The arrangement, which was sealed at a signing ceremony in Kuala Lumpur, outlines the future co-operative relationships between CIPFA, the Malaysian Institute of Accountants (MIA) and the Malaysian Institute of Certified Public Accountants (MICPA).

The partnership will also identify the areas in Malaysia’s public finance system where there is the greatest scope for development through collaboration. CIPFA will provide a range of training opportunities to develop these areas. As well as this, the MoU paves the way for both MIA and MICPA members to gain CIPFA membership.

CIPFA International chair Ian Ball said: ‘It is welcome news that our three bodies have come together to advance public financial management in Malaysia by forming a collaborative relationship that will be committed to developing practice within the country.

‘Through working together CIPFA will share its experience, skills and expertise with both MIA and MICPA to improve capacity and encourage financial management reform.’

MIA registrar Sudirman Masduki added that the signing of the MoU was a step in the right direction.

‘The three parties are committed to work together to strengthen public financial management through the enhancing of skills and identifying areas of capacity building in the accountancy profession and the public sector in Malaysia.’

MICPA immediate past president Ken Pushpanathan said a robust and effective PFM system was essential for the management of a sustainable economy and public service delivery with best practice.

MIA has more than 31,000 members working across all sectors in Malaysia and around the world.

MICPA is governed by a council of 30 elected members and has more than 3,200 members and over 500 registered candidates.