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CIPFA, the Chartered Institute of Public Finance and Accountancy and ICAP, the Institute of Chartered Accountants of Pakistan are delighted to announce that they have today signed a Memorandum of Understanding (MoU) between the two institutions during the inaugural session of the Public Financial Management Conference at the Serena Hotel, Islamabad.
Mr Muhammad Zubair, Minister of State for Privatization, Rob Whiteman CEO of CIPFA, Ian Ball, Chairman CIPFA International and Mr Yacoob Suttar, President ICAP were present at the signing ceremony in Islamabad. The MoU will help in the delivery of strong public financial management in Pakistan and paves the way for the creation of a new “Centre of Excellence” for public financial management within the country. The MoU sets out the basis for future co-operation and collaboration between CIPFA and ICAP.
The two institutes will now work together to advance high quality public financial management within Pakistan through capacity building amongst members of ICAP, the development of the centre of excellence and other professional development opportunities for members of ICAP.
As leading professional accountancy bodies, both ICAP and CIPFA are committed to serving in the public interest and to building confidence, capacity and enhanced governance processes in public sector institutions. The MoU reflects the overlapping interests of both bodies and their desire to share their skills, expertise and experience to further the cause of good public financial management.
In Pakistan for the signing of the MoU, Rob Whiteman Chief Executive of CIPFA said:
“The good management of public resources is a pressing issue for governments and the public around the world.
“As countries across the globe continue to learn the lessons of the global financial and economic crises we, as accountants, must be leading from the front in ensuring that public money and resources are managed well.
“This new and exciting partnership between ICAP and CIPFA will help ensure that both organisations continue to deliver the very best training and support in public financial management for our members, while serving the countries and communities that we work on behalf of.”
Speaking at the signing of the MoU, Mr. Yacoob Suttar, President of ICAP said:
“ICAP is fully cognizant of the need for good governance and the importance of effective public financial management in government departments and public sector entities. In this backdrop, ICAP decided to execute an MOU with CIPFA, the world leading institute in the area of public finance and accountancy to facilitate Pakistan in building capacity and human resource for implementation of public financial management to ensure sustainable economic growth of the country”
“Mutual collaborations such as this MOU with CIPFA are the norm in the twenty-first century and used as a tool for growth and ICAP is always looking for such opportunities for the benefit of its members and other stakeholders in public interest.”
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The Institute of Chartered Accountants of Pakistan (ICAP)
The Institute imparts training, conducts examinations for chartered accountants qualification, enrols members, accords recognition and specifies qualification criteria for other accountancy bodies operating in Pakistan that require to be recognized and accredited by ICAP, provides oversight and regulation of the profession of chartered accountants in Pakistan, sets standards, and works in the public interest for establishing best practices in the areas of accounting and finance, fiscal laws, corporate/other laws and public financial management. It is an institution of world renowned excellence and public service. Its certification is considered to be the premier qualification in the field of accountancy both locally and internationally. Its members, aggregating more than 6500, are employed in public practice, business, industry, public, and private sector.
The Institute is entering into this MOU for a limited purpose and within its legal mandate to act in public interest for promoting sound public financial management in the government and its allied organizations and departments. All the activities of CIPFA in Pakistan as mandated under this MOU will be carried out with the approval of, and in collaboration with, ICAP.
The Chartered Institute of Public Finance and Accountancy (CIPFA)
CIPFA is the professional body for people in public finance. Its members work throughout the public services, in national audit agencies, in major accountancy firms, and in other public and private sector bodies where public money needs to be effectively and efficiently managed. As the world’s only professional accountancy body to specialise in public services, CIPFA’s portfolio of qualifications is the foundation for a career in public finance. It also champions high performance in public services, translating its experience and insight into clear advice and practical services.
Globally, CIPFA shows the way in public finance by standing up for sound public financial management and good governance.