International body announces new partnership

International body announces new partnership

IFAC has announced the Chartered Institute of Public Finance and Accountancy (CIPFA) will partner with the Institute of Chartered Accountants of Zimbabwe (ICAZ) and the Public Accountants and Auditors Board, Zimbabwe (PAAB) to strengthen the capacity of public sector accountancy in the country.

"This partnership will enhance the ability of Zimbabwe’s accountancy profession to fully support the needs of the country’s public sector," said Alta Prinsloo, IFAC executive director, strategy, and chief operating officer.

"Stronger accountancy capacity in the public sector will contribute to transparency and accountability, which are crucial for all nations."

According to IFAC, the partnership will have two main components: establishing a project stakeholder advisory group and developing a comprehensive road map to strengthen accountancy capacity in the public sector.

Gillian Fawcett, head of CIPFA’s governments faculty, said she is looking forward to working with her colleagues in Zimbabwe to help improve public services for the people who need them.

“As the world’s only professional accountancy body dedicated to public finance, we can offer insight into best practice from around the globe," she said.

"Our work, such as conducting public financial management readiness assessments for the World Bank, including in Zimbabwe in 2011, means we are geared up for this challenge. Working with our partners, ICAZ and PAAB, we have a real opportunity to strengthen public financial management in Zimbabwe.”

In 2014, IFAC received almost £5 million from the UK Department for International Development to fund professional accountancy organisation (PAO) capacity building in 10 emerging countries over a period of seven years.

The selection of CIPFA was made following a global call for expressions of interest and an extensive proposal and review process involving multiple global organisations and the IFAC PAO Capacity Building Program Oversight Committee and Independent Selection Panel.

This new partnership will continue to build on the funding agreement and Zimbabwe will join Ghana, Rwanda, and Uganda, where projects making use of the funding are underway.

International body announces new partnership
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