Lack of transparency global challenge for public finances (3)

The ultimate public interest priority for the IFAC was to make sure proper systems of accountability and transparency were in place in both developed and developing nations.

"Until you get a system that records where expenditure is going, that records assets and liabilities, any sort of aid money or taxpayer money, it is open to corruption and fraud," said Allen.

"People are not held accountable because you don't have proper record keeping."

The first New Zealander to hold the IFAC presidency and a past president of the New Zealand Institute of Chartered Accountants, Allen, 61, said New Zealand had a high reputation for management of its public finances.

Allen said confidence in the accounting profession had probably been at a high since the Global Financial Crisis.

"Looking at the way out, the accounting profession is absolutely key to the solution."

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