1 Public Sector Financial Reporting Government Accounting : The role of the Department of Finance 18 th November 2010

2 Government Accounting  Accounting Policy  Internal Audit  Risk Management Policy

3 Context  Public vs. Private  Environment  Accountability or planning

4 Context  Government Accounting  Focus  Umbrella term

5 Financial Reporting  What is it?

6 Financial Reporting  Focus of the Reports  Historical  Departments and not whole of Govt.

7 Rule making bodies  Private  Public  International Developments

8 Rule making DOF  PFP  Circulars  Legislation / Regulation  Codes of Practice

9 C&AG  Role  Mandate

10 Rule Making  The Future  Who can influence it

11 Government Accounting Section Government Accounting Section  Outputs / Outcomes  Guidance  Sanction  Audit Queries

12 Government Accounting Government Accounting  Promoting Best Practice in Government Accounting Government Accounting

13 Internal Audit  Mullarkey  Development of the IA function  Training of Auditors  Promoting Best Practice in IA  Current focus on IA from “Outside”

14 Risk Management  From Where  Why  Promote Best Practice

15 Other  PAC  Advice on Legislation  Better Financial Reporting

16 Other  International Developments  Performance Budgeting  Accrual Accounting  OECD/NESC reports  Any other emerging trends in Public Sector Financial Reporting Sector Financial Reporting

17 Summary  Why does Government Accounting exist  Impact on Public Sector Financial Reporting