By Vivienne Russell | 24 November 2014

CIPFA has signed a Memorandum of Understanding with the Institute of Chartered Accountants of Pakistan (ICAP) to help boost high-quality public financial management in the south Asian country.

The memorandum reflects common interests of both bodies and their desire to share skills, expertise and experience, and it is hoped it will pave the way for the creation of a PFM ‘centre of excellence’ in Pakistan.

The signing ceremony took place in Islamabad today and was attended by Muhammad Zubair, Pakistan’s minister of state for privatisation, ICAP president Yacoob Suttar, CIPFA International chair Ian Ball and CIPFA chief executive Rob Whiteman.

Whiteman 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.’

Suttar said his institute fully understood the need for good governance and the importance of effective PFM.

‘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,’ he said.

ICAP has more than 6,500 members and, as well as training and examining chartered accountants, provides oversight and regulation of the profession.

It also sets standards and establishes best practice in PFM, fiscal and corporate law.