Accountant General’s Department, ICAG collaborate to improve public financial management
The Controller and Accountant General’s Department (CAGD) last Wednesday signed a Memorandum of Understanding (MoU) on behalf of public sector institutions, with the Institute of Chartered Accountants Ghana (ICAG), to promote efficiency in accounting practice in the country.
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Under the MoU, the two institutions would work towards the adoption and implementation of International Public Sector Accounting Standards (IPSASs), identifying Public Financial Management (PFM) skills gaps within the accountancy profession, particularly in the public sector and develop a PFM centre of excellence, as well as measures including training to improve PFM skills of ICAG members and other professional accountants working in the public sector, among other activities.
The Controller and Accountant General, Ms Grace Adzroe, signed on behalf of the department, while Professor Kwame Bosiako Omane-Antwi, President of ICAG, also signed for the institute.
The MoU will expire on September 30, 2019.
According to Ms Adzroe, the MoU would reshape the implementation of programmes to improve public financial management.
She said the MoU would also introduce best international practices in the accountancy profession in the country.
“The department and the ICAG, including other agencies have developed a road map towards the International Public Sector Accounting Standards (IPSAS)” she said, adding that with high political support, the adoption of the IPSAS would enhance quality and transparent financial reporting in the public sector.
Ms Adzroe said the agreement would also help build the capacity of staff of the various government agencies to address the skills gap in accountancy practice in the public sector.
Why partnership
Prof. Omane-Antwi said the institute agreed to collaborate with the CAGD to strengthen the country’s public financial management capacity.
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He emphasised that the institute supported all PFM reforms that would improve fiscal discipline in government’s accountability and urged all professional accountants, especially those in the public sector to lend their support to the effort.