Tag: ACCA

Karachi, July 30, 2021 (PPI-OT):ACCA (the Association of Chartered Certified Accountants) has awarded K-Electric with the highest Platinum status in its trainee development stream of ACCA’s globally celebrated Approved Employer programme.

This recognition by the global body for professional accountants is an acknowledgement of KE’s high standards of staff training and development, as well as organisation’s commitment to attracting and developing future-ready talent and creating opportunities for country’s youth. The announcement was made at a high-level award ceremony attended by the senior leadership of both the organisations at KE’s headquarters in Karachi.

Speaking at the ceremony, KE’s Chief Executive Officer, Syed Moonis Abdullah Alvi, said: ‘We truly value the contributions ACCA’s world-class talent is making as part of our team in supporting KE’s mission and helping us in powering the city of lights. For us, our diversified Finance Trainee Programme has always been a powerhouse of talent that fulfils our organisation’s unique talent needs.’

Congratulating KE on attaining the coveted Platinum status, ACCA’s head of Pakistan, Sajjeed Aslam, said: ‘The ACCA talent has been trained to think strategically and solve complex problems harnessing the power of innovation and creativity. We’re proud of the contributions our members and future members are making in keeping our partner employers ahead of the curve.’

‘Being one of the largest ACCA employers in the region, we cherish our partnership with KE and are happy that the employer is providing an excellent environment for young ACCA talent in Pakistan to develop their competencies, add value to the organisation, and grow in their careers.’ ‘Our partnership with KE stands on our shared commitment of promoting sustainability, brightening lives through inclusive growth and delivering excellence.’

‘Around the world, every day, ACCA professional accountants support people and organisations in making sound decisions and doing the right thing. Our members fully understand the strategic and business risks that their organisations face in the short, medium and long-term. In this way, through providing better informed decision making, they help organisations maintain operational resilience and become more sustainable in today’s fast-changing, interconnected environment.’

Present at the ceremony were: Syed Moonis Abdullah Alvi, CEO, KE, Sajjeed Aslam, Head of ACCA Pakistan, Muhammad Rizwan Dalia, Chief People Officer, KE, Muhammad Aamir Ghaziani, CFO, KE, Taimur Beiram Khan, Head of Business Development – South, ACCA, Mustafa Kamal, Director Finance, KE, Ali Shan Ul Haque, Business Development Manager, ACCA, and Taha Edhy, Assistant Manager Business Strategy, KE.

The ACCA Approved Employer programme recognises and rewards employers’ quality staff training and development. The programme ensures the highest standards for employers and students are met and maintained. According to a recent global survey of top recruiters, 81% say their ACCA Approved Employer status helps them attract and retain good quality business and finance graduates.

The approval also allows employers access to ACCA’s world-class thought leadership, global network of top professionals and future-focused talent development and retention resources. ACCA is at the forefront of global accountancy profession with over 233,000 fully qualified members and 536,000 future members worldwide who’re among the world’s best-qualified and most highly sought-after professional accountants supporting leading organisations in both public and private sectors.

For more information, contact:
Association of Chartered Certified Accountants Pakistan (ACCA)
Office No. 5, 2nd Floor, SNC Centre,
Fazal-ul-Haq Road, Blue Area, Islamabad, Pakistan
Tel: +92-51-111-222275
Fax: +92-51-2876605
Email: info@pk.accaglobal.com
Website: www.pakistan.accaglobal.com

Islamabad, July 26, 2021 (PPI-OT):An overview of ACCA’s regulatory activities for 2020 is published today, covering qualifications and examinations, developing ACCA’s continuing professional development framework, members’ licensing, monitoring work, and the investigation of complaints and discipline of members, affiliates, students and firms.

The report explains how the independent Regulatory Board, which provides general oversight of ACCA’s regulatory arrangements, works with the ACCA team to ensure arrangements are robust, transparent, proportionate and in the public interest.

Lucy Winskell, Chair of the Regulatory Board says: ‘Like all organisations, ACCA has felt the full force of the restrictions the pandemic has brought. Unsurprisingly, ACCA’s regulatory activities, from examinations, to monitoring of firms, to complaints handling, to CPD compliance and monitoring, have been impacted. But ACCA has found new ways of working to mitigate risks where it can – such as introducing remotely invigilated exams in June 2020 to ensure students can continue their journey to ACCA membership.

‘Regulation is ultimately a risk management exercise and the Board’s terms of reference now include an explicit reference to our role in monitoring regulatory risk to ensure that the balance between risk to the public interest and commercial opportunities is maintained.’

The report explains that in response to the global pandemic, ACCA worked quickly to ensure it could continue to fulfil statutory responsibilities and protect the public interest. It moved to virtual approaches across the range of its regulatory responsibilities to support the effective and efficient delivery of these activities – including the introduction of virtual hearings for all committees, embracing remote inspections for audit monitoring, approved employers and anti-money laundering activities.

Maggie McGhee, executive director strategy and governance at ACCA adds: ‘We are committed to shaping the future of our profession and the regulatory environment that supports this. Publishing this report is therefore an important part of this commitment. Effective regulation is a powerful and positive tool for public trust in capital markets and financial systems globally. In December 2020, we embodied this by setting out commitments to the Sustainable Development Goals (SDGs), which we will deliver by 2030 in line with the UN’s decade of action, including our commitment to SDG 16 – Peace, justice and strong institutions.’

Maggie McGhee concludes: ‘Looking ahead, a particular area of focus for ACCA is the changing regulatory landscape, especially here in the UK where we continue to work with the Financial Reporting Council and offer our support as they transition to the Audit, Reporting and Governance Authority. We have also recently responded to the government’s far-reaching proposals in its consultation Restoring Trust in audit and corporate governance. Our official response highlighted the fact that these are fundamental changes to audit of public interest entities where we believe that change is needed. Audit quality is fundamental to investor and public confidence and the current consultation provides the opportunity for long-term reform and innovation.’

ACCA’s Report on Regulation can be accessed here: https://www.accaglobal.com/gb/en/about-us/regulation/regulatory-board/regulation.html

For more information, contact:
Association of Chartered Certified Accountants Pakistan (ACCA)
Office No. 5, 2nd Floor, SNC Centre,
Fazal-ul-Haq Road, Blue Area, Islamabad, Pakistan
Tel: +92-51-111-222275
Fax: +92-51-2876605
Email: info@pk.accaglobal.com
Website: www.pakistan.accaglobal.com

Islamabad, July 15, 2021 (PPI-OT):Professional accountants around the world have reported a buoyant return to economic stability in Q2 2021 finds the latest edition of ACCA and IMA’s Global Economic Confidence Survey (GECS). For Pakistan, the confidence index has dropped between Q1 and Q2 2021 from 31.8 to 17.4, which may be attributable to rising COVID infections, raising fears of restrictions that would hurt domestic activity. In addition, there is a slow rate of vaccination throughout South Asia.

Orders have also declined in Pakistan from Q1 of 9.1 to Q2 -17.4. This is reflected across other South Asia markets, the only region to record a fall in orders in this survey, albeit a modest one.

Sajjeed Aslam, head of ACCA Pakistan, concludes: ‘Looking ahead, health and economic risks are considerable, especially if a vaccine resistant variant emerges and spreads, forcing renewed lockdown measures with consequent economic harm. On the global and national level, policy-wise it’s important that fiscal support is not withdrawn prematurely, potentially causing a setback to recovery in private demand.’

The global survey has reported an upturn in key global activity indicators, such as orders – the proxy for real economic activity. The biggest gain in Q2 came in North America, powered ahead by a massive US fiscal stimulus.

However, despite this optimism, stark warning signs remain due to wide regional variations in confidence, with large increases across Europe, contrasting with significant falls in Asia Pacific and South Asia including Pakistan. As a result, ACCA and IMA ask governments and policy makers to ensure this divergence does not grow.

GECS is the largest regular economic survey of senior accountants and finance professionals from around the world, and consistently captures the true scale of the global recession caused by the coronavirus pandemic, tracking the drop in confidence since the beginning and a new outlook in confidence triggered by the combined effects of vaccines and the fiscal stimulus.

For more information, contact:
Association of Chartered Certified Accountants Pakistan (ACCA)
Office No. 5, 2nd Floor, SNC Centre,
Fazal-ul-Haq Road, Blue Area, Islamabad, Pakistan
Tel: +92-51-111-222275
Fax: +92-51-2876605
Email: info@pk.accaglobal.com
Website: www.pakistan.accaglobal.com

Islamabad, July 13, 2021 (PPI-OT):Finance professionals see gathering momentum for the global economy in Q2 2021 Confidence remains very high, despite a marginal decline from Q1 – but regional variances point to ongoing economic uncertainty Professional accountants around the world have reported a buoyant return to economic stability in Q2 2021 finds the latest edition of ACCA and IMA’s Global Economic Confidence Survey (GECS). For Pakistan, the confidence index has dropped between Q1 and Q2 2021 from 31.8 to 17.4, which may be attributable to rising COVID infections, raising fears of restrictions that would hurt domestic activity.

In addition, there is a slow rate of vaccination throughout South Asia. Orders have also declined in Pakistan from Q1 of 9.1 to Q2 -17.4. This is reflected across other South Asia markets, the only region to record a fall in orders in this survey, albeit a modest one. Sajjeed Aslam, head of ACCA Pakistan, concludes: ‘Looking ahead, health and economic risks are considerable, especially if a vaccine resistant variant emerges and spreads, forcing renewed lockdown measures with consequent economic harm.

On the global and national level, policy-wise it’s important that fiscal support is not withdrawn prematurely, potentially causing a setback to recovery in private demand.’ Professional accountants serving at leading organisations from around the world, who are members of ACCA and IMA, report an upturn in key global activity indicators, such as orders – the proxy for real economic activity. The biggest gain in Q2 came in North America, powered ahead by a massive US fiscal stimulus. The two ‘fear’ indices – measured by concerns that customers and suppliers may go out of business – both declined in this latest survey, confirming that the extreme uncertainty created by the COVID-19 crisis has fallen back towards more normal levels.

However, despite this optimism, stark warning signs remain due to wide regional variations in confidence, with large increases across Europe, contrasting with significant falls in Asia Pacific and South Asia including Pakistan. As a result, ACCA and IMA ask governments and policy makers to ensure this divergence does not grow. Michael Taylor, chief economist ACCA says: ‘These changes reflect the speed at which vaccinations are taking place in Europe while increased COVID-19 infections are happening again in Asia Pacific and South Asia. A key theme of this GECS is the divergence in economic prospects between advanced and emerging market economies.

This needs to be tackled urgently.’ Helen Brand, chief executive of ACCA, adds: ‘the world economy’s recovery to its pre- pandemic size has been driven by rapid growth in the US and China, the two biggest economies. There are many jurisdictions with plenty of ground to still make up. But the difference we see between advanced and emerging markets is glaring – and action is needed on vaccines so that there are no shortages in emerging economies.’ Key global findings from GECS Q2 2021 reveal: Confidence:

This fell back in North America, but this came after a very large jump in the Q1 survey. Advanced economies are now recovering, benefitting from rapid progress on vaccinations and the spending of accumulated savings. Orders: In Western Europe orders saw a jump, pointing to economic recovery gathering momentum in the second half of the year. Asia Pacific also reported increased orders, boosted by export demand. Elsewhere there was little change, apart from in South Asia where renewed lockdown measures have affected the economic outlook in the near term.  Economic recovery: The majority of respondents in North America said that economic recovery is already underway.

By contrast, over half of respondents in Africa and South Asia do not expect recovery until 2022 at the earliest. Surprisingly this was also the case in Asia Pacific. In Western Europe the proportion expecting a much-delayed economic recovery has fallen by 10 percentage points between the Q1 and Q2 survey, underlining the recent improvement in the economic outlook in the region.

Inflation: The GECS shows respondents across regions expect a modest increase in inflation over the next five years. Compared to Q1 there has been a marked increase in inflation expectations in North America, while in Western Europe expectations are for a modest increase in inflation. The consensus across all regions is that inflation will rise modestly, by up to three percentage points in coming years. Operating costs: The GECS index of concern about operating costs increased and is now at its highest level since 2019 Q3.

But concern remains below the level that would point to a sustained big rise in inflation. GECS is the largest regular economic survey of senior accountants and finance professionals from around the world, and consistently captures the true scale of the global recession caused by the coronavirus pandemic, tracking the drop in confidence since the beginning and a new outlook in confidence triggered by the combined effects of vaccines and the fiscal stimulus. In Q2 2021, an expert panel of 23 accountants took part in the GECS for Pakistan.

For more information, contact:
Association of Chartered Certified Accountants Pakistan (ACCA)
Office No. 5, 2nd Floor, SNC Centre,
Fazal-ul-Haq Road, Blue Area, Islamabad, Pakistan
Tel: +92-51-111-222275
Fax: +92-51-2876605
Email: info@pk.accaglobal.com
Website: www.pakistan.accaglobal.com

Islamabad, July 08, 2021 (PPI-OT):More collaboration, more collective action needed to tackle the risks ahead an unmissable era is dawning for the accountancy profession and its role in effective risk management as a result of the global pandemic, environmental sustainability and economic turbulence, says ACCA (the Association of Chartered Certified Accountants). In its new report Rethinking risk for the future, ACCA asserts that as guardians of information, accountants can help organisations not only detect and better understand the emerging risks and opportunities facing them, but also cultivate the mind-sets needed to think more long-term.

Capturing the views of its global members, including members in Pakistan, the report also showcases their vital roles in building operational resilience through Enterprise Risk Management (ERM), financial reporting, and predictive data analysis. The report explains that while COVID-19 is the biggest crisis in a generation, business and society also face huge risks from rapid climate change – perhaps the biggest risk of all. Risk management has therefore been forced to centre stage like never before.

Accountants now have an unmissable opportunity to reassess how they can add more value in a post-Covid world where a myriad of pressing environmental, social and economic risks are prevalent. For the report, Pakistan respondents were asked about what they believed to be the biggest risks to their organisations over the next two years, with 24% saying industry disruption and 22% international trade. They were also asked what risk activity their organisation would most likely upgrade in 2021, with 51% saying risk culture for new working conditions, followed by 20% for operational resilience.

Rachael Johnson, report author and ACCA’s head of risk management and corporate governance says: ‘What’s clear from our engagement with ACCA members is the need for accountancy professionals to truly understand the strategic and business risks that their organisations face in the short, medium and long-term. In this way, through providing better informed decision making, they can help organisations maintain operational resilience and become more sustainable in today’s fast-changing, interconnected environment.’

Helen Brand, ACCA’s chief executive adds: ‘Because of COVID-19, we have all learned new and vital lessons about effective risk management over the last year, so that disruption preparedness is now top of organisations; priorities. The challenge is about how this readiness is sustained. Professional accountants are central to all this – that’s why now’s the time for the profession to show in real ways how it helps organisations change behaviour, rethink risk, and how accountants can help set the tone from the very top.’

Rethinking risk for the future concludes that risk can no longer be managed in isolation, with Sajjeed Aslam, head of ACCA Pakistan ending: ‘Accountants, given their skills and professional duties, are in a privileged position to optimise their storytelling skills in new ways by creating more dynamic metrics and reporting methodologies. Accountants should be taking on a more advisory role in explaining the facts and possibilities behind the numbers, breaking them down and putting them into context for their organisations.

‘This is an unmissable opportunity for accountancy to encourage more collaboration and collective action on environmental, social and governance matters by working with public policymakers and partnering with leaders to help grasp how digitalisation and new technologies can help avoid harm to people and the planet.’ The report includes expert insights from several ACCA members in Pakistan including: Rizwan Ikram, chief risk officer at Mobilink Microfinance Bank, who just recently moved to Telenor Microfinance Bank Ltd, Pakistan in Islamabad in the same role as CRO  Owais Ali, operational and liquidity risk analyst at Al Baraka Bank Pakistan Ltd., Karachi

For more information, contact:
Association of Chartered Certified Accountants Pakistan (ACCA)
Office No. 5, 2nd Floor, SNC Centre,
Fazal-ul-Haq Road, Blue Area, Islamabad, Pakistan
Tel: +92-51-111-222275
Fax: +92-51-2876605
Email: info@pk.accaglobal.com
Website: www.pakistan.accaglobal.com

Islamabad, July 02, 2021 (PPI-OT):ACCA (the Association of Chartered Certified Accountants) and INTOSAI Development Initiative (IDI) have teamed up to highlight the important role of Supreme Audit Institutions (SAIs) during times of crisis.

The Covid-19 pandemic required unprecedented public sector interventions in our societies and economies, globally. Governments had to react quickly and under significant pressure to protect both lives and citizens from the worst impacts of the pandemic.

SAIs are essential in holding governments to account in how they spend and allocate resources. To support SAIs, ACCA and IDI are releasing resources so that SAIs can carry out post-Covid-19 compliance audits that focus on transparency, accountability and inclusiveness.

Mike Suffield, director of ACCA’s Professional Insights says:

‘The nature of the current Covid-19 pandemic has meant public spending, in many jurisdictions, occurred through fast-tracked processes. As a result, risks of corruption, mismanagement and waste have certainly been increased.

‘This is where Supreme Audit Institutions must take the lead. They can help address concerns around equality and transparency as countries review how spending actually occurred – who received the benefits of this spending and who was left behind?

‘With the help of Auditors General, we can begin to learn lessons from the pandemic and ensure our responses in the future better consider the importance of transparency, accountability and inclusiveness.’

Einar Gorrissen, Director General of IDI adds:

‘To assist Supreme Audit Institutions (SAIs) during the COVID-19 outbreak, IDI launched the Global Cooperative Compliance Audits of the Transparency, Accountability and Inclusiveness of the Use of Emergency Funding for COVID-19 (TAI audits).

‘SAIs have been increasingly challenged throughout the last 15 months, not only to ensure that their governments are held to account in unprecedented circumstances, but to learn, apply and roll out complex compliance audits at a time when pressures on resources have been enormous.

‘The role of the SAI auditor has never been more important, relevant and visible than during this pandemic. Together, we can ensure that the lessons and learning of the past year impact positively on the transparency, accountability and inclusiveness of all SAI audits.’

The toolkit includes three policy briefs focusing on the following aspects of public spending during Covid-19 (available in English, French, Spanish and Arabic):

Leave no one behind: Covid-19 exacerbated inequalities, many of which were overlooked when socioeconomic packages to tackle the impacts of the pandemic were developed and implemented. Public audits can help shed light on whether legislative and regulatory frameworks account for such inequalities and if existing safeguards were complied with.

Procuring at speed: This brief focuses on the risks associated with emergency procurement during the Covid-19 crisis. Specifically, how public audits can evaluate if existing and emergency frameworks were effective.

Beyond keeping receipts: At times of crisis, accountability and transparency tend to take a back seat – making public audit a more difficult undertaking. However, to maintain public trust and protect public funds, governments must ensure all public spending has a clear audit trail.

For more information, contact:
Association of Chartered Certified Accountants Pakistan (ACCA)

Office No. 5, 2nd Floor, SNC Centre,

Fazal-ul-Haq Road, Blue Area, Islamabad, Pakistan

Tel: +92-51-111-222275

Fax: +92-51-2876605

Email: info@pk.accaglobal.com

Website: www.pakistan.accaglobal.com