The Chartered Institute of Public Finance and Accountancy (CIPFA) and the Institute of Chartered Accountants of Pakistan (ICAP) have signed a Memorandum of Understanding (MoU) at a public financial management conference held in Islamabad.
As previously reported by The Accountant, ICAP scheduled a series of meetings with different global professional bodies during the 2014 World Congress of Accountant in Rome.
The Accountant understood that ICAP and CIPFA could have strengthened ties of cooperation as a result of those meetings in Rome.
The MoU announced in Islamabad is seen as a foundation stone for the further collaboration between the two in capacity building and public financial management throughout the country, according to CIPFA.
CIPFA chief executive Rob Whiteman named the MoU "partnership" and said it would help ensure that both organisations continue to deliver the best training and support in public financial management for their respective members.
ICAP president Yacoob Suttar said mutual collaborations, such as this MoU, are nowadays the norm and a tool for growth.
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"ICAP is always looking for such opportunities for the benefit of its members and other stakeholders in public interest," Suttar added.