ICAP in Pakistan Establishes ASEB – The Accountant’s Online Platform
Pakistan’s ICAP has recently created the Auditing Standards & Ethics Board (ASEB) to focus on elevating audit quality and upholding ethical conduct within the accounting profession in the country. This strategic move is aligned with global standards set by the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA).
The ASEB comprises representatives from regulatory bodies and financial institutions such as the Securities and Exchange Commission of Pakistan, the State Bank of Pakistan, the Pakistan Stock Exchange, and the Auditor General of Pakistan, along with active members of ICAP and various industry professionals. The establishment of the ASEB coincides with the recent selection of new office bearers for ICAP’s 2025-2026 term, with Saif Ullah being elected as president and Muhammad Awais and Muhammad Samiullah Siddiqui as vice presidents during a meeting in Karachi.
In addition to these key developments, ICAP is gearing up to host a CFO conference titled “Quantum Leap: Agility & Competitive Edge” on May 6 in Karachi and May 8 in Lahore. Since its inception on July 1, 1961, ICAP’s core mission has been to regulate the accountancy sector in Pakistan and enhance collaboration with policymaking institutions and regulators like the State Bank of Pakistan, the Federal Board of Revenue, and other governmental bodies to fortify the country’s regulatory landscape. Furthermore, ICAP is a member of notable international bodies like the International Federation of Accountants and the South Asian Federation of Accountants.
In a nutshell, the establishment of the ASEB by ICAP demonstrates a strengthened commitment to driving excellence and integrity in accounting practices and standards across Pakistan. This proactive approach aligns with global best practices and ethical guidelines, positioning the accounting profession in Pakistan for further growth and credibility on an international scale. By engaging with key stakeholders and fostering collaboration within the industry, ICAP is paving the way for a more robust regulatory framework and a more professional and ethical environment for accountants and auditors in the country. As ICAP continues to evolve and expand its footprint both domestically and globally, its role in shaping the accounting landscape in Pakistan remains pivotal and influential.
