ISLAMABAD, Oct 16: The coordination committee of the Securities and Exchange Commission of Pakistan (SECP) and the Institute of Chartered Accountants of Pakistan (ICAP) held its first meeting here on Friday. The meeting discussed matters relating to accountancy profession.

SECP Chairman Dr Tariq Hassan presided over the meeting which was also attended by the ICAP president and office-bearers of the institute and the commission.

The participants reviewed the status of the draft Chartered Accountants (Amendment) Ordinance. In this regard, the SECP chairman assured the ICAP of full support in expediting the process for issuance of the amendment in the ordinance.

The commission put forward several suggestions for improving the Quality Control Review Programme of the ICAP, which were discussed in the context of certain legal amendments. It was agreed that there was a need to further enhance the effectiveness and scope of the programme.

Issues relating to transfer pricing, rotation of auditors and investigation proceedings of ICAP against its members were also discussed. The SECP and the ICAP agreed on the need to coordinate on matters affecting the accountancy and audit profession. It was decided that the coordination committee meetings between the commission and the institute would be held regularly on a quarterly basis to achieve the desired results.