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KARACHI: A new joint guide by the Association of Chartered Certified Accountants (ACCA) and the International Federation of Accountants (IFAC) was released at the World Congress of Accountants (WCOA) to boost public financial management (PFM) reforms across the globe by defining for the first time the idea of professionalism specifically in the context of public sector finance.

This global guide also features good practice case studies from Tanzania, UK, Cyprus, Philippines, Pakistan, Malaysia and Wales. It provides a definition of what ‘professionalisation’ means in public sector finance, sets out its benefits, and offers a high-level roadmap to support global good practice in ‘professionalisation’.

Discussing the global guide at WCOA, Joseph Owolabi, ACCA president, said: “Professionalisation brings credibility, trust and confidence in public finances by supplementing the systems and public finance processes with the right skills for accountability, transparency, good governance and external scrutiny. A professionalised workforce within a finance function brings wide value to public sector finances – providing improved revenue collection, effective budgetary controls, and the data required to support policy decision making.”

Kevin Dancey, IFAC CEO, said: “We are looking to rebalance the focus so that it is not only on the process, but also on the people. By increasing the number of professional accountants working in the public sector, we will no doubt add to the credibility and effectiveness of PFM, and reinforce trust in public services and spending.”

Copyright Business Recorder, 2022

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