FINANCE: New North-South Joint Venture Between ACCA and ICPAK to Support Accountancy Development
Recent Gauteng Business News
Strong information and communications technology (ICT) systems are crucial for effective operations and facilitating interaction and communication with stakeholders. The role of such systems is particularly important for emerging professional accountancy organization (PAOs) as they seek to build capacity and serve the accountancy profession. In a step toward improved ICT systems for emerging PAOs, the International Federation of Accountants® (IFAC®) today announced the selection of a joint venture between the Association of Chartered Certified Accountants (ACCA) and the Institute of Certified Public Accountants of Kenya (ICPAK) to provide guidance on building strong ICT systems for PAOs in Africa.
“This joint venture between ACCA and ICPAK is an excellent example of north-south cooperation, and will result in south-south cooperation as ICPAK continues to support other PAOs in the region,” said Alta Prinsloo, IFAC Executive Director and Chief Operating Officer. “This project will assist PAOs in navigating information and improving communications with their key stakeholders.”
The joint venture will develop guidance on designing and implementing an ICT system. The guide, which will include a model ICT implementation roadmap, will be tailored for wide application in Africa through extensive consultation with representative PAOs in the region.
“With members in all corners of the world, ACCA uses technological innovations on a daily basis, and has extensive experience of adapting these systems to suit the needs of the PAO,” said Stephen Heathcote, ACCA’s Executive Director – Markets. “To solve ICT challenges, any organization needs to have a good understanding of the principles and good practices, and have a roadmap for its end destination. We are delighted to work with ICPAK on this important project.”
“As a leading PAO in Africa, ICPAK brings a great deal of Africa-specific knowledge to this partnership—we are well versed in the ICT infrastructure challenges faced by PAOs in our region,” said Dr. Patrick Ngumi (PhD), ICPAK’s Chief Executive. “We look forward to working with ACCA, in consultation with neighboring PAOs, to develop relevant and practical tools for emerging PAOs to address these challenges.”
In 2014, IFAC received almost £5 million from the UK Department for International Development (DFID) to fund PAO capacity building in ten emerging countries over seven years. The selection of ACCA and ICPAK was made following a global Call for Expressions of Interest and an extensive proposal and review process involving multiple global organizations and the IFAC PAO Capacity Building Program Oversight Committee and Independent Selection Panel. This joint venture will continue to build on the funding agreement and support projects currently underway in Africa.
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