Karachi (Muhammad Yasir) The Karachi School of Business and Leadership (KSBL) conferred degrees to the batch of MBA 2019 at the 5th Commencement Ceremony, held at the KSBL campus. The commencement event was opened by the Founding Chairman of KSBL Mr. Hussain Dawood. The keynote speaker for the ceremony was Chairman SECP Mr. Aamir Khan.

The Founding Chairman of KSBL, Mr. Hussain Dawood in his address to the graduating students said, “At KSBL we endeavor to train people to effectively manage scarce resources honorably and sustainably. Resources are the strength of an economy, and effective utilization of resources adds to the wealth of a nation. If Pakistan is to become a developed nation, its people must first be given the opportunity and the means to develop into leaders who specialize in the management of resources in all aspects.”

The keynote speaker, Mr. Aamir Khan addressed the ceremony and congratulated the students for graduating from one of the region’s finest academic institutions. He encouraged graduates to always practice impeccable work ethics and adhere to them with integrity, which is the cornerstone of all moral values.

On this occasion, the Dean KSBL Dr. Zeeshan Ahmed applauded the academic achievements of the graduating class who essentially raised the bar by achieving the highest GPA and secured two consecutive CFA challenges. He mentioned that the placements for this batch were made in record time.

 

Audit and AI – tentative first steps to improve audit quality and efficiency

Lahore (Muhammad Yasir) The audit profession is still at the very early stages of introducing artificial intelligence, but should guard against full implementation, reveals ACCA and CA ANZ’s Audit and Technology report.

A survey of ACCA members and affiliates about their understanding of terms such as artificial intelligence (AI), machine learning (ML), natural language processing (NLP), data analytics and robotic process automation (RPA), revealed technology’s ability to renew processes that improve audit quality and increase efficiency.

The report reveals how technology is also a catalyst that will help shift the focus of the audit process from a retrospective view to one which is prospective. It also assesses the technologies having most impact on the audit profession as we know it today.

Drawing on existing research and exploring the views of leading practitioners, it provides an understanding of how the changing business environment is shaping technological change in auditing – summarising how different technologies could be expected to impact its future and what this means for auditors as people.

Key findings in the report also revealed:

• Among the available technologies, data analytics is currently the most mature and is currently used by most firms
• The audit profession is still at a very early stage with AI and has not embedded it as deeply as it could
• The human relationship between client and auditor remains important: not everything can be replaced by technology
• Auditors will need to be more adaptable to change in future

ACCA’s report Closing the Expectation Gap in Audit found that 55% of the general public across 11 countries believe that, if auditors followed the requirements of existing auditing standards, they could prevent corporate failure.

Furthermore, 70% believe that audit should evolve to prevent corporate failure. Although some may reasonably argue that such demands are unrealistic, technology may help to satisfy the public demand, at least partly, in future.

Maggie McGhee, executive director – governance at ACCA, said: ‘Technology offers the ability both to improve the quality of audit and to add value to it: audit is moving from being a reactive, backward-looking exercise to a proactive, predictive, forward-looking one, working in real time.

‘As such, it provides an opportunity to help clients by providing timely insights. Even in its traditional context, technology now offers an opportunity to produce higher-quality audits that better serve for their existing purpose.

‘Nonetheless, if AI and related technologies are fully implemented, it could raise questions about the auditor’s independence.

‘We hope Audit and Technology provides insights for both businesses and auditors themselves on how they may adapt most effectively in the face of significant change.’

Simon Grant, Group Executive International Development and Advocacy & Professional Standing at CA ANZ, said: ‘If we can anticipate the possible impacts of technology and harness it so we understand the benefits to the accounting profession, technological change could then be such an empowering opportunity rather than a challenge for our profession.’

Haleeb Foods supports Free-Education, donating Rs.3 from every liter pack

Lahore (Muhammad Yasir)  Haleeb Foods one of the leading food and beverages company of Pakistan has now launched another social-development initiative, titled: “Donate to Educate – Agay Barhay Ga Pakistan”. In order to support Free of cost education for the underprivileged children, Haleeb has partnered with Master Ayub – a firefighter during the day, who has taken the noble responsibility of being a voluntary teacher in the evening. For the past 30 years, Master Ayub has been educating street kids, Free of Cost, by conducting a Park-School, in Islamabad.

With a pledge to provide financial assistance to Master Ayub, for supporting his selfless cause, Haleeb will donate 3 Rupees, from every liter pack purchased by the consumers. This donation from Haleeb is helping Master Ayub accomplish his dream of making schooling and associated expenses absolutely free for his pupil.

Sami Qahar – Commercial Director at Haleeb Foods lauded Master Muhammad Ayub for such a selfless initiative. He further added, “Being a socially responsible organization, we provide healthy dairy products to the people. We are pleased to partner with Master Ayub’s cause and his school, which has taught thousands of children, voluntarily, over three decades. His exemplary efforts are an inspiration for all. Every resourceful individual and enterprise must identify such ‘Heroes of Pakistan’ and extend maximum support to them. Education is transformation for students, as well as their family, community, and country.”

Belonging to a poor family, Master Ayub lost his parents at a young age. However, he worked very hard, day & night, to study along with the responsibility of rearing his 5 brothers and 3 sisters who are all well-educated now. With his limited resources he has created a free-school for poor children, where he also gives them free books and copies. Over the decades, thousands of children have already studied in this school to get into respectable employment or businesses, while others are getting higher education in colleges or universities.

The students and their parents express their gratitude and prayers for Master Ayub, who has transformed their lives. They believe that; Haleeb kay Saath – Agay Barhay Ga Pakistan. Many students are inspired to follow their great teacher’s foot-steps.  

Haleeb is adopting global best-practices and innovative technologies, to ensure consistent production and nation-wide availability of safe and healthy, packaged dairy products. It is creating public-awareness and educating the masses about the advantages of consuming hygienic and high-quality, nutritional dairy products to nurture a more vital and productive nation. Being the 5^th largest milk-producing nation in the world, Pakistan’s dairy industry is creating large-scale employment opportunities for the farmers in the rural regions, while ensuring the well-being of the urban areas, for a sustainable economy.

Other remarkable initiatives of Haleeb includes; the collection, reuse and recycling of old vinyl billboard skins from Advertising agencies and companies. Instead of dumping the old panaflex skins as garbage, Haleeb is up-cycling them to create sheds of upto 4,000 square feet for dairy ranchers. Such sheds, tents and overhead covers are already protecting the cattle and farmers from the scorching heat, in District Jhang of Punjab. 

Lahore (Muhammad Yasir)  “China is exemplary in the way it rapidly progresses in the information and communication technology (ICT) sector, and Huawei’s investment in developing ICT talent is enabling Pakistan to upgrade its information technology industry”. These thoughts were expressed by H.E. Naghmana Hashmi, Ambassador for Pakistan in China, during a speech at the award ceremony for Huawei’s Middle East ICT Competition 2019 at company headquarters in Shenzhen, China. Two teams from Pakistan participated in the final, earning second and third place.

At the award ceremony, H.E. Hashmi stated: “In the futuristic era of digitalization, the importance of ICT cannot be underestimated. With the advancement and innovation in modern technology, ICT has come to the fore as the primary vehicle of sustainable and robust development around the globe. Huawei’s initiatives to launch smart schools in Pakistan, in addition to the Huawei ME ICT Competition, enables us to build young talent within the sector to prepare them, and the country, for the digitally-driven world of tomorrow.”

The ICT sector is having an increased impact on societies and businesses alike. Countries across the region recognize this, and have implemented plans – such as Pakistan Vision 2025 – to take advantage of new technologies such as 5G, artificial intelligence (AI), and cloud, which support the realization of digital transformation, national plans and visions. In order to do this, however, there is a need to address the talent gap that currently exists within the ICT sector.

Huawei is keen to support the development of the ICT ecosystem in Pakistan. One of the ways it does so is the Huawei ME ICT Competition, in partnership with the Higher Education Commission Pakistan, which nurtures local ICT talent, working with government authorities, colleges and universities in the Middle East to identify, support, and grow the future leaders of ICT. The competition promotes innovation and creativity while increasing national ICT competitiveness and encouraging local communities to contribute towards achieving digital transformation and economic growth. Participating students have the opportunity to enhance their ICT knowledge, practical and application skills as well as raising their innovation awareness, thereby enhancing their chances of employability within the sector – especially with national winners receiving an immersive experience at the company headquarters in Shenzhen, China, in addition to employment opportunities and other prizes. Through the competition, Huawei facilitates connections between international talent, providing equal opportunities for quality education with the aim of enabling more people to benefit from the digital economy.

Over the course of 2019, the competition attracted more than 21,000 student registrations from 437 colleges and universities in Bahrain, Iraq, Jordan, Kuwait, Lebanon, Oman, Pakistan, Qatar, Saudi Arabia, and the United Arab Emirates. This year’s final had a total of 13 teams and 20 ministries participate from countries across the Middle East.