PAOs can help improve PFM by increasing engagement with the public sector
The Confederation of Asian and Pacific Accountants (CAPA) is excited to announce the launch of ‘Professional Accountancy Organisations – Engaging with the Public Sector’. The publication was developed following a public sector accountancy survey of 30 professional accountancy organisations (PAOs) across 24 jurisdictions, and examines how PAOs can help improve public financial management (PFM) by increasing engagement with the public sector.
The publications aims to identify the current extent and nature of PAO’s engagement with the public sector, and to encourage PAOs to consider increased engagement. Analysis of the survey responses revealed seven key messages which are described in the publication.
Strong PFM is essential for the provision of high-quality services by governments to its citizens, and also helps to address wastage due to inefficiency, maladministration, fraud and corruption. Findings from the survey indicated that significant specific improvements in PFM are possible, improvements that the accountancy profession could greatly assist with. Yet in many countries around the world, the profession’s engagement with the public sector in this regard is often limited and occasionally non-existent.
“We encourage all PAOs to consider their level of engagement with the public sector and find ways to develop relationships with the relevant stakeholders,” Chair of CAPA’s Public Sector Financial Management Committee, Anwar Chowdhury, expressed. “As mentioned in an earlier CAPA publication, ‘The Eight Key Elements of PFM Success™‘, the accountancy profession has an important role to play in improving public sector financial management given that the profession is committed to protecting the public interest and encouraging accountability and transparency from governments around the world,” he added.
“The publication also provides suggestions to PAOs and other stakeholders on how they might respond to the identified key messages and the actions they can take to further engage with the public sector. PAOs may consider ‘creating demand’ to demonstrate to the public and governments that well educated and trained finance personnel working within the public sector are essential; and ‘providing supply’ where PAOs are equipped to attract, educate and train such personnel, and provide support and services that encourage these personnel to take-up and maintain their membership with the PAO,” CAPA Chief Executive, Brian Blood, noted.
The publication is endorsed by the International Federation of Accountants (IFAC). For an overview of the publication, read this flyer.
To access an electronic copy of the publication, go to: Public Financial Management > PFM Publications