The International Federation of Accountants (IFAC), the global organization for the accountancy profession with 172 members and associates in 129 countries, and the Chartered Institute of Public Finance and Accountancy (CIPFA) today issued for public comment a Consultation Draft for an International Framework on governance in the public sector.
The draft Good Governance in the Public Sector encourages better service delivery and improved accountability by establishing a benchmark for good governance in the public sector.
“The function of good governance in public sector entities is to ensure that they act in the public interest at all times,” said IFAC CEO Fayez Choudhury. “This obligation forms the basis for this principles-based Framework and requires a strong commitment to integrity, ethical values, and the rule of law as well as openness and comprehensive stakeholder engagement.”
“The sovereign debt crisis underlined the fact that the public sector plays a major role in society. Public expenditure forms a significant part of gross domestic product and public sector entities are substantial employers and major capital market participants,” added CIPFA Chief Executive Steve Freer. “The impact and the nature of their outputs, as well as their financing through taxation, puts a premium on strong, effective governance.”
The Framework is not intended to replace national and sectoral public sector governance codes. Instead, it is designed as a reference document for those who develop and set national governance codes for the public sector when updating and reviewing their own codes. Where codes and guidance do not exist, the Framework provides a shared understanding of what constitutes good governance in the public sector and a powerful stimulus for positive action.
This Consultation Draft was developed after an initial review of relevant governance literature and with input from a group of representatives from relevant international organizations (the International Reference Group, which is listed in the Framework). Public sector representatives and other stakeholders are encouraged to respond to the proposed Framework to help improve its applicability to entities at all levels internationally.
Contact: Matthew Patterson
CIPFA Press Office
t 020 7543 5787
Head of Communications, IFAC
Notes to editors
CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. Our 14,000 members work throughout the public services, in national audit agencies, in major accountancy firms, and in other bodies where public money needs to be effectively and efficiently managed. As the world’s only professional accountancy body to specialise in public services, CIPFA’s portfolio of qualifications are the foundation for a career in public finance. They include the benchmark professional qualification for public sector accountants as well as a postgraduate diploma for people already working in leadership positions. They are taught by our in-house CIPFA Education and Training Centre as well as other places of learning around the world. We also champion high performance in public services, translating our experience and insight into clear advice and practical services. They include information and guidance, courses and conferences, property and asset management solutions, consultancy and interim people for a range of public sector clients. Globally, CIPFA shows the way in public finance by standing up for sound public financial management and good governance. We work with donors, partner governments, accountancy bodies and the public sector around the world to advance public finance and support better public services.
IFAC is the global organization for the accountancy profession, dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of 172 members and associates in 129 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.