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Certified Management Accountant (CMA), certified established in 1919 by the American Institute of Management Accountants CMA certificate  (Institute of Management Accountants, IMA) established a professional certification system, is currently the world for management accounting and financial management the authority of the certification. Certified Management Accountant (CMA) and Certified Public Accountant (CPA), Internal Auditors (CIA) and called the accounting field with three international certification.
COST AND MANAGEMENT ACCOUNTANTS FOUNDATION (Registered Under Societies Act XXI of 1860) ST-18/C, Block-6, Gulshan-e-Iqbal, Karachi-75300 CMA FOUNDATION OFFERS MERIT- BASED SCHOLARSHIPS TO CHILDREN OF ICMAP QUALIFIED MEMBERS The CMA Foundation had sometime back announced that it would offer “Merit Scholarships” to those children of ICMAP qualified members, who secure any of the top three positions in any examination from any Board or University in Pakistan. This Scheme was appreciated by the members, however, formal applications were not received from any member. As such, the Foundation has decided to float this message afresh to inform our members that this Scheme still exists for their benefit. ICMAP Members (Including families of deceased CMAs) are invited to apply as and when an offspring achieves the distinction of securing one of the three top positions in any Board/University Examination. They can send a formal application, along with supporting documents, in the name of CMA Foundation. An Evaluation Committee, to be formed by CMAF Board, would scrutinize the applications, documentary evidence etc. and decide the amount of scholarship to be awarded, on a case-to-case basis. By way of background, it is added that CMA Foundation (CMAF) was established in 2001 to act as a platform dedicated to taking initiatives for practice development, capacity building and welfare of ICMAP members. Since then, the Foundation has been contributing a significant role towards the development of Management Accounting profession in Pakistan, however its activities were not so conspicuous initially. In early 2008, the Foundation embarked on organizing executive development programs for its members, corporate sector and other professionals. These training workshops focus not only on developing professional skills, but also the soft/ inter-personal/ people/ emotional intelligence skills. The objectives of these workshops are manifold: (a) Greater awareness among our members of the need for continuous learning and acquiring soft skills to reach leaderships positions. (b) Identifying potential trainers in CMA fraternity and providing them a platform for honing their skills. (c) Provide members access to top quality training at all stations e.g. Multan, Faisalabad, Quetta, Peshawar, (d) Image building of CMA profession through greater visibility. (e) Develop a steady revenue stream, to launch academic/non-academic initiatives for the benefit of CMAs. During one year i.e. March 2008 to February 2009, the Foundation has organized 23 training workshops at Karachi, Lahore, Islamabad, Multan and Faisalabad. The Foundation has now plans to take the above welfare initiative. More such initiatives will follow as CMAF makes further progress. This issues with the consent of the Chairman, CMA Foundation. Deputy Director Research For CMA Foundation Tel: 99243900 Ext: 117 Email: firstname.lastname@example.org COST AND MANAGEMENT ACCOUNTANTS FOUNDATION (Registered Under Societies Act XXI of 1860) ST-18/C, Block-6, Gulshan-e-Iqbal, Karachi-75300 CMA FOUNDATION OFFERS LIFE MEMBERSHIP TO ICMAP SENIOR MEMBERS The CMA Foundation is pleased to offer its “Life Membership” to those senior Cost and Management Accountants (CMAs) who have now attained the age of sixty years. They can become a life member of the Foundation by one-time payment of Rs. 2500/-. The Executive Board of the Foundation has taken this decision to encourage our senior members to come forward, share their experience with our young qualified members, and guide them to play a vibrant role for the cause of the professional development. Needless to say that a blend of drive, initiative and dynamism of our young CMAs and the vast experience, acumen and time-tested wisdom of our senior members could provide the much-needed impetus to the Foundation. The CMA Foundation (CMAF) is a platform dedicated to taking initiatives for practice development, capacity building and welfare of ICMAP members. The underlying motive of ICMAP in setting up the Foundation is to further intensify its efforts in diversified fields of research, consultancy, capacity building, and other professional ventures, having relevance to the Management Accountants. Over the years, the Foundation has established its position and gained recognition in the professional circle as a sister institution of ICMAP. It has created opportunities of growth and learning for the qualified CMAs and students. To fulfil its mission, the Foundation has also acted as a bridge, linking the profession with the industry. It frequently organizes training programs and workshops on topics having a direct bearing on the profession. Most of its programs are focused on industry-specific issues, tailor-made for CMAs employed in the industry, in order to make them play a strategic role of growth driver, value creator and business facilitator. The Foundation is deeply committed to strengthen these programs and explore new areas for the benefit of the management accountants. In this context, the Foundation plans to organize high quality programs on market need basis, with special focus on professional, inter-personal and organization developments. We invite you to become a member of the Foundation and work together for the development of the profession in many directions. For your study, the Byelaws of CMA Foundation are attached. For Registration - please send us your complete details such as ICMAP Membership number, postal address, contact numbers (phone, fax, email), company profile, company size, area of specialization (e.g. cost audit, taxation etc). A Demand Draft / Pay Order of Rs. 750/= covering the prescribed admission fee and annual subscription for 2009-2010 may also be forwarded along with registration details. The Cheque/ Pay Order should be in favour of “CMA Foundation”. The senior members are encouraged to avail the ‘Life Membership’ offer by paying Rs. 2500/- only once in lifetime. This issues with the consent of the Chairman, CMA Foundation. Best regards, Deputy Director Research For CMA Foundation Tel: 99243900 Ext: 117 Email: email@example.com Memorandum & Bye-Laws of CMA Foundation Memorandum & Bye-Laws of CMA Foundation COST & MANAGEMENT ACCOUNTANTS FOUNDATION 3.6 To organize joint ventures and/or consortiums of the practicing members for obtaining and/or completing practicing assignments, MEMORANDUM OF ASSOCIATION monitor their progress, coordinate their activities and provide them necessary technical assistance. 1. The name of the Foundation shall be “COST & MANAGEMENT ACCOUNTANTS FOUNDATION” 3.7 To enter into agreement and arrangements with any Government, Semi Government or Private Bodies, Institutes/Institutions at home 2. The registered office of the Foundation shall be situated in Karachi, St. and abroad including ADB, IMF, World Bank, UNO and its affiliated 18/C, Block 6, Gulshan-e-Iqbal, Karachi-75300 bodies and other world bodies for procuring and organizing assignments for practicing members of Institute of Cost & 3. The aims and objects of the Foundation shall be as under: Management Accountants. 3.1 To promote the Cost & Management Accountancy as an 3.8 To organize lectures, seminars, conventions, conferences, group independent profession in public practice. discussions, symposiums, workshops and exhibitions for the achievement of the aims and objects of the FOUNDATION and for 3.2 To develop the concept of independent public practice by continuing professional education of the members either under the the practicing members of Institute of Cost & Management auspices of the Foundation and/or in collaboration with ICMAP or any Accountants in the field of Cost & Management other body. Accounting, cost and financial audit, cost certification, management consultancy and other relevant fields. 3.9 To print, publish, issue, circulate and assist and aid in printing, publishing, issuing and circulating papers, periodicals, bulletins 3.3 To assist and encourage the members of profession in books and other professional, technical, scientific and useful works, setting up independent practice. efforts and undertakings of or for the benefit of members and the Foundation. 3.4 To assist the practicing members in organizing their practice on sound footing with high ethical standards and 3.10 To assist the members of ICMAP in their professional activities and contributing their share in economic development of the in maintaining high standards in their respective profession and to country by rendering service to country’s industry and organize professional work assignments/activities and to represent commerce to make their operation more economical and such members in these affairs. efficient. 3.11 To foster coordination with similar organizations and /or association 3.5 To procure for or assist the practicing members in in other countries as well for mutual benefits in furthering the objects procuring professional assignments including but not of the Foundation. limited to cost & financial audit, tax audits, cost certification, system analysis, feasibility studies, setting up 3.12 To promote, establish, manage, control, supervise, grant, aid or of manual and computerized systems, project and render such other assistance to any person, company, society, performance evaluation, tax planning and all other matters corporate body or undertaking or association of persons as may be which the Cost & Management Accountants are trained to conducive to or to further or to achieve any of the objects or undertake. purposes of the Foundation. 3.13 To invest the moneys of the Foundation not immediately required in such securities, bonds or other properties, movable or immovable, or otherwise in such manner as may from time to time be determined by the Executive Board. ____________________ 1 _____________________ ____________________ 2 _____________________ Memorandum & Bye-Laws of CMA Foundation Memorandum & Bye-Laws of CMA Foundation restricted by reference to or inference from the terms of any other 3.14 To raise and borrow any moneys and funds required for the sub-clause and none of such sub-clause or the objects therein purposes of the Foundation on such securities as the Executive specified or the powers thereby conferred shall be deemed Board may deem fit. subsidiary or merely auxiliary to the objects, mentioned in any other clause or sub-clause. 3.15 To purchase, take on loans, exchange, hire or otherwise acquire any real or personal, immovable or movable properties 5. The income and property of the Foundation howsoever and and any rights and privileges whatsoever and to build, whensoever derived shall be applied towards the objects of the construct, demolish, alter and maintain buildings, houses or Foundation as set forth in the foregoing Memorandum of other constructions required or convenient for any of the objects Association and no portion thereof shall be paid, applied or stated hereinabove or deemed beneficial in the interest of the transferred directly or indirectly by way of dividend, bonus or members of the Foundation at large. otherwise or by way of profit to the members of the Foundation; provided always that nothing shall prevent the payments in good 3.16 To sell, improve, manage, develop, lease, sub-lease, mortgage, faith: gift away or otherwise dispose of or deal with all or any of the properties of the FOUNDATION. i) of remuneration to any officers, employees or servants of the Foundation; or 3.17 To give or furnish guarantees or securities in furtherance of any ii) to any member of the Foundation or other persons in of the objects of the FOUNDATION. return or in reimbursement for any services rendered or to be rendered to the Foundation; or 3.18 To borrow moneys from banks, financial institutions, iii) the payment of return on moneys borrowed from any governments or any other sources on such terms as the member of the Foundation. EXECUTIVE BOARD of the FOUNDATION deems proper. iv) The Foundation will be run on non-political, non- commercial and non-religious basis. 3.19 To accept moneys and things on gratis or contribution voluntarily made by any individual, Institution or organization; We, the subscribers to this Memorandum of Association, are local, Pakistani or International. desirous of being formed into a Foundation in pursuance of this Memorandum of Association. 3.20 To establish, open or maintain branches, chapters or centers in any part of Pakistan or abroad. S.No. Name with Designation Signature 1. Mr. M.H. Asif, FCMA, Chairman 3.21 To undertake all activities for welfare of ICMAP members Member National Council, ICMAP, including establishing and operating hospitals. Senior General Manager, Sui Southern Gas Co., -Sd- 3.22 To undertake all such activities as would provide for the welfare State Life Building # 3, of the members including financial assistance in deserving Dr. Ziauddin Ahmed Road, cases to the members and to the deceased members’ family Karachi. and sanction fund(s) for the purpose. 3.23 To do such acts or things as are incidental or conducive to the 2. Mr. Mohammad Ashraf Bawany, FCMA, Member attainment of the above objects or any of them. Member National Council, ICMAP, Deputy General Manager Finance, 4. AND IT IS HEREBY EXPRESSLY STATED THAT the objects set forth BOC Pakistan Ltd., -Sd- in any clause or sub-clause of these presents shall not, except where West Wharf Road, the context so requires, be in any way limited or Karachi-74000. ____________________ 3 _____________________ ____________________ 4 _____________________ Memorandum & Bye-Laws of CMA Foundation Memorandum & Bye-Laws of CMA Foundation 3. Mr. Muhammad Rafi, FCMA, Member 9. Mr. Abdur Razzaq Y. Thaplawala, FCMA, Secretary Member National Council, ICMAP, Member National Council, ICMAP, Manager (MIS/FP & E), Executive Director, Oil & Gas Co. Ltd., -Sd- Lucky Cement Limited, -Sd- th 5 Floor, OGDC House, 6-A, Mohammad Ali Housing Society, Near China Chowk, Aziz Hashim Tabba Street, Blue Area, Karachi. Islamabad. 10. Mr. Javed Iqbal, FCMA, Member Member National Council, ICMAP, 4. Mr. Badruddin Fakhri, FCMA, Member Chairman, Member National Council, ICMAP, Philips Electrical Company of Pakistan Ltd., rd Director Finance, 3 Floor, Philips Markaz, -Sd- Pioneer Cement Ltd., -Sd- M.A. Jinnah Road, th 7 Floor, Lakson Square Building No.3, Karachi. 265-R.A.Lines, Karachi. 11. Mr. Mutee-ur-Rehman Mirza, FCMA, Treasurer Member National Council, ICMAP, 5. Prof.Dr.Khawaja Amjad Saeed, FCMA, Member Senior Partner, Member National Council, ICMAP, Khalid Majid Hussain Rehman & Co., 230-C, TECH Society, Chartered Accountants, -Sd- nd Canal Bank Road, Sd- 2 Floor, Al-Malik Centre, 70 West Near New Campus, G-7/F-7, Jinnah Avenue, Lahore-545590. Islamabad. 6. Mr. Riyaz H. Bokhari, FCMA, Member 12. Mr. Abdus Sattar, FCMA, Member Member National Council, ICMAP, Member National Council, ICMAP, Former Auditor General of Pakistan, -Sd- House No. 177, St-73, -Sd- 418/S, Defence, LCCHS, G-9/3, Lahore. Islamabad. 7. Mr. Qaisar Mufti, FCMA, Member Member National Council, ICMAP, Chief Executive, Qaisar Mufti Associates -Sd- 309-Mehboob Chambers, Shahra-e-Iraq, Saddar, Karachi. 8. Mr. S. M. Zafarullah, FCMA, Member Member National Council, ICMAP, House # 130, Sector # 8, F-11/1, -Sd- Islamabad. ____________________ 5 _____________________ ____________________ 6 _____________________ Memorandum & Bye-Laws of CMA Foundation Memorandum & Bye-Laws of CMA Foundation COST & MANAGEMENT ACCOUNTANTS’ FOUNDATION BYELAWS 2.4 Any member may resign from the membership of the Foundation on submission of a resignation letter and 1. Definitions: acceptance of the same by the Executive Board. In the interpretation of these bye-laws, the following expressions 3. General Council : shall have the meaning given below unless repugnant to or inconsistent with subject or context: 3.1 All the members of the Foundation shall constitute General 1.1 “The Institute” or “ICMAP” shall mean Institute of Cost & Council of the Foundation. Management accountants of Pakistan. 3.2 The General Council shall constitute the general body of the 1.2 The “General Council” OR “Council” shall mean the Foundation. council established pursuant to these bye-laws. 4. Executive Board : 1.3 The “National Council” shall mean the National Council of the Institute of Cost & Management accountants of 4.1 There shall be an Executive Board comprising seven Pakistan. members elected and nominated as follows: 1.4 The “Executive Board” shall mean the Executive Board 4.1.1. The General Council shall elect four members as members established pursuant to these bye-laws. of the Executive Board, every year in the month of January. 4.1.2. The National Council of the Institute will nominate three of 1.5 The “Office” shall mean the registered office of the its sitting members to be the members of Executive Board, Foundation. in January every year. 2. Membership 4.2. The sitting Executive Board shall continue in office until the constitution of new Executive Board in accordance with 4.1 2.1 The Members of the Institute shall be eligible to become above. members of this Foundation on payment of an entrance fee of Rs.500/= and an annual subscription of Rs. 250/- each. 5. Office Bearers: 2.2 All applications for membership, accompanied by the The Executive Board shall elect, every year, through a majority vote, required fee, proof of the membership of the Institute, and the following office bearers from amongst its seven members, subject proof of payment of the Institute’s annual subscription up- to the condition that the Chairman will always be a fellow member of to-date shall be considered and approved by the the Institute: Executive Board. 5.1 Chairman 5.2 Secretary 2.3 The subscribers to the Memorandum of the Association of 5.3 Treasurer the Foundation being members of the current National Council of the ICMAP shall be the first members. ____________________ 7 _____________________ ____________________ 8 _____________________ Memorandum & Bye-Laws of CMA Foundation Memorandum & Bye-Laws of CMA Foundation 6. Powers of the Office Bearers: 6.3 The Treasurer shall be the financial controller of the Foundation and keep or cause to be kept a full and proper 6.1 The Chairman shall have the following powers and duties: financial record of the assets, liabilities, receipts, payments and the financial transactions of the Foundation. 6.11 He shall preside whenever present at all the meetings of the Foundation. 6.4 The Executive Board shall have the powers and authority to: 6.12 He shall supervise the work of the Foundation and 6.41 To exercise an overall control on the affairs and the instruct and guide the staff in the maters of the property of the Foundation and all such powers which Foundation. are essential for pursuance of the objectives and purposes of the Foundation. 6.13 While acting as the President, he shall be entitled to cast his usual vote as a member, but shall be 6.42 To manage the affairs of the Foundation and approve privileged to an additional casting vote in the event of all expenses provided in the budget or otherwise a tie on account of the equality of votes. deemed essential for the furtherance of the affairs and protection of the property of the Foundation. 6.2 The Honorary Secretary shall be the Chief Executive Officer of the Foundation, and subject to overall control and direction of 6.43 To authorize the Chairman, Secretary or any other the Executive Board shall have, inter-alia, the following office bearer to incur such expenditure and in such a powers and duties: manner as may be prescribed for meeting the day to day requirement. 6.21 to issue or cause to issue notices convening the 6.44 To appoint Chapters, Committees or sub-committees for any meetings of the Executive Board and the General specific purpose and delegate its powers as it thinks Council on the direction of the President. necessary to any such chapter or committee. 6.22 to keep or cause to keep records of the Foundation 6.45 To frame bye-rules for effectively carrying the aims and including proceedings of the meetings of general council objects of the Foundation and any of its committees, sub- and the meetings of the council and the committees committees or chapters. thereof. 6.46 To authorize opening of banking accounts of the Foundation 6.23 to carry out and give effect to all the decisions of the and provide for its operation in such manner as it considers council. fit. 6.24 to conduct correspondence on behalf of the Foundation; 6.47 To prepare and approve the annual report and statement of and the accounts for audit. 6.25 to employ and supervise the staff of the secretariat of the 6.48 To consider and approve any resignation that may be Foundation. received from any member. 6.26 to perform all such functions as are generally required to 6.49 To enter into agreement and arrangements with any be undertaken by the Honorary Secretary. Government, Semi-Government of Private Bodies. Institutes/Institutions or persons for the benefit of the Foundation and members of ICMAP. ____________________ 9 _____________________ ____________________ 10 _____________________ Memorandum & Bye-Laws of CMA Foundation Memorandum & Bye-Laws of CMA Foundation 6.50 To have the sole discretion of selecting members and other 9. Dissolution : persons from other professional disciplines to carry out the jobs secured. The selection will however, be based On dissolution or winding up of the Foundation after approval of 3/4th exclusively on merit. majority of the Governing Council, all assets of the Foundation after clearance of all liabilities shall be transferred to the Institute of Cost & 7. Financial Matters : Management Accountants of Pakistan. 7.1 All amounts received by the Foundation shall be deposited We the undersigned hereby certify that this is the true copy of the Bye- in one or more of bank accounts in the name of the Laws of the Foundation. Foundation established with one or more of scheduled bank to be operated jointly by two signatories approved by the Executive Board. S.No. Name with Designation Signature 7.2 The Foundation, in the annual meeting of the General Council shall every year appoint an auditor who may be a practicing 1. Mr. M.H. Asif, FCMA, Cost & management Accountant or a Chartered Accountant Member National Council, ICMAP, as may be permissible under law. Senior General Manager, Sui Southern Gas Co., -Sd- 7.3 Proper books of accounts as required by sound accounting State Life Building # 3, practices shall be maintained covering cash received and Dr. Ziauddin Ahmed Road, cash spent, assets and liabilities and income and expenses Karachi. relating to the Foundation. 8. Meetings : 2. Mr. Mohammad Ashraf Bawany, FCMA, Member National Council, ICMAP, 8.1 The Executive Board shall meet atleast 4 times in a year. Deputy General Manager Finance, The quorum of the meeting of the Executive Board shall be BOC Pakistan Ltd., -Sd- atleast 4 members present in person. West Wharf Road, Karachi-74000. 8.2 The General Council shall meet atleast once in a year to transact the following business. 3. Mr. Muhammad Rafi, FCMA, - To receive & adopt the annual report of the Executive Member National Council, ICMAP, Board and the Manager (MIS/FP & E), Annual audited accounts of the Foundation. Oil & Gas Co. Ltd., -Sd- th 5 Floor, OGDC House, - To elect Executive Board. Near China Chowk, Blue Area, - To amend and or alter the bye-laws for the Islamabad. rd Foundation if and when necessary by a 2/3 majority. - To appoint auditors of the Foundation. ____________________ 11 _____________________ ____________________ 12 _____________________ Memorandum & Bye-Laws of CMA Foundation Memorandum & Bye-Laws of CMA Foundation 4. Mr. Badruddin Fakhri, FCMA, Member National Council, ICMAP, 10. Mr. Javed Iqbal, FCMA, Director Finance, Member National Council, ICMAP, Pioneer Cement Ltd., -Sd- Chairman, th 7 Floor, Lakson Square Building No.3, Philips Electrical Company of Pakistan Ltd., rd 265-R.A.Lines, 3 Floor, Philips Markaz, -Sd- Karachi. M.A. Jinnah Road, Karachi. 5. Prof.Dr.Khawaja Amjad Saeed, FCMA, Member National Council, ICMAP, 230-C, TECH Society, 11. Mr. Mutee-ur-Rehman Mirza, FCMA, Canal Bank Road, -Sd- Member National Council, ICMAP, Near New Campus, Senior Partner, Lahore-545590. Khalid Majid Hussain Rehman & Co., Chartered Accountants, -Sd- nd 2 Floor, Al-Malik Centre, 70 West 6. Mr. Riyaz H. Bokhari, FCMA, G-7/F-7, Jinnah Avenue, Member National Council, ICMAP, Islamabad. Former Auditor General of Pakistan, -Sd- 418/S, Defence, LCCHS, Lahore. 12. Mr. Abdus Sattar, FCMA, Member National Council, ICMAP, House No. 177, St-73, -Sd- 7. Mr. Qaisar Mufti, FCMA, G-9/3, Member National Council, ICMAP, Islamabad. Chief Executive, Qaisar Mufti Associates -Sd- 309-Mehboob Chambers, Shahra-e-Iraq, Saddar, Karachi. 8. Mr. S. M. Zafarullah, FCMA, Member National Council, ICMAP, House # 130, Sector # 8, F-11/1, -Sd- Islamabad. 9. Mr. Abdur Razzaq Y. Thaplawala, FCMA, Member National Council, ICMAP, Executive Director, Lucky Cement Limited, -Sd- 6-A, Mohammad Ali Housing Society, Aziz Hashim Tabba Street, Karachi. ____________________ 13 _____________________ ____________________ 14 _____________________
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