KARACHI, April 29: The two-day South Asian Federation of Accountants (SAFA) Conference, 2003 to be held here on May 2 and 3 would deliberate on issues of Corporate governance; social and economic responsibilities of the professional accountant; the accountant of the next decade and interestingly— life after WTO.
At a press briefing on Monday, the team leaders of the Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Cost and Management Accountants of Pakistan (ICMAP) said that the Conference being jointly organized by the two professional accounting bodies would be inaugurated by Mr. Shaukat Aziz, Federal Minister for Finance & Economic Affairs on May 2.
“Thirty delegates from India, Bangladesh, Sri Lanka and Nepal are expected to participate in the Conference,” President ICAP Mr. Khaliq-ur-Rahman told the press, adding that 1200 other participants belonging to the accounting profession, business executives and senior government officials had enrolled for the event, which was all that the Conference could accommodate. “We had to turn down many requests because of lack of space,” said the Conference chairman, Mr. Zafar Iqbal Sobani.
He noted that after the finance minister, others who would address the inaugural session include President ICAP; President ICMAP Mr. Sher Afgan Malik and President SAFA, Mr. Ashok Chandak from India. Syed Masoud Ali Naqvi would present keynote address and Dr. Khawaja Amjad Saeed would announce the SAFA Best Presented Accounts Awards. Mr.Sobani would pass the concluding remarks.
The valedictory session on Day two (May 3) would be addressed by Federal Minister for Investment & Privatization, Dr. Abdul Hafeez Shaikh. Technical papers and Commentaries would be given by prominent speakers from SAFA countries. First three technical sessions would be on ‘Corporate governance’; ‘social and economic responsibilities of the Professional Accountant’ and ‘Accountant of the Next Decade’. Nominee from India would speak on technical session IV- “WTO- the gathering storm”.
Mr. Khaliq-ur-Rehman explained that given the possibility of world becoming a free trade zone with no tariff barriers (which would include services sector), the Conference would exchange views on survival of developing countries under the new WTO regime and future of accounting profession.
The conference chairman, Mr. Zafar Sobani observed that SAFA was formed in 1984 and it was now recognized as an apex body of SAARC.
The accountancy bodies of Bangladesh, India, Pakistan, Sri Lanka and Nepal were the members of SAFA. The first formal meeting of the Assembly (Governing Council) of SAFA was held in Karachi on May 13 and 14, 1985.
SAFA Assembly has been meeting at least once in a year; so far 39 meetings have been held. ICAP President touched briefly also upon the workings of ICAP. He said that there were 3,145 members; 76 per cent of them working in industry; 16 per cent in audit firms and the remaining in Government, education and other fields. He termed ICAP as “custodian of public interest” and said that the Institute had system of quality control.
Mr. Sher Afgan Malik, President ICMAP and a former MD PIA, stated that there was good coordination among the member countries of SAFA. Together they had ventured into some ice-breaking areas in the accountancy professional. Introduction of new technologies, he said, was an ongoing process. He observed that the two local premier accounting bodies: ICAP and ICMAP were enjoying excellent relationship.
