Date post: | 29-Dec-2015 |
Category: |
Documents |
Upload: | christiana-henry |
View: | 220 times |
Download: | 2 times |
CREATING A VENUE OF ACCOUNTABILITY
PRESENTED BY
Rep. Tommy Stringer,
Mr. Steve Blake, CPA, CFE
“ . . . we might hope to see the finances of the Union as clear and intelligible as a
merchant’s books, so that every member of Congress and every man of any mind in the Union should be able to comprehend
them, to investigate abuses, and consequently to control them . . .”
Thomas Jefferson
Budget Transparency
With the advance of computer and internet technology, states now have the capacity to publish their yearly budgets on the internet. Since 2007 several states (including South Carolina) began implementing budget transparency legislation on an agency basis that established searchable online budget databases, online check registers, etc.
The New Reality
Hyper Media Exposure
News media outlets have real time access to data
if questions arise concerning budgetary or
spending problems. In addition, they can publish
news reports far quicker than a public institution
can respond.
The New Reality
Major Headache
Without Good Governance, Budget Transparency
And Hyper Media Exposure Can Combine to Create
A Financial, Political and Public Relations
Nightmare.
The New Reality
What Constitutes Good Governance?
• Governance Committee
• Conflict-of-interest Statements
• Comprehensive New-member Orientation
• Key Performance Indicator Dashboard
• Diversity
• “Best Practices”
Current Issues in Accountability
• COSO – Committee of Sponsoring Organizations.– Defines internal control in five specific areas.– Is now “Best Practices.”
• IRS governance issues.
• Sarbanes-Oxley is now “Best Practices.”
Board Culture
• The shared values and beliefs that delineate acceptable behavior.
Strategic Thinking
• Critical Reasoning Applied to What Matters Most to the Organization’s Future
Performance and Viability