KARACHI, Oct 30: A two-member World Bank Team visited Institute of Cost and Management Accountants of Pakistan (ICMAP) on Saturday. International Consultant Dr. Huymayun Murshed and Furqan Ahmed Saleem local Consultant/ Coordinator were the members of the team, said a press release issued by ICMAP.

The press release stated that ICMAP team led by its President Sher Afgan Malik and including Ahmed Saquib, Noor Muhammad and Syed A. Mateen Ahmed discussed various issues. The WB mission leader informed about the purpose of their visit which was to carry out an assessment of Accounting and Auditing Standards in Pakistan. Their study would cover areas like the regulatory framework, accountancy profession, professional education & training, development of Accounting and Auditing Standards and their implementation.

The WB team expressed the view that such assessment on critical issues had assumed significance in the backdrop of Post 1997 East Asian Financial crisis and the recent accounting scandals.

The mission told the ICMAP representatives that the project would entail policy recommendations based on inputs received and formulation of a Country Action Plan for Pakistan.

ICMAP team explained the role of the institute in enhancing training and education of its members and students in Accounting and Auditing Standards.

The two sides discussed the role ICMAP was playing in teaching of International Accounting Standards as part of its curriculum, but it was of the view that their compliance was their ultimate goal. The WB team also suggested that Institute of Cost and Management Accountants of Pakistan should develop and implement a self-regulatory framework for ICMAP Members working as CFOs.

The ICMAP president offered full cooperation to the World Bank team and called for assistance in specific areas viz. Provision for literature i.e. books on International Accounting Standards, building the capacity of its teachers as trainers and preparation of teaching material in the local context. The WB mission leader said that they would continue to inter-act with ICMAP in this regard.