What Is The History Of Auditing Profession In Pakistan?


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Nouman Umar answered
This is intended to introduce the readers of this book to the background on the subject of auditing. For a logical analysis the history has been subdivided into certain specific periods and is described below:

In the year 1952 the registered accountants formed a private body known as Pakistan Institute of Accountants with the object of looking after their own interest and taking up with the ministry of commence, Government of Pakistan matters affecting the accountancy profession. It was realized that the accountancy profession had hitherto been well nursed by the government but the Registered Accountants in the profession had in their mind the ultimate goal of having an autonomous association the profession instead of a section office.

The Pakistan Institute of Accountants persisted with the idea of establishment of an independent body. An advisory body called the council of accountancy was set under the auditors certificates rules 1950 which recommended the establishment of the Institute of Chartered Accountants in Pakistan. The government accepted the recommendations and the department of accountancy assisted by the officials of the Institute and a number of its members prepared the draft ordinance to be passed. The chartered accountants ordinance 1961 received the asset of the President of Pakistan on March 3, 1961 and was published in part 1 of the extraordinary gazette of Pakistan on March 10, 1961.

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