The Institute of Chartered Accountants of Pakistan (ICAP), Auditor General of Pakistan (AGP) and the Controller General of Accounts (CGA) signed a memorandum of understating (MoU) here on Monday. The MoU was signed by Ahmed Rasul Bangash, AGPR; Ahmed Saeed President ICAP; Asif Usman Khan Controller General of Pakistan. Abdullah Yusuf Council Member ICAP was also present.
The purpose of this MoU is to establish collaboration between AGP, the CGA and ICAP for the improvement of auditing, accounting, professional training and financial management in accordance with international standards and best practices. This collaboration will further enhance public and private partnership and capacity building of the Government departments and provide them professional training. The DAGP has the constitutional mandate for audit of the federal, provincial and district governments, besides prescribing, with the approval of the President, the forms, methods and principles for the accounts of the Federation and of the Provinces. The CGA has the responsibility of preparation of the accounts of the federal, provincial and district governments. Both the organisations are engaged in wide ranging reforms to enhance the quality of Pakistan's public sector auditing and accounting.
The MoU will be a milestone in capacity building for the three organisations in the multiple disciplines. With reciprocal sharing of training facilities including the use of premises or attending/participation in training courses, seminars or workshops of members of the DAGP, CGA and ICAP. Such collaboration will create synergy and will facilitate the growth and enhancement of public sector accounting and auditing. With the current focus on governance it is imperative to enhance the accounting image. Working in partnership with the public sector regulator - AGP and CGA will be a step in the right direction.