Exploring the possibilities of complementarity between managerial accountability and financial accountability

Abstract

In 1894, Léon Say expressed that the term "public accounting" is not limited solely to recording financial operations of revenue and expenses. It also encompasses the obligation and act of being accountable, as well as all activities that contribute, facilitate, and ensure accountability. Over the centuries, the concept of accountability has evolved to become a symbol of democracy. Consequently, any entity that receives public funds is now required, periodically and formally, to be accountable to a supervisory authority. Indeed, the objectives of public management necessitate the implementation of all principles of good governance, with a particular emphasis on the obligation to be accountable. In this regard, managerial accountability plays a crucial role, involving the obligation to be accountable for the quality of public management. Our article explores the emergence of the accountability concept over the years and the various types it encompasses. Taking into consideration the new directions in public management within an era that prioritizes globalization and openness, our research explores the possibilities of reforming traditional financial accountability systems; limited to rule adherence, hierarchical controls, and regulatory compliance. It also examines the advent of the new roles of financial jurisdictions, emphasizing the importance of adopting principles of good governance; a culture of results, efficiency, and effectiveness of public spending. Additionally, it explores the orientation of public management towards a more managerial aspect of accountability, ensuring complementarity between the management and financial spheres, and guaranteeing transparency in public action. The latter manifests as a primary condition for the trust citizens can have in their institutions and, of course, in those who hold the responsibility—political decision-makers and public managers.

Keywords: managerial accountability, financial Accountability, public management

Classification JEL: H1, .M4.

Paper type: Theoretical Research.