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Accounting leaders gather for fin management forum

Representatives from more than 30 countries discussed public financial management for economic prosperity in Asia at the CAPA and World Bank forum.

Accounting leaders gather for fin management forum
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Senior representatives from governments, supreme audit institutions, and professional accountancy organisations, including the IPA, gathered in Malaysia to discuss how improved public financial management can promote better public services, accountability and transparency to support poverty reduction and economic growth.

The two-day landmark forum was a joint initiative of CAPA and the World Bank, and was strongly supported by the International Federation of Accountants (IFAC).

“The increasing economic significance of Asia, together with ASEAN’s economic integration, is a potential game changer for many of the region’s nations,” said CAPA chief executive Brian Blood.

"However, success will depend on wide and deep acceptance of the principles of effective, accountable, and transparent governance. This is especially true of Asia’s public sector institutions, which must set the right policy directions and deliver high-quality sustainable services if they are to maximize opportunities for their citizens in the global economy."

Speaking to the Forum on emerging trends in Asia, World Bank governance senior director Deborah Wetzel said: "The scope of challenges we face across the world today makes our focus on improved and strengthened governance a critically important area — in the form of open, effective and accountable institutions that promote inclusive development, respond to citizens, and promote citizen engagement; efficient revenue mobilization that allows governments to be more inclusive and comprehensive in service delivery and poverty reduction; and effective public institutions that are critical in underpinning sustainable growth."

Fayez Choudhury, CEO of IFAC, said: "Achieving sustainable economic growth requires the coordination of public and private sector leaders who are dedicated to sound decision making based on high-quality information, accountability, and transparency."

He added: "The accountancy profession plays a critical role in ensuring that sound financial management practices — in both the public and the private sectors — lead to economic development both globally and in Asia, as the region looks to emerge from recent financial pressures. FRED II advances an important discussion about the effectiveness of public financial management in building and sustaining economies."

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