IFAC Selects ICAEW to Help Develop Ghana’s Accountancy Profession in DFID-Funded Program
The International Federation of Accountants® (IFAC®), the global organization for the accountancy profession, today announced the selection of the Institute of Chartered Accountants in England and Wales (ICAEW) to help strengthen Ghana’s accountancy education, training, and qualification.
In 2014, IFAC received almost £5 million from the UK Department for International Development (DFID) to fund professional accountancy organization (PAO) capacity building in ten countries over a period of seven years. Today marks the first announcement of a partner to deliver on that promise.
ICAEW and the Institute of Chartered Accountants (Ghana) (ICAG), will join forces to blend international best practice and local knowledge and experience to bring Ghana’s professional accountancy education, training, and qualification in-line with the standard demanded by an expanding economy.
ICAEW will operate a project to assist ICAG in enhancing its professional accountancy qualification examination system, as well as develop roadmaps to enhancing accreditation of educational institutions and training offices, tuition provided by the ICAG School, and the practical training and experience of newly qualified professional accountants. The project will help ICAG develop its reach, influence, and capacity to fully support Ghana’s continued economic development.
Announcing the initiative in a keynote address to the annual ICAG Presidential Luncheon, IFAC President Olivia Kirtley said, “A critical component of IFAC’s global public interest mission is to support PAO capacity building.
“Today we reaffirm the importance of a robust professional accountancy education, training, and qualification to further enhance ICAG’s already strong reputation as a trusted advisor. Ghana is a regional leader, and it aspires to engage more deeply with the global economy. IFAC and DFID are committed to helping facilitate a sustainable supply of well-educated professional accountants in Ghana, who support high-quality accounting practices and financial information across all sectors. They will be crucial to boosting confidence in organizational transparency and to attracting investment,” Ms. Kirtley said.
ICAEW has extensive experience with PAO capacity building programs. It has completed more than 30 projects with PAOs, financial regulators, and government agencies, revising and launching professional qualifications, reforming regulatory and legal landscapes, and assisting with the adoption of international accountancy standards and best practices.
ICAEW Executive Director for Professional Standards Vernon Soare commented, “ICAEW’s work with ICAG and other national PAOs is aimed at strengthening public and private investor confidence, which is a key prerequisite for sustainable economic growth. We believe every country should have its own robust national PAO, complemented by a strong professional education, training, and qualification system. We look forward to working with ICAG to find the best possible combination of our respective experience to benefit the nation’s profession and economy.”
The selection of ICAEW 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 partnership is the first in a series of projects around the world making use of funding IFAC received from DFID in 2014 to develop the accountancy profession in emerging economies.
In addition to Ms. Kirtley, ICAG’s Presidential Luncheon was attended by the Prof. Naana Jane Opoku-Agyeman, Minister for Education; Hon. Seth Terkper, Minister of Finance; ICAG Council members, Vernon Soare, Executive Director, Professional Standards, ICAEW; and more than 600 professional accountants and business leaders.
About IFAC
IFAC is the global organization for the accountancy profession, dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of more than 175 members and associates in 130 countries and jurisdictions, representing approximately 2.8 million accountants in public practice, education, government service, industry, and commerce.
About DFID
The UK Department for International Development (DFID) leads the UK’s work to end extreme poverty. They are ending the need for aid by creating jobs, unlocking the potential of girls and women and helping to save lives when humanitarian emergencies hit. For more information, visit www.gov.uk/dfid.
About ICAG
The Institute of Chartered Accountants (Ghana) is the sole regulator of the accountancy profession in Ghana. It was established by an Act of Parliament, Act 170, in 1963. Its members are the only persons recognized under the Companies Code, 1963 (Act 179), for the audit of company accounts. The Institute is a member of three international professional bodies, namely, International Federation of Accountants (IFAC), Association of Accountancy Bodies of West Africa (ABWA), and Pan-African Federation of Accountants (PAFA). ICAG’s current membership stands at close to four thousand while student membership is nearly ten thousand.
About ICAEW
ICAEW is a world leading professional membership organisation that promotes, develops and supports over 144,000 chartered accountants worldwide. It provides qualifications and professional development, shares knowledge, insight and technical expertise, and protects the quality and integrity of the accountancy and finance profession.