The effect of timely reporting in improving accountability and increasing trust in the public sector

Abstract

Nowadays, there is a great deal of pressure and willingness on governments to expand the scope of their responsibilities from accounting to accountability. The impact of timely reporting is important in promoting accountability and increasing public confidence in the government. Therefore, this article examines the effect of timely reporting in promoting accountability and increasing trust in the public sector. Timely financial reporting can be useful for citizens, taxpayers and other members of the community. By providing timely financial statements, governments provide interested citizens, taxpayers, and other members of the community with useful information for deciding on housing, education, referendum voting, and the services they receive in exchange for taxes. But this is not always the case with government policymakers; Some governments do not publish financial information in a timely manner and prevent informed decisions by individuals in the community, and if there is an undue delay in financial reporting, the information may lose its relevance. Users of the financial information of these governments inevitably use outdated and speculative information in their decisions. These governments undermine public confidence and credibility; Timely reporting in the public sector relies heavily on the policy-making of standards-makers and government policymakers, and is a factor in increasing government accountability and public confidence in them. The benefits of timely financial reporting are therefore undeniable for taxpayers and citizens living and working in the communities in which they can make informed decisions. They want government officials to be accountable and the information they receive to be timely and relevant to decision-making.

Keywords

• timely financial reporting
• accountability
• public trust
• public accountability