KARACHI, Oct 26: A World Bank representative mission comprising an international and a local consultant visited the Institute of Chartered Accountants of Pakistan (ICAP) on Monday, said a press release issued by the institute.

The consultants discussed issues with the ICAP president, vice-president and directors. The ICAP said in its statement that the consultants were working on a World Bank initiative titled: "Reports on the Observance of Standards and Codes (ROSC) - Accounting and Auditing", for strengthening accounting, financial reporting and auditing practices in the corporate sector.

The institute's officials assisted the World Bank consultants in their current diagnostic exercise and provided them detailed information about the ICAP's quality control review programme. The mission was also told that with ICAP's recommendations, Pakistan had adopted almost all international accounting standards as well as international standards on auditing.

The consultants also appreciated ICAP's initiative of recent amendment in The Fourth Schedule to the Companies Ordinance 1984, which was now in full conformity with the international accounting standards.

The consultants were informed that the ICAP had a Continuing Professional Development (CPD) programme, which was mandatory for its members, and that kept them abreast with developments in accounting and auditing practices. The ICAP also has a disciplinary procedure which was strictly implemented, and the institute took note of professional misconduct by its members.

ICAP's education and training as well as its examination process conformed to high standards, and that had been recognized by The Institute of Chartered Accountants England and Wales, which provided substantial exemptions to ICAP members from its own examinations.

To further strengthen the training process, the institute was in the process of issuing a set of training regulations and guidelines, a draft of which had already been circulated to its members for their comments.

The consultants informed the ICAP that the diagnostic exercise would be followed by the development and implementation of an action plan towards improvement of the corporate financial reporting regime, for which ICAP's active participation would be sought, the press release concluded.