Thursday, December 24, 2009

ACCA calls for improved dialogue between regulators and businesses in 2010

ACCA calls for improved dialogue between regulators and businesses in 2010

Blind eye to communication and ethics exposes weaknesses around non-executive directorship, consumer protection and risk management


Regulators and businesses need to be able to engage in a common sense business dialogue to ensure that global financial regulation heads in the right direction in 2010, says ACCA (the Association of Chartered Certified Accountants).


In its new policy paper called The Future of Financial Regulation - An Update, ACCA calls for changes, including better ethics training for all directors including non executive directors, the implementation of a US style Consumer Financial Protection Agency in Europe and the urgent need for company boards to upgrade their risk functions. 


The paper argues that much remains to be done to ensure Non-Executive Directors exercise meaningful and effective oversight of actions of executives in large complex banks. They particularly need help in obtaining assurance that agreed board policies have actually been implemented by management.


The discussion paper also discusses the principles needed for solid financial regulation in the future. It examines:

·                    the purpose and structure of regulation

·                    competition

·                    standards of conduct and competence

·                    governance

·                    accountability and incentives

·                    risk management and capital funding.


John Davies, ACCA's head of business law and co-author of the report, says: "It is still too early to give a definitive view of the regulatory landscape as proposals are still being consulted on at national and global levels. The debate will go on way into 2010. But some of the key points made by ACCA have been followed, notably on the welcome maintenance of national supervision as the bedrock of regulation. Speculation earlier this year about the introduction of some sort of 'super-regulator' has remained, mercifully, just that. The connection between regulator and regulated must be maintained, which is why we also have concerns about the proposed pan-EU regulatory architecture - co-ordination and best practice sharing is good, but remoteness is not."


Ian Welch, co-author of report adds: "We are concerned at a continued lack of action on the so-called 'too big to fail' institutions - the existence of which is an anathema to good regulation. Extra capital requirements and more intensive supervision will go so far, but it is disappointing that the re-introduction of a Glass-Steagall type division of investment and retail banking activities are not being taken a bit more seriously. Competition is the key to effective regulation and governments must put the promotion of competition at the heart of their approach."


Wednesday, December 23, 2009

Press Release: English really counts! - ACCA Pakistan launches ICFE

Press Release: English really counts! – ACCA Pakistan launches ICFE

 ACCA Pakistan launched Cambridge ICFE (International Certificate in Financial English) in Karachi on Saturday, 19 December 2009. The launch was celebrated with a Talk show – "Harnessing Finance Talent of Pakistan" featuring Ayesha Tammy Haq as moderator and opinions from industry leaders, including Ms Rahila Narejo, Sr HR Consultant, Mr Arif Masud Mirza, Head of ACCA Pakistan, Mr Junaid Iqbal, CEO BMA Financials and Mr Raza Ali Shah, Entrepreneur and stock trader.


The discussion commenced with an overview of the financial sector of Pakistan and integration of financial planning and evaluation in the heart of every business activity. Moving on to how the role of finance professional has changed and the qualities required in finance professionals.


Deliberating on solutions to bridge the gap between academia and industry through government policy interventions, private sector educational institutions, professional bodies and HR experts; the expert panel appreciated the importance of communication skills in general and English language proficiency as a universal language of business in particular, further appreciating the proactive role of ACCA in responding to the pulse of industry in launching a financial English Qualification- Cambridge ICFE.


In the following segment of Launch event, Thespianz Theater, delivered a comical play, "Ooh! My Proposals" adapted from Anton Chekov's play 'Marriage Proposals' The play portrayed the importance of English as a Global Language. Humor was added to the subject to keep the interest of the viewers alive, by addition of regional characters and different accents. The play concluded on a high note leaving everyone in a happy mood with a message that "English really counts".


Husnain Rasheed

Press Release: ACCA Pakistan holds New members ceremony 2009

22 December 2009

 ACCA Pakistan holds New members ceremony 2009


ACCA Pakistan organised New members ceremony 2009 at a local hotel in Karachi today. Mr Raza Haroon, Minister for Information Technology, Government of Sindh was the chief guest


ACCA Membership title is recognition for members who have proven their in-depth academic knowledge through rigorous examinations and have completed three years of relevant professional experience along with unique professionalism and ethics module.


The evening commenced with welcome remarks by Mr Arif Masud Mirza, Head of ACCA Pakistan who congratulated the Members on their achievement and lauded their contribution in reinforcing ACCA's brand image by living ACCA values of accountability, innovation, integrity, opportunity and diversity. He further said that ACCA champions global standards of professionalism and ethics and our reputation for integrity and accountability provides a firm foundation for the positive standing of our Members.


The Chief Guest lauded ACCA Pakistan's initiatives and commendable progression in the field of Accounting and Finance. He expressed profound appreciation to the members for their professionalism and later presented certificates to them.


The keynote speaker, Imtiaz Jaleel, Head of Internal Audit, Unilever Pakistan Limited in his address, congratulated the new members on their remarkable achievement and appreciated ACCA's outstanding contribution in cultivating human talent in field of Accountancy and Finance. Mr.Kashif Khan, Chief Internal Auditor , National Clearing Company of Pakistan Limited a speech on behalf of all ACCA members.


The ceremony was attended by the ACCA Approved Employers including PTCL, Office of the Auditor General of Pakistan, Telenor Pakistan. The event aimed at giving the new Members and the employers an opportunity to leverage relationships with in the ACCA community.

Husnain Rasheed

Thursday, December 17, 2009

Press Release: ICFE - when English really counts

17 December 2009

 Press Release: ICFE- when English really counts

 ACCA Pakistan is celebrating the Launch of Cambridge ICFE (International Certificate in Financial English) with a unique duplet of Talk show and Comedy theatrical performance on 19 December 2009 at The Aga Khan Auditorium, Karachi at 4.00pm.

 Cambridge ICFE is a language qualification assessing English language skills in the context of finance and accounting. It develops and validates first-rate English language skills in four areas of reading, writing, speaking and listening.

 The Talk Show, moderated by Ayesha Tammy Haq, will feature expert opinions from industry leaders, including Mr Syed Masoud Ali Naqvi, Senior Partner, KPMG Taseer Hadi and Company, Ms Rahila Narejo, Sr HR Consultant, Mr Arif Masud Mirza, Head of ACCA Pakistan  and Mr Junaid Iqbal, CEO BMA Financials, on 'harnessing Finance Talent of Pakistan'.

 This informative discussion will be followed by a comical theatrical performance "Ooh! My Proposals" adapted from Anton Chekov's play 'Marriage Proposals' and directed by Mr Faisal Malik, Director, Thespianz Theatre.


 Notes to Editors

1.   ACCA is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. We have 362,000 students and 131,500 members in 170 countries worldwide.

  1. ACCA has worked with governments, national organisations and development agencies in emerging economies- for over 20 years- promoting the accounting profession, to create value for the communities, businesses and individuals it serves.
  2. ACCA believes that globalisation of business means that one set of reporting standards is essential. We favour the principles-based IFRS.
  3. ACCA understands the real issues facing small businesses as 63,000 of our members work in SMEs or small partnerships worldwide.

 Husnain Rasheed

Tuesday, December 1, 2009

ACCA Employer Conference "Accountants for Business"

ACCA Employer Conference "Accountants for Business"

Event: ACCA Employer Conference "Accountants for Business"

The importance for organisations managing their human capital effectively has never been greater and organisations are increasingly recognising that the people they employ are their most important asset.

ACCA's Managing Human Capital programme, featuring its conference series, global research programme and employer products and services, explores the issues organisations face in recruiting, developing and retaining finance professionals, and provides practical solutions to address these.

Our 2009 - 2010 conference theme is Accountants for Business. It will be held on 15 December 2009 aimed to emphasise a new, value adding agenda for accountants in whatever role they occupy. The theme examines the role of accountants as promoters of sound business practices, champions of sustainable development and identifiers of value drivers that all lead to high performing organisations.

Registration Deadline: 28 November 2009

Registration form click here

For further details click here

Date: 15 Dec 2009

Cost: by invitation only
CPD Units*: 7.5

*CPD Units are only verifiable if the event attended provides skills and/or knowledge relevant to your job or career aspirations.
For further details please contact Habiba Zaidi on +92 (0)21 111 222 275 or e-mail

Sehrish from Pakistan wins ACCA Scholarship

Sehrish from Pakistan wins ACCA Scholarship

Sehrish Hussain Khan, ACCA student from Pakistan, is one of this year’s five winning ACCA students to be awarded a scholarship. The other winners are from China, Kenya, and England. The Simpson Scholarship exists to reward talented ACCA students who have already proven their merit in the ACCA exams. The scholarship will fund the exam and registration fees for a period of five years or until they become members.
Sehrish, who won the scholarship based on her essay,”How the award of a Scholarship will help me to realise my full potential”, said: Since grade five I have always aspired to become a professional accountant. Moving ahead in life I learned that ACCA is the best professional qualification I can gain in accountancy.” The scholarship was made possible by Ms Muriel Simpson, a Fellow of ACCA, who in her Will, left her residuary estate to ACCA to fund a Scholarship programme to be called the ‘Simpson Scholarship’. Congratulating Sehrish on her achievement, Mr Arif Masud Mirza, Head of ACCA Pakistan, said: “Sehrish, like the other Scholarship winners, is an exceptional student and also demonstrates the values of ACCA. She aspires to serve public interest, just as ACCA members all over the world support their local businesses and aid their development. The five students chosen are truly inspirational and we know they will make very good use of the Scholarship.”