ICGFM Promotes Knowledge Transfer Among Public Financial Management Experts

Working globally with governments, organizations, and individuals, the International Consortium on Governmental Financial Management is dedicated to improving financial management by providing opportunities for professional development and information exchange.

Tuesday, February 23, 2010

Impact of Financial Crisis on Improving Transparency

On February 3, 2010, the ICGFM luncheon draw another record crowd of more than 60 people. This attendance was likely attributable to the stature of the members of the panel that answered questions from the audience and from the moderator.

The panel included Ms. Linda Fealing, Inspector General of the Organization of American States and Mr. Alan Sigfried, Auditor General of the Inter-American Development Bank. The speakers addressed a broad range of questions ranging from the impact of the financial crisis on their institutions and client countries to the skills required for modern auditors in the public sector.

Among the more interesting of their observations was that modern internal auditors need to have good analytical and problem solving abilities as well as the classic technical audit skills of numerical competency. They attribute this trend to the need for internal auditors to provide value to their clients in providing advice on opportunities for improvement as opposed to merely certifying compliance with regulations or accounting requirements. The panel also agreed that the demand for greater transparency in the public sector is growing in their region of focus—Latin America, as well as by their own Boards.

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