PR No. 223/2022

Islamabad, 21 October 2022: President Dr Arif Alvi has called for adopting digital technology and IT tools in the accounting and financial sector to enhance transparency and accountability, adding that trillions of dollars were being exchanged safely and quickly through digital transactions throughout the world and Pakistan too needed to adopt innovations in the financial sector for its economic development.

The President expressed these views while addressing the Members’ Convocation of the Institute of Chartered Accountants of Pakistan (ICAP), at Aiwan-e-Sadr. President ICAP, Mr Ashfaq Yousaf Tola, Vice Presidents of ICAP, members of the accounting and financial sector, and students attended the ceremony.

Addressing the ceremony, the President said that IT tools had brought remarkable advancements in the accounting and financial sectors, which have helped improve efficiency, transparency, and record-keeping in different sectors of the economy. He regretted the fact that Pakistan’s government sector lagged behind in adopting even the “double-entry” system of accounting, whereas economies throughout the world were rapidly shifting to latest ICT tools and using digital means of financial transactions and bookkeeping.

The President stressed that Pakistan’s decision-makers and institutions needed to quickly adapt themselves to changing global trends in different sectors and must enhance the pace of decision-making. He warned that Pakistan would be left behind if it failed to accelerate its pace of decision-making as the IT revolution was bringing exponential changes in all sectors of life.

The President urged the members of the financial and accounting sector to provide leadership to curb corruption, help in the documentation of the economy and generate more revenue for the government by discouraging theft and tax avoidance. He said that pilferage, corruption and misappropriation in different sectors were a global issue and billions of dollars were lost due to mismanagement and corruption throughout the world. He added that chances of corruption, criminal activities and harassment were ever-present in all facets of life, however, it was the moral responsibility of every individual to discourage and overcome such vices prevalent in society.

The President highlighted that incidences of crime and corruption could be reduced by enacting clear laws, ensuring their stringent and fair implementation, awarding fair and just punishments through the due process of law, inculcating self-accountability and piety in individuals, and discouraging corruption and corrupt practices at the societal level.

The President said that Pakistan was in dire need of trained human resources and professionals, including Chartered Accountants, and it should increase the number of university graduates and professionals by adopting online and hybrid modes of learning in its education system. He added that as compared to the traditional education system, which was more reliant on brick-and-mortar infrastructure, hybrid and online education could help increase the number of graduates in a cost-effective manner. He further said that 2-year associate degree programmes should also be considered as the industry and market were in dire need of skilled professionals.

The President also appreciated the Prime Minister’s digiskills programme, which had helped impart digital skills to millions of people from diverse academic backgrounds throughout Pakistan.

President ICAP, while addressing the ceremony, said that ICAP, being the regulating body of the accounting profession in Pakistan, had more than 9000 members, who were serving within Pakistan as well as abroad. He added that ICAP was helping strengthen the regulatory framework in Pakistan and was cooperating with important policy-making institutions and regulators, including the State Bank of Pakistan, FBR and different government ministries.

Earlier, the President awarded gold medals and merit certificates to the students who achieved academic distinction in different sub-fields of accounting.

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