KARACHI, Dec 16: A two-member team of international consultants representing the World Bank visited the Institute of Cost and Management Accountants of Pakistan (ICMAP) on Thursday.

A press release issued by the ICMAP stated that the purpose of the visit of the World Bank mission comprising Zubaid-ur-Rehman and Dr Huymayun Murshed was to carry out an assessment of application of accounting and auditing international standards in Pakistan.

The ICMAP was informed that the country assessment report on accounting and auditing would be presented by the World Bank team in a workshop to be held in Pakistan in March/April 2005.

All stakeholders will be invited to the workshop to formulate recommendations for implementation. The institute will now prepare a development project to be submitted to the World Bank.

The project would entail policy recommendations based on inputs received and formulation of a country action plan for Pakistan. The ICMAP team explained the role of the institute and its members as preparers of financial statements and, in this context, the importance of enhanced training and education of its members and students in accounting and auditing standards was emphasized.

The consultants discussed the role the ICMAP was playing with respect to teaching of international accounting standards as part of its curriculum but was of the view that actual implementation of IASs, meaning their compliance, was ultimate goal.

The ICMAP team, led by its national council member Dr Khawaja Amjad Saeed, included Ahmed Saquib, Noor Muhammad, Muhammad Saeed and Izhar Ahmed Ather. On behalf of Sher Afgan Malik, President of the ICMAP, Dr Khawaja Amjad Saeed welcomed the initiatives of the World Bank for promoting professional accounting and auditing education and implementation of IASs, IFRSs.

The WB team also suggested that the ICMAP should develop and implement a self-regulatory framework for the institute's members working as CFOs. The ICMAP offered cooperation to the World Bank team and called for assistance in specific areas viz-a-viz the provision for literature i.e. books on international accounting standards, building the capacity of its teachers as trainers and preparation for teaching material in the local context.