PM calls for modernizing public sector accounting system in Pakistan        
Aziz Malik 'Pakistan Times' Federal Bureau Chief
        
ISLAMABAD: Underscoring the critical role played by a good accounting and auditing system in ensuring transparency and corporate governance, Prime Minister Shaukat Aziz Friday said public sector accounting system in Pakistan should be modernized in line with international standards.

The internationally accepted best practices in government accounting should be adopted, he added.

The Prime Minister was talking to Graham Ward, President, 
International Federation for Accountants (IFAC) who called on him at the Prime Minister House here.

The Prime Minister said there is also a need for better accounting 
system in the private sector and government is pursuing the process of reforms in corporate governance through Securities and Exchange Commission of Pakistan (SECP).

“Accounting and auditing system should have the capability to fix 
responsibility and ensure transparency”, the Prime Minister said.

He said that as part of its financial sector reforms government has started a project to modernize reporting and accounting system and a number of steps have bene taken to improve the system, however, a lot more needs to be done to come up to the international standards.

The Prime Minister said while there is a great demand of accounting professionals in Pakistan, the country is facing a shortage of accounting talent.

The Institute of Chartered Accounts of Pakistan (ICAP) should publicize this shortage and motivate the people to join accounting profession.

Also, he added, local and foreign training should be provided to 
prepare a pool of highly qualified professionals to meet local and global requirements.

High Quality Human Capital

“Development of high quality human capital in accounting sector is the key to get competitiveness while adoption of internationally accepted best practices is the other major factor”, the Prime Minister said.

The meeting was attended among others by Ian Ball, CEO, International Federation of Accountants, Syed Mohammad Shabbar Zaidi, President, ICAP, Razi-ur-Rehman Khan, Chairman, SECP, Chairman CBR and senior officials.•