President for embracing digital technology for fast-track economic development

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President Dr Arif Alvi on Friday called for adopting digital technology, information technology tools and innovations perpetually being made in all sectors, including the accounting and financial sector for ensuring accelerated economic development.

The president expressed these views while addressing the Members’ Convocation of the Institute of Chartered Accountants of Pakistan (ICAP), here at Aiwan-e-Sadr. President ICAP Ashfaq Yousaf Tola, vice presidents of ICAP, members of the accounting and financial sector, and students attended the ceremony.

President Alvi called upon the decision-makers and institutions to set in place an efficient system to keep track of new and emerging technologies, evaluate the cost, predict usage and create management and support structure for their speedy adoption to remain abreast with the developed world.

He underlined the need for the government sector to adopt the “double-entry” system of accounting, and automation as the economies throughout the world were rapidly shifting to automation, high-speed financial modules and secure transaction systems with the help of ICT and digital means to infuse efficiency, accuracy, transparency and accountability in bookkeeping and financial transactions.

The president said that Pakistan was in dire need of trained human resources and professionals, including Chartered Accountants, and it should increase the number of university graduates and professionals by adopting online and hybrid modes of learning in its education system.

He added that as compared to the traditional education system, which was more reliant on brick-and-mortar infrastructure, hybrid and online education could help increase the number of graduates in a cost-effective manner. He further said that two-year associate degree programmes should also be considered as the industry and market were in dire need of skilled professionals.

The president also appreciated the Prime Minister’s digi-skills programme, which had helped impart digital skills to millions of people from diverse academic backgrounds throughout Pakistan.

He urged the members of the financial and accounting sector to provide leadership to help in the documentation of the economy, discourage theft and tax avoidance, curb corruption and help the government to generate just and fair taxes and revenues. It was the moral responsibility of every individual to discourage corruption, criminal activities and harassment for nurturing a healthy society, he added.

The president said that enacting clear laws, ensuring their stringent and fair implementation, imparting justice through the due process of law, and inculcating self-accountability and piety in individuals would pave the way for discouraging corruption and corrupt practices at the societal level.

The President ICAP, while addressing the ceremony, said that ICAP, being the regulating body of the accounting profession in Pakistan, had more than 9000 members, who were serving within Pakistan as well as abroad.

He added that ICAP was helping strengthen the regulatory framework in Pakistan and was cooperating with important policy-making institutions and regulators, including the State Bank of Pakistan, FBR and different government ministries.

Earlier, the President awarded gold medals and merit certificates to the students who achieved academic distinction in different sub-fields of accounting.