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Published byPeter Preston Modified over 9 years ago
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1 GFOA Municipal Accounting and Auditing Best Practices Workshop What’s on the Horizon – Panel Discussion Gail Stephens, CEO BC Pension Corporation
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2 More Public Accountability Demands The political reality is that accountability means the government of the day justifying and explaining its actions.
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3 More Public Accountability Demands Institute for Public Policy Research suggests that accountability consists of 3 strands: Transparency Clarity of responsibility Responsive to citizen’s needs, priorities and expectations
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4 Regulation in Accounting Standards Creation of an independent Public Accountability Oversight Board CEOs and CFOs certification Audit Committee expertise, evaluation, mandate, independence, training requirements
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5 Regulation in Accounting Standards Strategies for minimizing accounting risk and liability, quality assurance programs, integrated risk management Accounting standards, harmonization and new regulatory requirements for GAAP Definition of non-GAAP financial measures
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6 Regulation in Accounting Standards Internal Audit independence Class Action suits
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7 Demands by Bond Rating Organizations The collapse of Enron and others raised fresh questions about the scrutiny efforts of the credit rating agencies
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8 Demands by Bond Rating Organizations Impact of unfunded pension or other liabilities Aggressive actuarial assumptions Examination of financial contracts Hiring accountants, off- balance sheet risk transfer specialists and corporate governance specialists
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9 Auditing of Performance Measures Can be difficult and costly Do not always measure what is most important and relevant Primary use should be for internal reporting and to funding bodies
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10 Auditing of Performance Measures SMART: Specific Measurable Achievable Relevant Timely
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11 Questions
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