Islamabad: The Federal Minister for Finance and Economic Affairs Dr. Abdul Hafeez Shaikh has approved proposed amendments in the Chartered Accountants Ordinance 1961. The approval he accorded in the meeting was called by the Institute itself to bring about the
• Professional Standards compliance more effective by empowering the Council.
• The Institute to call for information and records in cases of Quality Assurance work.
• Improvement in Governance of the Institute .
• Some aspects of the profession with International Best Practices.
• Redundancies and changes in ancillary matters.
The following changes in the RAO 1961 were accorded approval
• Empower the council to make final decision instead of referring matters to the High Court.
• Allow the Institute to call for information in connection with Quality Assurance work.
• Bring changes in composition of the Council.
• Allow members of ICAP to charge contingent fee.
• Enhance penalties for professional misconduct infringements.
• Allow advertising and soliciting of work within bounds.
• Other ancillary amendments.
For more information, contact:
Haji Ahmed Malik
Principal Information Officer
Press Information Department (PID)
Tel: +9251 925 2323 and +9251 925 2324
Fax: +9251 925 2325 and +9251 925 2326