Chartered Accountants: Amendments to ordinance approved

The changes include empowering the council to make a final decision instead of referring matters to the high court

ISLAMABAD: Finance Minister Dr Abdul Hafeez Shaikh on Thursday approved amendments to the Chartered Accountants Ordinance 1961. The approval was given in a meeting arranged by the Institute of Chartered Accountants to make compliance with professional standards more effective. The changes in the ordinance include empowering the council to make a final decision instead of referring matters to the high court, allowing the institute to call for information in connection with quality assurance work, bringing changes in composition of the council, allowing members of ICAP to charge contingent fee, enhancing penalties for professional misconduct, allowing advertising and soliciting of work within bounds and other ancillary amendments.

Published in The Express Tribune, August 5^th, 2011.