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Accountancy vital to African economic confidence –Expert

By on May 19, 2015

The Institute of Chartered Accountants in England and Wales says a strong accountancy and finance profession is vital for the development of Africa’s national economies.

The Senior Adviser, International Development, ICAEW, Mr. Tony Hegarty, who stated this, stressed the need for robust accountancy bodies to safeguard public finances, business and infrastructure for the long term.

He spoke to delegates at the African Congress of Accountants in Mauritius last week.

He spoke along with the Regional Director, ICAEW Middle East, Africa and South Asia, Mr. Michael Armstrong.

The ICAEW official addressed an audience of over 1,500 accountancy and finance delegates from across Africa at the third biennial congress.

Hosted by the Pan African Federation of Accountants and the Mauritius Institute of Professional Accountants, the conference examined the theme ‘Rising Africa: partnering for results’.

According to a statement by the organisers, the delegates explored the role of chartered accountants in delivering long-term sustainable economic success across Africa.

The ICAEW senior adviser urged fellow national accountancy bodies to act as advocates for international accounting standards and best practice in order to stabilise public finances and create a climate that could attract investment.

Drawing from experience in the United Kingdom and international partnership projects, Armstrong and Hegarty presented the results of the ICAEW’s work on public finances.

The statement quoted Hegarty as saying, “So far, the ICAEW has worked in partnership with bodies in seven African countries to deliver capacity building projects. A robust accountancy profession serves the public interest, promotes investment, safeguards sound financial management by governments and helps to develop more resilient businesses.

“It can increase social mobility by offering opportunities to talented young people – whatever their background. The ICAEW firmly believes that by supporting strong national bodies, we are helping to set the foundations for sustainable economic growth, and we are delighted to be here at ACOA to share and investigate real solutions with our fellow bodies in Africa.”

As part of the conference, the ICAEW also renewed its Memorandum of Understanding with the Institute of Certified Public Accountants of Kenya.

 

 

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