ISLAMABAD: President Dr Arif Alvi has called for adopting digital technology, IT tools and innovations perpetually being made in all sectors including accounting and financial sector for ensuring accelerated economic development.

Addressing members’ convocation of Institute of Chartered Accountants of Pakistan (ICAP), here President called upon decision-makers and institutions to set in place an efficient system to keep track of new and emerging technologies, evaluate cost, predict usage and create management and support structure for their speedy adoption to remain abreast with developed world.

He underlined need for government sector to adopt ;double-entry’ system of accounting and automation as economies throughout world were rapidly shifting to automation, high-speed financial modules and secure transaction systems with help of ICT and digital means to infuse efficiency, accuracy, transparency and accountability in bookkeeping and financial transactions.

Pakistan was in dire need of trained human resources and professionals, including Chartered Accountants and it should increase number of university graduates and professionals by adopting online and hybrid modes of learning in its education system. He said as compared to traditional education system, which was more reliant on brick-and-mortar infrastructure, hybrid and online education could help increase number of graduates in a cost-effective manner.

He said 2-year associate degree programmes should also be considered as industry and market were in dire need of skilled professionals. President appreciated Prime Minister’s digiskills programme, which had helped impart digital skills to millions of people from diverse academic backgrounds throughout Pakistan. He urged members of financial and accounting sector to provide leadership to help in documentation of economy, discourage theft and tax avoidance, curb corruption and help government to generate just and fair taxes and revenues. President ICAP Ashfaq Yousaf Tola said that ICAP being regulating body of accounting profession in Pakistan has more than 9,000 members serving within Pakistan as well as abroad.

He said ICAP was helping strengthen regulatory framework and was cooperating with important policy-making institutions and regulators, including State Bank of Pakistan, FBR and different government ministries. Earlier, President awarded gold medals and merit certificates to students who achieved academic distinction in different sub-fields of accounting. Vice Presidents ICAP, members of accounting and financial sector and students attended ceremony.

Published in The Daily National Courier, October, 22 2022

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