LAHORE: ACCA (the Association of Chartered Certified Accountants) and Institute of Cost Management Accountants of Pakistan (ICMA Pakistan) have now joined forces by signing a Memorandum of Understanding (MoU) to jointly train the public sector professionals in Pakistan on IPSASĀ®, the international accrual-based accounting standards, to enhance the quality, consistency and transparency of public sector financial reporting in Pakistan and help rebuild the public trust, says a Press release.
The announcement was made at a Virtual MoU signing ceremony on the theme ”The Importance of Strengthening of Public Sector Institutions’. The ceremony was attended by senior members of both the professional bodies, as well as by senior public sector leaders including Abdul Ghafoor Khan, Rector, Pakistan Audit & Accounts Academy, Dr Jawad Zaka Khan, Deputy Military Accountant General Pakistan, Sumaira K Aslam, Additional Secretary, Ministry of Finance, Umar Banoori, DG Accounts, Controller General of Accounts Pakistan, Zia Ul Mustafa, President, ICMA Pakistan, and Sajjeed Aslam, Head of ACCA Pakistan.
Under this partnership, a certificate in IPSAS, will be delivered jointly by ACCA and ICMA Pakistan to finance professionals working in the public sector or aspiring to join the sector in the near future.
Speaking at the event, ACCA’s Head of Pakistan, Sajjeed Aslam, said: “The Public Sector is facing a dizzying array of challenges, from declining public trust to technological disruption, that require innovative responses. The current pandemic has added an unprecedented pressure on the sector to deliver public services in the most effective manner. Therefore, there’s an urgent need for radical reforms and improved capacity. ACCA as a global force for public good is delighted to have signed this MOU with ICMA Pakistan. This is just another example of our commitment to strengthening the public sector in Pakistan, working in partnership with all the stakeholders, and upholding the public trust in the accountancy profession.”
Addressing the ceremony, Zia Ul Mustafa, President, ICMA Pakistan, said: “ICMA Pakistan is pleased to partner with ACCA to train public sector organisations in IPSAS with the goal of improving transparency and accountability, as well as the adoption of an accrual-based public financial reporting framework. The objectives are to be met by strengthening existing financial institutions within the Government of Pakistan and delivering knowledge to public sector accountants while developing the country’s public sector accountancy capacity. This MoU with the objective of enhancing public financial management will assist public sector set ups in gearing up to meet the new demands of the augmented role of the public sector organisations in providing development finance solutions for effective performance.”
Issued by the International Public Sector Accounting Standards Board (IPSASB), IPSASĀ® are cash-based standards and accruals standards used for the preparation of general purpose financial statements by governments and other public sector entities around the world.