11

Public Sector Public Sector Financial ReportingFinancial Reporting

Government Accounting : Government Accounting : The role of the Department of The role of the Department of

FinanceFinance1818thth November 2010 November 2010

22

Government AccountingGovernment Accounting

Accounting Policy

Internal Audit

Risk Management Policy

33

ContextContext

Public vs. PrivatePublic vs. Private

EnvironmentEnvironment Accountability or planningAccountability or planning

44

ContextContext

Government AccountingGovernment Accounting

FocusFocus

Umbrella termUmbrella term

55

Financial ReportingFinancial Reporting

What is it?What is it?

66

Financial ReportingFinancial Reporting

Focus of the ReportsFocus of the Reports

HistoricalHistorical Departments and not whole of Govt. Departments and not whole of Govt.

77

Rule making bodiesRule making bodies

PrivatePrivate

PublicPublic

International DevelopmentsInternational Developments

88

Rule making DOFRule making DOF

PFPPFP

CircularsCirculars

Legislation / RegulationLegislation / Regulation

Codes of PracticeCodes of Practice

99

C&AGC&AG

RoleRole

Mandate Mandate

1010

Rule MakingRule Making

The FutureThe Future

Who can influence itWho can influence it

1111

Government Government Accounting Section Accounting Section

Outputs / OutcomesOutputs / Outcomes

GuidanceGuidance

SanctionSanction

Audit QueriesAudit Queries

1212

Government AccountingGovernment Accounting

Promoting Best Practice inPromoting Best Practice in

Government AccountingGovernment Accounting

1313

Internal AuditInternal Audit MullarkeyMullarkey

Development of the IA functionDevelopment of the IA function

Training of AuditorsTraining of Auditors

Promoting Best Practice in IAPromoting Best Practice in IA

Current focus on IA from “Outside”Current focus on IA from “Outside”

1414

Risk ManagementRisk Management From WhereFrom Where

WhyWhy

Promote Best PracticePromote Best Practice

1515

OtherOther PACPAC

Advice on LegislationAdvice on Legislation

Better Financial ReportingBetter Financial Reporting

1616

OtherOther International DevelopmentsInternational Developments

Performance BudgetingPerformance Budgeting

Accrual AccountingAccrual Accounting

OECD/NESC reportsOECD/NESC reports

Any other emerging trends in PublicAny other emerging trends in Public Sector Financial ReportingSector Financial Reporting

1717

SummarySummary

Why does Government Accounting existWhy does Government Accounting exist Impact on Public Sector Financial Impact on Public Sector Financial

ReportingReporting