ACCA calls for financial whistleblowing laws

ACCA is calling for finance professionals working in the public sector to do more to promote whistleblowing laws and policies, in order to increase public confidence in how their taxes are being spent.

In a new report, Setting high professional standards for public services around the world, ACCA says that finance professionals have a critical role to play in building public trust by championing the cause of developing anti-corruption procedures and cultures.

Gillian Fawcett, ACCA's head of public sector said: 'In the UK, a range of scandals, including in the health, social care and police sectors, would never have come to light unless public sector staff had felt able to raise concerns. It is vitally important that finance professionals feel empowered to highlight issues where public money raised through taxation is misspent or misused - and that those responsible can be held to account.'

ACCA's report says: 'We believe that a single action that finance professionals can take is to promote the importance and adoption of whistleblowing legislation and policies with governments around the world.'

It says that finance professionals should work with other stakeholders to help eradicate fraud and corruption cultures in the public sector, through education, fraud- awareness programmes and training in forensic accounting.

Fawcett said: 'It is critical that finance professionals feel able to speak out about genuine concerns that fraud behaviour or corrupt practices are taking place without fear of serious repercussions for them.'

The report also calls for proper separation between the accounting and auditing functions within all governments. ACCA says in some countries that does not exist, which impairs accountability and transparency, since the auditors who check the reports prepared by the accountants should be separate and independent.

Pat Sweet | Reporter, Accountancy Daily [2010-2021]

Pat Sweet was the former online reporter at Accountancy Daily and contributor to the monthly Accountancy magazine, pub...

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