April 22, 2013 Off By Web Desk

Islamabad: The Institute of Chartered Accountants of Pakistan ICAP the Department of Auditor General of Pakistan DAGP and the Controller General of Accounts CGA has signed the MOU on Monday, April 22, 2013 at ICAP House, Islamabad.

The purpose of this MOU is to establish collaboration between DAGP, 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 ICAP is a professional body of Chartered Accountants in Pakistan, and represents accountants employed in public practice, business, and industry and public and private sectors.

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 organizations 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 – DAGP and CGA will be a step in the right direction.