ICAP holds seminar on code of ethics
KARACHI: Ethical behaviour by Chartered Accountants play a vital role in ensuring public trust in financial reporting and business practices and upholding the reputation of the accountancy profession.
This was stated by Rafqat Hussain FCA – Chairman CPD Committee Islamabad /Rawalpindi of Northern Regional Committee (NRC) of Institute of Chartered Accountants of Pakistan (ICAP).
He was addressing a seminar on “Code of Ethics -A Key to Public Trust” organised by ICAP’s NRC to create the awareness among all members of the institute regarding the major changes recently made in the revised Code of Ethics for professional accountants.
“The code helps members of the institute meet these obligations by providing them with ethical guidance,” Rafqat said, adding that Chartered Accountants are expected to demonstrate the highest standards of professional conduct and to take into consideration the public interest.
“The revisions to the existing Code of Ethics of ICAP became necessary after the International Ethics Standards Board for Accountants (IESBA) amended its code,” said Rana Muhammad Usman Khan – Partner Deloitte Yousaf Adil & Co while informing the audience about the key changes recently made in the revised Code of Ethics for professional Accountants.
“The revisions of the code included many key changes, which need deliberation. It was of paramount importance that all ICAP members are informed about the necessary changes in the Code of Ethics, which may have a profound effect on their day to day workings,” he added.
Chief Guest Rashid Ibrahim FCA – Council Member, ICAP, presented the mementos to the speaker while Khalid Majeed FCA -Senior Member ICAP presented a memento to the chief guest.