According to the recent #ACCA report, public audit performs a crucial role in both preventing ongoing waste of taxpayer money and boosting society’s trust and confidence about how governments spend public money – breaking out: public audit’s new role in a post-crash world.
Consequences of 2008 financial crisis continue to gravely impact the globe but the crisis has incited renewed thought among Public Auditors.
The general mood amongst finance professionals is quite positive. Auditors are eager to assume a new responsibility – Karen Smal, Acting Head of ACCA South Africa
The new ACCA report offers a collection of upbeat reflections regarding the public auditor’s role in delivering accountability and improving public services. The report gathered views from academics, policy advisers and public auditor generals from Australia to Jamaica, Scotland and Bhutan. The authors of the report also discuss issues such as improving public engagement and strengthening scrutiny and public service effectiveness. A number of suggestions are also made regarding closer liaisons with all those concerned with scrutiny and public service.
Gillian Fawcett, head of Public Sector at ACCA, says: “They say there is a need for a public audit to improve public awareness engagement, strengthen scrutiny and public service effectiveness. Auditors must penetrate beyond. If we want to better manage service failure risks and boost public trust then accountability and transparency need strengthening.”
In the South African finance market, auditors must intervene earlier in the processes by which money is allocated to departments. A strong argument has been that it is only by doing this that problems can be nipped in the bud. Providing assurance in the early stage of a project can limit the administrative failures, preventing them from spiralling into significant value for money failures.
ACCA South Africa