presentation on icap council election ballot no15

PRESENTATION ON ICAP

COUNCIL ELECTION

BALLOT NO15

ZAHID FAROOQ03335139494

FCA (Pak), FCMA (Pak), ACA (ICAEW.UK) FPFA (Pak),

CFE(Pak), LLB (Pak), CBA (Canada), CPFA (UK), FIFA(AJK),

FFA(UK), FIPA(Aust.), B.Sc.(Pak)

MY

INTRODUCTION

PROFESSIONAL MEMBERSHIPS AND CERTIFICATIONS

ZAHID FAROOQ BALLOT NO 15

Fellow Member of Chartered Accountants of Pakistan (FCA-2003)

Fellow Member of Cost and Management Accountants of Pakistan (FCMA-1997)

Associate Member of Institute of Chartered Accountants of England and Wales (ICAEW-2019)

Fellow Member of Public and Finance Accountants of Pakistan (FPA-2000)

Chartered Business Administrator –Canada (CBA-2003)

Bachelor of Law-University of Punjab (LLB-2007) (Advocate High Court)

Chartered Public Finance Accountant(CPFA-UK(2016)

Certified Forensic Expert (CFE-Pk)(2017)

Fellow member of Institute of Forensic Accountants (AJK)

Fellow member of Institute of Financial Accountants UK (FFA-2019)

Fellow member of Institute of Public Accountants Australia (FIPA-2019)

CIMA finalist (One paper case study left)(UK)

CURRENT PROFESSIONAL POSITIONS


SENIOR PARTNER ILYAS SAEED & CO, CHARTERED ACCOUNTANTS

CHIEF EXECUTIVE OFFICERZAHID FAROOQ & CO, CHARTERED ACCOUNTANTS

FAROOQ LAW ASSCOAITES

INDEPENDENT DIRECTOR RAWALPINDI WASTE MANAEGEMENT COMPANY

CENTER SUPERVISOR EXAM/AT ICAPCENTER SUPERVISOR EXAMINATION/SENIOR INVIGILATOR AT

INSTITUTE OF CHARTERED ACCOUNTANTS (ICAP) FOR MORE

THAN 15 YEARS

SERVICES FOR INSTITUTE


Center Supervisor Examination/ Senior Invigilator:

Institute of Chartered Accountants of Pakistan for more than 15 years

Member: CPD committee

Member CPD Committee of Institute of Chartered Accountants of Pakistan-2018-2021

Member: Small and Medium Practice(SMP) committee

Member SMP Committee of Institute of Chartered Accountants of Pakistan-2018-2021

OTHER PROFESSIONAL

ACTIVITIES


Convener/Head of Islamabad Branch of Pakistan Institute of Public Finance Accountants-2017-2020

Certified Director from Institute of Cost and Management Accountants of Pakistan.

Branch Ambassador of Islamabad Branch of Institute of Financial Accountants (UK)- 2019 to onward.

Centre Supervisor Examination/ Senior Invigilator: Institute of Chartered Accountants of Pakistan for more than 15 years

Member: CPD committee Institute of Chartered Accountants of Pakistan-2018-2021

Member: Small and Medium Practice(SMP) committee Institute of Chartered Accountants of Pakistan-2018-2021

Chairman: Professional Development Committee Institute of Forensic Experts-2017 and onward

Speaker and Trainer Institute of Cost and Management Accountants of Pakistan and Pakistan Institute of Public Finance Accountants

Member Technical Support & Practice Development Committee, Institute of Cost and Management Accountants of Pakistan-2017-2021

Life time member Rawalpindi District Bar Association

Life time member High Court Bar Association Rawalpindi

Member Rawalpindi Islamabad Tax Bar Association

Member Rawalpindi Chamber of Commerce and Industries

Member Committee on Pak China Trade, Rawalpindi Chamber of Commerce and Industries (2018-19)

Member Committee on Tax Affairs, Rawalpindi Chamber of Commerce and Industries (2018-19)

Member Committee on WTO, Rawalpindi Chamber of Commerce and Industries (2018-19)

Chairman Zakat Committee Working as Chairman Local Zakat Committee (2020)

VISION

STATEMENT


VISION STATEMENT

Development of global mindset is the most

important element if we wish to progress in

today’s competitive business environment.

My vision is to develop global recognition of

the ICAP brand and promotion of

commitment of our members to the highest

standards of professional and ethical

practice

MISSION STATEMENT


MISSION STATEMENT

Globalization of brand name of ICAP with view to enhance place ofICAP and its members all over the world so that Internationalorganizations prefer members of ICAP over other professionals.

Working on improvement of ICAP and its members to the levelthat Government and private sector must seek their involvementfor professional advice and expertise to improve performance inthe economy.

My ideology is to turn ICAP members and students, personally andprofessionally, into best corporate leaders through teamwork andmanagement training techniques.

To provide highest quality of services to our members towardsensuring the integrity and standing of our profession in the worldwhile protecting the public interest, in displaying the role ofinstitute as the governing authority of Accounting Profession inPakistan.

MAJOR

OBJECTIVES


Appointment of full time CEO of ICAP

Special focus on revival of image and branding of ICAP and its Members

not only in Pakistan but Internationally also

Working for members unemployment and under employment on war

footing basis

Establishment of ICAP Members Foundation

Establishment of ICAP practicing members association

Establishment of ICAP QCR Facilitation Center

Rationalization /decrease in annual membership ,practice fee and student

fee

One practice fee for member practicing in two firms

Free Life Insurance

ICAP Members retirement plan including pension.

Formation of ICAP Adventure Club

Formation of ICAP CFO CLUB


APPOINTMENT OF FULL TIME CEO OF ICAP

Chief executives play multifarious roles in an educational institution

These tasks may be broadly classified as:

– Administrative roles : tasks that are general CEO functions applicable to any organization

– Academic roles :tasks that are specific to an educational institution

--Working with Council : task that are assigned by the council like working on vision, mission, goal , strategic planning, resource management, budgeting, Council operations etc

Appointment of full time CEO is necessary:

To assign full time responsibility for overall administration of the Institute

To consider the affairs of institute on timely basis.

To establish point of contact between the Council and differentteams/committees.

To have a dedicated person to perform and execute the plans andstrategies to achieve the desired objectives.


SPECIAL FOCUS ON REVIVAL OF IMAGE AND

BRANDING OF ICAP AND MEMBERS NOT ONLY IN

PAKISTAN BUT INTERNATIONALLY ALSO

This can be achieved by:

Special focus on branding of ICAP by extensive marketing, locally andinternationally .

Conduct international awareness campaigns about ICAP and itsmembers

MOUs with international organizations to give preference to membersof ICAP

MOUs with other professional institute on equality basis.

Establishment of members facilitation center in different countries.

Industry wise seminars and webinars to create awareness about ICAPand specialized skill of its members.

Technical sessions to enhance knowledge and skills of members.

Working with HEC to give better status to CA qualification withultimate objective to get PhD degree.

WORKING FOR MEMBERS UNEMPLOYMENT AND UNDER EMPLOYMENT ON

WAR FOOTING BASIS

Compilation of members data with their current job level and salary

Setting standard bench mark of salary and designation for members

Comparison of current salary and designation of members with bench mark andthen assisting members to get right level of job as mentioned in bench fordifferent level of experience

Helping employed member to get right job level by not only convincingemployer but also improving personal skills of members by analyzing weaknessesof concerned members

Creations of Job Portal to include jobs advertised in all types of media.

MOUs with different job providing agencies like Rozi dot com

MOUs with different Government originations to induct chartered accountantsat keys posts

MOU with different industries to induct ICAP members and students.

Discovery of new venues in Government sector for appointment of members ,like appointment of members in FBR at commissioner level

Establishment of Job Facilitation Centers

Skills enhancement courses



Establishment of ICAP Members

Foundation

ICAP is working as regulator. Whenever a member faces any

problem, he does not have any forum where he should go to get his

problems solved

This Foundation is also necessary :

To safeguard the interests of members.

To do welfare work for members, like property schemes, getting

discounts, providing health facilities etc

To help members in different litigations

To announce schemes for education of members children like

scholarship etc


ESTABLISHMENT OF ICAP RACTICING MEMBERS

ASSOCIATION

Practicing members association is becoming very much necessary now adays.

Practicing members have to face about 5 types of regulators to keeptheir practice continue.

In the presence of these regulators, it is becoming very difficult to keepcontinue audit practice

Specially now a days pressure of AOB is becoming big threat for allpracticing members and there is no one to defend practicing members

This association is also necessary: To keep defended all practicing members from all such threats

To start legal proceedings whenever there is any such threat

To work on amendment in laws whenever necessary

To identify collective challenges for practicing members and cope with thechallenges.

To enhance capacity ad skills of members

To get nomination of POC from institute to address the issues of practicingmembers.


ESTABLISHMENT OF ICAP

QCR FACILITATION CENTER

There are many non QCR firms in Pakistan which beside willing to get themselves QCR rated, could not do so due lack of resources and skills

This center is necessary :

To enhance capacity and skills of practicing members especially SMPs

To provide proper resources for preparation of QCR documents

To help them to get proper business

To help them in execution of different audit assignments

To get different big assignments for SMPs to be executed jointly

To establish region wise facilitation centers to improve the quality of work.


RATIONALIZATION /DECREASE IN

ANNUAL MEMBERSHIP PRACTICE

FEE AND STUDENT FEE

There is dire need to reduce annual membership fee atleast 50%

If we compare our annual fee with other Institute like ICMAP, it is almost double

Further, ICAP should set different fee level for members with different income brackets. This practice is adopted internationally like ICAEW.

There should be one practice fee for members practicing in more than one firms.

Stipend of student should also be rationalized.

Currently there are more than 1000 students searching articleship but due to high stipend firms specially SMPs don’t have capacity to hire students more than a limited level

In my view, stipend should either be reduced or de-regularised


FREE LIFE INSURANCE

ICAP should provide free of cost insurance

coverage for its all members

Currently ICMAP is providing free life insurance

coverage free of cost with almost less than 50%

of annual fee as compared to annual fee of ICAP

This will give big relief to the families of

members in case of any unfortunate incident.


ICAP MEMBERS RETIREMENT PLAN

INCLUDING PENSION

After retirement, members are facing financial problems due to the fact that they don't have any retirement benefits or any financial assistance

There is a much awaited demand that ICAP should provide free of cost retirement benefits like pension , health insurance etc atleast to the members who don’t have any retirement benefit from their past employer.


FORMATION OF ICAP ADVENTURE

CLUB

Adventure club is necessary for extra curricular activities of members

This club will arrange different activities for members to keep them mentally and physically fit

This club will:

Arrange different games for members like cricket etc

Arrange different tours locally and internationally for members

Arrange get together for members and their family more frequently


FORMATION OF ICAP CFO CLUB

This will include:s

Creation of website with brand name of ICAP CFO CLUB

Arrangement of local and international CFO conferences withspecial invitations to the higher management of local andintentional organizations

Participation of members of CFO Club in these conferences

Introduction of members of club as CFO specialist in local andinternational organizations

Creation of directory of members and inclusion of CV onwebsite of CFO club

Announcement of annual best CFO award

Training of members to become best CFO

To arrange leadership skills developments programs.

presentation on icap council election ballot no15

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