Category: Education

Karachi (Muhammad Yasir) The Professional Accountants in Business (PAIB) Committee of the Institute of Chartered Accountants of Pakistan (ICAP) successfully organized the highly anticipated CFO Conference 2023 on a theme of Resilient CFO – Balancing the Agenda for Tomorrow at a local hotel Karachi.

Mr. M. Ali Latif, President ICAP in his address highlighted the crucial role that Chief Financial Officers play in guiding organizations through challenging times while effectively managing their long-term strategic priorities. He said that this conference underscores the significance of possessing essential qualities such as visionary thinking, agility, innovation, and digital expertise in order to thrive in today’s rapidly evolving business landscape. Moreover, this year’s CFO Conference holds special significance as it coincides with the prestigious Professional Excellence Awards (PEA) ceremony, honouring exceptional ICAP members in the business and industry for their outstanding contributions, exemplary performance & leadership, and remarkable value addition within their respective organizations.

Mr. Amir Paracha, Chairman and CEO of Unilever Pakistan delivered a keynote speech on Leadership through Empathy and Excellence. He emphasized the significance of empathy in fostering a performance-driven culture and achieving collective goals as a team, regardless of generational differences. He strongly emphasized the paramount importance of emotional banking, whereby achieving success not only elevates the individuals directly involved but also benefits the collective as a whole. He shared insights regarding two distinct approaches: the shotgun and rifle approach. The shotgun approach involves targeting a broad audience, while the rifle approach emphasizes a more focused and targeted strategy. He further provided detailed elaboration on the three fundamental belief systems (psychological safety, radical transparency and idea atrocity). These belief systems were identified as critical elements for fostering stronger relationships among staff members and nurturing an environment conducive to collaboration and growth.

The conference’s inaugural panel discussion on “Skill-sets for Tomorrow” featured esteemed industry leaders including Mr. Rayomond Kotwal, CFO, Habib Bank Ltd., Mr. Amin Rajput, Group Managing Director & CFO, SSGCL, Ms. Naila Kassim, Group Director HR, House of Habib and Mr. Muhammad Rizwan Dalia, Chief People Officer, K-Electric. The panelists placed a strong emphasis on the paramount importance of operational efficiency, delving further into exploring alternative methodologies for effectively representing data. They highlighted the essential role of CAs in contributing their expertise to the public sector and comprehend the importance of continuous upskilling to stay abreast of evolving industry demands. They further stressed that CFOs must stay updated with current trends, embrace technology, and build collaborative relationships.

During the 80/20 Dialogue session, experts delved into the intricacies of finding a delicate balance between optimization efforts and crucial business priorities. The panelists for the session included Ms. Farheen Salman, President of BSAPN Lipton Teas & Infusions, Syed Amir Ali, President & CEO of Bankislami, and Mr. Muhammad Humair, Head of Special Projects at Dawood Hercules Group. They shed light on the Pareto Principle, which unveils the concept that a minority of causes can have a substantial impact on outcomes, with roughly 80% of consequences originating from a mere 20% of the factors. The panelists shared profound insights and their extensive expertise, underlining the critical importance of striking a balance between resources and organizational imperatives.

Mr. Yousuf Bashir Qureshi, a renowned motivational speaker delivered an awe-inspiring talk in the dynamic segment known as “Power Tonic.” He shared invaluable wisdom and perspective, empowering individuals to unlock their true potential and overcome challenges they may encounter along their journey.

Mr. Samiullah Siddiqui, Chairman, PAIB Committee and Council Member, ICAP highlighted the conference’s objectives, vision, and ICAP’s significant contributions to Pakistan’s finance sector. He emphasized its relevance to professionals in business and finance.

Mr. Ali Tabba, CEO of Lucky Cement Limited, delivered a keynote address on Harnessing Leadership in Radical Times. He emphasized that embracing challenges enables us to tap into our strengths, uncover hidden capabilities, and build resilience. He emphasized the significance of venturing beyond our comfort zones, embracing calculated risks, and drawing lessons from our experiences, as these actions unlock our genuine potential.

In the insightful discussion on Opportunities Beyond Uncertainties, Mr. Muhammad Azfar Ahsan, Founder & CEO, Nutshell Group and Mr. Usama Rashid, CEO, V2F Solutions, illuminated the art of seizing opportunities amidst unpredictable circumstances. They stressed the pressing need for a comprehensive overhaul of our current political system to reinvigorate our nation. Looking ahead, it is imperative for every sector of society to diligently fulfill their responsibilities and leverage the potential of critical factors to drive progress.

The engaging Fireside Chat, titled “The Call of Duty,” delved into the multifaceted challenges that businesses encounter in the face of fluctuating energy and oil prices, rising competition from smaller economies, the advent of online banking, knowledge brain drain, and technology risks. The esteemed panelists who contributed their expertise to the discussion were Mr. Ashfaq Yousuf Tola, Minister of State & Former President ICAP; Amjad Waheed, CEO, NBP Funds; Dr. Kaiser Bengali, Economist and Prof. Dr. Huma Baqai, Rector, Millennium Institute of Technology & Entrepreneurship. The panelists shared their valuable insights and perspectives on how businesses can navigate these challenges and seize opportunities amidst a rapidly evolving global landscape.

To recognize the outstanding contributions and remarkable achievements of ICAP members, the Professional Excellence Awards (PEA) ceremony was organized. During the ceremony, ICAP members were honored in various categories for their noteworthy accomplishments in their respective organizations. Mr. Shahid Mahmood Khan, Managing Director, Pak-Arab Refinery Limited (PARCO), and Kamran Azim, CEO of Taleem Finance Company Limited were honored with the prestigious Business Leader Award. Syed Majid Ali, CFO, Faysal Bank Ltd., and Mr. Touseef Alam Khan, CFO, National Logistics Cell were awarded the Finance Leader Award. Mr. Muhammad Faisal, President Automotive & COO, Lucky Motor Corporation Ltd. and Mr. Muhammad Shahzad Yousuf, Chief Business Operations Officer, PTCL were the recipients of the Business Enabler Award. Mr. Jatin Kumar, CFO, TransKarachi, and Mr. Yasir Ahmad Hashmi, Chief Internal Auditor & Head of Audit, FINCA Microfinance Bank Ltd., were awarded the Emerging Leader Award. Lastly, Mr. Muhammad Saeed Butt, Head of Financial Control, Eskan Bank BSC(C), and Mr. Asher Noor, CIO and Group CFO, AlTouq Group were honored with the Overseas Member Award.

Mr. Arslan Khalid, Vice President, ICAP delivered the closing remarks, offering a reflective summary of the conference proceedings and emphasizing the key takeaways and insights shared during the event. He expressed heartfelt appreciation to the participants, speakers, and organizers for their invaluable contributions, which undeniably played a significant role in the success of the conference.

All in all, the CFO conference speakers debated the idea of staying resilience from different tangents in the lights of current economic turmoil and political uncertainty.

Karachi (Nut Desk)

After successfully serving the underprivileged communities in whole Sindh continuously for the past 29 years the non-profit Green Crescent (GCT) Trust is going to extend its charitable work for the first time to Balochistan by establishing a school in partnership with Al-khidmat Foundation Women Wing. (AKFWW), one of its backward towns. Dr. Hafeez ur Rehman, Centeral President, Alkhidmat Foundation Pakistan will grace the occasion as Chief Guest. Sardar Yasin Malik, Patron -in-Chief, GCT, Zahid Saeed, CEO, GCT and Naveeda Anees, Chairperson, Al-khidmat Khawateen Trust will grace the occasion as Guest of Honors and trustees and donors of both NGOs will also be expected to grace the occasion. The GCT, which in the past 29 years has established 160 plus charitable schools with an enrollment of 30,500 plus underprivileged students from deprived families, is going to launch its school education drive for the first time beyond Sindh. The new charitable school to be inaugurated on May 21 in Winder, Balochistan, will be run by the GCT in partnership with the Al Khidmat Foundation Women Wing (AKFWW). This is the second school to be launched under the joint partnership of the two charities. GCT’s CEO, Zahid Saeed, said that he was thankful to many donors and supporters of his non-profit whose unwavering support enabled it to launch its charitable work in the largest province of the country where quality schooling facilities are very limited. He said the GCT would do its best to come up to the expectations of its donors while running the charitable schools in Balochistan. He expressed gratitude to the AKFWW for reposing trust in the GCT for the second time for furthering its charitable education program in the country.

Cambridge Awards propels Pakistani teacher on the world map of top-quality educators.

Pakistan (Muhammad Yasir)  Uzma Siraj from Future World School, has been named regional winner of the 2023 Cambridge Dedicated Teacher Awards in Pakistan.

Run by Cambridge University Press, the Cambridge Dedicated Teacher Awards are a global competition which celebrates the efforts of teachers around the world. This year, the competition received over 11,000 nominations from 99 countries. An increase of over 30% compared to last year’s nominations.

The global competition gives students, parents and other teachers the chance to nominate a current primary or secondary teacher for something wonderful they have done. Now in its fifth year, the awards demonstrate the inspiring and positive impact of teachers across the globe and give students a platform to say, ‘thank you’.

This year, Uzma Siraj was named regional winner in Pakistan, winning for taking her learning into her own hands to learn Urdu, providing above and beyond support to her students and promoting charity work through organising a flood relief charity drive

Speaking on her win, Siraj said: “I’ve always had a passion for teaching and helping those more in need – whether that be supporting students with day-to-day tasks or providing external pick up and drop off services. To inspire students, we need to ensure they are learning in a safe and comfortable environment best suited to developing their skills. I’m incredibly proud of my students and this? recognition of the care put into my classroom activities and beyond”.

Matthew Walker, Publishing Director for Education at Cambridge University Press, said: “”The achievements of our 2023 regional winners, plus the thousands of nominations we received for the competition, speak volumes for the value of teachers’ roles and the positive impact they have on students. We hope that this recognition will continue to inspire teachers to deliver exceptional teaching and encourage the next generation of learners to aim high in their ambitions”. 

As a regional winner of the 2023 Cambridge Dedicated Teachers Awards, Uzma Siraj will receive £500 worth of books or digital resources, along with a Cambridge Dedicated Teacher Awards trophy, and promotion for them and their school. She will also feature on a thank you page at the front of new Cambridge University Press Education textbooks from February 2024.

The public can now vote on their favourite teacher out of the six regional winners, to become the overall winner of the Cambridge Dedicated Teacher Awards 2023. This will be announced on June 06, 2023.

To find out more about Cambridge University Press and vote for your favourite teacher in the awards, please visit dedicatedteacher.cambridge.org/vote

Karachi (Nut Desk) The National Accreditation Council for Teacher Education (NACTE), a prestigious division of the Higher Education Commission, has awarded the highest ‘W’ category accreditation to the Aga Khan University Institute for Educational Development’s (AKU-IED) Master of Education (MEd) degree programme. The MEd programme is the first and only master’s level programme to receive such a ranking in the country.  

NACTE is renowned for its rigorous requirements and evaluation criteria, hence the programme underwent thorough examination. This accreditation establishes AKU-IED as a top school for teacher education by recognizing the programme’s exceptional quality, rigorous curriculum, qualified faculty, and cutting-edge facilities.

Expressing his views on the rating, Dr Farid Panjwani, Dean of AKU-IED said, “We are honoured to receive this accreditation from NACTE which demonstrates our dedication to offering education that satisfies the highest standards of excellence.”

The MEd programme is intended to provide teachers with advanced training in curriculum creation, teaching methods assessment, research, and leadership. The programme also aims to improve the professional competence of educators and equip them to meet the evolving demands of the education sector.

Dr Muhammad Memon, Chairperson of NACTE said, “AKU-IED has always been at the forefront of providing innovative and high-quality teacher education. This ‘W’ category accreditation is testament to the institution’s dedication to upholding high standards in teacher education. We applaud AKU-IED and its leadership for their efforts and commitment to enhancing the quality of teacher education.”

Established in 1993, AKU-IED works as a catalyst for educational change by developing passionate and transformative educational professionals. Its more than 1,400 graduates are influencing policies, changing the culture in the classroom and are also training scores of new teachers. 

Pakistan (Muhammad Yasir)

Beaconhouse, Pakistan’s educational institutions has launched the country’s first business incubator for students aged 10-19 years. SparkTank by Beaconhouse is a unique platform for students from all public and private schools of the country. This ground-breaking initiative aims to develop the values of innovation and entrepreneurship from an early age.

After successful events in Lahore and Karachi, the launch of SparkTank concluded on its third day with an exciting event in Islamabad. Hundreds of applications had been received from across Pakistan and shortlisted students got the unique opportunity to showcase their business ideas, products and services to a diverse audience including entrepreneurs, investors, industry experts, and members of the startup community. An exclusive entrepreneurship exhibition showcasing more than 30 ventures was also set up where students participated amongst successful startups including Vceela, Tarsil, Milkify, The Stem Educators, Modulous Tech, Asani.io, Tameer Ghar, Raw Easy, Dollat, Youniform, PayMob, Triisum, HomeVism, Mountainshop, Recce, VisionRD, Kyther Tech, Chattha Bio Care, LearnOBots, and Stem-Minds.

Keynote speakers at the three events were leading computer scientist and CEO Khudi Ventures, Umar Saif; Head of National Incubation Center Karachi, Omar Abedin; and Pro-Rector Research, Innovation and Commercialization at NUST, Rizwan Riaz. Panellists and prominent guests included Jehan Ara TI, founder Katalyst Labs; Pir Saad Ahsanuddin, founding partner of Boston Equity Partners and co-founder Cinepax; Monis Rahman, chairman and CEO Naseeb Networks; Furquan Kidwai, founder & CEO of Dawai; Sameer Chishti, General Partner of SparkLabs; Faisal Aftab, founder and General Partner of Zayn Capital;  and Amneh Shaikh, founder Polly and Other Stories, amongst others.

Speaking about the initiative, Kasim Kasuri, CEO Beaconhouse School System said, “We are thrilled to launch SparkTank by Beaconhouse. As the first business incubator for primary and secondary school students, we aim to provide a platform for young entrepreneurs from all over the country. By promoting entrepreneurship from an early age, we can equip the youth with the skills and mindset necessary to tackle the challenges of the future. The response we have received so far has been overwhelming, and I am really looking forward to seeing the potential of students who will now enrol into the incubator.”

Students can apply online on SparkTank’s website to enrol into a 3-month incubation programme. It offers an extensive range of services to support students at every stage of the business development process – from conducting market research to developing a prototype, and ultimately to launching and scaling their businesses – all at zero cost. Students will be guided by a dedicated team of experienced mentors, educators, and professionals to promote creative thinking and business acumen. 

The initiative has been well received by students, parents, educators, and professionals, and is expected to play a pivotal role in developing the entrepreneurial ecosystem in the country.

Lahore (Muhammad Yasir)  Economic confidence is rising across the globe as clear signs of business improvement emerge.

While the Q1 2023 Global Economic Conditions Survey (GECS) shows confidence lower than a year ago, it rose for the third consecutive quarter as fears fade over the prospects of a recession in 2023.

This better news is underlined by the two GECS “Fear’’ indices which reflects respondents concerns that customers and/or suppliers may go out of business. Both these series improved on Q4 2022. Indeed, worries about suppliers have fallen to the lowest level since 2020. And although new orders have flatlined this quarter, the survey showed improvements in both employment and capital expenditure (capex).

Although with Central Banks still raising interest rates and the delayed effect of monetary policy tightening on the real economy, as well as recent challenges in the banking sector, it may be premature to sound the “all clear.” 

Jamie Lyon, head of skills, sectors and technology at ACCA, said: “The global economy entered 2023 with more momentum than many had expected. Confidence has risen as business comes to terms with the fallout from the Russian-Ukraine war. The economic climate has been helped by a faster-than-expected relaxation of China’s zero-COVID policies, and more normal energy prices in Europe, that should help to reduce headline inflation and may bring about a pause in Central Banks’ tightening of monetary policy, but there are still some downside risks that may prevail.”

Loreal Jiles, vice president of research and thought leadership at IMA, said: “Looking at the change in the GECS Confidence Indices over the quarter, what stands out is the 30-point improvement in Confidence in Western Europe. However, this good news was not limited to Europe; Asia-Pacific, North America and South Asia also registered an improvement. This was a broad-based pick-up, with the exception of Africa and the Middle East.”

Although Global New Orders are flat-lining, one factor sustaining the rebound in Confidence may be the decline in the level of concern about “increased costs.” Cost pressures look like they may have peaked, although they still remain well above the median recorded over the survey’s history. Commodity prices remain subdued, and Europe has benefitted from natural gas prices returning to levels seen before Russia’s invasion of Ukraine.

Global confidence has edged up for the third consecutive quarter, not only because cost concerns have eased, but also because worries about accessing finance and securing prompt payment have declined.

Indeed, reports of problems with prompt payment fell to the second lowest level in the survey’s history. The improved macro conditions also appear to have encouraged companies to revisit their capex and hiring plans.

When asked how they planned to respond to the changing economic environment, the net balance of companies planning to increase investment in capital and staff rose on the quarter, as did the net balance of companies planning to increase job creation.

This is something of a surprise given the rapid tightening of global monetary policy by the world’s Central Banks. The past 12 months have seen the most aggressive simultaneous tightening of policy in more than 40 years in terms of pace, scale, and breadth. It is curious that this has not yet had a material impact on financing conditions and corporates’ capex and hiring intentions. But monetary policy works with long and variable lags, which suggests that this could still become a problem later in the year.

Pakistan (Muhammad Yasir)

Employers worldwide, particularly those in countries facing a talent crunch, are keen to tap into the pool of finance and accountancy professionals in Pakistan, with outsourcing and remote work opportunities becoming increasingly popular.

Employers worldwide trust professionals with the ACCA designation, indicating the person has the right combination of skills, experience, and ethics to lead the organization into the future. Almost half of ACCA members from Pakistan are currently working overseas, with the UK, Australia, the U.S., Canada and the UAE being the most sought-after destinations.

The accountancy field is known to provide career security in turbulent times, and given the changing world, accountancy is seen as a smart career choice for its flexibility, global mobility and growth prospects. The stability, rewards, and opportunities the profession offers remain highly appealing, with long-term career prospects seen as the number one benefit of a career in finance.

Opportunities for finance professionals are only increasing, particularly for those with the sustainability-focused green skills. Exciting opportunities await accountants in sustainable finance and reporting. According to a recent ACCA study, 69% of respondents believe that accountants will play a more significant role in helping organizations address sustainability and climate change issues in the future.

With a presence in 178 countries and regions, ACCA provides a global passport for Pakistani professionals with the talent and ambition to build rewarding global careers.

 

Pakistan (Muhammad Yasir)

Finance professionals working in the public sector play a crucial role in addressing sustainability and climate change issues. ACCA’s (the Association of Chartered Certified Accountants) Global Talent Trends survey shows three out of four public sector respondents agree that accountants will play a bigger part in helping organisations address this agenda in the future.

In one of the largest ever studies across the accountancy profession, ACCA’s inaugural Global Talent Trends Survey 2023 provides a unique and vital view of how people feel about working in the finance profession right now. Finance professionals working in the public sector share many of the same concerns as the wider profession, but there are some differences.

ACCA’s research highlighted seven key talent trends for the public sector.

1. Inflation is fueling wage pressure: the impact of rising prices on salaries is more of a concern for public sector employees than for any other sector.
2. Hybrid work is a work in progress: a significantly lower proportion of public sector employees have adopted hybrid and remote working practices compared to the private sector. 71% of public sector financial professionals are fully office based compared to 57% in all sectors.
3. Addressing burnout must be a priority: just over half of public sector financial professionals (52%) believe their employers do not consider employee mental health to be a priority.
4. Mobility is driving a possible talent crunch: public sector respondents indicated a similar level of mobility to the average of all sectors. However, amongst those planning to move roles, 4 in 10 public sector finance professionals expect to move internally in the next two years, while 5 in 10 are predicting an external move.
5. Technology is empowering but training is key: 88% of those in the public sector want more technology training as they recognise the power technology has in supporting finance professionals to add more value. But 40% fear technology will replace all or part of their role.
6. Inclusivity is strong but perceptions about social mobility are more troubling: 61% of public sector financial professionals think their organisation is inclusive (compared to 68% of all sectors), while 49% in all sectors (including public) have the perception that a lower socio-economic background is a barrier to progress.
7. In turbulent times accountancy provides career security: public sector financial professionals see the key benefits to a career in this sector as the opportunity to gain a professional qualification (38%); having a job with purpose (27%) and the ability to make an impact (23%) – scores which outstripped all sectors at 33%,23% and 17% respectively.

Jamie Lyon, head of skills, sectors and technology at ACCA, said: ‘Developing the talent of tomorrow is one of the top priorities for the accountancy profession, especially in the public sector. ACCA’s inaugural annual talent trends survey ensures the voice of those working in the profession – including the public sector – is heard and that the profession helps create a working environment where today’s professionals thrive and where tomorrow’s talent wants to be.’

As well as providing valuable insights the report sets out the ways in which ACCA supports employers, student and members, as well as the wider public sector.

Mark Johnson, senior subject manager, public sector, ACCA, said: ‘These findings have important implications for public sector employers as they seek to retain and attract finance professionals to careers in the sector. While the sector faces its challenges, those working in accountancy and finance in the public sector see the ability to make a real difference to people’s lives as a key aspect of their roles. This new report is intended to support a workforce of vibrant and dynamic public sector finance professionals to drive through essential public financial management reforms.’

“The timing of this research is appropriate for Pakistan, considering the growing emphasis on professionalisation, technology-driven value creation, and green budgeting in the public sector. These are recognised as crucial elements in achieving a significant improvement in public sector financial management,” stated Assad Hameed Khan, head of ACCA Pakistan.

 

Investors seeking to place reliance on corporate sustainability information are driving unprecedented demand for assurance in this emerging area.

This represents a challenge and an opportunity for the global accountancy profession. In response the profession is engaged in determining the framework within which assurance engagements should be carried out and who is best qualified to perform the work.

Using the core assurance skills obtained through the experience of auditing financial statements, the accountancy profession – alongside others performing assurance engagements – is well placed to satisfy this demand.

ACCA’s report Sustainability Assurance – Rising to the Challenge describes the landscape for sustainability assurance and introduces the extant standard and guidance issued by the International Auditing and Assurance Board (IAASB).Sustainability Assurance – Rising to the Challenge sets out the key issues faced by practitioners providing this assurance work.

ACCA’s research – supported by evidence gathered from a series of virtual global roundtables held in 2022 and 2023, with assurance practitioners and other representatives involved with audit and assurance policy-related matters – sets out seven key messages:

 

• To avoid a new ‘sustainability assurance expectation gap’ ACCA stresses the importance of international and national standard setters explain what ‘limited assurance’ and ‘reasonable assurance’ mean, and the key differences between the two.

 

• Standard setters should consider the risk of misleading reporting – green washing – when developing reporting and assurance standards.

 

• A concept to deal with estimates should be a key focus for the IAASB as much sustainability reporting and assurance work is often based on hypothetical scenarios.

 

• The unprecedented dependence on subject matter experts (SMEs) for sustainability assurance engagements may suggest the need for further standards and guidance on how to rely on their work.

 

• The assurance report – the end-product – should be seen as a key priority area by standard setters and policy makers, particularly in dealing with limited/reasonable differences.

 

• Assurance skills obtained through audit experience remain vital in performing sustainability assurance engagements.

 

• ISAE 3000 (Revised) and the Sustainability/EER guidance provide a strong foundation for those intending to undertake sustainability assurance engagements before the IAASB’s overarching standard is finalised.

Report co-author, Marianna Rogdaki, Audit & Ethics Lead, ACCA says: ‘ACCA recognises that  it can be a real challenge for practitioners new to this area to come to grips with both the risks and the opportunities of taking on sustainability assurance engagements. This report aims to raise awareness of the current landscape as a good starting point for practitioners to get involved.’

She adds: ‘It is clear that the demand for sustainability information is now higher than ever, with regulators across the globe considering mandatory reporting and assurance requirements.

‘Most notably in the European Union, the European Commission has replaced the Non-Financial Reporting Directive (NFRD) with the Corporate Sustainability Reporting Directive (CSRD) introducing mandatory requirements for more entities, alongside requirements for assurance over published information.’

Report co-author, Antonis Diolas, Head of Audit and Assurance, Policy & Insights, ACCA, says: ‘In our roundtable the importance of professional scepticism was noted. Given the immaturity of sustainability reporting, professional scepticism is even more important where subjective statement often forms part of sustainability reports and are not backed up with sufficient appropriate evidence.’

The report commends the IAASB, the International Sustainability Standards Board (ISSB), and the International Ethics Standards Board for Accountants (IESBA) for their respective swift responses to the call for international sustainability reporting, assurance and ethical standards, reducing the risk of fragmentation.

 

Read the full report here https://www.accaglobal.com/gb/en/professional-insights/global-profession/sustainability-assurance-rising-to-challenge.html