Quarterly updates from your Pakistan Council Members

Mohammad Maqbool FCA

Dear Members

It has been a busy time for ICAEW, the Council has undertaken the most significant governance reform in it's history and this long-term project includes professionalizing it's board, reframing the composition and role of Council, Royal Charter Review and many more initiatives. These other major initiatives include:

• Incorporation of Centre for Public Interest Audit (CPIA) which is meant to act as a convening body for thought leadership and best practice, plus contributing to policy and regulation debate across the public interest entities audit.

• Positioning ICAEW as a leading voice in sustainability. Initiative includes conducting behavioural insights research, developing a new sustainability assurance qualification and collaborating with government and stakeholders to drive policy and best practices.

• Establish ICAEW as a thought leader in Artificial Intelligence’s use and impact in relevant fields, equipping members and students with necessary skills, developing thinking on best practice, appropriate ethical and regulatory consideration.

ICAEW has also announced updates to the ACA qualification, representing the most significant changes in last three decades. This new generation ACA qualification is set to launch in September 2025, the revised qualification aims to address evolving demands in business, finance, and accountancy, ensuring that it remains a leading credential for professionals entering accountancy field.

The redesigned ACA qualification includes three core elements: business, finance, and accountancy modules; professional work experience; and a new learning and development programme. The learning programme aims to focus on core areas such as ethics, technology, and sustainability, integrating these with practical work experience.

A significant aspect of these exciting changes is a streamlined exam structure, reducing the current 15 modules to 14. Two new case study papers will also be added to support students’ progression through the professional and advanced stages of their qualification. Alongside their core experience, students will complete 30 units from a selection of online learning modules, which will allow for early career upskilling and specialization.

Through this new education scheme ICAEW has addressed the concept of futureproofing of the chartered accountancy qualification, which is a pursuit essential for maintaining the relevance and effectiveness of our esteemed profession in the years to come.

Mohammad Maqbool FCA

It has been a very busy time for our Institute, the Council has taken number of initiatives including approving a new composition of council in line with the recommendations of Governance Working Group, the appointment of CEO, Alan Vallance and Peter Wyman, new chair of ICAEW Board, the formation of new ICAEW Board and establishment of Governance and Appointment Committee. The other initiatives include the approval of future proofing of the ACA qualification.

Being an educationist, the project of future proofing the ACA qualification is very close to my heart. We all know that the world around us is undergoing a profound transformation, driven by technological advancements, changing regulatory frameworks, and shifting societal expectations. In such a dynamic environment, the role of chartered accountants extends far beyond traditional financial expertise. While proficiency in accounting principles remains foundational, it is no longer sufficient on its own.

ICAEW Board and Council understand that the ACA qualification requires a unique investment to protect and future-proof its standing as the gold standard in the market, reflecting the significant and rapid changes taking place in the profession and the workplace in areas such as AI, Tech and Sustainability.

I am confident that with these future proofing measures we can equip our future generations of chartered accountants with the skills, knowledge, and mindset needed to thrive in a rapidly changing world.

I encourage you to reach out to me if there are items affecting the future of our profession or your role where you think the ICAEW should lean in or where the ICAEW could help you to succeed. In the meantime, I wish you a peaceful and prosperous time ahead.

Mohammad Maqbool FCA

I am delighted to have been appointed the ICAEW council member from South Asia (Pakistan). For those of you who don’t know me, I became an ICAEW member in 1985 and then member of Institute of Chartered Accountants of Pakistan (ICAP) in 1986. I believe in a strong global profession and support not only the ICAEW, but I also sit on the ICAP Council. Both institutes have a long history of working together and we hope to continue to support our members in Pakistan by supporting the profession in Pakistan with our work. ICAEW members have played a very dynamic role in the professional and economic development in Pakistan. The recent MOU signed with ICAEW and ICAP will help to promote the global chartered accountancy profession and for the mutual recognition of each other’s qualifications as well as extending mutual technical support. In November, I was delighted to attend the New Members Ceremony in Lahore to meet those new ICAEW members as well as network with our existing members who were also in attendance. Fellow members have expressed their thanks for the events which also took place in Islamabad and Karachi.

For members based in Pakistan, please do reach out to Daniel Westley or me for more information.

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South Asia also have a network of contact members, who are points of contact for members' enquiries on living and working in South Asia.

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