KARACHI, Dec 19: The Governor, State Bank of Pakistan, Dr. Ishrat Husain, has suggested to the Institute of Chartered Accountants of Pakistan (ICAP) that the institute’s consultative role to the SBP be formalized, and proper terms of reference agreed upon.

An ICAP press release said that in a meeting with the council members and other senior members of ICAP on Wednesday, Dr Ishrat Husain appreciated the public interest activities undertaken by ICAP, and in particular, the institute’s quality control review programme and disciplinary procedures which ensures that its members maintain their high ethical and quality standards.

“ICAP president Khaliq-ur-Rahman made a multimedia presentation on the activities of the institute and suggested avenues of further collaboration between the SBP and ICAP,” the press statement said.

The SBP governor was also said to have requested ICAP to consider providing training to the SBP’s officers in internal auditing and accounting.