By Loukia Gyftopoulou

The Chartered Professional Accountants of Canada (CPA Canada) has strengthened its international bonds by signing a Memorandum of Understanding (MoU) with UK’s Chartered Institute of Public Finance and Accountancy (CIPFA).

Through the MoU the two bodies expect to cooperate in enhancing public sector financial management through education, increasing quality and addressing development with a global perspective.

Last year, CPA Canada entered another agreement with the American Institute of Certified Public Accountants (AICPA) which aimed at boosting consistency in forensic and technology advisory services across North America by giving CPAs in both the US and Canada access to the same technical resources and credentials, The Accountant reported.

CPA Canada was officially formed in 2014 by the merger the Certified General Accountants Association of Canada (CGA-Canada), the Canadian Institute of Chartered Accountants (CICA) and the Society of Management Accountants of Canada (CMA Canada), in a general effort to unify 40 separate entities within the Canadian accounting profession under a single body.

Commenting on the agreement CPA Canada president and CEO Kevin Dancey said the two organisations share the vision of serving public interest and will engage in building confidence and enhancing the governance processes in public sector institutions.

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By GlobalData

CIPFA executive director Adrian Pulham said the proper management of public resources is one of the most pressing issues in the wake of the European sovereign debt crisis.

He said: “Through working together to share our experience, skills and expertise both organisations will improve their capacity and encourage better public sector financial management wherever they are operating.”

The MoU was officially announced on 27 May. CPA Canada has more than 190,000 members and CIPFA has over 13,000 members.

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