EDITOR’S VOICEEditorial Team: Shamez Mukhi, Shamsa Khoja, Hiba Batool, Perviz Masani, Noorulain Zafer

Profiles and Interviews:Sohema Rehan

Enquiries: For enquiries on any part of the ACCA Pakistan Focus magazine, please contact Shamez Mukhi Email: shamez.mukhi@pk.accaglobal.com

ACCA Pakistan: Room 602 6th Floor Fortune Centre P.E.C.H.S. Block 6 Shahrah-e-Faisal Karachi Pakistan T: + 92 (0)21 111 22 22 75F: +92 (0)21 343 866 13 E: karachi@pk.accaglobal.comwww.pakistan.accaglobal.com

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Harnessing Talent Talent is recognised as one of the fundamental keys to organisational success - a focal point for discussion and planning at senior management

levels throughout the organisation. In today’s ever changing environment, there is an increasing

demand for ‘right people, right results’. Organisations need to identify the kinds of talent they need, to find and develop exceptional people so that their potential is fully harnessed, and to create mutually beneficial career paths for their employees.The holistic view is what is required in order to make better, quicker and more informed decisions about talent. The understanding that what is ‘right’ for one organisation might not be ‘right’ for another lies at the very heart of the debate. The alignment of these ‘rights’ yields high performance. And, as we know,

high performance of people generates high organisational performance or the ‘right results.’

The Generation Y segment included in the issue serves as a benchmark of the youngest generation of finance professionals today. The Gen Y professionals in finance seek out career paths which are aspirational, fluid and evolving quickly. Unlike the trends of the first decade of the 21st

century, today we see that talent is indeed being harnessed by value addition of people, ideas and brand.

CONTENTS

3 Editor’s voice Harnessingtalent

6 Industry outlook GenerationYandrealisingitspotential

Inside ACCA 8 LaunchofFoundationsinAccountancy9 HappeningsinACCA11AdditionstotheACCAFraternity

14 Visionary point DisasterManagement;roleof accountants

Commentary24 Workplaceharassment29 Simpson’sScholarshipWinner30 ACCAExamResultsJune201031TheICFETeaching-LearningCurve

28 ACCAnewmembers36 ACCAMNPleaders

34 Catastrophes on the radar

38 Wordforword38 Eventscalendar

32 Sustainability drive Hittingthenotes:narrativereporting

In the Zone27 SalmanHafeez ChiefFinancialOfficer CrescentBahumanLimited

20 Rendezvous AqueelE.Merchant Partner&CountryLeaderAdvisory Ernst&YoungFordRhodesSidatHyder CharteredAccountants

22 Technical opinion Globalrecoveryinreverse:findings fromACCA’sglobaleconomicsurvey

Generation Y and realising its potential

INDUSTRY OUTLOOK

Top five factors attracting potential employees

Career development and learning opportunities

Remuneration package (base salary)

Nature of role

Job security

Work-life balance

Factors

Internet 71

E-books 36

Webcasts 29

Wikis 19

Blogs 15

Podcasts 12

Others 3

None of the above 14

Technologies %

How important is an organisation’s brand image in attracting you to an employer?

Factors

Temporary 13%

18%Fixed term contract

Permanent 69%

Nature of employment status

INDUSTRY OUTLOOK

64%

Career d

evelopm

ent and learning

opportunities

56%

Challenging w

ork

Rem

uneration package

(base salary)

48%

Relationship

with line m

anager

47%

45%

Team m

orale

95%

87%

83%81%81%

How quickly do you want to move from yourcurrent role?1 year 32%

2 years 55%

3-5 years 81%

More than 5 years 90%

30%

39%

21%

7%

3% (not important)

(very important)

% of respondents indicating how important the organisation’s brand image is in attracting them to an employer

Top five retention factors

The technologies that generation Y professionals use to support learning in the workplace

6

HappeningsinACCA

INSIDE ACCA

Launch of Foundations in Accountancy2010 June ACCA announces Foundations in AccountancyAugust Availability of detailed syllabusesSeptember Detailed work experience requirements availableDecember New suite of promotional materials available

2011 January First registrations of Foundations in Accountancy sample

exams availableFebruary Conversion notices sent to existing CAT studentsJune Last paper-based exams on current CAT QualificationAugust Current CAT students converted to Foundations in

AccountancyDecember First paper-based and computer-based exams on

Foundations in Accountancy

INSIDE ACCA

CAREER COUNSELLORS WORKSHOP

ACCA Pakistan organised career counselling workshops for teachers and student advisors in Karachi, Lahore and Islamabad. ACCA recognises the integral role career

guidance plays in helping students identify their natural talent in order to pursue a career promising them professional success. The workshop, conducted by Ms Rahila Narejo, Lead Consultant and Chief Executive, NHR was based on the concept that the best career exploration and job search strategies capitalise on the natural strengths of an individual’s personality and behavioral style and emphasised on the significance of aligning career decisions to students’ aptitude and industry demand. Mr Shamez Mukhi, Head of Marketing, Communication and Media Relations, ACCA Pakistan, welcomed the participants, explaining the challenges students and parents

face while making career choices, and told them about the resources developed by ACCA for students, teachers and parents. The workshop was attended by 75 participants from leading schools, colleges and universities; they appreciated it and requested ACCA to conduct similar workshops. Ms Kanwal Bajwa, from The International School of Choueifat, Lahore, commented, ‘Career guidance is a dynamic, ongoing process that enables students to identify the best-fit career path for themselves. The training, organised by ACCA Pakistan, has been very helpful in equipping us with career assessment and guidance tools and techniques.’

OPTIONAL MODULES

MATHS

ENGLISH

COMPULSORY MODULE

FOUNDATIONS INPROFESSIONALISM

QUALIFICATIONS

Self-checkonlinemodule

Self-checkonlinemodule

What’s required?

Professionalismandethicsonlinemoduletobecompletedonce

INTRODUCTORYCERTIFICATE IN

FINANCIAL ANDMANAGEMENT

ACCOUNTING

FoundationsinProfessionalism+2exams(FA1andMA1)

INTERMEDIATECERTIFICATE IN

FINANCIAL ANDMANAGEMENT

ACCOUNTING

FoundationsinProfessionalism+2exams(FA2andMA2)

DIPLOMA INACCOUNTING

AND BUSINESS

FoundationsinProfessionalism+3exams(FAB,FMAandFFA)

CERTIFIEDACCOUNTING

TECHNICIAN(CAT)

FA1,MA1,FA2andMA2+DiplomainAccountingandBusiness+2from3optionsexams+1years’relevantpracticalexperience

PleasenotetheexperiencerequirementcanbeusedtoclaimexemptionfromtheIntroductoryandIntermediatecertificates

8 9

Additions to the ACCA Fraternity

INSIDE ACCA

DOODHIA KHELA & CO AWARDED SILVER STATUS

Doodhia Khela & Co was awarded with Silver Approved Employer status by ACCA Pakistan. The company is a business venture that provides a wide range of services to meet the requirements of the construction industry. It comprises of professional managers, engineers and other field staff related to the engineering discipline and has earned respect and trust of its clientele by completing the projects involving complex concrete buildings and architectural works. Mr Wazir Zada, CEO, Doodhia Khela & Co, received the Approved Employer certificate from Mr Taimur Beiram Khan, Business Development Manager, ACCA Pakistan.

LALANI & ASSOCIATES AWARDED SILVER STATUS

ACCA Pakistan presented Approved Employer Certificate, Silver status, to Lalani & Associates. Established in 1992, Lalani & Associates is amongst the most experienced and reputed immigration consulting firms in Pakistan with offices in Karachi, Lahore and Dubai. The company has strong ties with Canada hence their clients draw on Lalani’s considerable immigration expertise, experience and understanding of the Canadian business and employment markets to avail the migration option that matches the clients’ backgrounds and future objectives. The company provides quality Canadian immigration and business consulting services to individuals who want to partake in the Canadian dream of economic and social prosperity. As an authorised representative of world-class financial institutions such as HSBC Capital Inc and Desjardins Group, Lalani & Associates provides investor immigration and business consulting services that meet the unique needs of high net worth individuals in Pakistan and the UAE. With a team of experienced professional staff who are committed to helping clients make Canada their home, they provide support and advice from the beginning of a client’s immigration process to the delivery of their permanent residence visa. Mr Taimur Beiram Khan, Business Development Manager, ACCA Pakistan, presented the AE certificate to Mr Azher Fareed Khan, Director, Lalani & Associates.

ACCA Pakistan organised discussion forums in Karachi, Lahore and Islamabad to launch the paper ‘Gender Diversity on Boards in Pakistan’. The discussion, moderated by Dr Afra Sajjad, Head of Education and Policy Development, ACCA Pakistan, offered an opportunity to panelists and participants from the business world to explore the current state of gender diversity on the boards and deliberate upon the benefits and challenges of having diverse boards. Mr Arif Masud Mirza, Head of ACCA Pakistan commented that, ‘Women constitute 43% of ACCA’s global membership and ACCA was the first accountancy body to admit women to its membership, in 1909. The discussion paper by presenting a business case for gender diversity based on the premises of fair access and routes to progression, endorses ACCA’s core values of opportunity and diversity’. The panelists observed that even though more women have entered Pakistan’s paid workforce in the last decade, judging from the small number of professional, qualified and experienced women directors on company boards, it’s obvious that there is a need for greater understanding of the potential of a gender-diverse board for publicly listed companies.

UBL WIZ CARD HOT DESKINGUBL set up help desks at ACCA Karachi, Lahore and Islamabad offices and at learning partner institutions to disseminate information about the UBL ACCA Wiz card and collect applications on the spot. The UBL ACCA Wiz card is an exclusive pre-paid card for ACCA customers through which they will be able to pay their examination fees online. These hot desking sessions have played a significant role in the increased number of Wiz cards issued in various cities across the country.

DISCUSSION FORUM: GENDER DIVERSITY

10 11

LEVI’S AWARDED PLATINUM STATUSLevi Strauss Pakistan (Pvt) Ltd was recognised as an Approved Employer (AE) at the Platinum level – the highest tier of recognition for employers. Created in 1873, Levi’s® jeans is one of the most renowned global brands. They are the most successful, widely recognised and often imitated clothing products in the history of apparel. Levi’s Pakistan has experienced strong growth in the past few years. The reason for this growth was the vacuum in the market for original branded jeans and the consumer’s willingness to buy it. When Levi’s started out the retailing business back in mid 2001-2002, they had two brands, Levi’s and Dockers, which attracted the Premium and Super Premium segments of the market. In order to cover a broader consumer spectrum, Levi Strauss Signature was positioned towards the standard market consumer who wanted a brand along with value for money. With these three brands, Levi’s in Pakistan now covers a significant portion of the modern urban population across all income groups. Mr Arif Masud Mirza, Head of ACCA Pakistan and Mr Imran Butt, Country Manager Levi’s, were present at the ceremony. Mr Imran, while sharing his views about this relationship said, ‘The recognition from ACCA has come at a time when organisations are increasingly focusing on and investing in the professional development of human resources. As an ACCA Approved Employer, Levi’s seeks to add value to its finance function and inculcate the right skill set of innovation and expertise in its employees’.

RAFIQ & CO AWARDED SILVER STATUS

Rafiq & Co was awarded with Silver Approved Employer status by ACCA Pakistan. Established in 1979, Rafiq & Co is engaged in providing various services to its clients according to their business needs. These include tax consultancy, HR consultancy, advisory services, accountancy and audit. Rafiq & Co also assists clients in preparation of financial statements which are in accordance with the financial reporting framework applicable in Pakistan. This includes compliance with International Financial Reporting Standards, local corporate laws and directives of regulatory authorities, accountancy and audit. Rafiq & Co aims to provide quality service by maintaining a high level of ethical and professional standards through optimum use of resources, with client satisfaction being the top most priority. Mr M Luqman Rafiq, Business Development / Audit Manager, received the AE certificate from Mr Taimur Beiram Khan, Business Development Manager, ACCA Pakistan. Mr Luqman appreciated the work done by ACCA Pakistan in producing skilled ACCA trainees and promised to induct more ACCA trainees at Rafiq & Co.

12

VISIONARY POINT

Disaster management; role of accountantsWe have all heard about the millions of dollars of aid being funneled into Pakistan to provide relief and rehabilitation of the flood victims. There are three main parties to this: those providing the money (the donors), those charged with spending the money, and the beneficiaries (those whose needs are to be met). There may be others but let us focus on these three. Whenever there is money flowing from one party to another, there is a ‘recording role’ for accountants and auditors, so donor accountants must be able to record pledges accurately and honestly and they must then later record cash receipts against those pledges. The donor agencies must themselves be open to scrutiny so that the donating public has confidence in the donation collector. The accountant would look at the donor charter or rules of doing business and ensure that receipts and disbursements remain within the legal framework for such organisations.

From the beginning, the principle is one of completeness and probity in recording. When the donor money is handed over to those parties charged with it, the overriding principle is that money is to be spent against a planned strategy, say for example, 100,000 tents. The usual best practices apply here like getting the best price, quality and fit for this purpose. The speed of transaction is very important because people may be suffering because they have no shelter. But as accountants know, there is always a trade off

between speedy transactions and accountability. So accountants working for this middle party must always be in close contact with their vendors and have up to date price lists for all items that may be required during such times. The donors will want to see evidence of their money being spent honestly and for the purpose that it was intended. The best evidence, as any accountant will tell you, is external or third party evidence; hence audited and timely reports, monitoring spending against plan, providing pictures of, say, the tent city as well as beneficiaries using the goods provided is essential. The more frequently the donors see desperate people without support, weeks and months after they have made their donations, the more likely the opinion will be formed of funds not reaching the true beneficiaries and the spending parties will be suspected of corruption. I also believe that a hands-on approach is vital for accountants working in a disaster situation with frequent field visits to get firsthand knowledge of deliveries. This should be a part and parcel of the internal control mechanisms and a good team of accountants can be assigned with the task of validating deliveries against purchase orders and requisitions. The

accountant should also be vigilant on supplies of goods and services which are not fit for the purpose, such as sub-standard tents or expired medicines and food items, which could be harmful to human health. In my opinion, accountants today must be well rounded individuals with excellent emotional intelligence. Leadership skills are vital for accountants playing their role in a crisis such as the one we are experiencing right now. Clarity on communications is vital and taking charge and assigning responsibility with a strong message will drive teams to achieve their goals. Pilferage or theft is another major risk during times of disaster and precaution must be taken to safeguard stocks and consumables during transport as well as storage on site. Best practices on stock control should be followed with adequate insurance.

Arif Masud Mirza, Head of ACCA Pakistan

THEDONORSWILLWANTTOSEEEVIDENCEOFTHEIRMONEYBEINGSPENTHONESTLYANDFORTHEPURPOSETHATITWASINTENDED.

Public

Charity

Beneficiaries

14

[ S K A N S A d v e r t i s e m e n t ]

RENDEZVOUS RENDEZVOUS

The International Secondment Programme developed by your firm has been very popular in accounting circles over the years. Tell us about it. Our firm is a member of Ernst & Young Global and obliged to implement their methodologies and systems for service delivery to our clients. Since I was the Partner in charge of HR at that time, in order to make the implementation of global systems and methodologies more robust, I started discussing various training options with Ernst & Young Global representatives who were doing our quality review. We came up with the idea that we would send staff abroad for training periods of up to six months and they would come back and train our people. It was really a win-win situation for everybody as the hosting international firms were able to benefit from highly skilled resources just in time for their busy periods in a cost effective manner. It was also a great benefit for the candidate in terms of experience and exposure and also was very beneficial to us in terms of training of our staff with international practices. At its peak, we were sending about 250 people to 14 countries but the number has now reduced because of the global recession. Over the last 13 years since this programme started, we have sent hundreds of people abroad, which completely changed the lives of most of them. I feel privileged that I was able to make this contribution.

There are a number of accountancy specialisations being offered now. There is CA, CFA, CPA and also of course ACCA. As an independent professional, what do you think are their individual merits?

I think we were one of the first [Pakistani firm] to register with ACCA when it started locally and that affiliation was later re-affirmed. It is a good qualification because of its global recognition. I have lived abroad and firmly believe that people should have options and choices. There shouldn’t be a monopoly and a fair ground for competition should always be open. ACCA has brought in a lot of improvement into the accounting profession in Pakistan by providing good competition. Afghanistan is not exactly a destination of choice for most professionals but you have done considerable work there. Tell us something about that.

Ten years ago, just before 9/11, we were approached by an international agency that wanted evaluation work done in Afghanistan in a de-mining project. I contacted them immediately and outlined the procedures to be followed and was offered the project right away but there was only one problem, I didn’t want to go to Afghanistan! However, due to the number of deaths as a result of land mine explosions in Afghanistan, I felt compelled as my humanitarian duty

to be able to contribute to the de-mining effort being made and decided that I must accept the project. After a number of inquiries regarding the security situation and making adequate security arrangements, I decided to take up the project. Since then, I have been to Afghanistan many times on assignments. You graduated with Industrial Management as your major so how did Accountancy come into the picture?

My father was a professional accountant but he never forced me to take up the line. However, he always stressed upon the merits of being a professional accountant. When I finished University I was in not keen on taking up a job in the USA so my father suggested I take up CA. I had never done well in accounting courses in my undergraduate and it was not my strong point. I told my dad that I would prefer to do a Masters in Accounting, and if I did well there, then I would consider doing CA. I then went on to do a Masters in Accounting in the USA. I really struggled with it initially but did well later on. In fact, my University thesis on the Harmonisation of Accounting Standards in the Third World - which is globally a big thing now after Enron but was a new concept in the 80s - was very well regarded. After that I went to UK for my CA with ICAEW.

Aqueel MerchantPartner & Country Leader - AdvisoryErnst & Young Ford Rhodes Sidat Hyder, Chartered Accountants

Aqueel Merchant is a Partner and Country Leader - Advisory Services with Ernst & Young Ford Rhodes Sidat Hyder, Chartered Accountants. He has been with the firm for over 16 years, of which he has now been a partner for the past 13. Merchant has done considerable work in various industry sectors, including both local and multinational organisations, with a focus on financial services clients. He has also carried out major assignments for various international NGOs and international donor agencies. Although earlier in his career, Merchant was interested in working with NGOs and international donor agencies due to humanitarian motives, he is pleasantly surprised that after several years of doing the work virtually pro-bono some of his highest value current advisory projects relate to donor backed assignments. He calls the International Secondment programme developed by him for his firm as an important achievement due to the impact it has had on the personal and professional lives of so many candidates.

20 21

underway fell from 60% to 42%, and 42% of respondents reported a loss of confidence in their organisations, up from 23%. A major contributor to this has been the rise of inflation, with two thirds (67%) of respondents reporting its effects on themselves and their clients. This in turn was reinforced by foreign exchange rate fluctuations, which were cited as a problem by 44% of the sample.

Pakistan is, in fact, more extensively affected by both of these problems than any other major ACCA market. Coupled with falling demand (cited as 63%) these problems have led to larger-scale job cuts than those seen in any other major ACCA market. Cost-cutting in general remains the most commonly cited source of opportunity for respondents in Pakistan and their organisations, followed by expansion into new or niche markets. Cost-cutting, however, is less likely in the public sector, with 55% of the 64 respondents in Pakistan expecting Government spending to rise in the next five years and over-spending is seen as a significant risk. Pakistan appears to have the most fragile public finances of any major ACCA market and was the only one in which an ‘extreme overspend’ (i.e., spending to rise substantially when respondents feel it should be falling substantially) was the most common prediction (21%). Overall, almost half of ACCA’s sample (46%) expected Government spending to

deviate dangerously from what they saw as the ‘correct’ level of spending. Consistent with these concerns, no respondents rated the Government’s response as ‘good’ or ‘very good.’ Commenting on the global picture, report author Manos Schizas, senior policy adviser with ACCA, said: ‘The latest survey marks a turning point in the economic recovery: weakening demand, tightening finance, loss of confidence and slowing investment. It doesn’t look good and almost no part of the world is unaffected.’ ‘On the other hand, there are still reasons to be optimistic. In the midst of all this, members are reporting more opportunities for their organisations and their clients, not to cut costs, but to expand and add value. That, plus the ever-decreasing reliance on government support, can only be good news’.

The report is available at:

<http://www.accaglobal.com/pubs/general/activities/library/other_issues/surveys/tech-ms-gec07.pdf>

PAKISTAN APPEARS TO HAVE THE MOST FRAGILE PUBLIC FINANCES OF ANY MAJOR ACCA MARKET AND WAS THE ONLY ONE IN WHICH AN ‘EXTREME OVERSPEND’ WAS THE MOST COMMON PREDICTION (21%).

he fragile global recovery has gone into reverse in the third quarter of 2010, with investment and business

confidence suffering a serious setback, according to the latest survey of finance professionals by ACCA. Nearly half (49%) of the 1,895 professional accountants surveyed by ACCA believe that conditions are stagnating or deteriorating, and for the first time in the survey’s two years, ACCA’s key economic and business confidence indicators have not pointed towards improving conditions. Crucially, the report says, the outlook for new orders has weakened in the last three months and more respondents are now reporting concerns about whether their suppliers can continue to be viable. Inflation continued to rise in the last quarter, with 35% of respondents seeing an increase in their operating costs, while slightly more accountants reported that their firms and clients could not get vital finance from banks and other lenders than three months ago. While ACCA has warned that it

is too early to tell whether any particular economies are about to suffer a renewed downturn, it expects that the next quarter’s figures will show whether we are dealing with a temporary ‘pause for breath’ or something much more dangerous. The probability of the latter is reinforced by a sharp deterioration in the survey’s investment indices. ACCA believes that governments’ gradual withdrawal of support for investment over the past nine months is now beginning to tell as demand and financing conditions weaken once again. Accountants based in Western Europe believe that their governments will reduce spending substantially over the next five years, and those in the America are slowly coming to anticipate some measure of austerity as well. On the other hand, ACCA members in Africa and Asia expect public spending to rise substantially. Of those, members in the Asia Pacific region are much more confident that their governments can afford increased levels of spending, while those based in South Asia and Africa

expect a tough balancing act ahead.

The picture in Pakistan

Confidence in the global economic recovery has taken a serious knock in Pakistan during the last three months, and accountants’ confidence in the prospect of their own organisations has fallen accordingly. The share of the respondents who thought the recovery was imminent or already

T

Global recovery in reverse, say accountantsFinanceprofessionalsinPakistanreportalossofconfidence

ACCOUNTANTS BASED IN WESTERN EUROPE BELIEVE THAT THEIR GOVERNMENTS WILL REDUCE SPENDING SUBSTANTIALLY OVER THE NEXT FIVE YEARS, AND THOSE IN THE AMERICA ARE SLOWLY COMING TO ANTICIPATE SOME MEASURE OF AUSTERITY AS WELL.

TECHNICAL OPINION22

Workplace harassmentin PakistanWomen are more empowered than ever before and play an integral role in Pakistan’s political, social, industrial and corporate sectors. They have not only an increased presence in the workforce, but have also assisted in developing Pakistan as a nation. Realising the importance of women, the ‘Protection Against Harassment of Women at the Workplace Bill 2010’ was passed by the National Assembly on January 21, 2010 and by the Senate on February 26, 2010. The bill aims at creating a working environment for women free from harassment, abuse and intimidation. According to the bill, all organisations (including federal and provincial government ministries, departments, corporations, educational institutions, private commercial organisations and registered civil society associations) need to comply and incorporate the guidelines of the bill into their policy manuals within six months of the passing of the bill (the deadline for implementation ended in August 2010). In the case an organisation fails to comply, the law states: ‘Any employee of the organisation may file a petition before the district court and on having found guilty the employer should be liable to fine which may extend to one hundred thousand rupees but shall not be less than twenty five thousand rupees.’ In order to gauge the actions taken by organisations since the passing of the bill, Narejo Human Resources (NHR) conducted a survey entitled ‘Revealing the Unspoken’ of Human Resource Managers across the country, in both local and multinational organisations.

NHR is a full-service HR Consultancy based in Karachi that has facilitated several organisations in developing harassment policies and procedures along with training programmes for employees on the topic of Workplace Harassment. The survey consisted of multiple-choice and short answer items to identify potential areas for training and/or consulting interventions and was emailed to 75 human resource managers. Survey responses were collected from mid-June to mid-July and of the 75 targeted organisations, only 24 responded to the survey (Table 1).

Table 1. Survey Participants

ACCA Nestle PakistanInternational DaldaIndustries Limited Tetra PakTAPAL TEA ICI (AkzoNobel)BOC ShellDHL CandylandNADRA Engro EnergyCrescent Cement MerckBASF HSBCBP Bank AlFalahOtsuka Deloitte PakistanJWT PPTANestle Pakistan PfizerDalda

The results of the survey produced some surprising insights. For one, the topic of harassment, especially of the sexual nature, is considered taboo by many in Pakistani organisations, yet survey results reveal that it is considered to be a prevalent phenomenon. Not only is it a real problem, but one that is believed by 46% of respondents to be a ‘serious’ problem (Figure 1).

92% OF SURVEY RESPONDENTS RECOGNISE HARASSMENT AS BEING A SOMEWHAT TO A SERIOUS PROBLEM IN THEIR ORGANISATIONS.The law in Pakistan defines harassment as: ‘Any unwelcome sexual advance, request for sexual favours or other verbal and written communication or physical conduct of a sexual nature or sexually demeaning attitudes, causing interference with the work performance or creating an intimidating, hostile or offensive work environment, or the attempt to punish the complainant for refusal to comply to such a request or is made condition for employment.’ The key word here is ‘unwelcome’ or unreciprocated behaviour which makes an employee or customer feel intimidated, offended, or belittled in the workplace. It can take place between: • An employee and a manager or

supervisor; • Co-workers; or • An employee and another person

in the workplace, for example, a customer or student.

The following behaviours, either

directed at a single person or group, could be examples of harassment: • physical contact or requests for

sexual favours;

• persistent following (stalking);

• suggestive looks implying a sexual interest;

• persistent verbal abuse or threats;

• persistently disrupting an individual’s work, work space, equipment or interfering with their personal property;

• jokes, derogatory or dismissive comments;

• gestures which are insulting or belittling;

• circulating or displaying written or pictorial material that is offensive or belittling.

Survey respondents highlighted that Verbal Comments were most prevalent with harassment via phone and SMS (text messages) a close second (Figure 2).

With harassment being recognised as a ‘somewhat’ to ‘serious’ problem by 92% of survey respondents, we would assume that the new harassment bill would be welcomed and immediately acted upon by all organisations. However, when asked whether their organisation had taken any steps in response to the bill, a surprising 50% of respondents stated that, as of now, no steps had been taken. A review of the literature on the subject reveals data collected by the Gender Crime Cell in Islamabad showing a five-fold increase in the number of sexual harassment FIRs between 2005 and 2008. This increase is most likely due to the number of cases being reported which previously may have occurred, but were not communicated due to societal pressures. Summary of the Workplace FIRs collated at the Gender Crime Cell

2005-2008

Harassmentat Workplace

Category Physical Sexual Psycho logical

2005 81 39 8

2006 156 149 30

2007 82 145 28

2008 96 207 2

Source: Gender Crime Cell, Islamabad.

The survey shows that harassment complaints are not officially reported, but an unspoken awareness of a prevailing issue does exist. Ignoring harassment does not resolve it, nor does it prevent it from reoccurring. In fact, by ignoring harassment, an organisation actually encourages it as an acceptable practice. Workplace harassment also imposes substantial organisational costs. These can include:

• lost productivity

• low morale

• loss of reputation as an employer and service provider.

With the new bill in place, organisations now have a greater responsibility for ensuring a workplace environment with equal rights. Yet many companies have not yet incorporated the bill into their policies. When asked whether they had acted upon the bill’s guidelines, 50% of survey respondents replied in the negative. Every organisation should regard the bill as an opportunity to instill sound management principles within the workplace because the prevention of harassment establishes a workplace where:

• people are valued, have dignity and treat each other with respect and sensitivity;

• there is trust and effective communication;

• people are treated as partners in the business of the workplace;

• work practices take into account and encourage the diversity of employees.

Recommendations from the study:

• Train employees. At least once a year, conduct training sessions for employees. These sessions should teach them what sexual harassment is, explain that employees have a right to a workplace free of sexual harassment, review your complaint procedure, and encourage employees to use it.

• Train supervisors and managers. At least once a year, conduct training sessions for supervisors and managers that are separate from the employee sessions. The sessions should educate the managers and supervisors about sexual harassment and explain how to deal with complaints.

• Monitor your workplace. Get out among your employees periodically. Talk to them about the work environment. Ask for their input. Look around the workplace itself. Do you see any offensive posters or notes? Talk to your supervisors and managers about what is going on. Keep the lines of communication open.

• Take all complaints seriously. If someone complains about sexual harassment, act immediately to investigate the complaint. If the complaint turns out to be valid, your response should be swift and effective.

It is time for Pakistani organisations to wake up. Harassment exists whether we accept it does or not. The ‘Protection Against Harassment of Women at the Workplace Bill 2010’ needs to be respected and taken seriously. The bill’s aim of creating a harassment free workplace is not about applying rigid controls, but rather about creating an open-communication environment where all employees feel comfortable and are able to focus on their work, performance and productivity. Policies and procedures that enhance employee productivity ultimately translate into success for the organisation.

COMMENTARY

Rahila Narejo, CEO, Lead Consultant, Narejo Human Resources

24 25

YoungandcommittedSalman Hafeez Malik (ACCA)CFO, Crescent Bahuman Limited

IN THE ZONE

Tell us something about your work.

Presently, I am working as Chief Financial Officer in Crescent Bahuman Limited (CBL) which is the biggest denim manufacturing plant in South East Asia. CBL is servicing some of the top international brands including Levis, Blend, Replay, Diesel, Next, Armani, Dressman and Mustang. You said you took the CA exam and then chose the ACCA Qualification as well. Did you find any difference between the two? What have been the advantages of taking both the qualifications?

During the preparation of my CA examination, I would refer to ACCA books and its curriculum fascinated me. In 2002, I decided to attempt ACCA because I believe its

examination style imparts immense analytical skills to a student while CA gives great mental strength. This combination gives one the grooming to transform from a number cruncher to a business manager. You have recently signed up for ACCA inductees in your company. What are your goals and ideals on that front?

I believe that in this modern age of technology, organisations need good business managers who can take effective decisions to contribute to the success of their business. As an inductee for ACCA students, I have to pass on a business sense to them and teach them to look beyond numbers. Globally, there has been a huge economic crisis; Pakistan was also hit by the devastating floods. Where do you think we stand in this scenario from an economic point of view? The world economy has made the much required adjustment, because the fair value of assets has not been used fairly in a majority of transactions. Most of the economies were working without any proper regulation of the financial system and that had turned around the standing of the whole system on the basics of voracity. The Pakistani economy has shown great resilience during this period and opened the eyes of those who used to advocate a Dubai-based model for our economy. The floods have inundated a handsome portion of our crops and livestock and also affected more than 20 million people in our country. This is going to create a major dent to our GDP growth because of tentative reduction in exports and internal consumptions. It has also put inflationary pressure on consumer goods. Textile, the biggest export sector of our country, is going to bear a huge brunt due to the unprecedented increase in cotton

cost because of reduction in Pakistani and Chinese crop as a result of floods and bad weather respectively. However, I believe that despite all the negative indicators, our economy has great potential to perform and we have mammoth opportunity to increase our GDP if we focus on our agricultural and manufacturing sector… more so because two giant neighbouring economies - China and India - have shifted focus from export of relatively low value products to high value technological products and internal consumption. This shift of focus in China and India will give a big opportunity to countries like Pakistan, Bangladesh and Sri Lanka. We only need to embed good governance in our country and do away with the coteries and cartels. As a nation, what do you think should be our immediate priorities and what are your personal priorities?

As a nation, our first and foremost priority should be to create rule of law and consistency in policies so we can create a better image of Pakistan which will remove the negative perception of our country from the minds of foreigners. This will give confidence to local and foreign investors to come forward and participate in the growth of our economy. My priorities as an individual are to promote merit and justice in my personal capacity and stand committed to these principles at any cost. Quick Facts: • Enjoys playing cricket, exploring new

places, spending time with family and friends, and reading books.

• Dislikes self projection, mistrust, dishonesty, and excessive TV.

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IN THE ZONE

NewMembers

Ali Sheraz

Ali Sheraz, currently working with Wi-tribe Pakistan Ltd. as Team Leader, Corporate Billing and Revenue, is responsible for billing and revenue recognition of Wi-Max and LDI operations and finalisation of monthly reporting. In 2006, after graduating from Islamabad College for Boys, Ali registered with ACCA and started his training with Anjum Asim Shahid Rehman Chartered Accountants, a member firm of Grant Thornton International. He joined Wi-tribe and completed his ACCA Qualification in 2008. Ali also worked in an international NGO, Rotary International, in 2005, as Director, International Services and in 2006, became Chairman, Rotary Information Committee. Ali believes he is a ‘born accountant’ and preferred the accountancy line as his first and obvious choice. ‘ACCA is very diverse, and focuses on both academic and practical skills. I have applied whatever I have learned and excelled professionally at a steady pace.’ Ali received the ‘Outstanding Employee of the Year’ award from the Vice President, Finance, for 2008 and 2009. Ali’s affiliation with ACCA has helped him build strong interpersonal skills and taught him to analyse various scenarios in detail. ‘ACCA has honed my analytical skills and allowed me to be a part of the decision making process; it has also helped me to play a vital role in achieving organisational goals.’ He advises ACCA members and students to work hard, spare some time for themselves and set a routine for continuous development.

Omar Niaz Rizvi’s philosophy in life is simple – to be different. ‘If everyone was doing something in a reasonably standard way, I would go against the tide and do it another way. I didn’t always succeed but the experience was always worth the effort.’ After completing his A levels from Karachi Grammar School, he enrolled as an ACCA student and started as a trainee at M. Yousuf Adil Saleem and Company (a member firm of Deloitte) in the Financial Advisory Services department where he worked on diligence exercises, mergers, acquisition deals and financial modeling projects. To Omar, the best thing about the ACCA Qualification is that its exams force you to think and not just to apply rote learning which teaches application of technical concepts in professional life. Omar’s first job was with ORIX Leasing Pakistan Ltd where he was involved in analysing data, reporting to the Deputy Managing Director, and assisting with new projects. In March 2008, he joined Network Microfinance Bank Ltd as Head of Finance. His responsibilities include financial reporting, devising financial strategy, preparing policies and budgets, and implementing them. He advises ACCA students to take the training period very seriously, to look for diversity of experience and to allocate more time to the study of corporate law and taxation.

Omar Niaz Rizvi

Ahsan Amjad Bashir

Ahsan Amjad Bashir finished his schooling from the International School of Choueifat, Lahore, in June 2003. His foray into the accountancy profession was not accidental. ‘I have always had a strong interest in accounting and finance and consider it to be the backbone of not just an organisation but the whole economy. It is an extremely dynamic profession and gives you plenty of opportunities to work around the world. I chose ACCA over other qualifications because of its global recognition and flexibility.’ Ahsan also holds a BSc in Applied Accounting from Oxford Brookes University. After completing ACCA in 2006, Ahsan joined Ernst & Young, Ford Rhodes Sidat Hyder, as Audit Assistant. He worked as a team member in the Business Risk Services department conducting diagnostic reviews of existing systems, internal controls, performing GAP analyses and development of Standard Operating Procedures of a number of companies. Ahsan acknowledges the benefits of the ACCA Qualification. ‘The ACCA Qualification should be a first step towards your accountancy career as it’s an extremely rigorous and comprehensive course. It gave me the knowledge of accounting, auditing, business management and finance.’ Ahsan has recently started his own advisory firm in Lahore, where he provides independent financial and risk advisory services.

M. Ali Sheikh

The Simpson Scholarship annually rewards five talented ACCA students who have proven themselves through merit and distinction in ACCA examinations. It funds the ACCA examination and registration fees for a period of five years or until the students become members – whichever happens first. This year Ali Sheikh from Islamabad is the recipient of the Scholarship from Pakistan. Having lived in Islamabad all his life, Ali was brought up in a family of doctors. He jokes that in his family, one can find a doctor for every part of the human body. He tells he ‘stumbled upon the ACCA qualification’ after the completion of his A Levels from Beaconhouse School System and was intrigued by concepts that are still in their infancy for instance Carbon Accounting, Venture Philanthropy, Sustainable Development and Micro-financing for start-ups. Not being able to go to the UK for higher education due to financial constraints, he feels ACCA saved the day - he could pursue a foreign qualification in the comfort of his home. ‘What more could I ask for?’ Ali terms the whole process of the scholarship, ‘an experience in itself’ and tells he had no clue whether he was even one of the top 20 candidates selected by the judging panel out of all the applicants. Not having heard from the office for quite a while, he says he lost all hope. It was ‘heartbreaking’ for him. Then he recieved an e-mail from ACCA saying that he had indeed won the scholarship! He calls

it ‘utter disbelief’ and that he is going to remember the moment forever.

Ali says becoming eligible to apply for the scholarship wasn’t such a big deal but he believes the true test starts now - he needs to prove that he has earned it! He is a full time student and

spends around three hours daily studying. His interests and hobbies

include reading - mostly literature on personal development – he is

currently reading Stephen Covey’s The Seven Habits of Highly Effective People and music - mostly Jazz: Art Blakey, Louis Armstrong, Ella Fitzgerald, Miles Davis, Count Basie, Dave Brubeck. He is also interested in teaching because he feels it is a way of sharing his knowledge

with others. He helps a handful of

colleagues with the basis of the ACCA papers

that he has already passed.

COMMENTARY

Simpson’sScholarshipWinner

ACCA announces 2010 Simpson Scholarship winners

FivestudentsfromaroundtheworldwinfundingforACCAstudies

ACCA announced the winners of the Simpson Scholarship for 2010. The five scholarship winners hailed from Bahrain, Nigeria, Pakistan, Singapore, and Vietnam. Reflecting on this year’s competition, the judging panel noted that the winners ‘were able to convey a real sense of how winning the scholarship would change their lives. Winners also conveyed a sense of their self and personality, and a purpose to fulfil their potential.’ This year’s successful students are Michelle Olinda D’Souza from Bahrain; Adeeso Adetoye from Nigeria; Muhammad Ali Sheikh from Pakistan; Natasha Singhal from Singapore; and Pham Thanh Huyen from Vietnam. The Simpson Scholarship was made possible by an endowment by ACCA Fellow, Muriel Simpson. Ms Simpson’s wishes stated that, the scholarship exists to reward ACCA students who have proven themselves to be of sufficient merit and distinction in ACCA examinations to date. To qualify for the scholarship, applicants had to have reached the highest standards in the ACCA examinations they had sat so far, as well as submit a 1000-word essay on how the scholarship would help them reach their full potential.

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The pace of change within the financial and non-financial sectors has been rapid; it has been partly assisted by the availability of increasingly complex financial transactions across national markets. Despite a sharp slowdown, this has left an imprint in terms of the professionalism generated within financial markets and has also exhibited that economies and markets that continuously engage in developing skills of their human resource benefit most from opportunities. The ’Insight’ report on ‘The 2009 employer guide to training trends in finance’ published by ACCA establishes technical training priorities on core areas in finance, including reporting, budgeting, risk and governance. Interestingly, it highlights that analysis and insight are the biggest business skills in demand by finance professionals. This is where the International Certificate in Financial English (ICFE), developed jointly by the University of Cambridge ESOL and ACCA, comes in. It is a qualification that is fast gaining recognition, given that it has been designed primarily for students and professionals with careers across the financial and accounting professions. It provides candidates with an internationally accepted certified qualification and is designed to develop existing language skills and the ability to work in an international context. To the employer, it gives confidence in the employees’ ability to conduct business internationally. My experience of teaching ICFE over the past one year reveals some elements other instructors may wish to take into consideration while planning their course. The initial hypothesis that candidates will require more assistance in productive skills (speaking and writing) is true. A number of variables are at play here and contribute to this situation. We are just beginning to find our individual voices; most of us shy away from public speaking and have very little experience in addressing even small audiences.. Moreover, our education system continues to foster a bias towards technical and/or science-related subjects, thus placing very little emphasis on the liberal/performing arts. Securing employment, alas, remains a key goal. During the teacher-training workshops I conducted earlier this year, guidelines developed by University of Cambridge for an ICFE course were shared, discussed and analysed. These clearly require modification; material for speaking and writing skills needs to be more pervasive and practice for both these skills should start from day one and continue across the entire course. At CFTR, we use a camcorder to record speaking exercises of groups and share them with participants. This helps to provide feedback on alternate delivery styles. Pick a topic at random, and hold impromptu discussions, taking

turns. Review what has been said and how it was said, simultaneously noting facial and body expressions. While ICFE instructors may take it for granted that most students know these details, participants need to be made aware of all these factors. We must remember that a majority of them have never been given an opportunity to speak to an audience, so they will be intimidated at the prospect of public speaking. They must be taught how to relax and shown that, given practice, this can come to them naturally. We have become accustomed to googling key words for our writing requirements and then mixing and matching text that appears to be relevant to what we need, reading other works and adapting them (read, borderline plagiarism) and passing them off as original work, or texting each other so frequently that producing three coherent paragraphs appears to be a monumental task. More on this and other related issues can be found in the book ‘The Dumbest Generation’ by Ed Bauerlain. Report writing requires focus, relevance and coherence. All of these elements need to be explained, practiced and emphasised in an almost formulaic manner. There hasn’t been any recent technological breakthrough in the art of writing. Instructors will find that they need to continuously cajole participants into writing letters and reports usually found in the correspondence of finance and accounting departmental archives. It is possible that productive skills have deteriorated because we have stopped reading. Skimming of various text forms is very prevalent, but reading, concentrating over an extended period of time, is declining. We need to actively incorporate different interesting articles, essays and reports into the ICFE course. Engaging participants will always remain a key ingredient of any successful training programme. Use of multiple media is one way of achieving this. We need to keep a watch on participant performance; pre- and post-assessments should be conducted as well as quizzes, tests and exams. The pre-assessment allows for the establishment of a benchmark or starting point against which progress can be measured. Observations and experience for instructors will vary in each ICFE session. I have tried to encapsulate some key elements based on my own learning curve. These are not in any way exhaustive. It is hoped that this will start us on a path of sharing our own learning. I am willing and available to proceed further down this curve, if you are. Mujtaba IqbalCEOCFTR Private Limited

COMMENTARY

More than 6,000 trainees take major step towards becoming ACCA members

Results from the ACCA exams show that more than 6,000 trainees from around the world successfully completed their final papers to become affiliates and move closer to their goals of achieving ACCA membership.

June 2010 session ACCA Qualification pass rates:

EXAM RESULTS The ICFE Teaching-Learning Curve

COMMENTARY30 31

study consider the critical challenge in producing a report to be the number of requirements that are placed on preparers, alongside the cost and time involved in producing the report. Significant amounts of time and effort can be spent working on sections of a report to meet regulatory requirements that serve little use to anyone, either by flooding a user with impenetrable detail or, at the other end of the scale, providing nothing more than anodyne, regulator-approved corporate-speak.The resulting compliance culture leads to reports that ‘tick boxes’ but do not actually make any worthwhile contribution to the overall value of corporate reporting. Box-ticking reports strip out all that is useful from the narrative section; reports can become inter-changeable between companies, telling their users nothing new. The problems here, particularly issues with report length, are compounded by the fact that shareholders and regulators want different information from the same report. The CFOs in the study viewed the five most important disclosures for shareholders to be: an explanation of financial results and the financial position (identified by 87%); identifying the most important risks and their management (67%); an

outline of future plans and prospects (64%); a description of the business model (60%); and a description of KPIs (58%). While all nine of the regulatory jurisdictions looked at by the report (including the US, the UK, Australia, and China) asked for an explanation of the financial results and position, the only other information that all nine jurisdictions asked for were remuneration reports and a statement of compliance with corporate governance codes. These were seen as of ‘high importance’ to shareholders by only 49% and 46% of CFOs respectively.

Solutions

Preparers of narrative reports are feeling under pressure to be all things to all people. Faced with different demands, preparers are throwing more and more information at the problem. While the information may not be false, there is too much of it, which obscures the genuinely useful information. Financial statements themselves should be essentially aimed at providers of capital; if there is narrative information that is material and relevant to the understanding of the accounts,

only then should it be included in the report. The opportunity for more flexibility too is a popular one amongst the CFOs. Looking at the future, 65% of interviewees said that they would like a reporting environment. Beyond that, 58% cited the inclusion of external auditor opinion, 57% favoured an emphasis on forward-looking information, and 51% wanted IASB (International Accounting Standards Board) guidance. Those looking for guidance from the IASB are in luck; the organisation is currently working on a framework project for management commentary, which is looking at defining the boundaries of financial reporting.It would be fair to say that a narrow definition is something that the IASB should be looking at. Today’s reporting simply has too many audiences. Almost all the right notes are being hit information-wise, but this is creating a deafening cacophony of noise for report users. The scope from regulators for greater clarity, simplicity, and discretion in reporting would be welcomed by CFOs, not least because they believe it would benefit the users the reports serve.

SUSTAINABILITY DRIVE

Young music students may play all the right notes, but not necessarily in the right order. Narrative reporting on the other hand, is playing all the right notes, but is unfortunately playing them all at the same time. This, at least, is the judgement of over 200 CFOs interviewed by ACCA and Deloitte for a recent study on the direction of narrative reporting. Increasing regulatory complexity, confusion as to what audience they serve, and excessive detail have all combined to create a narrative reporting culture that unleashes a deafening cacophony of ‘noise’ upon anyone trying to read an annual report. Information overload is seriously hampering the usefulness of narrative reporting, claim the CFOs. This is disappointing, as narrative reporting has an important role to play in annual reports. Unlike the numbers, the narrative section of the annual report is a company’s opportunity to tell its own story in its own words. They provide

a ‘sense’ of the company in a way that a balance sheet just can’t. Prose can convey a company’s values; its operating environment, corporate governance structure, and strategic direction, amongst other things. While the narrative report is not necessarily used by the highest level investors – who are more likely to interrogate a company themselves – a narrative report is incredibly valuable to a whole host of other stakeholders, whether they’re shareholders or potential shareholders, employees or potential employees, or customers. Within a good narrative report, there is likely to be information that will affect investment decisions.

What’s the problem?

As with any information that can be of use for the general public or shareholders, there is a very valid case for some form of regulation. While a narrative report is a subjective statement, there is a need for regulation if only to ensure that the information

is truthful and perhaps to provide a framework for comparison between reports; a balance between regulation and discretion is needed then. Unfortunately, something’s gone wrong with the balance. The ACCA/Deloitte report asked CFOs to identify a key audience for disclosures in a narrative report: 88% said ‘shareholders’ while the figure for ‘regulators’ was 67%. However, when asked what the key drivers for preparing a report were, 83% said ‘regulation’ compared to 82% identifying ‘shareholders’ needs’.So, while narrative reports are predominantly seen as a tool for shareholders, it’s the needs of regulators that are taking precedence in their preparation. Were the regulations to be of a more flexible nature, and were the balance mentioned above in operation, then suiting both the needs of regulators and shareholders wouldn’t be so much of a problem. However, the regulation is having some unintended consequences. 71% of the CFOs in the

HITTING THE NOTES

www.accaglobal.com/citp/reports

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Catastropheson the global radarThe picture shows an aerial view of a village in Pakistan completely submerged in water. The floods began in July 2010 following heavy monsoon rains in different regions of Pakistan leaving one-fifth of Pakistan’s total land area underwater. It’s the worst natural disaster to hit Pakistan, with flood IDPs numbering to over 20 million and more than 2,000 people lost their lives in the wake of this disaster.

Rescue workers surround the wreckage of Air Blue flight 202, which crashed on 28 July 2010 in Margalla Hills, Islamabad killing all 146 people on board including five members of the Youth Parliament. The Airbus A330 flying on route from Karachi lost contact with the control tower of Islamabad airport, poor weather conditions hindered efforts of rescue workers.

The Gansu mudslide completely submerges houses and tears multi-storey blocks of buildings apart in the Zhugqu County. The mudslide, caused due to heavy rainfall, swept through the town in a surge reported to be about five storeys high covering 300 low-rise homes and burying one village. The mudslide left an average area of five km long and 300 meters wide with an average thickness of five meters, killing 1,471 people and leaving hundreds more homeless.

Hurricane Earl wrecks havoc as it reaches the shores of a beach in Buxton, North Carolina on Labor Day weekend. Despite winding down from Category 4 storm to a Category 2, Hurricane Earl still had enough strength to cause more than 30,000 residents to vacate the Outer Banks and continued chugging northeast, striking Nova Scotia, Puerto Rico and the Leeward Islands.

http://www.theepochtimes.com/n2/content/view/41153/

http://hiphopnc.com/local/jtaylor/hurricane-earl-update-2/

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Ayla Majid, Director Business Advisory Services, Khalid Majid Rehman Chartered Accountants started her career after an MBA degree from LUMS. At her first job, she worked as an Investments Advisor for a large conglomerate. To enhance her skills, Ayla decided to take up a professional accounting qualification and she feels ACCA was a clear choice because of its methodical approach, flexibility and global recognition.

After her MBA, Ayla joined the Head Office of Fauji Foundation (FF) as Investments Advisor working on restructuring and re organisation of the commercial portfolio of the company. She terms her four year stay at FF ‘a great learning experience’ where she was exposed to a number of complex transactions dealing with various projects of the group as well as working towards new acquisitions. Since 2004 she has been working as Director Business Advisory Services with Khalid Majid Rehman, Chartered Accountants and engaged with assignments including policy making, financial advisory, structuring and valuations, due diligence, feasibility studies and strategic business planning etc. She has worked on a number of buy and sell advisory assignments and is currently advising the Privatisation Commission, Government of Pakistan on sale of salt and coal mines. She has also been Consultant Debt Market Specialist to the Asian Development Bank for Capacity Building for Debt and Risk Management for Ministry of Finance, Government of Pakistan. Presently, she is also heading a brokerage company CAMCO (Pvt) Limited, and is a corporate member of Islamabad Stock Exchange (ISE). Ayla feels it is ‘absolutely wonderful’ being an ACCA member, because it keeps one updated with a lot of useful information. ‘ACCA events and publications are a treasure trove of information to which members have ready access. Knowledge is power, ACCA equips its members with this robust tool at

all times through regular updates on emails, fact sheets, events, meetings, discussion forums, seminars etc. Punctuality, meticulous planning, highest professional standards are hallmark of the ACCA body and become part of members’ personality. These key ingredients are very helpful in all areas of professional life. Moreover, ACCA is a strong and rapidly growing network where members can benefit and share their experiences. Interacting with other ACCA members gives one insight of multiple sectors.’ Ayla feels that in today’s times the role of an accountant is much more diverse as compared to the traditional role of bookkeepers and auditors. Professional accountants are now finance and business leaders. She feels ACCA as a core qualification can give a strong skill set which helps deal in areas of accounting, finance, and risk management. Moreover ACCA keeps updating and improving its syllabus with global requirements and challenges. ACCA thus keeps students, affiliates and members up to date of current trends and the latest information. Ayla feels it is essential for young accountants to do practical training, which is something that completes the grooming process towards becoming a professional. At the same time, it is imperative for trainees to understand the value of the training and their responsibilities. She also stresses upon team work, which she feels is a brilliant concept for achieving the best results in the most appropriate manner. ‘I would advise young accountants at the outset of their careers to adopt the highest standards of integrity, ethics and to always honour commitment. Never lose sight of long term gains and don’t try to find short cuts to success. With a positive attitude and maintaining dignity, honour and ethics, success will fall in your lap.’ Ayla feels that the best career advice she has been given is to always adhere to the highest standards of integrity and professionalism and never to fear challenges. She feels positive energy and the urge to learn more is what keeps her going.

HighFlyer-AylaMajidVice Chairperson, ACCA Pakistan Members Network Panel

Aiming High - Mubashir Dagia:

Chairman, ACCA Pakistan Members Network Panel

Success means different things to different people. For Mubashir Dagia, Executive Director of Technology Trade (Pvt.) Ltd and partner in DATArecall, it involves an ongoing string of accomplishments that when put together, add up to a major achievement in life. ‘If you ask 100 people what their definition of success is, you may get 100 different answers. Success is measured in many areas, such as career, academics, health, spirituality, emotions, and finances. When defining success, remember one important thing – it is a journey and has multiple peaks and valleys and not one ultimate pinnacle. One success builds on another while setbacks and mistakes help towards achieveing it.’ These are profound words coming from a young man who has recently stepped into his 30s.

It is clear that Dagia idolises his father, who worked for the KESC for 18 years as a Senior Executive and was also founder director of Jahangir Siddiqui & Co. Ltd as well as Technology Trade (Pvt.) Ltd. Technology Trade (Pvt.) Ltd is one of the largest share registrar and transfer agent service provider to listed companies, the mutual funds industry of Pakistan and the investment administration services providers. Dagia initiated his professional studies from CAT and completed it in the first attempt. He then went to Singapore for his final ACCA studies. It was in Singapore that he noticed that companies in the corporate sector did not keep their records for more than a year but outsourced old records to record storage service providers. He came back to Pakistan and after completing his training, joined his father in Technology Trade (Pvt.) Ltd. To further expand business, he went back to Singapore and Malaysia to undertake a research study of the concept of record storage and management services. ‘I visited different organisations and associations that record storage and after

getting an insight of different projects, came back and started working on a local project.’ In June 2008 DATArecall was ready to be launched with state of the art facilities. ‘After exactly one year, we had been appointed by different national and multinational organisations of Pakistan for record storage and management. These include JS Bank, JS Investments, BMA Group, A.C. Nelson as well as the CDC Pakistan. We are the only ones in the industry to have digitalised 100% records of our clients belonging to open ended mutual funds.’ Mubashir says he opted for ACCA qualification because of its global stature and acceptability, and he feels it is a professional qualification that gives him an edge over others. He feels the qualification created opportunities for him and his business to flourish. ‘Being an ACCA member certifies that I possess technical skills as well as knowledge and also implies that I would adhere to ethical codes of conduct.’

Dagia believes that ACCA members as well as members of other professional accountancy bodies currently face a challenge in terms of involvement of IT in accountancy. ‘The traditional accountant’s job involved debit and credit, recording transactions and making final accounts. All this is currently being taken care of by machines, simply by punching data in the system and this is all that is required to make final accounts. This rapid sophistication in information technology requires professional accountants to be more accurate and transparent in their jobs, thus ACCA with IT related knowledge will always have an upper hand.’ Other than his professional involvement, Dagia is also working on a social service project called Concerned Citizen for Civic Rights. It is an NGO dedicated to highlight issues involving different projects of Karachi, suggestions to the government organisations, and highlighting areas of civic importance.

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Word for word“In order to succeed, your desire for success should be greater than your fear of failure”Bill Cosby, American actor, comedian and producer. “Continuous effort - not strength or intelligence - is the key to unlocking our potential”Winston Churchill, former British Prime Minister “Does anybody really think that they didn’t get what they had because they didn’t have the talent or the strength or the endurance or the commitment?” Nelson Mandela, former South African President and AIDS crusader “I plan on opening an academy soon, where I will train young tennis players. I’ll be the happiest man on earth to see many more Aisams being produced who may also glorify Pakistan’s name”Aisam ul Haq, Pakistani tennis player “We are always more anxious to be distinguished for a talent which we do not possess, than to be praised for the fifteen which we do possess” Mark Twain, American author “Any life, no matter how long and complex it may be, is made up of a single moment - the moment in which a man finds out, once and for all, who he is” Jorge Luis Borges, Argentinean writer, poet and critic “There are two kinds of talent, man-made talent and God-given talent. With man-made talent you have to work very hard. With God-given talent, you just touch it up once in a while” Pearl Bailey, American actress and singer

“Everyone has talent. What is rare is the courage to follow the talent to the dark place where it leads” Erica Jong, American author and teacher “I believe talent is like electricity. We don’t understand electricity. We use it. You can plug into it and light up a lamp, keep a heart pump going, light a cathedral, or you can electrocute a person with it. Electricity will do all that. It makes no judgment. I think talent is like that. I believe every person is born with talent” Maya Angelou, America’s most visible black autobiographer and political rights activist

January Talent gymnasium – Karachi, Lahore and Islamabad

ACCA Qualifications presentations – Karachi, Lahore and Islamabad

Approved Employer ceremonies – Karachi, Lahore and Islamabad

Focus 4th issue 2010 - circulation – Karachi, Lahore and Islamabad

February Dawn education expo – Karachi, Lahore and Islamabad

ACCA Qualifications presentations – Karachi, Lahore and Islamabad

Approved Employer ceremonies – Karachi, Lahore and Islamabad

March ACCA new members ceremonies – Karachi, Lahore and Islamabad

Train the trainer – Karachi, Lahore and Islamabad

ACCA Qualifications presentations– Karachi, Lahore and Islamabad

Approved Employer ceremonies – Karachi, Lahore and Islamabad

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