The Chartered Institute of Public Finance and Accountancy (CIPFA) and the Institute of Chartered Accountants of Bangladesh (ICAB) today signed a Memorandum of Understanding (MoU) to help strengthen public financial management in Bangladesh.
The MoU outlines the future relationship of cooperation and collaboration between the two institutes and seeks to build confidence and capacity, enhancing governance processes in public sector institutions.
The signing ceremony took place at the ICAB office, attended by Gillian Fawcett, CIPFA Head of Governments Faculty, Ian Ball, CIPFA International Chairman, and ICAB representatives.
Rob Whiteman, Chief Executive of CIPFA, said: “We are very excited at the opportunity to forge closer ties between CIPFA and ICAB and by working together we hope to support and strengthen good public financial management in Bangladesh.
“Through this closer collaboration, CIPFA will offer advice and advocacy to ensure that the public sector in Bangladesh is contributing to the economic development of the country.”
Adeeb Hossain Khan, President of ICAB, has commented: “An efficient system of public financial management is crucial to a sustainable economy and we are looking forward to sharing expertise and experience with CIPFA in order to better serve our country and improve outcomes for the citizens of Bangladesh.”
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The purpose of this Memorandum of Understanding (MOU) is to create a basis for cooperation and collaboration between CIPFA and ICAB for the advancement of high-quality public financial management in Bangladesh through joint activity in a number of areas including, but not limited to: capacity building in the area of public financial management within ICAB and amongst its members; the development of a 'Centre of Excellence' to strengthen the accounting profession and public financial management in Bangladesh; professional development enabling opportunities for membership; and consideration of further opportunities in the future.
The Chartered Institute of Public Finance and Accountancy (CIPFA) is one of the leading professional accountancy bodies in the UK and the only one which specialises in the public services. It is responsible for the education and training of professional accountants and for their regulation through the setting and monitoring of professional standards.
Uniquely among the professional accountancy bodies in the UK, CIPFA has responsibility for setting accounting standards for a significant part of the economy, namely local government. CIPFA’s members work (often at the most senior level) in the public service bodies, in the national audit agencies and major accountancy firms. They are respected throughout for their high technical and ethical standards and professional integrity. CIPFA also provides a range of high quality advisory, information and training and consultancy services to public service organisations. As such, CIPFA is the leading independent commentator on managing and accounting for public money.
Both the Institutes are 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 organisations and departments. CIPFA will consult with ICAB regarding activities in Bangladesh seeking advice and guidance where appropriate and will seek to collaborate on all appropriate opportunities.