ICAP Warns Fake Chartered Accountants

The Institute of Chartered Accountants of Pakistan (ICAP) has raised concerns that some individuals, posing themselves as qualified chartered accountants from the ICAP, are getting jobs in capital markets. The ICAP had written a letter to the Karachi Stock Exchange and other financial organizations, warning them against appointments of fake chartered accountants. The ICAP had asked capital markets' organizations to verify credentials of chartered accountants from the institute. The institute had also prepared an online data base of its qualified chartered accountants to help employers verify record of candidates. The Institute of Chartered Accountants of Pakistan (ICAP) informed of complains regarding people, impersonating themselves as chartered accountants and practicing accountancy - a serious offence, punishable under section 21 and 24 of the Chartered Accountants Ordinance 1961. The ICAP has requested KSE and other financial organizations to issue a circular for verifying credentials of the serving chartered accountants.