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Accountability Cheat Sheet by

Code of practise

controlled balamce of power
Working procedures specified and adheared to
fowllo­wibng of procedures can be verified
proper division of respon­sib­ility
due regard is paid to the wider public interest.
Corporate Governance code

UK Corporate governance code.

repons­ibility of the board for corporate governance
companies must report how they have used the principles of the code
confirm they have complied with it
and explain why the have not
statement of compliance should be reviewed by auditors before public­ation.
Financial Reporting Council 2016

code of principles

relati­onships with stakeh­older
Financial Reporting Council
Good governance standard for the public services, (2004)
this code set out looks at the public services ensuring that the organi­sations are achieving what they are meant to do as well as the aims and objectives set out by the organi­sation in regards to the public and is ethical, Effective and Efficient.

Corporate Goverance

corporate governance is the structure put in place to ensure companies are clear about are their accoun­tab­ility to the public and are making sure that they are respon­sible for actions used by the companies.
Solomon (2010) defines corporate governance as " the system of checks and balances, both internal and external to companies, which ensure that companies discharge their accoun­tab­ility to all their stakeh­olders and act in a socially respon­sible way in all areas of their business activi­ty".

Clear process which involves:

Decision making.
strategic alignment.
management control

NHS Wales Audit Committee Handbook (June 2012).

"A focus on the key purpose of the organi­sation to deliver safe and effective
services and to meet the broad range of stakeh­older needs;
• Internal control matters;
• The mainte­nance of proper accounting records; and
• Reviewing the overall assurance mechanism of the organi­sation, both clinical
and non-cl­inical.
There are two key areas on which the Audit Committee should provide assurance to
the Board:
• On the organi­sat­ion’s assurance system; and
• On the public disclosure statements that flow from the assurance processes,
including the Annual Governance Statement3 and the Annual Quality
The system of assurance is approp­riate for the organi­sation;
• Processes to seek and provide assurance are robust and relevant;
• The controls in place are sound and complete;
• Assurances are reliable and of good quality; and
• Assurances are based on reliable, accurate and timely inform­ation and data"

10 principle of good govern­ance.

Governing body in plance for key descisions
Financial bhealth of organi­sation overseen
role and respos­nsi­bil­ities of governing body, comettie and senior management overseen.
compet­encies of aabvove reveiwed regulary
Statigic plans in placce
coporate plans and finacial stragy in place
oportu­nities and risk recogn­ised, assed and manged
inform­ation is reliable, relavent and timely
Effective commun­ication
Clear structure

Nolan priciples

Home office 1995

3'Es 5'cs

Economic, Evirom­ental and Efficeint
Challange , Consult, compare, compete and collab­our­ation
Value for money
Best value
Coombs and Jenkins (2002)
value for money example
Police equipped with body-worn cameras receive 93% fewer complaints from the public, according to a new study that suggests the technology helps to cool down potent­ially volatile encoun­ters. the Guardian Galye 2016

the Cadbury report 1992

System for direction and control.
shareh­olders appoint directors and auditors for company, and ensure they are satisfied.
Financial Reporting Council (FRC)
London Stock Exchange 1 December 1992

the role of the board of directors

setting stategic aims
leadership to achieve aims
superv­ising management
reporting to share holders
board are subject to laws and regula­tions.
respon­sible to share holders in general meeting.

perfor­mance management

financial planning and budgeting
project planning
people management
risk management
management process supported by IT improve management strategy and decision making within the organi­sation to achieve this they have to take into consid­eration defining startigic objectives measuring perfor­mance/ analyzing perfor­mance reporting and reviews as well as aligning people and culture.

diffic­ulties of prefor­mance management

wide range of objectives and stakeh­olders
confli­cting aims and objectives of stakeh­olders
what should be measured
not purely a financial exercise
increasing priority to quality and customer satisf­ication
what is good perfor­mance, cost reduction, quality enhanc­ement, or both
who is it intended for.
best done in partne­rship or regulation
how to provide a meaningful picture of overall perfor­mance- without data overload.
how to include scope and comparison for improv­ement.


"The CFO in a public service organi­sation is a key member of the Leadership Team, helping it to develop and implement strategy and to resource and deliver the organi­sat­ion’s strategic objectives sustai­nably and in the public intere­st"
"The CFO in a public service organi­sation must be actively involved in, and able to bring influence to bear on, all material business decisions to ensure immediate and longer term implic­ations, opport­unities and risks are fully consid­ered, and alignment with the organi­sat­ion’s overall financial strate­gy"
"The CFO in a public service organi­sation must lead the promotion and delivery by the whole organi­sation of good financial management so that public money is safegu­arded at all times and used approp­ria­tely, econom­ically, effici­ently, and effect­ive­ly."­
"The CFO in a public service organi­sation must lead and direct a finance function that is resourced to be fit for purpos­e."
"The CFO in a public service organi­sation must be profes­sio­nally qualified and suitably experi­enc­ed"
Cipfa (2011)


Accoun­tab­ility means ensuring that officials in public, private and voluntary sector organi­sations are answerable for their actions and that there is redress when duties and commit­ments are not met.


"The CFO occupies a critical position in any organi­sation, holding the financial reins of the business and ensuring that resources are used wisely to secure positive results. While the global financial crisis and economic downturn
have made these tasks even more challe­nging, they have also underlined the fundam­ental importance of the role. Achieving value for money and securing
stewar­dship are key components of the CFO’s role in public service organi­sat­ions, a duty enshrined in legisl­ation for the CFO in local govern­ment. In order to support CFOs in the fulfilment of their duties
and to ensure that local author­ities have access to effective financial advice at the highest level, CIPFA is introd­ucing a ‘comply or explain’ requir­ement in the annual statement of accoun­ts."­
Cipfa 2011

the good governance standard for public services.

Focusing on organi­sations purpose and outcomes for public
clear defined functions and roles being capable carried out.
Developing capacity and capability of governing body.
promoting values and demons­trating good governance to the company through how there achiev­ements.
having transp­arent and informed decision making and managing risk.
intera­ction with the stakeh­olders as well as showing the accoun­tab­ility.
Cipfa 2004

Audit committee

integrity of financial statements
review financial controls
review risk management systems
monitor and review the effect­iveness of internal audit function
make external audit recomm­end­ations.
review and monitor external auditers indepe­ndence
aloows staff to make there concerns heard about the financial functions and reports.
NHS Wales Audit Committee Handbook (June 2012).


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