What does ICAP mean in ACCOUNTING

What ICAP does

The Institute of Chartered Accountants of Pakistan (ICAP) is responsible for providing high quality services in the areas of auditing, assurance, tax consulting, corporate governance and financial management among others. The institute also offers a wide range of educational programs to develop future accountants who are able to meet current market demands. Its mandated functions include development of financial reporting standards, monitoring compliance with standards issued by it, regulating audit firms etc. It ensures firms meet minimum criteria before they can operate and assesses their performance afterwards too when they provide regular updates on quality assurance practice reviews conducted by them or any other competent authority appointed by them.

ICAP's Qualifications

ICAP works to ensure that its members have met stringent qualifications before admitting them into their membership fraternity. It has developed an extensive set of professional qualifications which include passing various examinations throughout their academic years as well as completing practical training after completion of their studies developing technical skills through workshops seminars or field exposure etc., so that they can provide valuable advice in terms auditing, taxation and other financial related activities. To further protect consumer interests ICAP also requires all member firms to submit annual accounts with comments made by a qualified external auditor verifying its accuracy and truthfulness as part of policing its own standards.