LEADING PUBLIC sector figures claim public sector accountants face a perfect storm of challenges in trying to improve accountability and transparency, in the industry.
Former cabinet secretary Lord Butler and former minister Lord Rooker were among the academics who spoke at the ACCA international public sector conference. The attendees concluded public sector finance professionals face a “perfect storm” of challenges.
“Achieving fiscal, environmental, or social sustainability will be a key challenge for the public sector; it won’t be easy to balance each challenge’s competing demands,” said ACCA’s head of public sector.
“Through integrated reporting, carbon accounting, a background in finding value for money, and even the skill-sets to report on well-being, accountants are well-placed to consolidate the apparently divergent demands placed on the public sector and ensure the public sector has a sustainable future,” she said.
Concerns were also raised about the changes to public auditing. CBE from the committee on standards in public life, David Prince claims changes to public auditing in England will affect independence and could see audit fees become an important issue.
The conference is available to view online at www.acca-conferences.com for £34.99.
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Head of editorial Kevin Reed discusses this week's important accountancy news, including Brexit and audit market evolution