ISLAMABAD, June 10: A meeting of the coordination committee of the Securities and Exchange Commission of Pakistan (SECP) and the Institute of Chartered Accountants of Pakistan (ICAP) held here on Friday to discuss various matters relating to accountancy profession.

SECP Chairman Dr Tariq Hassan presided over the meeting which was attended by ICAP President Zafar Iqbal Subhani, office-bearers of ICAP and senior officials of the SECP.

Issues related to transfer pricing, appointment of cost auditors, progress on professional misconduct cases, revision of Fifth Schedule to the Companies Ordinance, 1984, appointment of Cost Auditor, indebtedness of auditors, International Standards on Auditing 720 and notification of International Accounting Standards were also discussed.

The meeting also revived the status of the draft Chartered Accountants (Amendment) Bill.

The SECP chairman stressed the need for increased coordination and cooperation between the two regulators to strengthen and bring transparency in the accounting and auditing profession.

“Focussed efforts are needed to enhance the quality of the accounting profession through increased education and expeditious handling of disciplinary actions,” he added.

The ICAP president appreciated the SECP’s cooperation and said that the coordination committee would meet regularly to achieve the desired results.