LAHORE: The Association of Chartered Certified Accountants (ACCA) and the Institute of Cost Management Accountants of Pakistan (ICMA Pakistan) have joined forces by signing a memorandum of understanding (MoU) to jointly train the public sector professionals in the country on international accrual-based accounting standards to enhance the quality, consistency and transparency of public sector financial reporting and help rebuild the public trust.
The announcement was made at a virtual MoU signing ceremony on Monday 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, ICMA Pakistan President Zia-ul-Mustafa and Head of ACCA Pakistan Sajjeed Aslam.
Under this partnership, a certificate in IPSAS will be delivered jointly by the ACCA and the 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 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, he added.
Addressing the ceremony, ICMA Pakistan President Zia-ul-Mustafa said they were pleased to partner with the 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.
Copyright Business Recorder, 2020