The Institute of Cost and Management Accountants of Pakistan (ICMAP) organised an international research symposium here on Tuesday at Hotel Lahore.
Anis-ur-Rehman, a Fellow of the Chartered Institute of Management Accountants (FCMA), welcomed the house and said that the purpose of the symposium was to equip the members and the outside world with the latest developments in the profession.
Guests from Sri Lanka Prof Lakshman R Watawala and Dr Anil Farnendo highlighted aspects of budgeting and costing as in Sri Lanka and the way for other countries to benefit from the same practices.
Institute of Business Management (IBM), Karachi’s Prof Syed Irfan Hyder gave a presentation on ‘Cost Competitiveness in Global Markets’ which touched upon cost management, cost minimization, and operational efficiency.
ICMAP President Iqbal Ghori emphasised the importance of the preservation and facilitation of the Textile sector by the government, as it is the largest industrial sector in Pakistan.
“Accountants are supporting the management by undertaking steps such as the effective monitoring of losses in the supply chain; improving systems to control expenses; labour and machinery and enhancing quality to achieve global benchmarks, making the products locally and internationally acceptable,” he said.
“Over 350 management accountants are working in the textile sector and are engaged in business process re-engineering. In most of the developed countries, there are more than one accounting bodies and they have equal rights for statutory audits. Keeping this in view, if management accountants in Pakistan are given the opportunity, they can help eliminate monopolies and provide people with alternative choices”, he added.
