New paper offers guidance on public financial management

Media Release

Thursday 24 March 2011

New paper offers guidance on public financial management

Whether coping with the fallout from the global financial crisis or supporting people in the aftermath of an unprecedented natural disaster, governments and public bodies around the globe must know how to lead through crises - both decisively and responsibly.

So begins the foreword of a new publication aimed at senior public sector leaders and financial managers in Australia, New Zealand and the United Kingdom.

Leading in Hard Times is the first in a series of initiatives stemming from the tripartite agreement between the Institute of Chartered Accountants in Australia (ICAA), the New Zealand Institute of Chartered Accountants (NZICA), and the UK-based Chartered Institute of Public Finance and Accountancy (CIPFA).

NZICA Chief Executive Terry McLaughlin, who will launch the paper in Wellington today (Thursday), said leaders at all levels of government have been challenged to balance significant demands to do more for less, while ensuring consistent performance and service delivery from individual agencies.

"No government was immune from the financial crisis. Now in light of recent events in New Zealand, we know there will be continued focus on fiscal restraint as we contend with urgent challenges," Mr McLaughlin said.

Guests attending the event in Wellington include Minister for State Services Tony Ryall and fifty senior members of New Zealand's public service and financial sectors.

"Australia and New Zealand fared better than many of the world's big economies during the recent financial crisis. But, as with every country in varying stages of recovery, there is much closer attention to the governance and regulatory frameworks that support the business and financial sectors," said Graham Meyer, ICAA Chief Executive, during the publication launch in Canberra last night (Wednesday).

Mr Meyer said the global accounting profession was a key stakeholder in the analysis of sound public financial management.

"You could say that after helping to ride out the financial crisis, accountants in public sector are perfectly placed to work with government to better shock-proof the economy," he said.

The tripartite agreement between the ICAA, NZICA and CIPFA covers a number of areas of strategic collaboration, including member publications, continuing professional development, products and services and mutual recognition of elements of the respective qualifying programs. The collaboration also provides the conduit for public sector leaders to share their experiences and lessons learned.

ENDS

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