Institute of Cost and Management Accountants of Pakistan

The Institute of Cost & Management Accountants of Pakistan (ICMAP) is a professional body offering qualification and training in management accountancy and providing ongoing support for the members.

The Institute of Cost & Management Accountants of Pakistan was established in 1951 and was granted statutory status under the Cost and Management Accountants Act, 1966 for the regulation of the profession of Cost and Management Accounting. ICMAP is a member of International Federation of Accountants (IFAC), International Accounting Standards Board (IASB), Confederation of Asian and Pacific Accountants (CAPA) and South Asian Federation of Accountants (SAFA).

ICMAP is the sole provider of cost and management accounting education, training and professional certification in Pakistan. The institute has earned reputation both nationally and internationally for its high standard in imparting education and testing. The Institute has been meeting an important human resource need through a steady flow of professional accountants to occupy leading positions in the corporate world.

The Management Accountants produced by the Institute, have met the requirements of the industry over the years and performed creditably in the assigned roles. Today, more than 60% ICMAP Members occupy top to middle management positions in industry, financial institutions, consultancy firms etc., as Chief Executive Officers, Managing Directors, Chairpersons, General Managers, Controllers, Directors of Finance, Company Secretaries, etc.

President Profile:-

The Council of Institute of Cost and Management Accountants of Pakistan in its 341st meeting held on 5th June, 2016 elected Mr. Muhammed Iqbal Ghori as the President. Mr. Ghori is a fellow member of the Institute and elected to the Council for the period of 2015-17. Prior to this, he was serving in the capacity of Vice President, Chairman of Examination and Research & Publications Committees member of few other committees. He is also serving as Chairman SAFA Committee on Governmental and Public Sector Enterprises Accounting.

With 25 years of versatile experience across diverse organizational domains in the public and private sector, Mr. Ghori has significant exposure in the business planning, financial modeling, performance monitoring, commercialization of electric utility, management accounting and budgeting, development of tariff methodology, regulatory affairs, bringing awareness about energy conservation, and launching an energy conservation campaign which brought visible results and mobilized the positive public opinion.

Mr. Ghori started power sector career as Manager Finance (Corporate Planning and Control) at Faisalabad Electricity Supply Company Limited [FESCO]. During his 12 years services in the power sector, he held positions of Director General Corporate Finance at Pakistan Electric Power Co. [PEPCO] and Director General Corporate Finance and then Chief Financial Officer [CFO] of Faisalabad Electricity Supply Company Limited [FESCO]. Mr. Ghori's substantial contribution in development and execution of Performance Contracts has transformed the FESCO accountability culture. He led the team to divert state owned power sector to Public Limited Companies and adopted IFRS. The career path in the power sector gave him recognition at various platforms especially in the areas of Tariff, Regulatory Affairs, Financial Management and Corporate Planning and Control.

Due to comprehensive understanding of power sector, Mr. Ghori also served as ‘official spokesperson’ for PEPCO and participated in talk shows specially in connection to power crisis whereby he presented both government's views and his own stance as how to make power sector efficient and to overcome burning load shedding issue. The interaction with print and electronic media at national and international level enhanced Mr. Ghori expertise with respect to public concerns related to power management. Mr. Ghori was also entrusted with the responsibility to bring all stakeholders on board for nationwide campaign on electricity conversation. Initially, it was limited to PEPCO but eventually Government of Pakistan (GoP) also launched a mega energy conservation campaign in which Mr. Ghori's proposal for the electricity conservation served as nucleus for Government's strategy and policy

The technical experience provided Mr. Ghori opportunity to closely work with World Bank, ADB, USAID, National Electric and Power Regulatory Authority (NEPRA), Ministry of Water & Power, WAPDA, PEPCO and other stakeholder of power sector in Pakistan. Mr. Ghori attended the Public Utility Regulatory Course (PURC), of University of Florida USA (PURC) being held with the collaboration of World Bank. The course enhanced the economic, technical, and policy skills required for implementing policies and managing sustainable regulatory systems for infrastructure sectors.

Being a distinguished holder of a profession certification and said exposure, Mr. Ghori emerged as change catalyst for (i) engaging Board of Directors to cultivate board room's best practices and corporate governance to safeguard the interest of all stakeholders; (ii) setting standards both for public and private sectors; (iii) performing technical accounting analysis; (iv) developing systems; (v) writing systems and procedures; (vi) planning human resources and (vii) devising mechanism for effective management reporting.

Mr. Ghori provides assistance on the IPSASB's strategy, work program and agenda; on its projects, including key technical issues or matters that may impede the effective implementation of IPSASs; and on other matters of relevance to its standards-setting activities. Mr. Ghori's interest to contribute towards high-quality international public sector accounting standards and the quality, consistency, and transparency of public sector financial reporting in Asia and worldwide made him keen to become an integral part of global efforts including IFAC's IPSASB.

Through Mr. Ghori's embedded interpersonal and management skills, the overall learning and experience have been shared with professionals, intellectuals and policy makers by way of articles and participation in nationwide and international seminars and conferences where he presented various papers on power and energy sector.

Currently, Mr. Ghori is working as Chief Financial Officer and Director Strategic Planning at one of the leading textile manufacturers and exporters of the country, M/s Sadaqat Pvt. Ltd.

Cost Audit

The Institute's Members are eligible to conduct cost audit in required industries in Pakistan . Cost Audit handbook issued by the institute and (Audit of Cost Accounts) Rules, 1998 issued by Securities and Exchange Commission of Pakistan (SECP) provide complete guidelines in this regard. ICMAP issues Certificate of Practice (COP) to practice as cost and Management accountant and conduct cost audit in Pakistan. SECP requires cost audit to be conducted in the following areas:

1. Vegetable Ghee and Cooking Oil Companies (1990).

2. Cement Companies (1994).

3. Sugar Companies (2001).

4. Fertilizer Companies (2008).

5. Thermal Energy Companies (2008).

6. Petroleum Companies (2008).

7. Natural Gas Companies (2008).

8. Polyester Fiber Companies (2008).

9. Chemical Fertilizer Companies (2012).

10. Pharmaceutical Industry (2013)

Publications

ICMAP issues a monthly journal "Management Accountant". In addition, ICMAP issues news letters about events of ICMAP, research letters and technical papers about latest developments made by institute in relative fields. On 1 September 2001, ICMAP Issued Cost Audit Handbook for the guidance of Cost Audit in Pakistan.

Research

A Research Department was established in the year 1989 with the goals to Complement the Research Committee's work, Streamline the Institute's research activities and Increase the frequency and scope of research studies.

In May 2007, the National Council decided to merge the former "Quality Assurance & Ethics Committee" with the "Research & Technical Committee". Hence, the present nomenclature "Research, Quality Assurance & Ethics Committee".

Additional responsibility for developing "Quality Assurance" framework and "Code of Ethics" for the members of the Institute have been assigned to Research Committee.

"To Conduct Research" is one of the core objectives of Institute, as defined in 'ICMAP's Mission statement'.

The core activities of the Research Department are as follows:

• To identify potential areas of research and make strategic plans to pursue research projects.
• To carry out research studies on topics of professional Interest
• To develop Cost Accounting Guidelines for Industries
• To update members on professional developments, particularly for practicing members.
• To develop expert comments on IFAC/IASB Exposure Drafts in consultation with members.

Related Links

http://www.ifac.org/ http://www.esafa.org/ http://www.icab-bd.org/ http://www.icmab.org.bd/ http://www.myicwai.com/ http://www.fbr.gov.pk/ http://www.secp.gov.pk/ http://www.sbp.org.pk/ http://www.pipfa.org.pk/ http://www.finance.gov.pk/ http://www.cimaglobal.com/ http://www.iasb.org/ http://www.capa.com.my/ http://www.cma-foundation.org/

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