The Institute of Chartered Accountants in England and Wales (ICAEW) and the Chartered Institute of Public Finance and Accountancy (CIPFA) have been selected to partner in the UK government’s Investment Facility for Utilising Specialist Expertise (IFUSE).
The IFUSE is a programme funded by the UK Department for International Development (DFID) aimed at improving the public finances and business environments of 29 developing countries, across Africa, Middle-East and South East Asia.
ICAEW and CIPFA are the first accountancy bodies to join the IFUSE network and will deploy staff to train officials as well as to contribute to the implementation of financial accountability policies, the DFID said in a statement.
"If we are going to end aid dependency through jobs, that means governments and businesses having access to good quality people and standards to create the right environment for investment," Secretary of State for International Development Justine Greening said.
In the last five years ICAEW has already undertaken 20 capacity building projects in several African and Asian countries, chiefly focus on strengthening transparency and improving the climate for investment.
"ICAEW has been building financial capacity with the accountancy institutes for some years and understands the vital role they play in developing their countries economic architecture. We are assisting our development partners to create a new generation of accountants so that their countries can evolve independently," ICAEW chief executive Michael Izza said.
CIPFA said it is currently working to improve financial management in eight DFID countries such as Bangladesh and Nigeria, where it is assisting national governments to introduce international public sector accounting standards.
"Good public financial management is the foundation of financial stability and economic growth no matter which country you live in. Getting this right globally will have a profound and lasting impact on the lives of individuals and on the business environment across the world," CIPFA chief executive Rob Whiteman said.
DFID said its announcement coincided with a meeting between Greening and the top five accountancy institutes where they discussed how they can cooperate with DFID in the future.
"Our accountancy profession is world class, and these ground-breaking partnerships will allow countries in the developing world to benefit from the very best expertise Britain has to offer," Greening added.