Tag: accountability

The primary responsibility of every accountant is to serve the public interest first. But, as asked by the Roman poet Juvenal, 'Who will guard the guards themselves?' Who ensures accountants remain accountable? This is the function of professional accountancy organisations (PAOs), and it is the reason every accountant should be a member of such an association.

The COVID-19 pandemic has had a global impact. The South African government has been applauded by the World Health Organisation for its quick response to curb the spread of the COVID-19 in its early stages, and prepare its health care system to better respond to the pandemic.

The times we are currently living in are unprecedented. Covid-19 has once again highlighted the reasons why governance - good governance - is a critical function in a democratic country.

As data moves to the cloud, data volumes continue to explode and become increasingly fragmented across devices, locations and service providers. This exponential growth of data and information ushers in the increased burden of responsibility on organisations to strictly enforce data policies and governance, that must be adhered to in an environment of escalating global regulation.

The strength of the Rule of Law in a country ranks among the top three considerations when multinationals make decisions about where to locate foreign direct investment – above considerations such as the cost of doing business and access to national and regional markets. 

The recent announcement of President Ramaphosa’s new cabinet provides a good opportunity to reflect on the critical role of ministers in the governance of the public sector. The work we have done in the public sector over the years revealed some common governance challenges.

South African manufacturers face serious challenges. Among them are a flood of cheap imports, a shrinking domestic market, often fractious labour relations and low productivity levels. We do have a weak currency and good technical expertise, but it remains a tough climate for manufacturing.

Peter Bakker, the CEO of the World Business Council on Sustainable Development, is quoted as saying ‘Accountants will save the world.’ Superhero is not a status usually associated with the profession. What could he mean?

The recent court order instructing the Passenger Rail Agency of South Africa (PRASA) to make available audio recordings of one of their board meetings has highlighted the urgent need for boards to develop policy around this issue.

Six professional bodies have embarked on a ground-breaking initiative to pool their resources and institutional knowledge to foster a culture of accountability and restore credibility to the country’s private and public sectors.