KARACHI: The Institute of Chartered Accountants of Pakistan (ICAP) has taken disciplinary action against an audit firm for professional misconduct, suspending its operations and removing its name from the official register for a period of six months.
In a formal communication issued on Tuesday, ICAP stated that professional misconduct proceedings had been conducted against Abubakar Bilwani, FCA—Sole Proprietor of Bilwani & Co. Chartered Accountants and Partner at Mushtaq & Co. Chartered Accountants. Following the inquiry, the ICAP Council concluded that the member had violated professional standards and ethical obligations required of a registered audit firm.
Under the provisions of Section 20D of the Chartered Accountants Ordinance, 1961, ICAP decided to remove the name of the member from the Registrar of Members for six months, effective from February 28, 2020. Consequently, the audit firm is barred from offering services under ICAP’s accreditation during this period.
This disciplinary action underscores ICAP’s commitment to upholding the integrity and professional standards of the accountancy profession in Pakistan. The regulatory body emphasized that firms entrusted with audit and assurance responsibilities must adhere strictly to the code of ethics and professional conduct set forth by the Institute.
ICAP further reiterated that the action serves as a warning to other audit firms, highlighting that any breach of professional obligations can lead to serious consequences, including suspension and public disclosure of misconduct. The Institute continues to play a vital role in maintaining transparency, accountability, and public trust in the profession.