Dar es Salaam. The world’s accountants’ body, ACCA, and KPMG Tanzania, one of the prominent auditors, have signed a five-year Memorandum of Understanding (MoU) that will see the two collaborate in growing the Public Finance Management (PFM).
Head of ACCA Tanzania Jenard Lazaro said at the weekend that the pact was meant to promote the International Public Sector Accounting Standards (IPSAS), which Tanzania adopted recently.
The International Financial Reporting Standards-based IPSAS are a set of accounting standards issued by IPSAS board for use by public sector entities around the world in the preparation of financial statements.
“Given the pace of change and size of expenditure in the public sector, it is imperative that professionals working in the sector are equipped with the right skills to deal with the challenges ahead,” noted Mr Lazaro.
He said like KPMG Tanzania, ACCA was committed to providing world class services.
“We want to build accountancy skills of those working in the public sector to ensure that there is an effective management and stewardship of public funds,” noted Mr Lazaro.
“We are commitment to promoting and instilling ethical practices at the heart of business, upholding good corporate governance to help build sustainable business and ensuring it operates transparently,” he said.
KPMG advisory and markets partner Ketan Shah said the MoU was signed with the aim of cementing a two-year existing cooperation between the two parties.
“Under the pact, we look forward to promoting mutual cooperation for the advancement of the accountancy profession across Tanzania,” noted Mr Shah.
Mr Shah added there were many opportunities for them to drive higher standards of transparency and integrity in business governance.
“The motive behind for this MoU is about delivering services which are tangible to accountancy profession and which enhance the value of the accountants in the workplace,” he noted.
The two parties were optimistic that with the value of partnership they would deliver their strategy and give them global reach and relevance.