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Critical Need for Public Sector Accountants in the Caribbean

 

June 10, 2014

The need for public sector accountancy was one of the subjects at the 32nd Annual Institute of Chartered Accountants of the Caribbean (ICAC) conference held in Paramaribo Suriname last week. There were lessons for the private and public sectors. The Public Financial Management (PFM) lessons included:

  1. Public sector accountancy is becoming more critical in the Caribbean
  2. Large projects for Public Financial Management reform, often called “big bang” approaches, do not work
  3. PFM requires a consideration of economics, understanding agent behaviour and incentives – it’s not all about accountancy
  4. Monitoring and internal audit are critical to fiscal discipline
  5. Integrated reporting concepts are moving from the private to the public sector
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Doug Hadden

Doug Hadden

Executive Vice President, Innovation at FreeBalance
Doug is responsible for identifying new global markets, new technologies and trends, and new and enhanced internal processes. Doug leads a cross-functional international team that is responsible for developing product prototypes and innovative go-to-market strategies.

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