ICMA Pakistan’s delegation meets with

Federal Minister for Economic Affairs a t u re

Fe s
Islamabad | August 28, 2019
A delegation of ICMA Pakistan led by Mr. Zia ul Mustafa, President met with Mr. Hammad Azhar, the Federal
New
Minister for Economic Affairs Division, Government of Pakistan on August 28, 2019 at Islamabad. The
delegation comprised of Mr. Muhammad Yasin, Honorary Treasurer and Chairman Research and Publications
Committee; Mr. Salman Haider, Vice Chairman, Lahore Branch Council and Ms. Javaria Malik, Director, Marketing and Communications.

Chief Editor’s Message

Dear Members,

I am delighted to present
the August 2019 issue of
e-Newsletter. The month
of August assumes much
significance for us as on the
14th day of this month the
inspiring freedom movement, spearheaded
by Quaid-e-Azam Mohammad Ali Jinnah,
culminated into the creation of an independent
Pakistan. It has been a customary that ICMA
Pakistan commemorates this red letter day
with patriotic zeal, marked by Independence
Day programs organized by all the Campuses
across Pakistan. This newsletter presents a
brief report on these celebrations.
Today, we are witnessing another great
struggle for freedom by our Kashmiri brothers
and sisters who are facing the worst-ever
brutalities perpetrated by the Indian State.
ICMA Pakistan fully supports the Pakistan
Government in all its efforts and initiatives to
highlight the long-pending Kashmir issue at
national and international fronts. Our hearts
beats with our Kashmiri brethren and the day
is near when their dreams will Insha Allah
come true.
The other features of this newsletter are
meeting of ICMA Pakistan’s delegation with
Mr. Hammad Azhar, Federal Minister for
Economic Affairs Division; BCSR Awards
ceremony jointly organized by ICMA Pakistan
and ICA Pakistan; MoUs signed with CDC and
IBP; and celebration of SAFA Foundation Day. I
hope you will enjoy reading.
Muhammad Yasin, FCMA
Chairman, Research and Publications Committee
The President shared with the Minister, the important role, ICMA Pakistan is playing in the
country to create competent professional accountants with relevant skills to match the
demands of the public and private sector. He also shared the key steps taken by the Institute
to bring reforms in governance framework of Pakistan and suggested that professional
accountants should be engaged through direct route to serve in Pakistan Accounts and Audit
Services. The President also mentioned that ‘The steps taken by the Government for reforms
in public sector are in the right
direction, however, pace needs
to be fast tracked to see positive
outcomes.’
The Federal Minister appreciated
the efforts of the Institute
in providing affordable and
quality professional accounting
education in Pakistan for decades
and also offered his support in
order to upscale the talent of the country.
What’s Inside He mentioned that ‘ICMA Pakistan is
playing a pivotal role in providing technical
Feature News 01
human resource to the country. We are in
Overseas Branch Councils 09 need of quality forensic auditing experts
Karachi / Hyderabad 09 and ICMA Pakistan must include it as part
Lahore 11 of their learning outcomes. We recognize
Islamabad 12 the steps taken by the Institute to improve
Multan 13 governance and effectiveness of public
Faisalabad 14 sector organizations and we will make use
Directorate Activities 15 of findings and suggestions as part of our
reforms initiatives’

CHIEF EDITOR EDITOR

Editorial Board Muhammad Yasin, FCMA Shahid Anwar, Director
Chairman, Research & Publications Committee Research & Publications | Email: rp@icmap.com.pk
 Nation-wide | August 14, 2019
On the eve of Independence Day, all the Campuses of ICMA Pakistan organized programs and celebrated the occasion with
great zeal and fervor. The celebrations started in the morning with playing of national anthem and hoisting of Pakistani flag. On
this occasion, cake-cutting ceremonies were also arranged at campuses. The programs were largely attended by the members,
branch councils, students, faculty and staff of the Institute. Mr. Zia ul Mustafa, President and Mr. Muhammad Yasin, Honorary
Treasurer ICMA Pakistan hoisted the national flag and cut the Independence Day cake at Lahore centre.

.... Karachi ....

Mr. Abdul Wasey Khan, Vice President ICMA Pakistan hoisted the national flag and cut the Independence
Day cake with senior ICMA Pakistan members, Mr. Farough Ali Naweed, Secretary and Treasurer KBC;
Mr. Shaham Ahmed, Chairman, CPD Committee KBC. Mr. Aamir Ijaz Khan, Executive Director, ICMA
Pakistan attended the celebration. The program was attended by around 50 participants. The program
was organized by the Karachi Branch Council (KBC).

August 2019 2
 .... Lahore ....
Mr. Zia ul Mustafa, President was the chief guest whereas, Mr. Muhammad Yasin, Honorary Treasurer, ICMA Pakistan was
the guest of honor. Mr. Salman Haider, Vice Chairman LBC; Mr. Abdul Razzaq, Secretary LBC; Mr. Najaf Abbas, Chairman
Members Welfare Committee; Mr. Hamid Zahoor, Chairman Students Affairs Committee; Mr. Ghulam Abbas, Muhammad
Shahid and Mr. Tahir Iqbal, members LBC were also present on the occasion. Around 75 participants attended the
celebration. The program was organized by the Lahore Branch Council (LBC).

August 2019 3
 .... Islamabad ....
Mr. Shahzad Ahmed Malik, Honorary Secretary was the chief guest on the occasion whereas, Mr. Ather Saleem Ch., member
National Council; Mr. Adil Ameen, Chairman Islamabad Branch Council (IBC) and senior members, Secretariat staff and
students of Islamabad Campus celebrated this joyful event jointly. Cake-cutting event was also arranged. The program was
organized by the Islamabad Branch Council (IBC).

.... Multan ....

Independence Day was celebrated by the employees of Multan center. Ms. Samina
Khan Kiani, In-charge/ Deputy Director, Multan Campus and other staff members were
also present on the occasion.

August 2019 4
 .... Faisalabad ....
On the occasion of Independence Day, Student Affairs and Members Welfare Committees of Faisalabad Branch Council (FBC)
organized an ‘Independence Day Celebrations Ceremony’. Mr. Shahid Irshad, Chairman Faisalabad Branch Council (FBC),
members of FBC and students attended the ceremony.

National Council Members

President
Zia ul Mustafa, FCMA
CFO & Business Administrator
Pakistan Expo Centres Private Limited
Vice President
Abdul Wasey Khan, FCMA
Group Director Internal Audit
FAV Group of Companies
Honorary Secretary
Shehzad Ahmed Malik, FCMA
Chief Executive Officer, Shehzad Malik Management Consultants (Pvt) Ltd.
Honorary Treasurer
Muhammad Yasin, FCMA
Chief Financial Officer, Jamshoro Joint Venture Limited, Associated Group
Abid Lateef Lodhi, FCMA
CEO, Central Power Purchasing Agency Guarantee Limited,
Ministry of Energy, Government of Pakistan
Ghulam Mustafa, FCMA
Chief Executive Officer, Tariq Qazi Management Consultant
Ather Saleem Ch, FCMA
Head of Compliance & Taxation
Fauji Fertilizer Bin Qasim Ltd.
Muhammad Iqbal Ghori, FCMA
Director Startegic Planning, Sadaqat Ltd.
Sumaira K. Aslam
Additional Secretary Cost Accounting Wing,
Finance Division, Government of Pakistan
Iram Anjum Khan
Deputy Auditor General (Policy)
Auditor General of Pakistan
Jameel Ahmad, FCMA
Deputy Governor,
State Bank of Pakistan
Tahir Mahmood, FCMA
Commissioner
Securities and Exchange Commission of Pakistan (SECP)

August 2019 5
 Best Corporate & Sustainability Report Awards 2018
Karachi | August 20, 2019

The Best Corporate and Sustainability Report Awards (BCSRA) 2018 ceremony was held on August 20, 2019 at a local hotel in
Karachi which was participated by the corporate sector, CEOs and CFOs of Listed companies as well as representatives from the
Government. The event was jointly organized by ICMA Pakistan and ICA Pakistan. Around 40 awards were presented to winning
companies in different sectors. M/s. Fauji Fertilizer Co. Ltd. received the overall first position.

Mr. Zaffar A. Khan Mr. Muhammad Rafique Umer Mr. Amer Faruque Ms. Mashmooma Zehra Majeed
Chairman Pakistan Center Acting Managing Director, Pakistan CEO, Mutual Funds
CEO, Cherat Packaging Limited
for Philanthropy Stock Exchange Limited (PSX) Association of Pakistan

Mr. Zaffar A. Khan, Chairman Pakistan Center for Philanthropy; Mr. Muhammad Rafique Umer, Acting Managing Director,
Pakistan Stock Exchange Limited (PSX); Mr. Amer Faruque, CEO, Cherat Packaging Limited and Ms. Mashmooma Zehra Majeed,
CEO, Mutual Funds Association of Pakistan were the Guests of Honor at the occasion.

Mr. Zia ul Mustafa, President ICMA Pakistan and Mr. Jafar Husain, President ICAP spoke on the occasion. Mr. Zia ul Mustafa said
that BCSR Awards have developed a healthy competition among the listed companies and improved their level of compliance
with financial reporting standards and code of corporate governance. Mr. Jafar Hussain said that this competition has brought
tremendous improvement in the annual reports of the companies over the period. Mr. Ahmad Saeed was the Master of the
Ceremony. Mr. Abdul Rahim Suriya, Chairman, Evaluation Committee presented the details and criteria of BCSRA Awards and
Mr. Shehzad Ahmed Malik, Chairman Joint Committee of ICAP and ICMA Pakistan presented vote of thanks.

August 2019 6
 Complete Event Report is avaliable at: www.icmap.com.pk/News_Pdf/BCSRA_2018_Post_Event_Report.pdf

SAFA Foundation Day Ceremony

Lahore | August 22, 2019
The South Asian Federation of Accountants (SAFA) is a Forum of Professional Accounting Bodies in the SAARC region of eight
countries including Pakistan. It was founded on August 22, 1984 and works in the public interest and towards economic
development of the region in part through harmonization and adoption of International Accounting Standards.

August 2019 7
 To commemorate the SAFA Foundation day, ICMA Pakistan and ICA Pakistan jointly arranged a cake cutting ceremony on August
22, 2019 at Lahore campus. Mr. Zia ul Mustafa, President ICMA Pakistan; Mr. Muhammad Yasin, Honorary Treasurer; Mr. Salman
Haider, Vice Chairman LBC; Mr. Abdul Razzaq, Secretary LBC; Mr. Najaf Abbas, Chairman, Members Welfare Committee; Mr. Hamid
Zahoor, Chairman Students Affairs Committee; Mr. Ghulam Abbas, Muhammad Shahid and Mr. Tahir Iqbal, members ICMA Pakistan
whereas Mr. Jaffar Hussain, President ICA Pakistan; Mr. Iftikhar Taj, Mr. Muhammad Usman, members ICA Pakistan were attended
the ceremony. All participants showed full solidarity and commitment to achieve SAFA objectives in its entirety in Pakistan.

MoU with Central Depository Company

Karachi | August 20, 2019

Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan) and the Central Depository Company (CDC) have
joined hands to collaborate with each other and to promote industry-academia linkages. The MoU was signed on August 20,
2019 at Karachi between the two organizations by Mr. Zia ul Mustafa, President of ICMA Pakistan and Mr. Badiuddin Akber,
Chief Executive Officer of Central Depositary Company.
The signing ceremony was witnessed by Mr. Shehzad Ahmed Malik, Honorary Secretary; Mr. Muhammad Yasin, Honorary
Treasurer; Mr. Ghulam Mustafa Qazi, Member of National Council of ICMA Pakistan; Mr. Kamran Allauddin, Member CPD
Committee; Mr. Farough Ali Naweed, Secretary and Treasurer Karachi Branch Council (KBC) ICMA Pakistan and Mr. Aamir Ijaz
Khan, Executive Director of ICMA Pakistan.

MoU with Institute of Bankers Pakistan

Karachi | August 20, 2019

ICMA Pakistan signed a Memorandum of Understanding (MoU) with the Institute of Bankers Pakistan (IBP) on August 20, 2019
at Karachi. Under the MoU both organizations agreed to promote industry-academia linkages. The MoU was signed by Mr. Zia
ul Mustafa, President of ICMA Pakistan and Mr. Mansur-Ur-Rehman Khan, Chief Executive of IBP.
The signing ceremony was witnessed by Mr. Kamran Ahmed Hashmi, CFO & Company Secretary-IBP; Mr. Farough Ali Naweed,
Head of Academics & Examinations, IBP and Honorary Secretary & Treasurer Karachi Branch Council (KBC) ICMA Pakistan; Mr.
Arsalan Aftab, Director Academics and Examinations, IBP; Mr. Khawlah Usman, Director Marketing, IBP; Mr. Shehzad Ahmed
Malik, Honorary Secretary; Mr. Muhammad Yasin, Honorary Treasurer, ICMA Pakistan; Mr. Ghulam Mustafa Qazi, Member of
National Council of ICMA Pakistan and Mr. Aamir Ijaz Khan, Executive Director of ICMA Pakistan.

August 2019 8
 Overseas Branch Councils

Eid Milan Party in UAE

Dubai | August 30, 2019

The UAE Branch Council organized an Eid Milan Party on August 30, 2019 at Oberoi Cruise Ship, Floating Restaurant, Dubai.

Karachi/ Hyderabad

Session on ‘Interview Techniques’

Karachi | August 28, 2019

Karachi Branch Council (KBC) organized a session on ‘Interview Techniques’ on August 28, 2019 at Karachi. The objective of
the session was to provide opportunity to get skills and expertise for interviews. Mr. Asif Rafat Khan, FCA, FCMA was the lead
speaker. Around 55 participants attended the session and were awarded 02 CPD hours. Syed Babar Ali, Chairman KBC presented
shield to the speaker. The session was concluded with a vote of thanks by Chairman KBC.

Workshop on ‘MS Excel Intermediate & Advanced’

Karachi | July 21 & August 04, 2019

Karachi Branch Council (KBC) organized two workshops on ‘MS Excel Intermediate & Advanced’ on July 21 and August 04, 2019
respectively. Mr. Shakil Khawaja, ACMA and Syed Usman, ACMA were the lead trainers. The workshops are aimed for experienced
excel users who need to perform more complex functions. Mr. Shaham Ahmed, Chairman CPD Committee KBC distributed
certificates to the participants. Around 97 participants participated in both workshops and were awarded 07 CPD hours.

August 2019 9
 Workshop on ‘MS Excel Basic & Intermediate’
Hyderabad | August 09, 2019

Karachi Branch Council (KBC) organized a workshop on ‘MS Excel Basic & Intermediate’ on August 09, 2019 at Hyderabad Campus.
Mr. Shakil Khawaja, ACMA was the lead trainer. Microsoft Excel Basic & Intermediate course equipped participants with hands-on
knowledge to perform advanced data analysis, collaborate on workbooks with other users, and automate workbook functionality.
Mr. Muhammad Hussain Ajmeri, Deputy Director/Campus In-charge, Hyderabad Campus and Mr. Shakil Khawaja, ACMA distributed
certificates to the participants. Around 15 participants participated who were awarded 07 CPD Hours.

Workshop on ‘Sindh Sales Tax Laws’

Karachi | August 03, 2019

Karachi Branch Council (KBC) organized a workshop on ‘Sindh Sales Tax Laws’ on August 3, 2019 at Karachi. The objective was to
improve practical knowledge backed with legal aspects required for finance / tax professionals who are engaged in handling tax
matters of the organization. Mr. Muhammad Tariq, Manager, Indirect Tax Services, Moore Stephens Shekha and Mufti Chartered
Accountants was the lead trainer whereas, Mr. Aamir Ali Shaikh, Commissioner, Sindh Revenue Board (SRB) was the Chief Guest on
the occasion. Mr. Azeem Hussain, ACMA, FCA, Vice Chairman KBC presented shield to the Chief Guest and Mr. Farough Ali Naveed,
Secretary & Treasurer KBC presented bouquets to the trainer. The workshop was attended by 105 participants, including members,
students and officials of the different companies who were awarded 07 CPD hours. The session was concluded with the vote of
thanks by Mr. Hakim Ali, Chairman, Students Affairs Committee KBC.

Session on ‘Career Pathway for Members’

Karachi | July 26, 2019

Karachi Branch Council (KBC) organized a session on ‘Career Pathway for ICMA Pakistan members’ on July 26, 2019 at Karachi.
The objective was to share details relating to the pathway programs and to answer any queries of interested members. Mr.
Mohammad Maqbool, FCA, Representative, Asia E University, Malaysia and Prof. Dr. Omar Masood, Representative, Asia E
University, Malaysia were the speakers. Session was attended by around 60 participants who were allocated 02 CPD hours. Mr.
Babar Ali, Chairman KBC; Mr. Azeem Hussain, Vice Chairman KBC and Mr. Aamir Ijaz Khan, Executive Director ICMA Pakistan
shared their views among the participants. Mr. Babar Ali, Chairman KBC presented shields to the speakers. Mr. Hakim Ali,
Chairman, Students Affairs Committee KBC; Ms. Shahida Ibrahim, Director Education and Mr. Asim Hussain Khan, Head of
Members’ Professional Development & Corporate Trainings were also present.

August 2019 10
 Session on ‘Being Visible to Head Hunters’
Karachi | July 20, 2019

Karachi Branch Council (KBC) organized a session on ‘Being Visible to Head Hunters’ on July 20, 2019. The objective of the
session was how to make effective use of LinkedIn and other professional sites. Mr. Ali Haider, Business Graduate was the lead
trainer at the session. Syed Babar Ali, Chairman KBC and Mr. Shaham Ahmed, Chairman, CPD Committee KBC were the speakers.
Around 35 participants attended the session who were awarded 02 CPD hours.

Session on ‘Post-Finance Act, 2019’

Karachi | July 23, 2019

Karachi Branch Council (KBC) organized a session on ‘Post-Finance Act’ on July 23, 2019 at Karachi. The objective of the session
was to deliberate upon the impact of Federal Budget 2019-20 on the financial sector and national economy. The Experts of
session were Mr. Ahsan Elahi Vohra and Mr. Mazhar Saleem Shah, members ICMA Pakistan; Mr. Muhammad Furqan, ACA, Team
Lead Taxation and Advisory, Tola Associates and Mr. Azeem Hussain, Vice Chairman KBC. Mr. Farough Ali Naweed, Secretary and
Treasurer KBC was the program moderator.
The session was attended by around 90 participants including members, students and officials of different companies who were
allocated 02 CPD hours. Mr. Abdul Wasey Khan, Vice President - ICMA Pakistan presented shields to the panelists. The seminar
ended with a vote of thanks by Mr. Shaham Ahmed, Chairman, CPD Committee KBC. Mr. Aamir Ijaz Khan, Executive Director
ICMA Pakistan and Mr. Hakim Ali, Chairman, Students Affairs Committee KBC were also present.

Lahore

Participation of ICMA Pakistan in Dunya News Education Expo

Lahore | August 21-22, 2019

ICMA Pakistan participated in ‘Education Expo’ organized by ‘Dunya News’ on 21 and 22 August, 2019 at PC Hotel, Lahore.
Mr. Raja Yaseen Humayun, Provincial Minister Punjab for Higher Education was the Chief Guest on the occasion whereas,
Ch. Muhammad Sarwar, Governor Punjab, also visited the Dunya Education Festival. Around 35 National and International
educational Institutions took part in the event. Around 62 students having qualification of Intermediate or A-Levels, graduates
and post graduates visited the stall of ICMA Pakistan. Mr. Sarfraz Ahmad, Joint Director (campus management) Lahore also
attended the event and actively supervised the operations at the stall. Their queries were satisfactorily answered by the staff.

August 2019 11
 Islamabad

Seminar on ‘Career Pathway for ICMA Pakistan members’

Islamabad | August 06, 2019

Islamabad Branch Council (IBC) organized a seminar on ‘Career Pathway to ICMA Pakistan members’on August 06, 2019 at
Islamabad. This seminar was in pursuance with the MoU signed between the Institute and the Asia e University (AeU) on
April 17, 2019 atthe Malaysian High Commission in Islamabad. The objective of collaboration between both institutions was
to provide ICMA Pakistan members with the opportunity to pursue research based MS and PhD programmes of AeU and help
create a research-based accountancy profession in Pakistan. Under the MOU, ICMA members will be offered a special fee and
pathway to these valuable research degrees.
The seminar was opened by Mr. Zakir Hussain Satti, Director Islamabad Campus. Mr. Mohammad Maqbool, representative
of Asia University shared the details of university, its curriculum and answered the queries from members. Mr. Adil Ameen,
Chairman Islamabad Branch Council was the chief guest of the event who gave very optimistic views on this magnificent
collaboration. The ceremony was closed by Muhammad Abdur Rub Khan, Secretary Islamabad Branch Council. About 40
participants attended this event.
Workshop on ‘Tableau Fundamentals’
Islamabad | Aug 31 & Sep 01, 2019

The CPD Committee of Islamabad Branch Council (IBC) organized an In-house two-days’ workshop on ‘Tableau Fundamentals’ on
August 31 and September 01, 2019 at Islamabad. Mr. Muhammad Arshad Malik was the lead trainer. The Tableau Fundamental
course is designed for those who work with data, regardless of the technical or analytical background and help them to understand
important concepts and techniques in Tableau data analytics and storytelling. Mr. Mohammad Abdur Rab Khan, Secretary IBC and
Mr. Muhammad Nawaz Chairman, CPD Committee, IBC were also present. Around 13 participants attended this workshop.

Seminar on ‘Communication and Presentation Skills’

Islamabad | August 01, 2019
The Education department of Islamabad Campus with the patronage of Islamabad Branch Council and collaboration of Mr.
Asif Rasool, faculty member of Business Communications and Report Writing, organized a seminar on ‘Communication and
Presentation Skills’ on August 01, 2019.

August 2019 12
 The objective of the session was to build the confidence of public speaking within the students of CMA and the art of
speaking before the audience. The ceremony was opened by Mr. Zakir Hussain Satti, Director Islamabad Campus. Following
three outstanding personalities having mastered this skill were invited on the occasion who gave wonderful presentations on
communication skills and how to build up confidence of public speaking. Ms. Shabnam Riaz, PTV World Anchor Person, Poet
and Author of 3 Books.
Ms. Mehroz Jarar Ali, English Language and Motivational Speaker; Ms. Mashiat Zahra, Lecturer; Clinical Psychologist, Media
Psychologist The auditorium was full and students were really excited and enjoyed the session till the end. The students of
Business Communication and Report Writing also prepared some skits to keep the thrill going on till the end of the session. The
speakers were presented souvenirs and flower bouquets by Mr. Zakir Hussain Satti, Director Islamabad Campus.

Multan

In-house Career Counseling Sessions

Multan | August 03, 08, 26 & 31, 2019

The Multan Campus organized In-house Career Counselling & Awareness Sessions on 3rd, 8th, 26th and 31st August, 2019
at the Multan Campus. The objective was to create awareness in the tentative new batch to join professional qualification.
The presentation was delivered by Ms. Munazza Batool, IT Assistant and motivational speeches were given by Ms. Samina
Khan Kiani,Deputy Director Multan Campus; Ms. Fozia Haroon, Officer Education and Mr. Rana Sohail Iqbal, Assistant Education
Multan Campus. The seminar was attended by fresh qualified of intermediate and higher studies students and their parents.

Meeting with Corporate Delegates

Multan | August 31, 2019
Ms. Samina Khan Kiani, Deputy Director held a meeting with Corporate
delegates on August 31, 2019 at Multan Campus. She welcomed all the
Directors of top-level Companies to build corporate relations with group
of prominent business dignitaries of Multan district. She delivered
speech to promote ICMA Pakistan’s Directors Training Program (DTP)
with professional qualification for businessmen of corporate sector and
also encourage them to facilitate in their human resource services to
induct students as trainees and hire CMA qualified in their companies
for business development.
The Meeting was a success and in the end vote of thanks was given by
Ms. Samina khan Kiani, Deputy Director Multan campus. The dignitaries
were also presented gifts as a token of building future relationship with
the Corporate sector.

August 2019 13
 Faisalabad

Dunya Education Expo 2019

Faisalabad | August 27, 2019

The Faisalabad Campus participated in ‘Dunya Education Expo 2019’ on August 27, 2019 at The Castle Marquee Faisalabad. A
large number of visitors, including students, academicians, dignitaries and literary persons visited the ICMA Pakistan stall and
gathered information.

Members’ Annual Get Together

Faisalabad | August 22, 2019

Faisalabad Branch Council (FBC) organized ‘Members’ Annual Get Together’ on August 22, 2019 at Kohinoor Palace Marquee,
Faisalabad. Mr. Zia ul Mustafa, President ICMA Pakistan was the chief guest at the event. Mr. Shahid Irshad, Chairman FBC; Mr.
Muhammad Kashif Tajammul, Vice Chairman FBC; Mr. Tanvir Sajid, Secretary FBC; Mr. Muhammad Ashfaq Ahmad Naz, Mr.
Abdul Shakoor, Mr. Nasir Jamal, Mr. Muhammad Awais Ilyas, members of Faisalabad Branch Council were grace the occasion.

Seminar on STeP and Made in Green for your Better Understanding

Faisalabad | August 31, 2019

The CPD Committee of Faisalabad Branch Council (FBC) organized a seminar on “STeP (Sustainable Textile Production) and
Made in Green for your Better Understanding” on August 31, 2019 at Faisalabad Campus. Mr. S.M Khalid, Country Head,
HOHENSTEIN Institute Pakistan was the lead trainer at the seminar. A large number of participants including members,
students and Managers, Deputy Managers and their Subordinates from different textile groups of Faisalabad attended the
seminar. Earlier, the address of welcome was presented by Mr. Shahid Irshad, Chairman, FBC and at the end Mr. Ayaz Mustafa,
Joint Director Faisalabad Campus delivered the vote of thanks.

August 2019 14
 Examination
The examinees were got enrolled for Institute’s forthcoming Computer Based Examinations (CBE), September 2019, expected
to be scheduled from September 16, 2019, for all nine applicable courses of Operational Level-1, Operational Level-2 and
Managerial Level-1 under Modified Scheme of Study (MSS) 2018. The examinations are scheduled to be conducted at Karachi,
Lahore, Islamabad, Multan, Faisalabad, Hyderabad, Peshawar and Quetta examination centres.
While Institute’s Spring 2019, [Written] Examinations, were held from August 19, 2019 to August 23, 2019, there were 3,270
examinees [head count] enrolled to appear in examinations.
The Institute also taken an initiative to implement the available Regulation of the Cost and Management Accountants Regulations,
1990, regarding ‘exam fee transfer’ in a true sense, which will bound the students to take the opportunity of examination
attempt despite applying for exam fee transfers very casually due to not studying/ preparing for exams. Moreover, it will also be
beneficial for the office bearers with regard to diverting their efforts towards other daily activities/ task, which was previously
being spend to manage and deal with the exam fee transfers requests/ applications.
The Institute also, considering the requests from students and faculty members, decided to restore the time allowed for
attempting Computer Based Examinations (CBE) from 02 Hours to 02 Hours 30 Minutes w.e.f. forthcoming September 2019
attempt. Whereas, the extended allowed time will give the candidates an advantage of understanding the requirements of the
questions from all aspects, applying relevant knowledge to arrive at the right answer, attempting their CBE papers without any
apprehension of time lapse due to reading number of paras covering qualitative assessment contents and so on.

Research & Publications

Release of 4th issue of Students’ e-Magazine

The fourth issue of ‘Future CMAs’-Student e-magazine was released during the month by
hosting it on the Institute’s website. The issue features news contributed by the students
of ICMA Pakistan from all the nationwide Campuses in five segments viz. Campus Life
& Activity; Business & Economy; Profession & Career; Leisure & Sports and Technology
Updates. The August 2019 issue also included coverage of Independence Day celebrations
organized at Campuses. The soft copy of Future CMAs can be downloaded from link:
https://www.icmap.com.pk/Students_e_Magazine.aspx Now, all the readers can give their
feedback on magazine by simply rating the issue as ‘Excellent’; ‘Good’ and ‘Average’

Meeting with IoBM Capstone Project Team

A team from Institute of Business Management
(IoBM) made a presentation and submitted research
report on the Capstone Project titled ‘A STUDY TO
ASSESS THE VARIOUS COSTING SYSTEMS PREVALENT
IN MANUFACTURING COMPANIES OPERATING IN
PAKISTAN’ on 10th August 2019 at Head office,
Karachi. The presentation was attended by the
Executive Director Mr. Aamir Ijaz Khan, Mr. Khalid
Mehboob, Senior Director Examinations, Ms. Shahida
Ibrahim, Director Education and Mr. Shahid Anwar,
Director, Research & Publications. The study aimed
to explore and understand the use of cost accounting
across different industries in Pakistan; and to examine
different pricing and costing methods being used by
the manufacturing companies.

August 2019 15
 Sixteenth meeting of R&P Committee
The sixteenth meeting of Research and Publications (R&P) Committee was held on August 29, 2019 on video-link which was
chaired by Mr. Muhammad Yasin, Chairman R&P. Mr. Mohammad Abdur Rab Khan, ACMA was welcomed as in the R&P
committee as a new member representing the Islamabad Branch Council. The Committee reviewed the ongoing tasks of R&P
department and decided the future line of action.

Sixth meeting of Students’ Publications Society

The Sixth meeting of Students Publications Society (SPS) was held on August 29, 2019 at Head office Karachi with video-
link connectivity to ICMA Pakistan’s Centres at Lahore, Islamabad, Multan and Faisalabad, whereas Hyderabad campus was
connected through Skype. The meeting was chaired by Mr. Muhammad Yasin, Chairman R&P Committee and attended by
Mr. Aamir Ijaz Khan, Executive Director ICMA Pakistan along with the Coordinators and members of SPS at all campuses. The
meeting suggested the valuable input and approved the fourth issue of students e-Magazine for release.

Meeting with Gallup Pakistan

A meeting of Gallup Pakistan representative, Ms. Fatima Aamir, was arranged with the Executive Director on 28th August 2019
at head office, Karachi during which proposals for collaboration between the two organizations were discussed, including
conducting of surveys by Gallup Pakistan for research and publication department. The discussion are in preliminary stages and
on finalization, a draft MoU may be signed between ICMA Pakistan and Gallup Pakistan to undertake joint initiatives.

Recognition of R&P Department Performance

As decided by the Research and Publications Department, the R&P team comprising of Mr. Shahid Anwar, Director; Mr. Saad
Hussain, Officer; Ms. Farah, Senior Assistant and Ms. Warisha Khalid, Intern were presented certificates of appreciation at a
ceremony organized on the sidelines of the BCSRA event held at a local hotel in Karachi. Mr. Zia ul Mustafa, President ICMA
Pakistan presented the certificates to the R&P Team. Mr. Muhammad Yasin, Honorary Treasurer and Chairman, R&P Committee,
Mr. Shahzad Ahmed Malik, Honorary Secretary, Mr. Ghulam Mustafa, member National Council, Mr. Farough Ali Naweed,
Secretary and Treasurer, KBC and Mr. Aamir Ijaz Khan, Executive Director, ICMA Pakistan were also present in the ceremony.

August 2019 16
 Members’ Professional Development & Corporate Training (MPD&CT)

Job Placements & Internships

SR # NAME OF A/F OR CMA TITLE OF NEW JOB ORGANIZATION
MEMBER/STUDENT REG # STATUS
1 Mr. Irshad Ahmad 20120171 Qualified Costing Executive Pacific Pharmaceuticals (Pvt) Ltd.
2 Mr. Faheem Ahmad 20131460 Qualified A. M Audit Habib bank Ltd.
3 Mr. Sammad Anjum 20111314 C. L Acc. Executive Payables (ECS) Ehsan Chapal Store (Pvt) Ltd.
4 Mr. Asad Shahzad -- C. L M.T.O (ECS) Ehsan Chapal Store (Pvt) Ltd.
5 Mr. M. Sajid Ali 20091665 C. L Account Officer SMA Engineering (Pvt) Ltd.
6 Ms. Ume Amara 20151011 S. L- II Internee National Transmission & Dispatch Company
7 Ms. Hafsa Habib Mir 20151604 S. L- II Internee National Transmission & Dispatch Company
8 Ms. Faiza Batool 20150328 S. L- I Internee National Transmission & Dispatch Company

August 2019 17
 9 Moiz 20111173 Member Senior Accounts Officer Dystar
In Process
10 Ehetesham A-3228 Member Manager Treasury Hilal Foods Pvt Ltd
11 Asim Dabeer A-5088 Member Deputy Manager K -electric
Finance
12 Aisha Jangsher A-6637 Member Assistant Manger Tax Sanaullah & Co.
13 Zaeem 20122241 Qualified Assistant Finance Pakola product ltd.
Manager
14 Muhammad Husban 20151257 Qualified Audit Officer Artistic Denium
15 Talat 20151171 Qualified Accounts Officer Dadabhoy Institute
16 Muhammad Ahsan 20121511 Student Am Finance Payables Unity Foods
17 Tanveer Hussain 20170309 Student Accounts Officer Soorty Denim
18 Rawabi 20150707 Student Takaful Consultant EFU Life Insurance
19 Zohaib Rafi 20050980 Student Senior Accountant Golden Spoon
20 Zahid Hameed Rana 20122102 Student Cost Accountant Zultech Group
21 Muhammad Ali Student BSO Al Barakah
22 Osama Ali Haider 20142887 Student BSO Al Barakah
23 Zain ul Abdin 20140834 Student BSO Al Barakah
24 Ahmed Baig 20150758 Student Assistant Accountant Demendoza Pharma
25 Osama Naeem 20172011 Student MTO Markematics
26 Iqra Usman 20160487 Student Accouns Department Sindh Health Care
27 Junaid Rafi 20140450 Student Senior Accounts Artistic Milliners
Executive
28 Aqeel 20140408 Intern Internship S.A Rizvi
29 Inam Rafique 20171122 Intern Internship Premier Group
30 Mehboob Ali 20132491 Intern Internship PKF Frands
31 Marium Siddiqui 20160520 Intern Internship Pak Business Consultant
32 Serosh Raza 20132603 Intern Internship Sanaullah & Co.
33 Anum Imran 20142244 Student Assistant Accountant Zia Uddin Ahmed & Co
34 Marium Naqvi 20160570 Intern Internship Sanaullah & Co.
35 Syed Hammad 20130985 Student Senior Executive Lucky Land Mark
Karim Taxation
36 Sajid Ali 20150902 Intern Internship Ra & Co
37 Sharukh Naeem 20132360 Student Senior Auditor Yunus Textile
38 Sidra Nasir 20150693 Intern Internship Fed Ex

Meeting with HR Consultant

Lahore | August 26, 2019
A meeting of Mr. Muhammad Yasin, Honorary Treasurer ICMA Pakistan with Mr. Nadeem ur Rehman, CEO, HR 24/7 HR
Consultancy Lahore.

August 2019 18
 Technical Support & Practice Development (TSPD)

Technical Update
1. DRAFT OF PUBLIC SECTOR COMPANIES (APPOINTMENT OF CHIEF EXECUTIVE) REGULATIONS, 2019
Securities and Exchange Commission of Pakistan (SECP) vide their S.R.O. 942 (I)/2019 issued draft of Public Sector Companies
(Appointment of Chief Executive) Regulations, 2019 for public comments.
The draft regulations apply only for the purposes of sub-section (4) of section 186 and sub-section (4) of 187 of the Companies
Act, 2017 (XIX of 2017), where chief executive is to be or has been appointed by way of nomination by the Government. All
other provisions related to matters provided in the Public Sector Companies (Corporate Governance) Rules, 2013 except those
provided in these regulations, shall be applicable on a chief executive appointed by the Government and the public sector
company in which such appointment is made.
According to draft, the applicant desirous for the post of chief executive shall make an application on the Form as provided in
Annexure-B to these regulations along with copies of the degrees/testimonials, duly verified by the Higher Education Commission
or the professional body or association, whichever is relevant, and attested copies of identity documents, to demonstrate
his fitness and propriety for the position of the chief executive. The applicant shall also furnish along with the application, a
declaration on non-judicial stamp paper of requisite value duly attested by an oath commissioner, as per Annexure-C to these
regulations, affirming inter alia that he is not ineligible to act as a chief executive, in accordance with the provisions of the Act,
the Rules and these regulations.
The draft specifies detailed procedure for appointment of chief executive on nomination by the Government, Terms and
conditions of appointment of chief executive and acting chief executive. Any contravention of the requirements of these
regulations shall be punishable with penalty as provided under subsection (2) of section 512 of the Act.
2. DRAFT AMENDMENTS TO THE CUSTOMS RULE, 2001 – INCLUSION OF NEW CHAPTER “RISK MANAGEMENT SYSTEM RULES”
Federal Board of Revenue (FBR) made draft amendments to the Customs Rules, 2001 by including a new chapter namely “Risk
Management System Rules”.
Through the above SRO, FBR specified the responsibilities of the Directorate General of Risk Management (DGRM). The draft
also specifies that there shall be a Risk Management Committee (RMC), headed by a BS-21 officer of Customs and shall comprise
as many BS-19 and BS-20 officers of Customs as may be notified by the Board, which will convene the RMC meetings to review
functioning and supervise implementation of the RMS. The Committee may invite any officer of Customs and representatives
of other government departments to assist the RMC whenever required. The head of RMC will nominate an officer of the
Committee to serve as Secretary of the Committee. Meetings of RMC shall be convened at least once every month. The RMC
shall perform following key functions:-
(a) Review of the performance of the RMS;
(b) Review of risk parameters and behavior of important risk indicators;
(c) Set benchmarks for interventions or interceptions focusing on targeting the risky consignments or entities. International
Accounting Standards Board (IASB) proposed changes to the IFRS Standard for Income Tax, IAS 12 for public comments.

3. EXEMPTIONS FROM APPLICATION OF IFRS 9: FINANCIAL INSTRUMENTS AND IFRS 16: LEASES
Securities and Exchange Commission of Pakistan (SECP) exempted applicability of International Financial Reporting Standards
(IFRS) 9 in respect of debts due from Government of Pakistan to power supply chain companies for a limited period of three
years i.e. till June 30, 2021. SECP also extended the earlier exemption from IFRIC 4, now IFRS 16 to all companies, which have
entered into power purchase arrangements before January 01, 2019.
The Commission while considering the exemption for IFRS 9 was of the considered view that compliance with IFRS for ensuring
true and fair presentation of financial statements is of paramount importance for SECP. However the said standard needed to be
looked into from Pakistan perspective where phenomenon like circular debts need to be given due consideration.
4. DRAFT INCOME TAX RETURNS FORMS FOR TAX YEAR 2019
Federal Board of Revenue (FBR) vide their S.R.O. 951(I)/2019 dated August 23, 2019 proposed amendments in the draft
electronic return form for individuals, salaried individuals and association of persons for tax year 2019.
After the proposed amendments, the final returns would be uploaded for electronic filing of tax returns for the year 2019 from
September 2. The FBR was also considering introducing a digital application (app) for filing of salary income tax returns for the
tax year 2019.

August 2019 19
 5. APPLICABILITY OF AMENDMENTS IN THE 4TH AND 5TH SCHEDULE ON COMPANIES
Securities and Exchange Commission of Pakistan (SECP) vide their S.R.O. 961 (I)/2019 specified that the amendments brought
through S.R.O. 888(I)/2019 dated July 29, 2019 in fourth and fifth schedule of the Companies Act, 2017 shall be applicable on
companies preparing financial statements as on June 30, 2019 and onwards. The procedural and legal changes were made in
the Fourth Schedule (disclosure requirements of listed companies) and Fifth Schedule (disclosure requirements of non-listed
companies) of the Companies Act, 2017.
6. EXPOSURE DRAFT 69, PUBLIC SECTOR FINANCIAL INSTRUMENTS, AMENDMENTS TO IPSAS 41, FINANCIAL INSTRUMENTS
International Public Sector Accounting Standards Board (IPSASB) on August 27, 2019 released an Exposure Draft (ED), Public
Sector Financial Instruments, Amendments to IPSAS 41, Financial Instruments, for comments.
The draft provides guidance on how to account for a number of important categories of financial instruments that are unique to
the public sector. It will augment existing guidance in IPSAS 41, Financial Instruments, and improves that Standard’s requirements
by introducing guidance on:-
• Monetary gold;
• Currency in circulation;
• IMF quota subscriptions; and
• Special Drawing Rights
According to the IPSASB, the topics addressed in this Exposure Draft are unique to the public sector and have a significant impact
on government finances.

Membership Affairs

New Fellow Members

S.NO FELLOW MEMBERSHIP NO. NAME CITY / COUNTRY ASSOCIATE MEMBERSHIP NO
1 F-2141 Basharat Hussain Islamabad A-4930
2 F-2142 Sajjad Hussain Faisalabad A-5606
3 F-2143 Maqsood Ahmad Faisalabad A-5764
4 F-2144 Javed Iqbal Karachi A-5823
5 F-2145 Aurfan Farooq Islamabad A-3580
6 F-2146 Guljee Karachi A-5121

New Associate Members

S.NO ASSOCIATE MEMBERSHIP NO NAME CITY / COUNTRY REG. NO.
1 A-6818 Muhammad Zafar UAE S-20052647
2 A-6819 Kashif Mehmood Islamabad S-20061840
3 A-6820 Raja Rafaqet Khan Islamabad S-20070675
4 A-6821 Manzar Shah Peshawar S-20071223
5 A-6822 Aamer Naseer Islamabad S-20071870
6 A-6823 Muhammad Faisal Ali Abbasi Karachi S-20080668
7 A-6824 Syed Asim Shah Islamabad S-20091191
8 A-6825 Javed Iqbal Lahore S-20111627
9 A-6826 Muhammad Huzaifa Karachi S-20121816
10 A-6827 Hafiz Muzzamil Husnain Lahore S-20122592
11 A-6828 Muhammad Talat Shaheen Islamabad S-20010508
12 A-6829 Azmat Ali Karachi S-20020696
13 A-6830 Nadeem Ahmad Shad Lahore S-20050259

August 2019 20
 14 A-6831 Syed Asim Shah Islamabad S-20061361
15 A-6832 Muhammad Aqeel Lahore S-20090764
16 A-6833 Zulqarnain Asghar Lahore S-20091192
17 A-6834 Muhammad Ahmed Faheem Multan S-20110976
18 A-6835 Salman Irshad Multan S-20150616
19 A-6836 Hafiz Muhammad Bilal Lahore S-20150840

New Certificate of Practice

S.NO M.SHIP NO. NAME CITY
1 A-6804 Muhammad Rizwan Islamabad
2 A-6145 Muhammad Yousaf Lahore
3 A-4485 Abdul Haseeb Islamabad
4 A-6499 Kamran Mahboob Rawalpindi
5 A-6805 Khawaja Muhammad Ramzan Afzal Islamabad

Renewal of Certificate of Practice

S.NO M.SHIP NO. NAME CITY
1 F-1490 Muhammad Iftikhar Masaud Lahore
2 F-2020 Bilal Feroze Lahore
3 F-931 Ghulam Mustafa Islamabad
4 F-1003 Muhammad Arshad Bashir Lahore
5 A-2884 Aamir Sikandar Multan
6 A-6085 Ilyas Karachi
7 F-248 Wasful Hassan Siddiqui Karachi

Committee Meetings

During the month, the following committee meetings were convened.

Sr. Name of Committee Date of Meeting

1. Executive Committee Meeting # 298 August 20, 2019
2. Examination August 03, 2019
3. Education August 07, 2019
4. Research and Publications August 29, 2019

August 2019 21
 Library

New Arrivals (Magazines)

Bloomberg Businessweek

Bloomberg Businessweek Fortune Reader’s Digest

August 2019 22
 The Economist

Research & Publications Directorate

Contact: + 92 21 99243900 Ext 107 / 117, Email: rp@icmap.com.pk I URL: www.icmap.com.pk