In this article we will provide you with importaance of public accountability PDF for easy studing at anytime, public accountability had become issue and problems to deal with it, sometimes makes people ask aforemention question.
Financial Accountability in the Public Sector essentially means that those responsible for im
Accountability in public sector is the obligation to provide answers and explanations for one’s actions to those who have a legal right to request them or who have a reasonable expectation of receiving them.
Summary of Contents
IMPORTANCE OF PUBLIC ACCOUNTABILITY PDF
Financial Accountability in the Public Sector essentially means that those responsible for implementing public policies using public resources should be required to explain their actions to their electorate, which may be a composite of interest groups of individuals and institutions.
Reasons or Justifications for Accountability
Financial accountability in public sector is required since the executive branch of public sector organizations obtains financial resources directly from citizens or through contracts.
This fosters a relationship of accountability, with the government held accountable for how these revenues are spent. It requires governments to justify to citizens the raising of public monies and their use.
When Aristotle states, “To protect the Treasury against fraud, all public money should be issued publicly in front of the entire city, with copies of the accounts kept in each of the wards.
“This demonstrates the critical nature of fiscal transparency and accountability in the administration of public funds.
Accountability can be established by establishing suitable government accounting systems that track all forms of public financial resources.
The Financial Control Concept
Another strategy to maintain proper accountability is to manage public resources effectively, which involves both revenue and expenditures. All performance indicators, including revenue, expenditure, obligations, and budgets, will be required during the control process.
Revenues Control is sometimes defined as the process of ensuring that all government earnings, regardless of source, are deposited in the government’s principal account, namely the Consolidated Fund.
The various revenue collection agencies of the government are mandated to ensure that funds generated are deposited in designated accounts for eventual transfer to the government’s Bank of Ghana accounts.
Accountability refers to the need to explain and justify one’s actions to those who have a legal right to seek them.
Financial Accountability in the Public Sector is primarily about requiring those responsible for implementing public policies through the use of public resources to justify their actions to their constituents.
The public sector accounting post or guides or articles are not limited to these 10 countries alone:
- United States
- South Africa
But instead targeted all the countries in the world since public sector accounting is being practice in every country in the world, so wherever country you are in the world can read public sector guides here since public sector accounting applications are similar.