CIPFA (the Chartered Institute of Public Finance and Accountancy) and the Institute of Cost Accountants of India have today (25 January) signed a Memorandum of Understanding (MoU) to help strengthen public financial management in India.
The MoU creates a formal basis for collaboration and co-operation between CIPFA and the Institute of Cost Accountants of India, who both recognise the importance of responsible public sector accounting and financial management.
The MoU will also explore membership routes for Institute of Cost Accountants of India members to be recognised as CIPFA members.
The signing of the ceremony took place today in CIPFA’s head office in London with Brian Roberts, CIPFA President, and Rob Whiteman, CIPFA Chief Executive, present and the Vice President of the Institute of Cost Accountants of India, Sanjay Gupta, in attendance.
Rob Whiteman said:
“It is fantastic news that CIPFA and the Institute of Cost Accountants of India will be entering into a partnership that will allow us to share expertise in order to further our common goals.
“We at CIPFA are greatly looking forward to working with the Chartered Institute of Cost Accountants of India to build confidence and capacity which will ultimately enhance public financial management in India.”
Mr Thakur, President of the Institute of Cost Accountants of India, said:
“We are very pleased to be working with CIPFA to strengthen India’s public financial management system.
“We are confident that the signing of this MoU will enhance governance processes in public sector institutions and promote high quality public financial management in India.”
For more media enquiries contact the CIPFA press office on +44 (0)20 7543 5787 or email email@example.com
The purpose of this Memorandum of Understanding (MoU) is to create a basis for co-operation and collaboration between CIPFA and the Institute of Cost Accountants of India for the advancement of high quality public financial management in India. CIPFA and the Institute of Cost Accountants of India will engage in joint activity in a number of areas, including advocacy for financial management reform, identification of areas for capacity building, provision of a range of training opportunities, professional development enabling opportunities for dual membership, and development of proposals to international development organisations for funding to develop capacity.
CIPFA (the Chartered Institute of Public Finance and Accountancy) is one of the leading professional accountancy bodies in the UK and the only one that 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.
The Institute of Cost Accountants of India CMA is a professional body constituted under the Cost and Works Accountants Act 1959 (23 of 1959) for the regulation of the profession of cost and management accountancy. The Institute of Cost Accountants of India represents approximately 68,000 members who are either in practice or working in the private and public sector.