Asad Ali Shah Clip 003

ICAP's Historical Context and Contributions

Overview of ICAP's Direction and Governance

• The speaker reflects on their experience as the President of ICAP, questioning whether ICAP is overshadowing national direction or if the situation is different.

• They commend the initial founders of ICAP for steering it in a credible direction during the late 80s and 90s, emphasizing its positive trajectory.

• The speaker highlights their role as a nominated member from Pakistan on the IFAC board, representing ICAP in international forums related to audit and accounting standards.

• They note significant contributions to developing quality control systems at ICAP, which were among the best in the region at that time.

Challenges Post-2008

• The speaker expresses concern over governance issues following 2008, suggesting a regression in terms of public interest contributions related to financial matters.

• Despite challenges, they mention that ICAP has maintained strong financial health with an equity of 3.7 billion and annual profits around ₹35 crores.