The Institute of Chartered Accountants in England and Wales (ICAEW) has signed an agreement with the Iraq Union of Accountants and Auditors (IUAA), committing the organisation to work together to help rebuild the accountancy profession in Iraq.

ICAEW president David Matthews and IUAA president Jawad Al-Shehele co-signed the agreement yesterday (15 March). The partnership aims to strengthen the profession in Iraq and build foundations to support the country’s economic growth.

The two organisations will also work together to develop professional education for accountants in Iraq. The ICAEW’s International Capacity Building (ICB) team will advise the IUAA on achieving its strategic goals, review its current certified public accountant syllabus, and develop a roadmap and action plan for reform.

IUAA approached ICAEW because of the UK body’s experience developing accountancy qualifications. The ICAEW has completed similar projects in 30 countries across Asia, Middle East and Africa, with the aim of helping national accountancy bodies and professional accountants better serve the needs of their economies and societies.

Al-Shuhele said: “We are pleased to be partnering with ICAEW, a world leading accountancy body with the highest professional standards. This partnership aligns with Iraq’s vision for sustainable development 2030 and brings both our organisations together on a common platform to help enhance our accountancy profession in Iraq.”

Matthews said: “A skilled accountancy profession is a vital part of every strong economy and we are pleased to use our experience developing qualifications to ensure our colleagues in Iraq receive the highest quality of training.

“We are proud to work in the public interest to improve financial information and transparency, and we look forward to working with the Iraq Union of Accountants and Auditors.”