Chartered Accountants Avenue, Clifton, Karachi-75600(Pakistan) UAN: 111-000-442 PABX:99251636-39 Fax: 99251626 E-mail: info@icap.org.pk

NeNeNeNeNewswswswswslelelelelettttttttttererererer www.icap.org.pk Volume 36 Issue 7-8 I Jul-Aug 2013

InsideMeetings ‘n’ Events Inauguration of City/Library

Office Fifth ICAP Directors Training

Program Discussion Forum on

e-Services Regime of SECP Two day Workshop on

Advanced Ms Excel 2010 forBusiness and FinancialAnalysis

Workshop on SleepManagement for Accountants

Seminar on IAS 19 (EmployeeBenefit) and IFRS 2 (ShareBased Payments)

Workshop on Going Concern CA Toastmasters Club Lahore -

Meetings Presentation on Fair

Valuation - Concepts andChallenges by ICAP KSAChapter at Riyadh, KSA

Members Eid Milan

Members News Decision on Professional

Misconduct Job Opportunities Discount Offers New Fellow / Associate

Members

Technical Update

HR News

Students Section

Examination News Results of CA Final

Examinations Summer 2013 Computer Practical

Examination

The Inst i tute of Chartered Accountants of Pakistan

Governance, Transparency and Service to Members & Students

Best Corporate and Sustainability Report Awards 2012CeremonyThe Best Corporate and Sustainability Report Awards ceremony was held onAugust 22, 2013 at Marriott Hotel Karachi. The distinguished guests were Dr.Salman Shah, Former Finance Minister of Pakistan, Dr. Shaukat Brah, Dean,Karachi School for Business & Leadership and Mr. Nadeem Naqvi, ManagingDirector, Karachi Stock Exchange.

The Joint Committee of the ICAP and ICMAP has organized this event since lastthirteen years. The objective of the awards is to encourage and give recognitionto excellence in corporate and sustainability reporting. It seeks to promotecorporate accountability and transparency through the publication of timely,informative, factual and reader friendly annual reports.

The Chairman, Evaluation Committee, Mr. Abdul Rahim Suriya, emphasized onthe Corporate Governance that it is essential to create trust and engagementbetween companies and their investors. The competition has improved corporateaccountability and transparency of the industry. The evaluation criteria overthe years, is used as a foundation to evaluate best reports. The Criteria isdeveloped on the basis of:

a) IFRS Practice Statement Management Commentary issued by InternationalAccounting Standard Board

MEETING ‘N’ EVENTS

b) International Auditing Standard ISA -720

c) Global Best Practices

d) Experiences of the committee members

President ICAP, Mr. Ahmad Saeed in his messagedelivered that ICAP is committed to promotetransparency and accountability in Pakistan'scorporate sector. ICAP has been playing a key rolein developing the profession at the national,regional and international level in bodies like SAFA,CAPA and IFAC, through its ongoing contributionstowards enhancing the quality of disclosure andtransparency aspects of Corporate Governance. Furtherhe said that ICAP being the regulator of the accountingprofession has taken steps to enhance the reliability ofthe financial statements prepared by listed companiesthrough the adoption of international standards onauditing and ensuring their full compliance through arobust system of quality control enforced by anindependent Quality Assurance Board.

Engro Corporation Limited was declared overall winner.List of winners given Awards and Certificates for theBest Corporate Reports in the respective sectors, andthat for the Best Sustainability Reports include:

Overall First PositionEngro Corporation Limited

Sector/Company RankingBanksMCB Bank Limited 1stAllied Bank Limited 2ndAskari Bank Limited 3rdMeezan Bank Limited 4thFaysal Bank Limited Merit

ChemicalsFauji Fertilizer Company Limited 1stICI Pakistan Limited 2ndFauji Fertilizer Bin Qasim Limited 3rdAbbot Laboratories (Pakistan) Limited 4thGlaxoSmithKline Pakistan Limited 5th

Sugar and CementMaple Leaf Cement Limited 1stLucky Cement Limited 2nd

EngineeringCrescent Steel & Allied Proudcts Limited 1stInternational Industries Limited 2ndAL-Ghazi Tractors Limited 3rdAtlas Honda Limited 4th

Fuel and EnergyHub Power Company Limited 1stPakistan Petroleum Limited 2ndPakistan State Oil Company Limited 3rdAttock Refinery Limited 4thOil & Gas Development Company Limited 5th

NBFIsArif Habib Croporation Limited 1stFirst Habib Modarba 2ndJubilee General Insurance Company Limited 3rdEFU Life Assurance Limited 4th

OthersEngro Corporation Limited 1stEngro Foods Limited 2ndRafhan Maize Products Co. Limited 3rdSecurity Papers Limited 4thUnilever Pakistan Limited 5th

TextileNishat Mills Limited 1stKohinoor Textile Mills Limited MeritGul Ahmed Textile Mills Limited Merit

NGOsThe Citizens Foundation Merit

Best Sustainability Report AwardsLucky Cement Limited 1stFauji Fertilizer Company Limited 2ndAttock Refinery Limited 3rdEngro Corporation Limited 4thEngro Polymer & Chemicals Limited 5th

Newsletter The Institute of Chartered Accountants of Pakistan www.icap.org.pk

2 I Jul-Aug 2013

Inauguration of City/Library OfficeMr. Ahmad Saeed, PresidentICAP inaugurated ICAP "CityLibrary Office" in GulshanIqbal, Karachi on August 23,2013.

The event was attended byCouncil Members, Membersof the Regional Committee andHead of RAETs. This facility isavailable to the students ofModule C, D, E and F.

Due to the increasing number of students and the limitedseating capacity at ICAP Head office library, this initiativeof expanding the infrastructure has been taken.

The premises will also serve as a facilitation centrefor the students for submitting examination forms,sale of ICAP publications and counseling ofprospective students.

The ICAP City Library address is:Al-Samad TowersThird Floor, Plot No. SB 33,Block 13-B, Gulshan-e-Iqbal, opposite BaitulMukkarram Masjid, Karachi. Ph: 99244691, 99244692.

Students are requested to bring their students cardfor verification purposes.

We encourage students to use this facility to the fullest.

Governance, Transparency and Service to Members & Students

Jul-Aug 2013 I 3

Fifth ICAP Directors’ TrainingProgramThe ICAP Directors' Training Program duly approved bythe SECP was launched in January 2013. Since the launchin January 2013, five series of the program have beenheld in Islamabad, Lahore and Karachi and over 115professionals have been certified. The fifth programwas organized in Karachi in the month of August. Thesession was attended by directors and professionalsfrom leading organization.

The faculty of the session included esteemed professionalssuch as Mr. Amar Naseer, Company Secretary and LegalDirector Unilever; Mr. Khalid Rahman, Former MD PPLand ICAP COO / Secretary; Syed Najmul Hussain, PartnerKPMG Taseer Hadi & Co. and Syed Fahim ul Hassan,Partner A.F. Ferguson & Co. The participants appreciatedthe interactive approach of the trainer and unique blendof knowledge content and peer discussion provided bythe trainers.

DTP provides every participant a wide variety ofexposure, reference building, interaction with differentsenior managers and directors of companies along withexperience which will help them in their future tocompete in corporate world and give benefits to theirorganization by taking efficient solution for theirorganization. The sixth such program is scheduled forFaisalabad in September 2013.

The list of the certified directors for June and July 2013is as follows:

List of Certified Directors - 5th BatchCertificate No. 0091Syed Feisal Ali, FCA (1450)DirectorAllied Rental Modaraba

Certificate No. 0092Attaullah, FCMADirectorPremier Insurance Co. Ltd.

Certificate No. 0093Rasul Bux PhulpotoChairmanPakistan Reinsurance Company Ltd.

Certificate No. 0094Aftab NabiConsultant/CEOAftab Nabi & Associates

Certificate No. 0095Saleem Ahmed, FCA (2345)G.M FinanceNational Industrial Parks

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Certificate No. 0096Muhammad Tariq MasudExecutive Vice PresidentSaudi Pak Investment Company

Certificate No. 0097Syed Altaf Hussain MashadiDirectorNBP Leasing Ltd.

Certificate No. 0098Muhammad Fazlullah ShariffChief Executive OfficerThatta Cement Company

Certificate No. 0099Dost Ali BalochDeputy General Manager FinanceSindh Police

Certificate No. 100Mirza Fakhrul Islam BaigAdvisor to Chief ExecutiveAttock Cement Pakistan Ltd.

Certificate No. 101Waseem AhmadCompany SecretaryTelecard Ltd.

Certificate No. 102Taqui Abbas, FCA (1401)Chief Executive OfficerBrainchild Communication Pakistan (Pvt.) Ltd.

Certificate No. 103Shahid Hussain, ACA (6802)Head of Internal AuditNational Foods Ltd.

Certificate No. 104Farhan Latif, ACA (5595)Financial Controller & Company SecretaryNational Foods Ltd.

Certificate No. 105Kamal AhmedFinance Director & Company SecretaryACE Insurance Ltd.

Certificate No. 106Zehra NaqviChief ExecutiveACE Insurance Ltd.

Certificate No. 107Syed Umer Ali ShahBoard MemberACE Insurance Ltd.

Certificate No. 108M. Arshad Siddiqui, FCA (1801)Senior Manager Internal AuditPakistan Petroleum Ltd.

Certificate No. 109Taufiq BilwaniDirectorGatron (Industries) Ltd.

Certificate No. 110Muhammad Rafi, FCMAExecutive Director (Finance/CFO)Oil & Gas Development Company Ltd.

Certificate No. 111Zafar Aziz OsmaniDirectorBerger Paints Pakistan Ltd.

Certificate No. 112Sajid HaroonDirectorPakistan Synthetics Ltd.

Certificate No. 113M. Zaid Kaliya, ACA (4435)Director FinanceShield Corporation Ltd.

Certificate No. 114Hissan-ul-ArfeenDirectorTelecard Ltd.

Certificate No. 115Khursheed Anwer Jamal, FCA (1837)Director FinanceDewan Cement Ltd.

Certificate No. 116Syed Muhammad AnwarChief Operating OfficerDewan Cement Ltd.

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Governance, Transparency and Service to Members & Students

Discussion Forum on e-ServicesRegime of SECPNorthern Regional Committee (NRC) of ICAP arranged aDiscussion Forum on “e-Services Regime of SECP” togive an update on the mandatory e-filing recentlyimplemented by the SECP.

The Introductory briefing on corporatization in e-ServicesRegime was delivered by Mr. Liaqat Ali Dolla, AdditionalRegistrar of Companies (SECP). Ms. Sidra Mansur, JointRegistrar (SECP) briefed the mandatory on-line filing. Mr.Asif Muzaffar Sheikh, Deputy Registrar (SECP) briefed e-Services Modules to the audience.

An interactive discussion forum was arranged withpanelists from SECP Mr. Liaqat Ali Dolla, Mr. Asif MuzaffarSheikh, Ms. Sidra Mansur and Mr. Ale Imran, FCA onbehalf of NRC, ICAP. Mr. Irfan Ilyas, FCA (CPD Convener)moderated the panel discussion.

Concerns were raised from audience and were dulyresponded by the panelists. Few suggestions were alsomade to SECP representative by the members.

Mr. Irfan Ilyas, FCA gave vote of thanks to the honorablespeakers and guests for their contributions andparticipations.

Two-day Warkshop on AdvancedMs Excel 2010 for Business andFinancial AnalysisThe Southern Regional Committee of ICAP organized atwo-day workshop on “Advanced MS Excel 2010 forBusiness and Financial Analysis” on July 28-29, 2013 atICAP House, Karachi. Mr. Saad Usman, ACA, ACMA (UK)Covered a wide range of topics to enable theparticipants acquiring competencies in advancedfeatures of Microsoft Excel 2010.

Workshop on Sleep Management forAccountantsThe Southern Regional Committee of ICAP organized aWorkshop on “Sleep Management for Accountants” onJuly 04, 2013 at ICAP House, Karachi. The workshoptrainer, Mr. Suleman Ahmer, is the Chief Executive Officerand the lead trainer at Timelenders (training andworkshop corporate consultancy).

He shared the tips to manage sleep in the light of hispractical experiences and views also on the basis ofscientific & Islamic knowledge. Thirty Eight participantsattended the workshop.

Seminar on IAS 19 (Employee Benefit)and IFRS 2 (Share Based Payments)The CPD Committee Multan organized a Seminar on “IAS19 (Employee Benefit)” and “IFRS 2 (Share BasedPayments)” on July 04, 2013 at ICAP Multan. The Guestspeaker was Mr. Mohammad Maqbool, FCA (Dean -Management Sciences, The University of Lahore). Thespeaker describe the objectives of IAS 19 , Postemployment benefits, short and long term benefits,termination benefits, retirement benefits, effective dateand transitions along with the contribution plans, benefitplans, role of an actuary and Asset Ceiling. He presentedthe IFRS 2 standard before the audience and summarized

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Newsletter The Institute of Chartered Accountants of Pakistan www.icap.org.pk

the concepts of equity settled share based transactions,measurement, recognition, modification to original termsand re- pricing concept. The seminar was attended byICAP/ICMAP members, trainee and ICMAP students. Mr.Ashiq Hussain, FCA (Chairman, CPD Committee, Multan)expressed his views and also gave vote of thanks to thehonorable speakers and participants.

Workshop on Going ConcernThe Quality Assurance Department in liaison withSouthern Regional Committee organized a Workshopon “Going Concern” on August 30, 2013 at ICAP HouseKarachi.

The objective of the workshop was to apprise andupdate the members in practice as to their responsibilityon going concern assumption used by the managementin preparation of the financial statements includingtheir reporting responsibility.

The seminar was very interactive and attended by alarge number of practicing members.Mr. Abbas, FCA, Member Quality Assurance Board andMr. Shahid Hussain, FCA, Director, Quality Assurancewere the speakers.

Such program is scheduled for other cities in the comingmonths.

CA Toastmasters Club Lahore -MeetingsCA Toastmasters Club Lahore arranged two sessionson July 6 and July 20, 2013 thus completing a series ofnineteen (19) consecutive meetings. Both sessions werelargely attended by ICAP Members and Guests, whowhole heartedly took part in the activities.

Toastmasters meetings are workshops in whichparticipants effectively develop their speaking andleadership skills in a pressure less atmosphere. Thesession comprises of two parts; prepared speeches inthe first part and impromptu speeches and evaluationby the audience and member evaluators in the secondpart.

Members are encouraged to witness the proceedingsand join the club, while taking advantage of the optionmade available by ICAP.

Presentation on Fair Valuation -Concepts and Challenges by ICAPKSA Chapter at Riyadh, KSAThe CPD Committee Riyadh of ICAP KSA Chapterorganized its 8th session of the year 2012-13 on “FairValuation - Concepts and Challenges on May 27, 2013at the Hilton Garden Inn Hotel in Riyadh.

The guest speakers were Mr. Munish Mohendroo,Director, Deloitte's Financial Advisory Services at AbuDhabi and Mr. Abid Moosa, Assistant Director,Deloitte's Financial Advisory Services at Riyadh.

The speakers' presentations covered the various new

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Governance, Transparency and Service to Members & Students

issues and challenges related to fair valuation,techniques for transactions, assets and liabilities.Speakers highlighted the need to be measured anddisclosed at their fair values (e.g. for businesscombinations, investments, intangible assets andfinancial instruments). The new standard IFRS 13instigates certain changes to the way fair valueswhere measured previously and provides moreinsightful guidance around context, approach andbases. These presentations provided the participantswith an insight into the fair valuation concepts,provided an understanding of the broad guidelinesprescribed and the practical issues and solutions tofair valuation.

A large number of participants included non ICAPmembers and students attended the session andactively participated with lively questions.

Mr. Amir Waheed Ahmed, Head of Finance, ICAP KSAChapter, concluded the session with a vote of thanks tothe guest speaker, chief guest and all participants andalso presented mementos to the guest speakers. Thepresentation was followed by a dinner.

Members Eid MilanThe Southern Regional Committee organized Eid Milanparty for the members and their immediate families onAugust 24, 2013 at PAF Museum, Karachi. The Eid Milanwas attended by approximately thousand people, whoenjoyed all the facilities at the Museum includingamusement park rides at Sindbad and various other

attractions for the children including; popcorns andcotton candy. ILM Society also offered games for childrenat their stall. The program offered unique opportunityto interact with each other members and their familiesin an open and fun filled secure environment. Theprogram ended with dinner.

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Newsletter The Institute of Chartered Accountants of Pakistan www.icap.org.pk

Traveling - June/July 2013Mr. Abdul Rahim Suriya and Mr. Yacoob Suttar attendedSAFA Meetings & CMA Conference on June 17 - 19, 2013held at Colombo, Sri Lanka.

Mr. Rashid Rahman Mir attended IASB Advisory GroupMeeting - Financial Reporting Islamic Finance on July2 - 3, 2013 held at Kuala Lumpur, Malaysia.

e-IFRS Access on WebsiteTo date total subscribers for e-IFRS are 1592 out of which1375 are members and 217 are students. Interestedmembers & students can avail this facility by payingannual subscription fee of Rs.550 at any ICAP office.

In order to avoid any disruption please ensure renewal ofyour subscription by timely payment of annualsubscription fee of Rs.550.

ICAP Job Portal UpdateTo date 1203 members have been registered at ICAPjob portal out of which 513 are from Northern Region,494 from Southern Region and 196 are overseasmembers.

Interested members can register themselves byclicking the link:http://www.icap.org.pk/web/meb_resume.php?id=10available on ICAP website.

Members can send their HR requirements to Mr.Faheem Siddiqui, Deputy Director, InformationTechnology at: faheem.siddiqui@icap.org.pk whichwill be uploaded on ICAP career page and the samecan also be published in ICAP Newsletter also ifrequired.

Career Page is also updated with different openingsfor members and trainees members atwww.icap.org.pk

Video ConferencingDuring July-August 2013 forty six (46) Committees andDepartment meetings were held through VideoConferencing between ICAP Karachi, Lahore, Islamabadand Peshawar.

MEMBERS NEWS

Decision on Professional MisconductThe following decision on professional misconduct wastaken by the Council in its 245th meeting held on May7-8, 2013:

Member Reprimanded without Name:It was noted that a practicing member of the Institutedid not communicate with the outgoing auditors whileaccepting the audit of certain companies. TheInvestigation Committee of the Institute (the Committee),on the basis of available information, found out thatthe requirement of communicating with the outgoingauditors was not complied with, as mentioned in Clause(7) of Part 1 of Schedule I of the Chartered AccountantsOrdinance, 1961 and section 210.10 of the Code ofEthics for determining whether there were any reasonsfor not accepting the engagement. Furthermore, themember did not obtain prior clearance from the Institutewhich is required in case of removal of auditors asrequired by section 210.21 of the Code of Ethics forChartered Accountants, and did not inform the Instituteabout the offer of appointment of auditors for the saidcompanies as required by section 210.20 of the Codeof Ethics.

The Committee found the member guilty of professionalmisconduct under Clause (7) of Part 1 of Schedule I ofthe Chartered Accountants Ordinance, 1961 foraccepting a position as auditor previously held byanother member of the Institute without firstcommunicating with him in writing and also underClause (3) of Part 4 of Schedule I of the CharteredAccountants Ordinance, 1961, for not complying withthe aforesaid requirements of the Code of Ethicscontained in Directive 6.04 of the Institute.

The Council in the light of facts available on recordand after hearing the member decided to concur withthe findings of the Investigation Committee and foundthe member guilty of professional misconduct underClause (7) of Part 1 of Schedule I and Clause (3) of Part4 of Schedule I of the Chartered Accountants Ordinance,1961 and decided to reprimand him without name.

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Governance, Transparency and Service to Members & Students

PERN2 UpdateTo date total 1242 members have registered out of which526 are from Northern Region, 462 from SouthernRegion and 254 members from Overseas Region. To date2108 students have enrolled and are using PERN2resources.

Interested Members and Students can forward theirrequest at:http://www.icap.org.pk/web/index.php andhttp://www.icap.org.pk/web/e-learn/login.phprespectively.

Membership CardsTo date 4212 ICAP Member cards have beendispatched out of which 1491 are from NorthernRegion, 2014 are from Southern Region and 707 fromOverseas.

New Members who have not yet applied for Membershipcards are requested to have the same by e-mailingscanned copy of CNIC along with photograph at:membership@icap.org.pk

In future membership card will be utilized for markingCPD attendance in all ICAP events.

DISCOUNT OFFERS

Discount on 'Timberland and Crocs'Members and staff can avail 15% discount on all outletsof Timberland and Crocs across Pakistan for details:http://www.icap.org.pk/web/news-details.php?section=all&id=130815041647

Discount on 'Delta Power' GeneratorsDiscount on 'Delta Power' Generators for ICAP MembersMembers and employees can avail discount onGenerators of DELTA POWER. For details:http://www.icap.org.pk/web/news-details.php?section=all&id=130718012104

Pak-Qatar General Takaful LimitedMotor Insurance CoverPak-Qatar General Takaful Limited has offered MotorInsurance Cover at a discounted rate of 2.5% netinclusive of all taxes to all members, students and staffof ICAP. You can avail this discount facility by presentingyour ICAP identity card along with your CNIC at differentbranches of Pak-Qatar General Takaful Limited.

This offer is not obligatory on any of the ICAP memberand it is entirely the member's sole discretion toavail this offer or not, based on his/her own desireand judgment. Accordingly, ICAP is neitherinfluencing any of its Member to opt for Pak-QatarGeneral Takaful Limited offer nor has anyresponsibility whatsoever for this relationshipbetween the ICAP Members and Pak-Qatar GeneralTakaful Limited.

Further details are available on ICAP website athttp://www.icap.org.pk/web/icap_pakq_mou.php orhttp://www.icap.org.pk/web/mou.php

PTCL OffersICAP Members, Executives and Students can purchasedifferent products of PTCL on discounted rates. Furtherdetails are available on ICAP website at:http://www.icap.org.pk/web/news-details.php?section=all&id=130524054634

JOP OPPORTUNITIESApplications are invited for Internal Audit Positions(3-5 positions) for a large commercial organization in theSultanate of Oman. The positions shall be based in Muscat.

Qualified Chartered Accountants from ICAP withminimum 5 years post qualification experience in alarge commercial organization in internal audit departmentshould send in their resumes, cover letter along with apassport size photograph with blue background atinauditrecruitments@gmail.com. Experience withChartered Accountant Firms is a must.

Candidates should have excellent communication,interpersonal and management skills. They should bewell versed with modern ERP solutions and CAATs.

The positions need to be filled in urgently. Attractive taxfree packages are on offer for suitable candidates.

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Newsletter The Institute of Chartered Accountants of Pakistan www.icap.org.pk

Welcome!New Fellow / Associate MembersIndividuals recently admitted as Fellow/AssociateMembers of the Institute:

Fellow MembersS. No. R-No. Name1. 3914 Adnan, Syed Ali2. 3983 Afzal, Faisal Masood3. 3848 Ahmad, Fawad4. 3655 Ahmad, Iftikhar5. 3632 Ahmad, Maqsood6. 3484 Ahmad, Nadeem7. 4018 Ahmad, Shahzad8. 3663 Ahmed, Mirza Taqi ud Din9. 3098 Akram, Farhan10. 3942 Ali, Aamir11. 3957 Ali, Aamir Liaquat12. 4037 Ali, Abbas Ali Tayyab13. 4000 Ali, Muhammad14. 3715 Ali, Murtaza Akbar15. 3255 Ali, Rahim Qassam16. 4339 Ali, Shafaqat17. 3106 Ali, Syed Muhammad18. 2823 Anwar, Zahid19. 3834 Ashfaq20. 3411 Ashraf, Tariq Masood21. 3067 Asim, Muhammad22. 3531 Azam, Muhammad Irfan23. 3938 Azhar, Jamshed24. 3891 Baray, Salman Masood25. 3941 Bawany, Abdul Ghani26. 3741 Bilal, Khawaja Awais27. 3893 Durrani, Ahmad Arslan28. 3614 Faisal,29. 3590 Faizullah, Azher Ali30. 3684 Faridi, Muhammad Saad31. 3273 Farooq, Muhammad Shahid32. 3982 Ganatra, Faisal Mubin33. 4004 Ghazanfar-ul-Islam34. 2258 Goga, Fakhruddin A.35. 3422 Habib, Sajid36. 3972 Hameed, Abdullah37. 4548 Hameed, Tariq38. 2788 Hanif, Muhammad39. 3945 Ehtesham ul Haq40. 5295 Haris, Muhammad41. 3162 Hasan, Mustafa42. 3843 Hussain, Syed Amir

Top CPD EarnersThe Institute is pleased to acknowledge followingmembers who have earned maximum CPD hours in thefollowing month.

JULY 2013S. Name and R-No. Location Hours1. Mirza Zunair Zafar, ACA (7302) Lahore 1382. Daniyal Jawaid Paracha, ACA (7129) Karachi 1043. Adil Farooq Qureshi, ACA (5804) Lahore 724. Waqas Ahmed, ACA (6695) Karachi 705. Om-perkash, ACA (4330) Karachi 55

AUGUST 2013S. No.Name and R-No. Location Hours1. Karim S. Jessani, ACA (2298) Jubail 582. Syed Nabeel Ahmad, ACA (6006) Riyadh 453. Syed Abdul Majid, FCA (1531) Riyadh 454. Syed Taqui Abbas Rizvi, FCA (1401) Karachi 425. Syed Feisal Ali, FCA (1450) Karachi 426. M. Arshad Siddiqui, FCA (1801)Karachi 427. Khursheed Anwer, FCA (1837) Karachi 428. Saleem Ahmed, FCA (2345) Karachi 42

Life MembersThe Institute is pleased to inform that the followingLife Members has been registered in July/August2013:

S.No. R-No. Name1. 0622 Abdul Hameed2. 1059 Javed Shakoor3. 1018 Qamar-Ul-Islam4. 0354 Syed Matin Akhtar5. 1037 Ehsan Ilahi6. 1716 Asghar Abbas Bhojani7. 1272 Muhammad Nawaz8. 1244 Mohammad Shawkat Haidery

New FirmsThe Institute is pleased to inform that the followingfirm has been registered in July/August 2013:

S.No. Firm Name Location1. Haroon Sulaman & Co. Faisalabad2. Zakir Ali & Co. Mississauga, Canada

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Governance, Transparency and Service to Members & Students

43. 2904 Hussain, Syed Yawar44. 3597 Imran, Syed Muhammad45. 4013 Iqbal, Muhammad Kashif46. 3877 Jafri, Syed Ali Adnan47. 3919 Jamal, Salim48. 3911 Javed, Muhammad Ahsen49. 4021 Moosaji, Adnan50. 2557 Morkas, Dawoodi Ali Bhoy51. 3995 Muhammad, Wazir52. 3940 Mukhtar, Faisal53. 5185 Mumtaz, Qamar Ali54. 3820 Mushir, Khayyam55. 3895 Najib, Yasar56. 3704 Nayyar, Mahrukh57. 3993 Nizami, Adnan58. 3675 Qureshi, Muhammad Imran59. 2385 Rashid, Raza Ali60. 3873 Raza, Syed Waseem61. 3944 Rehman, Azhar62. 3890 Rehman, Shariq63. 3193 Sadruddin64. 3817 Sadruddin65. 3785 Saeed, Qazi Muhammad

Abdul Qadeer66. 4023 Saleem, Mazhar67. 3686 Saleem, Muhammad68. 3156 Sarwar, Amir69. 3375 Shafiq, Sajid70. 3885 Shafiq, Salman71. 5156 Shafqat, Hasnain72. 4521 Shahzad, Adeel73. 4017 Shahzad, Khurram74. 3989 Sharif, Faisal75. 3254 Shehzad76. 3638 Viqas, Saad77. 3964 Zaidi, Syed Nayyar Raza

Associate MembersS. No. R-No. Name1. 7344 Ahmed, Khawaja Zaheer2. 7370 Akram, Adeel Shahzad3. 7343 Ali, Murtaza4. 7345 Anis, Tariq5. 7367 Aslam, Mohammed Adil6. 7363 Aziz, Omer Farooq7. 7357 Baddi, Kiran Farooq8. 7355 Bilal, Muhammad9. 7369 Farid10. 7365 Gulrukh, Qurat Ul Ain11. 7354 Haroon, Muhammad Yaseen12. 7359 Hassan, Mirza Ali

13. 7364 Hussain, Shah Nawaz14. 7356 Hussain, Tahir15. 7347 Iqbal, Asif16. 7350 Iqbal, Saba17. 7362 Majeed, Naveed18. 7346 Muzzamil, Muhammad19. 7361 Rafi, Muhammad Zubair20. 7353 Raza, Muhammad21. 7360 Rizvi, Syed Taha Shakeb Ahmed22. 7348 Sattar, Arsalan23. 7349 Seliman, Mansoor24. 7368 Siddiqui, Muhammad Wajeeh25. 7358 Siddiqui, Nitasha26. 7366 Yousuf, Wajiha27. 7352 Zahoor, Umer28. 7351 Zia Ur Rehman, Abeer

TECHNICAL UPDATE

IPSASB issues RecommendedPractice GuidelinesThe International Public Sector Accounting StandardsBoard (IPSASB) has issued its first 'RecommendedPractice Guideline' (RPG-1), providing non-mandatoryguidance on reporting on the long-term sustainabilityof a public sector entity's finances, including the natureand extent of financial risks that the entity faces. Itprovides guidance on providing information about apublic sector entity's projected flows which underlieits long-term fiscal sustainability, including projectedinflows and outflows related to the provision of goodsand services and programs providing social benefitsusing current policy assumptions over a specified timehorizon. IPSASB has also published 'RecommendedPractice Guideline' Financial Statement Discussionand Analysis (RPG-2) providing guidance onpreparing and presenting financial statementdiscussion and analysis of the financial statementsof public sector entities. In some respects, RPG-2 issimilar to the IASB's IFRS Practice StatementManagement Commentary, but is not based upon it.Both the RPGs are considered 'good practice', arenot mandatory, and do not need to be applied in orderfor a public sector entity to comply withInternational Public Sector Accounting Standards(IPSAS).

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Newsletter The Institute of Chartered Accountants of Pakistan www.icap.org.pk

IAESB proposes new strategy tosupport Revised InternationalEducation StandardsThe International Accounting Education StandardsBoard (IAESB) has published for comment an exposuredraft of its proposed 2014-2016 IAESB Strategy and WorkPlan. The IAESB's proposed strategy focuses on projectsand activities aimed at providing adoption andimplementation guidance on the revised IESs to

interested stakeholders in professional accountingeducation. This will assist IFAC's member bodies inincreasing the capacity and capability of the globalaccountancy profession, contributing to strengthenedpublic trust. The IAESB invites all stakeholders tocomment on its proposals by October 4, 2013.

IAESB Annual Report: EnhancingProfessional Accounting EducationThe IAESB has released its 2012 Annual Report,Enhancing Professional Accounting Education. Theannual report highlights the IAESB's work in the publicinterest to enhance the quality and consistency ofaccounting education practices throughout the world,and thereby strengthen the public's confidence in thecompetence of the global accounting profession. It covers

the revised International Education Standards (IESs)issued by the IAESB during the year, as well as the board'sprogress on its adoption and implementation activitiesto support the revised IESs.

IAASB Exposure Draft proposessignificant changes to audit reportsThe International Auditing and Assurance StandardsBoard (IAASB) has released an exposure draft, Reportingon Audited Financial Statements: Proposed New andRevised International Standards on Auditing (ISAs),which proposes changes to audit reports, including theprovision of more information on how audits areperformed. Among other changes, a key developmentwould be the introduction of a 'key audit matters' sectionin the audit report on audits of listed entity financialstatements. The IAASB is also proposing requirementsfor auditors to include specific statements about going

concern in their reports, to make an explicit statementabout the auditor's independence from the audited entityand, for listed entities, to disclose the name of theengagement partner in the auditor's report. The ExposureDraft includes example reports that illustrate theapplication of the proposed new and revised ISAs invarious circumstances. The IAASB invites allstakeholders to respond to this Exposure Draft, whichincludes specific questions for respondents on keyaspects of the proposals. Comments on the ExposureDraft are requested by November 22, 2013.

Project and Investment Appraisal forSustainable Value CreationThe Professional Accountants in Business (PAIB)Committee of the International Federation ofAccountants (IFAC) has released International GoodPractice Guidance (IGPG), 'Project and InvestmentAppraisal for Sustainable Value Creation'. It coversareas of international and strategic importance inwhich professional accountants in business are likelyto engage. In issuing principles-based guidance, IFACseeks to foster a common and consistent approach tothose aspects of the work of professional accountantsin business not covered by international standards.IFAC seeks to clearly identify principles that are generallyaccepted internationally and applicable toorganizations of all sizes in commerce, industry,education, and the public and not-for-profit sectors.

OBITUARIES Mr. Khan Muhammad, FCA (R-0866) breathed

his last on August 11, 2013. Saiyid Afroz Ahmed, FCA (R-1532) Partner of

Haider Shamsi & Co., breathed his last onJuly 29, 2013.

Mother of Mr. Mahmood Ahmed, ManagerQuality Assurance breathed her last on July26, 2013.

Members are requested to offer Fateha for thedeparted souls. May Allah rest the departed soulsin eternal peace and enable the family membersto bear the loss with fortitude and courage. Ameen.

Jul-Aug 2013 I 13

Governance, Transparency and Service to Members & Students

ICAP Picnic at SeasideICAP Head Office Karachi staff visited seaside NeelumPoint on August 25, 2013 as a part of annualextracurricular activity.

STUDENTS SECTION

3rd ACTEPR Education Fair 2013ICAP Lahore participated in three days "3rd ACTEPRMega Education Fair 2013" organized at LahoreInternational Expo Centre from August 23 - 25, 2013.Leading universities, colleges, professional bodies,technical institutes, vocational training centres, foreigneducation institutes, publishers, education consultantsand immigration counselors also participated in thismega event. More than 30,000 visitors attended thisthree days event.

HR NEWS

Training & DevelopmentMr. Shoaib Ahmed attended three weeks training courseon "Strategic Management" from Kings College, LondonUK from June 28-July 20, 2013.

Ms. Tahera Arshad, Deputy Director Internal Audit

attended 2 day Master-class on “Fraud Prevention,Detection and Investigation” conducted by TerraBiz onJune 20-21, 2013.

Mr. Zohaib Arish, Assistant Manager IT at ICAP Lahoreis attending CCNP organized by CORVIT.

Eid Milan PartyAn Eid Milan Party was arranged for ICAP Lahore staffon August 28, 2013. All staff members enjoyed a heartylunch in an informal environment.

Recreational Trip to Shogran, SiriPaye, Kaghan, Naran & Lake Saif UlMalookConsidering the importance of creating a healthyworking environment, ICAP arranged a two daysrecreational trip to Shogran, Siri Paye, Kaghan, Naran

& Lake Saif Ul Malook on August 24-25, 2013 for itsstaff at ICAP Islamabad & ICAP Peshawar. Staff had amarvelous time with fun and serene beauty of theplaces.

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Newsletter The Institute of Chartered Accountants of Pakistan www.icap.org.pk

ICAP Lahore team with passionate volunteers fromtraining organizations enthusiastically participatedand facilitated the visitors by delivering comprehensiveinformation to the visitors at ICAP stall. More than1000 students visited ICAP stall as individuals, in groupsheaded by their teachers and parents. Their queriesand concerns were responded in a very professionaland friendly manner.

Refresher Course for Foundation &Intermediate Students at PeshawarTo help the students of ICAP Foundation andIntermediate Examination for a quick revision beforeexams; refresher course has been organized at ICAPPeshawar with collaboration of Professional Academyof Commerce (PAC) Peshawar and Indus College ofBusiness & Finance from August 19 to 24, 2013.

RAETs Principals and faculty members revised thesubjects in-depth with practical examples. Key aspectscovered with comprehensive revision of the syllabus,highlighted key syllabus areas, brain storming question& answer sessions, examination techniques, past papersanalysis and discussion on examiner's comments.

ICAP Photography Competition 2013To engage in activities that enhance the talent andprovide students an opportunity of venting theiremotions. MARCOM will be arranging ICAP PhotographyCompetition 2013 to bring out the unrealized artistictalent amongst young students (Intermediate and A-level) on September 30, 2013 at ICAP houses (Karachi,Lahore and Islamabad).

Last day to send entries will be Monday, September 23,2013.

EXAMINATION NEWS

Results of CA Final ExaminationsSummer 2013The result of CA Final Examinations, Summer 2013,was declared on July 30, 2013. 219 students qualifiedthe examination as compared to 269 students in theprevious session.

Gold MedalsMr. Adeel Ur Rehman (Roll No. 4066646)s/o Mr. Shakeel Ur Rehman wasawarded ICAP - Irtiza Husain Gold Medalfor outstanding performance in thesubject of "Corporate Laws".

Mr. Waqas Ahmad (Roll No. 4069886)s/o Mr. Altaf Hussain Javed wasawarded ICAP - JP Patel Memorial GoldMedal for outstanding performance inthe subject of "ManagementAccounting".

Pre-entry Proficiency TestResult of Pre-entry Proficiency Test held on June 07,2013 was declared on June 18, 2013 and is availableat the Institute's website.

Foundation and IntermediateExaminationsCA Foundation and Intermediate Examinations - Autumn2013, was held from September 2 to 9, 2013.

Jul-Aug 2013 I 15

Governance, Transparency and Service to Members & Students

Date Seminar / Workshop Speaker / Session Chairman Venue

Held & PlannedJuly 4, 2013 Sleep Management For Accountants Suleman Ahmer Karachi

July 4, 2013 IAS 19 Employee Benefits and IFRS-2 Share-Based Payments Muhammad Maqbool Multan

July 4, 2013 Shahriah Compliant Will Shahzad Siddiqui ICAP CanadaChapter

July 9, 2013 Discussion Forum on E-Services Regime of SECP Liaqat Ali Dolla, Sidra Mansur, LahoreAsif Muzaffar SheikhPanelists: Liaqat Ali Dolla, Sidra Mansur,Asif Muzaffar Sheikh, Ale ImranModerator: Huma Bashir

Aug 21, 2013 Recent Changes in IFRS Muhammad Maqbool ICAP Canada-Chapter

Aug 28-29, 2013 Two-Day Workshop on Advanced MS Excel 2010 Saad Usman Karachifor Business and Financial Analysis

Aug 30, 2013 Going Concern Abbas, Shahid Hussain Karachi

Sep 13, 2013 Seminar on ISA 300 Audit Planning and ISA 320 Materiality Jafar Husain Multan

Continuing Professional Development (CPD) Programme

Computer Practical ExaminationComputer Practical Examination Autumn 2013 will beheld on 22 September and 29 September 2013, as perfollowing schedule:

City/Examination Dates/Examination Centre & Address

IslamabadSeptember 22, 2013COMSATS Institute of Information TechnologyPark Road, Chak Shahzad, Islamabad.Phones: 0343-0545007 and 051-9258478-9

KarachiSeptember 22, 2013APTECH ComputerSD-1 Block 'A', near Dilpasandand PSO Petrol Pump, North Nazimabad, Karachi.Phones: 0345-2130685 and 021-34546928

LahoreSeptember 22, 2013University of Management TechnologyC - II, Johar Town, Lahore.Phones: 0333-0442725, 042-99239258 & 042-99239022Faisalabad

September 29, 2013The Compete College3rd Floor, Rex City, Satiana Road, Faisalabad.Phones: 041-8734459 & 8541461

MultanSeptember 29, 2013Institute of Cost and Management Accountants ofPakistanICMAP Street, Shalimar Colony, Bosan Road, Multan.Phones: 061-9210249 & 9210250

PeshawarSeptember 29, 2013Government College of Management SciencesNanakpura backside City, Railway Station, Peshawar.Phones: 091-9212926

Note:(i) Students from Hyderabad would appear for the

computer practical examination at the KarachiCenter.

(ii) Students from Sialkot and Gujranwala would appearfor the computer practical examinationat the Lahore Center.

16 I Jul-Aug 2013

Newsletter The Institute of Chartered Accountants of Pakistan www.icap.org.pk