Investors in government institutions do not
get the highest quality financial reports and government reports
lack transparency, the International Federation of Accountants
(IFAC) chief executive Ian Ball said.
Speaking at the World Bank Government
Borrowers Forum held in Chile, Ball said
Government reports should provide the same
information that they require of corporates.
“Not only should they provide this
information, it should be subject to independent audit,” he
said.
According to Ball, the serious obstacle in
government reporting is the absence of a political will for
transparency on the part of too many governments.
He believes the structure of incentives faced
by politicians makes them, “keen to avoid transparency and the
institutional arrangements that would be effective in forcing this
transparency do not exist in most countries”.
Ball has called for greater incentives to be
implemented for governments to increase transparency and enhance
the level of information provided in financial reports.
