The Confederation of Asian and Pacific Accountants (CAPA) is excited to announce that the Institute of Chartered Accountants in England and Wales (ICAEW) has been selected to undertake the capacity building project focused on designing, implementing and improving quality assurance (QA) for audit. The project is funded by the Asian Development Bank (ADB) and will be administered in partnership with CAPA, whom will act as facilitators and advisors.

The project will directly involve and benefit the national professional accountancy organisations (PAOs) in four countries – namely the Kampuchea Institute of Certified Public Accountants and Auditors (Cambodia), Myanmar Institute of Certified Public Accountants, Institute of Chartered Accountants of Nepal, and the Samoa Institute of Accountants.

CAPA Chief Executive, Brian Blood, noted that whilst the immediate focus is on four countries, many other PAOs in the region and indeed globally are expected to benefit, with the project yielding a ‘better practice’ guide for the design and implementation of effective QA for audit. “This is another very significant milestone for CAPA,” Brian commented.

CAPA President, Sujeewa Mudalige, made the announcement just ahead of chairing his final Board meeting in Seoul, Korea. “The appointment of ICAEW by the ADB follows an extensive selection process and we congratulate them in assuming this role. We look forward to a project yielding a very successful outcome, both for the countries involved and for the wider accountancy profession.”

CAPA would like to take this opportunity to thank the ADB for their support and foresight in recognising the importance of QA for audit in strengthening the accountancy profession, which in turn assists in developing strong and sustainable economies.