RegulationCorporate GovernancePolitics hinders improvement to public sector financial management

Politics hinders improvement to public sector financial management

Developing countries held back in improving public sector financial management by lack of political support, says ACCA

A lack of political support and infrastructure is holding back public sector
financial management developing countries across the globe, according to a
report by
ACCA.

It argues that sustainable public financial management requires strong
leadership, long-term commitment and momentum, effective partnership working and
sound project management.

The report contains case studies from Botswana, Pakistan, Vietnam, Zambia
and Zimbabwe.

“Both developed and developing countries face real challenges in the public
sector, including improving financial management, managing risk, securing better
regulation and eradicating fraud,” said Gillian Fawcett, head of public sector
at ACCA.

“But the lack of political support and financial management infrastructure
means that these issues are more acutely felt in emerging economies.

“For example, China currently has only half the number of qualified
accountants it needs to support its work in financial reporting and corporate
governance, and to increase its rate of growth.”

Further reading:

Commons
should be scrutinised by the National Audit Office

MPs
back reform of government accounting

CIMA
slams shortfall of qualified accountants in government

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