The International Federation of Accountants signed a memorandum of understanding with the U.S. Agency for International Development; the Global Fund to Fight AIDS, Tuberculosis and Malaria; and Gavi, the Vaccine Alliance to support programming for local accounting and finance professionals and efforts to improve financial transparency, accountability and anti-corruption efforts in the public health sector around the world.
The pact aims to support continued collaboration among donors, the importance of which was emphasized during the COVID-19 pandemic, and the need for accountability and transparency on the use and stewardship of funds. The partnership between IFAC, USAID, the Global Fund, and Gavi will underline the groups’ shared commitment to strengthening public financial management globally. Through the agreement, USAID, IFAC, the Global Fund, and Gavi hope to strengthen accounting and financial professionals’ expertise and help close the gaps in accounting skills in implementing countries, which can affect the reliability and effectiveness of managing and disbursing funds.
The memorandum builds on a 2011 agreement with the goal of optimizing the joint efforts of global partners to maximize the performance of investments and support the sustainability of health programs. Ultimately, the groups hope the partnership will help improve integration of donor investments into national systems, strengthen internal controls to reduce fiduciary and financial risks, improve absorption of grants, and produce greater impact.