Today, IFAC released a Point of View: Greater Transparency and Accountability in the Public Sector.
The public sector is facing a myriad of competing priorities, including an unprecedented global health crisis and climate emergency, and must make critical decisions that will affect generations to come. In this environment, helping citizens understand how public funds are being managed and spent, as well as the reasoning behind and consequences of decisions made, can meet the heightened need for transparency and accountability necessary to retain and grow stakeholder trust.
IFAC’s Point of View explores the need for strong governance and public financial management (PFM), so that governments and public sector entities around the world can make informed, data-driven decisions for people, the planet, and the economy. It also outlines how the accountancy profession, with its public interest mandate, can support the public sector in achieving long-term financial sustainability and resilience, to help create a better world with stronger economies and fairer societies.
“Our latest POV focuses on actionable steps that professional accountants in the public sector can take to foster trust and increase resilience globally,” said Kevin Dancey, IFAC CEO. “Calls for transparency and accountability in the public sector are not new, but we have outlined systems, processes, and practices the public sector can integrate to achieve the strong financial management necessary to build a sustainable, inclusive, and prosperous future for all of us.”
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 180 members and associates in 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.