The Institute of Chartered Accountants of Pakistan (ICAP) has established the Auditing Standards & Ethics Board (ASEB), reported Business Recorder.
The board will focus on enhancing audit quality and promoting ethical conduct within the profession in Pakistan.
The initiative is in line with global best practices and adheres to the standards set by the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA), stated the institute.
The ASEB is composed of representatives from regulatory and financial institutions.
These include the Securities and Exchange Commission of Pakistan, the State Bank of Pakistan, the Pakistan Stock Exchange, and the Auditor General of Pakistan, as well as practicing members of ICAP and industry professionals.
This development follows the recent election of new office bearers for ICAP for the term 2025-2026.
In a meeting held in Karachi, Saif Ullah was unanimously elected as president, with Muhammad Awais and Muhammad Samiullah Siddiqui appointed as vice presidents.
The institute also plans to host its CFO conference themed “Quantum Leap: Agility & Competitive Edge,” scheduled for 6 May in Karachi and 8 May in Lahore.
Established on 1 July 1961, ICAP’s objective is to regulate the accountancy profession in Pakistan.
The institute actively collaborates with various policymaking institutions and regulators, including the State Bank of Pakistan, the Federal Board of Revenue, and other ministries, to strengthen the country’s regulatory framework.
It also holds an international presence having been a member of International Federation of Accountants, South Asian Federation of Accountants, and more.
