While recognising that the private sector is very different from the public sector, this report looks at the role of the Chief Finance Officer in a private company and asks what ideas the public sector could take from this.
It makes a number of recommendations including the appointment of a cabinet level civil servant with financial skills (a group CFO in the private sector) to help improve the government’s management of the public finances.
The ICAEW has put forward thought-provoking recommendations which it is hoped will stimulate a needed discussion on how to crystallize accountability for public finances. IFAC is pleased to see the importance of professional accountants in strengthening government finances being highlighted. Robust public sector financial management requires the preparation, reporting, and use of high quality reporting by competent trained professionals. - Fayezul Choudhury (Chief Executive, IFAC).