One of the key focus areas for CAPA is improving public financial management (PFM), as reflected in our strategy.
Following the global financial crisis in 2008 and sovereign debt crises around the world over subsequent years, there has been a growing emphasis on the importance of good governmental financial reporting and an increased demand for accountability and transparency. The opportunity to improve financial reporting in the public sector is very high in many countries, and the global accountancy profession has been very active in advocating action in this regard. This encouraged CAPA to issue a position statement in mid-2011 reflecting our stand and our commitment to improve financial management in the public sector.
CAPA believes that promoting the importance, value and benefits of high quality public financial management should be a collective effort between the accountancy profession and other stakeholders across local, regional and international levels. Thus, in 2012, CAPA formed the Public Sector Financial Management Committee (PSFMC) to lead such activities.
CAPA Position Statement
1) May 2011 – Improving Public Sector Financial Management