Indian Companies Act, 1913, when it became obligatory for the auditor of a public limited company to have an Auditor's Certificate issued by the government. The provinces had powers to issue Auditor's Certificates, and the central government had the right to recognize as auditors members of particular professional organizations of accountants.[3]

Professional Regulation and Institutional Development (1932–1947)

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The implementation of the Auditors' Certificates Rules, 1932 constituted a major milestone in the regulation of the accountancy profession. The rules brought about an organized system for qualification, examination, training, and registration of auditors. In this era, the profession was regulated by the Ministry of Commerce of the Central Government, while the Indian Accountancy Board was an advisory body in regard to issues concerning accountancy and auditing. This helped to create a professional and organized accountancy profession before the formation of Pakistan in 1947.[3]

Development of the Profession in Pakistan (Post-1947)

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Since its emergence as an independent state in 1947, Pakistan had inherited a small accountancy profession where the regulatory body of the profession, the Federal Ministry of Commerce, had inherited only 106 qualified accountants. However, the regulatory control continued through the Auditors' Certificates Rules, 1950, which were based on the pre-partition model.

The year 1952 marked the formation of Pakistan Institute of Accountants by the "Registered Accountants" to promote the interest of their profession. Later, in 1959, the establishment of the Department of Accountancy at the Ministry of Commerce provided further regulation to the profession and the Council of Accountancy suggested that there should be an autonomous professional body of the accountants in Pakistan.

The culmination of all this resulted in the promulgation of the Chartered Accountants Ordinance, 1961, by the President of Pakistan, Field Marshal Muhammad Ayub Khan, and the founding of the Institute of Chartered Accountants of Pakistan (ICAP) on 1 July 1961.[4][1]

The profession experienced additional development through the enactment of the Companies Ordinance, 1984, which superseded the Companies Act, 1913. The Ordinance increased the scope of work for the professional accountants by increasing the need for financial reporting and cost accounting and audit systems. This improved the regulatory system of corporate financial reports and audits and strengthened the role of the ICAP in ensuring professionalism in the field of accounting in Pakistan.[5][4]

Objectives

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ICAP regulates the profession of chartered accountancy in Pakistan; it lays down qualification requirements, conducts examinations, awards memberships and sets standards for accounting, auditing, and ethics for its members.

Moreover, it also looks after the Continuous Professional Development (CPD) of its members and is involved in policy making in regard to various aspects of accounting, business, economy, taxation, corporate governance, and sustainable development. In addition, it gives advice to the government on financial, taxation, and corporate matters and collaborates with regulatory authorities and business community to enhance quality of corporate reporting and governance.[6]

Structure and governance

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ICAP is governed by a council, which comprises elected members from the profession and government-nominated representatives. The Council is responsible for formulating policies, overseeing the administration of the institute, and upholding the integrity and standards of the profession. The President of ICAP is elected by the Council members, typically for a term of one year.[7]

The operational activities are managed by the Secretary/Chief Operating Officer and various departments, which oversee areas such as education, examinations, member affairs, technical standards, and legal compliance.[7]

Education and qualification pathway

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To become a chartered accountant in Pakistan, students must register with ICAP and complete a rigorous program that includes:

  1. Entry Routes: Students can enter through the Foundation Route (after Intermediate/A-levels) or Graduate/Master’s Route (after a university degree).
  2. Examinations: The ICAP qualification comprises four stages – Pre Requisite Competencies (PRC), Certificate in Accounting and Finance (CAF), Certified Finance and Accounting Professional (CFAP), and Multi-subject Assessment (MSA).
  3. Training: Practical training with an ICAP-approved accounting firm or organization is mandatory and spans a period of 3.5 to 4 years.
  4. Ethics and CPD: Students must complete ethics modules and, after qualification, continue professional development throughout their careers.

Membership and recognition

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ICAP members are entitled to use the designation ACA (Associate Chartered Accountant) and, after fulfilling experience requirements, FCA (Fellow Chartered Accountant). As of 2023, ICAP has over 9,106 members working in Pakistan and across the globe in leadership roles in corporate entities, regulatory bodies, government departments, and multilateral organizations.[2]

ICAP’s qualification is internationally recognized, and its members often work in countries like the United Arab Emirates, Saudi Arabia, the United Kingdom, Canada, and Australia, among others.[2]

International affiliations

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ICAP is an active member of various prestigious international and regional organizations, including:

  • International Federation of Accountants (IFAC)
  • South Asian Federation of Accountants (SAFA)
  • Confederation of Asian and Pacific Accountants (CAPA)
  • International Accounting Standards Board (IASB) (through participation in standard-setting processes)

These affiliations allow ICAP to contribute to and stay aligned with global accounting and auditing standards.

Presidents

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The following is a list of presidents of the institute:[8]

YearNameOrganization
1961–1962Syed Osman AliFirst Accountant of Pakistan
1962–1963M. AhmadMinistry of Finance (Pakistan)
1963–1966M. Aslam
1966–1969Vaqar Ahmed
1969–1970A. Rab
1970–1972Vasim Aon Jafarey
1972–1973M. Yakub
1973–1975Ejaz Ahmed Naik
1975–1978Abdur Raouf Shaikh
1979Aftab Ahmed Khan
1979–1983H. U. Beg
1983–1986Irtiza HusainPricewaterhouseCoopers Pakistan
1986–1988Ebrahim DahodwalaBDO International Pakistan
1988–1989M. Afzal MunifBKR International Pakistan
1989–1991Ebrahim SidatErnst & Young Pakistan
1991–1992Abdul Hameed ChaudhriHameed Chaudhri & Company
1992–1993Khalid RafiPricewaterhouseCoopers Pakistan
1993–1994Muhammad Yousuf AdilDeloitte Pakistan
1994–1996Syed Masoud Ali NaqviKPMG Pakistan
1996–1997Sajjad AhmadPricewaterhouseCoopers Pakistan
1997–1998Ahmad Dawood PatelErnst & Young Pakistan
1998–1999Najam I. ChaudhriPricewaterhouseCoopers Pakistan
1999–2000Shaukat Amin ShahM/s Amin & Co., Chartered Accountants
2000–2001Pir Mohammad A. KaliyaFirst Paramount Modaraba
2001–2002A. Husain A. BasraiKPMG Pakistan
2002–2003Khaliq-ur-RahmanGrant Thornton Pakistan
2003–2004Mujahid EshaiChartac Business Services (Pvt.) Ltd.
2004–2005Zafar Iqbal Sobani[9]Hub Power Company
2005–2006Syed Mohammad Shabbar Zaidi[10]PricewaterhouseCoopers Pakistan
2006–2007Nasimuddin Hyder[11]Ernst & Young Pakistan
2007–2008Imran Afzal[12][13]Grant Thornton Pakistan
2008–2009Syed Asad Ali Shah[14]Deloitte Pakistan
2009–2010Abdul Rahim SuriyaA. R. Suriya & Co, Chartered Accountants
2010–2011Shaikh Saqib Masood[15][16]KPMG Pakistan
2011–2012Rashid Rahman Mir[17][18]Rusell Brad Ford Pakistan
2012–2013Ahmad Saeed[19]Mazars Consulting
2013–2014Naeem Akhtar Sheikh[20]Hassan Naeem & Co.
2014–2015Yacoob Suttar[21][22]Asia Petroleum
2015–2016Hafiz Mohammad Yousaf[23]NCBMS Consulting
2016–2017Nadeem Yousuf Adil[24][25]Deloitte Pakistan
2017–2018Riaz A. Rehman Chamdia[26][27]Ernst & Young Pakistan
2018–2019Jafar Husain[26]Professionals' Academy of Commerce
2019–2020Khalilullah Sheikh[28]Pakistan International Airlines
2020–2022Iftikhar Taj[29]Crowe Global Hussain Chaudhury & Co.
2022-2023 Ashfaq Yousuf Tola[30] Tola Associates
2023-2024 Muhammad Ali Latif[31] Muniff Ziauddin & Co., Chartered Accountants
2024-2025 Farrukh Rehman[32] PricewaterhouseCoopers Pakistan

Course summary

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Level 1 (PRC) consists of 5 multiple-choice computer-based exams. After successfully completing Level 1, you become eligible to appear for the Level 2 (CAF) exams, which consist of a total of 8 exams, divided into 2 groups of 4. Once you pass all 8 CAF exams, you must undergo an articleship at an accounting firm or in a specific industry, with an average duration of 3 years, depending on your prior qualification. During this articleship period, you will be required to complete the remaining two levels of the program, in order for you to fully qualify.[33]

Course Outline
Stage Code Exams
PRC PRC-1 Business Writing & Comprehension Skills
PRC-2 Quantitative Methods
PRC-3 Principles of Economics
PRC-4 Introduction to Accounting
PRC-5 Introduction to Business
CAF CAF-1 Group A Financial Accounting and Reporting-I
CAF-2 Tax Practices
CAF-3 Cost and Management Accounting
CAF-4 Business Law
CAF-5 Group B Financial Accounting and Reporting-II
CAF-6 Managerial and Financial Analysis
CAF-7 Company Law
CAF-8 Audit and Assurance
CFAP CFAP-1 Advanced Accounting and Financial Reporting
CFAP-2 Advanced Corporate Laws and Practices
CFAP-3 Strategy and Performance Measurement
CFAP-4 Business Finance Decisions
CFAP-5 Tax Planning and Practices
CFAP-6 Audit, Assurance and Related Services
MSA MSA-1 Financial Reporting and Assurance Professional
MSA-2 Management Professional Competence

International affiliations

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ICAP is a member of:[34]

Publications and research

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ICAP publishes a range of professional and informational publications. Its regular publications include the monthly Newsletter, which provides updates on Institute activities and developments, and The Pakistan Accountant, a quarterly journal featuring articles on accounting, auditing, business, finance, and related topics.[38][39]

Other notable publications include Artisans of Accountancy, a coffee table book on the history of the accountancy profession in Pakistan, and An Inspiring Journey of a CA Woman, which highlights the contributions of women in the profession.[40]

Offices

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ICAP’s head office is located in Clifton, Karachi, with regional offices in Lahore, Islamabad, Multan, Faisalabad, Peshawar, and Quetta. It also maintains an overseas chapter to support members residing abroad. The Institute regularly organizes seminars, workshops, and conferences to engage with stakeholders and promote professional excellence.

In addition, it operates two overseas examination centres in Dubai, United Arab Emirates and Riyadh, Saudi Arabia enabling students residing in the region to appear for its professional examinations.[41][42]

See also

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Notes

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  1. 1 2 "THE CHARTERED ACCOUNTANTS ORDINANCE, 1961". The Pakistan Code, Ministry of Law and Justice. 1961.
  2. 1 2 3 "Annual Report 2023" (PDF). The Institute of Chartered Accountants of Pakistan. 15 May 2025.
  3. 1 2 3 Saeed, Prof. Dr. Khawaja Amjad, Auditing: Principles & Procedures, Lahore: Institute of Business Management, 1993 pages 18–22.
  4. 1 2 "Who We Are – The Institute of Chartered Accountants of Pakistan". icap.org.pk. Retrieved 2025-05-15.
  5. ↑ "Institute of Chartered Accountant of Pakistan » Our Vision Our Mission". www.icap.org.pk. Archived from the original on 2014-01-08.
  6. ↑ "What We Do – The Institute of Chartered Accountants of Pakistan". icap.org.pk. Retrieved 2026-06-24.
  7. 1 2 "Governance – The Institute of Chartered Accountants of Pakistan". icap.org.pk. Retrieved 2025-05-15.
  8. ↑ "Past Presidents – The Institute of Chartered Accountants of Pakistan". icap.org.pk. Retrieved 2022-04-23.
  9. ↑ "ICAP initiates reviewing of financial reports". DAWN.COM. 2005-08-28. Retrieved 2022-04-23.
  10. ↑ "ICAP president". DAWN.COM. 2005-09-15. Retrieved 2022-04-23.
  11. ↑ "Best 2005 corporate awards announced". DAWN.COM. 2007-01-10. Retrieved 2022-04-23.
  12. ↑ "ICAP elects office-bearers – Business Recorder". Retrieved 2022-04-23.
  13. ↑ "ICAP president". DAWN.COM. 2007-09-15. Retrieved 2022-04-23.
  14. ↑ Report, BR Web Desk | Recorder (2020-01-29). "Asad Ali Shah Jilani appointed director K-Electric". Brecorder. Retrieved 2022-04-23.
  15. ↑ "Saqib Masood elected ICAP council chairman". Brecorder. 2010-09-17. Retrieved 2022-04-23.
  16. ↑ "ICAP appoints president". The Accountant. 2011-10-02. Retrieved 2022-04-23.
  17. ↑ "Russell Bedford Pakistan Senior Partner Elected President of the PIPFA. - Free Online Library". www.thefreelibrary.com. Retrieved 2022-04-23.
  18. ↑ "Money matters: ICAP graduates pocket the highest salaries". The Express Tribune. 2012-02-03. Retrieved 2022-04-23.
  19. ↑ "Ahmad Saeed elected president ICAP – Business Recorder". Retrieved 2022-04-23.
  20. ↑ "Briefing: ICAP delegation meets AJK PM". The Express Tribune. 2014-05-02. Retrieved 2022-04-23.
  21. ↑ "Partners : ICAP, CIPFA sign MoU". The Express Tribune. 2014-11-24. Retrieved 2022-04-23.
  22. ↑ "ICAP to organise CFO conference". www.thenews.com.pk. 4 March 2015. Retrieved 2022-04-23.
  23. ↑ "Yousaf elected ICAP president". www.thenews.com.pk. 16 September 2015. Retrieved 2022-04-23.
  24. ↑ "ICAP Council unanimously elects President, VP". Brecorder. 2016-09-11. Retrieved 2022-04-23.
  25. ↑ PPI (2016-09-11). "ICAP elects president". DAWN.COM. Retrieved 2022-04-23.
  26. 1 2 "ICAP office-bearers elected". Daily Times. 2017-10-30. Retrieved 2022-04-23.
  27. ↑ "An interview with President ICAP Riaz A. Rehman Chamdia | The Financial Daily". 2018-02-02. Archived from the original on 2022-01-27. Retrieved 2022-04-23.
  28. ↑ "ICAP awards RDAI certificate to NUST". www.thenews.com.pk. 12 September 2020. Retrieved 2022-04-23.
  29. ↑ "Iftikhar Taj elected as president ICAP Council". www.thenews.com.pk. 6 November 2020. Retrieved 2022-04-23.
  30. ↑ "ICAP elects office-bearers for 2022-23". www.thenews.com.pk. 30 January 2022. Retrieved 2022-04-23.
  31. ↑ "ICAP council member Mr M Ali Latif appointed as SBP's Board Director". www.nation.com.pk. 3 January 2023.
  32. ↑ "Council and Presidents – The Institute of Chartered Accountants of Pakistan". icap.org.pk. Retrieved 2022-04-23.
  33. ↑ "Full-Time Scheme – The Institute of Chartered Accountants of Pakistan". icap.org.pk. Retrieved 2025-01-17.
  34. ↑ "Our International Presence – The Institute of Chartered Accountants of Pakistan". icap.org.pk. Retrieved 2022-02-28.
  35. ↑ "Membership : CAPA". www.capa.com.my. Retrieved 2022-04-23.
  36. ↑ "Member Bodies – esafa.org". Retrieved 2022-04-23.
  37. 1 2 3 "ICAP Annual Report 2024" (PDF). The Institute of Chartered Accountants of Pakistan. 11 October 2024. p. 17.
  38. ↑ "Newsletter – The Institute of Chartered Accountants of Pakistan". icap.org.pk. Retrieved 2026-06-24.
  39. ↑ "The Pakistan Accountant – The Institute of Chartered Accountants of Pakistan". icap.org.pk. Retrieved 2026-06-24.
  40. ↑ "Publications – The Institute of Chartered Accountants of Pakistan". icap.org.pk. Retrieved 2022-02-28.
  41. ↑ "First Pak-Saudi accountancy seminar held in Riyadh. - Free Online Library". www.thefreelibrary.com. Retrieved 2022-04-23.
  42. ↑ "2nd Saudi-Pak Accountancy Seminar organised in Riyadh – Business News Pakistan". businessnewspakistan.com. Retrieved 2022-04-23.[permanent dead link]

References

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  • Saeed, Prof. Dr. Khawaja Amjad (1993), Auditing: Principles and Procedures, Lahore: Institute of Business Management.


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