CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. CIPFA leads the way in public finance globally, standing up for sound public financial management and good governance around the world as the leading commentator on managing and accounting for public money.
Rob Whiteman, CIPFA CEO, in a special message to PIPFA Members said:
“CIPFA and PIPFA are both committed to serving the public interest and so it is a natural step to renew our MoU for us to continue the momentum to help build capacity in public financial management in Pakistan. As with ICAP, and with PIPFA we will work to enhance capabilities within public finance in the country to ensure they are in the best possible position to comprehensively account for its public purse.”
This Memorandum of Understanding (MOU) has been signed with few new features including a reduced CIPFA Membership fee for new registration and for continuation of CIPFA Affiliate Membership. The purpose of signing the MOU is to create a basis for cooperation and collaboration between CIPFA and PIPFA for the advancement of high quality public financial management in Pakistan through joint activity in a number of areas including the development of the Accounting Profession in the public sector to strengthen Public Financial Management in Pakistan;
Objectives and principles
The purpose of this Memorandum of Understanding (MOU) is to create a basis for cooperation and collaboration between CIPFA and PIPFA for the advancement of high quality public financial management in Pakistan through joint activity in a number of areas including, but not limited to:
- The development of the Accounting Profession in the public sector to strengthen Public Financial Management in Pakistan;
- The development of membership routes to support and strengthen the accounting profession and public financial management through PIPFA, in Pakistan;
- Identify and collaborate jointly on capacity building projects on Pakistan, to strengthen the accounting profession and public financial management, collaborating jointly in conducting PFM Conferences for local students, holding various short courses for students of CIPFA and PIPFA on IPSAS and other relevant topics;
- Collaborating jointly to hold PFM conferences, preferably with PIPFA and its sponsoring body (under agreement with CIPFA), for PIPFA members and government staff and other members of professional bodies;
- Propose, develop and implement relevant short courses on relevant topics for PIPFA members and government staff;
- Engagement to identify further opportunities in the future.
- Route to CIPFA Membership
- CIPFA membership is a recognized symbol of professional excellence which influences public financial management worldwide. PIPFA members joining the CIPFA network will build on existing skills and training to keep them up to date with the latest developments in public finance, gain accreditation and get access to a range of products and services to enhance knowledge, skills and career development. CIPFA has identified the following route for PIPFA members to get recognized for their experience and training in the public sector.
- CIPFA Affiliate Membership:
Full members of PIPFA in good standing, working in the “public sector” can be offered the CIPFA Affiliate Membership designation. This is based on four exemptions being awarded from the CIPFA International Public Financial Management qualification.
- PIPFA members should complete the online application form and submit their CV which will be assessed for their “public sector” experience via the CIPFA membership committee, to award CIPFA Affiliate Membership.
- PIPFA members applying for CIPFA Affiliate Membership will pay no exemption fees and are exempt from our workplace practical experience requirements up to the level of CIPFA Affiliate Membership.
- CIPFA full membership can be sought by PIPFA members through completing the remaining papers in the CIPFA qualification. Additional exemptions may be awarded based on PIPFA options taken, and upon proof of successful completion.
- Proposed benefits for CIPFA Affiliate Members will include:
- Member access to CIPFA website materials.
- Access to Management Direct online support tool developed by CIPFA and CMI (Chartered Management Institute) including videos, e-learning modules, checklists, articles and e-books.
- Access to our member technical enquiry service.
- Member discounts on training and publications.
- Access to online e-learning.
- Receive twice weekly Public Finance International e-newsletter.
- Online access to Public Money and Management publications.
- Public sector – Definition
- Public sector is broadly ‘Government’, including either National, Provincial, Local level, and any organisation that provides or works with public services. And any organisation or body that is:
- owned or controlled by government or in which a ‘Government’ has an interest of above 20%
- supervised directly or indirectly by ‘Government’ and not trading for profit
- funded wholly or substantially by ‘Government’
- supplying utility services
- supplying services, subject to price regulation, either immediate or potential, by a statutory body
- wholly or largely concerned with auditing, supervising or funding public service bodies
- administering or supervising the administration of pension, insurance or superannuation schemes established primarily for officers and employees and dependants of officers and employees of ‘government’ or body or organisation referred to above
- other such public bodies or organisations may, from time to time, be recognised by the CIPFA Council as public sector.
- Fees for CIPFA membership
- The membership fee for PIPFA members (both Associate and Fellow members) for CIPFA membership is GBP 39 (discounted rate). The payment made through credit card is encouraged and payment to be made in GBP.
- CIPFA International Public Financial Management qualification
- The following CIPFA papers will be awarded as exemptions to members of PIPFA. Any additional exemptions will be awarded subject to amendments to the PIPFA qualification and module choices.
- Company Financial Reporting
- Audit and Assurance
- Financial Accounting
- Management Accounting
- The additional exemptions in following subjects are available to individuals who have successfully completed these PIPFA equivalent subjects;
- Strategy and Policy Development
- Public Service Financial Reporting
- Business and Change Management
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MoU for Educational Collaboration Between PIPFA & (CIMA) U.K.
17-August-2015
In continuation of Institute’s effort for national and international collaborations, you will be pleased to know that one more feather has been added to PIPFA’s cap.
This time, it is CIMA. PIPFA has signed an MOU with Chartered Institute of Management Accountants (CIMA) U.K.
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(Click to Show Details)
A venerated ceremony was held on August 17, 2015 at Pakistan Audit & Accounts Academy, Lahore for signing of MOU.
President PIPFA & Regional Director CIMA inked the MOU. Mrs. Rozina Muzammil, Executive Director PIPFA & Ms. Javaria Hassan, Head of Pakistan, CIMA signed MOU as
witnesses.
Mr. Shahzad Raza Syed (Secretary PIPFA & Director General, Pakistan Audit & Accounts Academy), Mr. Sajid Hussain, Member BOG and delegations from CIMA and Pakistan Audit &
Accounts Academy, Lahore were few of other dignitaries of the event.
KEY HIGHLIGHTS OF MOU:
EXEMPTIONS FOR PIPFA STUDENTS AND MEMBERS
- CIMA agrees to the following exemptions for PIPFA candidates who have successfully passed the final examination of the PIPFA syllabus and have been admitted as a member:
(a) Complete Exemption from Certificate Level comprising of the following 5 Papers:
- Paper C01 - Fundamentals of Management Accounting
- Paper C02 - Fundamentals of Financial Accounting
- Paper C03 - Fundamentals of Business Mathematics
- Paper C04 - Fundamentals of Business Economics
- Paper C05 - Fundamentals of Ethics, Corporate Governance and Business Law
(b) Exemptions in following papers in 2015 CIMA Professional Qualification:
- E1 – Organizational Management
- P1 – Management Accounting
- F1 – Financial Reporting and Taxation
- PIPFA Members coming through the route given above will pay a registration fee of GBP 40.
- PIPFA Members will be given the exemption fee waiver when applying for exemptions in the subjects mentioned above.
JOINT INITIATIVES AND COOPERATION
- Parties will exchange study material developed by each Institute and assist in the development of study materials. Copyright of each Institute’s work shall be maintained at all times.
- Parties will assist and cooperate in conducting applied research on management accounting and related areas through an appropriate mechanism with focus on contemporary
domains.
- Parties agree to exchange publications and also permit each body to publish articles in their own journal/magazines/newsletter with due acknowledgement to the source of the article.
- CIMA will share the thought leadership outputs with PIPFA.
- To invite, support, attend and conduct seminars, conferences and joint activities mutually beneficial to both parties with focus on contemporary areas.
- Parties agree to ensure the high ethical standards of the profession and its members.
- The two institutes agree to work towards allowing appropriate access linkage to the websites of their Institutes from their own websites.
- The two institutes agree to share the developments in the areas of common interest at the International Level including interaction with UN and other Regional / International /
Multinational bodies and Institutes.
- Parties agree to engage in any other activity mutually acceptable to the governing council board of the two institutes.
- 13. No binding legal relationship will come into effect between the Parties. The matters referred to in the MOU are based only on the present mutual intentions of the parties and will
not create liability on either side.