Improving Public Sector Financial Management: The Eight Key Elements of PFM Success

Brian Blood | October 5, 2015 | 3

The Confederation of Asian and Pacific Accountants has released a new guide on public financial management—Improving Public Sector Financial Management: The Eight Key Elements of Public Success—to help professional accountancy organizations engage with their governments to assess and improve public sector financial management. In this video, Chief Executive Brian Blood discusses the need for this type of guidance and how organizations can use it to achieve sound public financial management.

 

Brian Blood

Chief Executive, Confederation of Asian and Pacific Accountants

Brian is the Chief Executive of CAPA, the regional organization recognized by IFAC as representing PAOs in, or with an interest in, Asia Pacific. Brian is also an independent chair/member on a number of Australian public sector audit and risk committees involving state planning and development, transport, health and emergency services. Formerly, Brian was a partner in global accounting firms and was the President of CPA Australia in 2002. He was honored with a Centenary Medal for services to the accounting professional in Australia in 2013. See more by Brian Blood

 

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Ian Jenkins November 4, 2015

Improving public sector financial management? This week an indication the G20 wishes to play a part. China assumes the chair of the G20 in 2016. Its new five-year plan for national economic and social development will offer opportunities for the whole world, President XI Jinping said Tuesday. The aim is to strengthen the role of the G20 as a forum for global economic cooperation. “China’s 13th five-year plan cannot be realized without substantial cooperation from the world,” Xi said. The US's TPP trade agreement aims to improve discipline in global finance. The profession surely has a role here?

Muramuzi Michael November 4, 2015

Thank you Mr. Blood. We are all aiming at improving PFM since the player need our assurance. As Accountant its incumbent upon us to ensure Public goods are properly managed.

Ian Jenkins October 9, 2015

Excellent paper that advances thinking on audit. It is a pity that, at present, any plans for the effective audit of global finance are uncoordinated. Within this unsatisfactory framework the Confederation of Asian and Pacific Accountants is restricted to saying in essence that the involvement of professional accountancy organisations is "vital" to national finance. However a major problem is that many governments still aren't convinced that accurate figures and value for money are as "vital" as the profession says. Can the G20 help? Following the financial crisis in 2008, the political grouping railed at the financial indiscipline that led to the disaster; it is encouraging that the G20 is actively starting to address taxation arbitrage in global finance - this problem was highlighted in the 1920's by the League of Nations [forerunner to United Nations]. [https://www.ifac.org/global-knowledge-gateway/viewpoints/avoiding-tax-chaos-globalized-digital-21st-century]

 

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