ICAN, CIPFA seal pact to promote public finance management

THE Institute of Chartered Accountants of Nigeria  (ICAN) and the Chartered Institute of Public Finance and Accountancy (CIPFA), United Kingdom have signed a Memorandum of Understanding (MoU) to strengthen public financial management in Nigeria.

The MoU outlines the future co-operative relationship between the two Institutes, which seeks to improve the governance of public finance within the country and helps to improve training options for those in the accountancy profession. The collaboration will also pave way for dual membership for members of both Institutes.

A statement by ICAN’s Senior Manager, Corporate Communications and Marketing, Mrs. Bunmi Owolabi, stated that the framework of the MoU reflects the overlapping interest of both bodies and their mutual desire to share expertise, skills and experience to further the cause of good financial management.

The signing ceremony took place in the UK with CIPFA’s Chief Executive, Rob Whiteman; ICAN President, Chidi Ajaegbu; its Registrar/Chief Executive, Rotimi Omotoso and some other top officials of ICAN in attendance.

Speaking on the new partnership, Whiteman explained that both CIPFA and ICAN are committed to serving the public interest through good public financial management, hence the coming together of both bodies to form a new collaborative relationship.

“Through working together, both Institutes will be able to share information, skills and expertise. It will also develop the accounting profession in Nigeria’s public sector, which will have great benefits for the country’s citizens,” Whiteman noted.

Commenting on the MoU, ICAN President, Ajaegbu said that working with CIPFA is in the interest of the public good. “There will be great improvement in the financial management of the public sectors of both countries as this relationship is mutually beneficial to both Institutes. ICAN has, with this relationship, gained another milestone as the ‘first’ in the sub-Saharan African region to go into a relationship of this nature.

“This is an exciting opportunity for both ICAN and CIPFA to continue to make the difference in the practice of Public Finance Management in Nigeria. We at ICAN are particularly excited that this MOU is coming shortly after our Institute was approved by IFAC to provide peer-to-peer capacity support services across DFID focal countries,” he added.

ICAN represents over 40,000 members who are holding sensitive positions in strategic management in different local and multinational firms, home and abroad, and also serve the government offices and public sector in different capacities.

ICAN qualification is accepted locally and globally, just as the Institute also maintains international standards of educational requirements as a member of different international bodies like Pan African Federation of Accountants (PAFA) and International Federation of Accountants (IFAC).

CIPFA on the other hand is the professional body for people in public finance. With its over 14,000 members, it shows the way in public finance by standing up for sound public financial management and good governance.