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Good governance is essential for countries at all stages of development.

Integrity should be the foundation of good governance.

Integrity is the foundation of good governance, protecting a country from devastating behaviour such as corruption and concurrently helping the country achieve its goals.

Public sector plays a major role in society. In most economies, public expenditure forms a significant part of gross domestic product and public sector entities are substantial employers and major capital market participants.

Accountable and transparent government is an important milestone on the path to creating the most prosperous and productive economies that allow individuals, businesses and governments to create the highest possible standard of living for the largest possible number of people.

Effective governance in the public sector encourages better decision making and the efficient use of resources and strengthens accountability for the stewardship of those resources.

Effective governance is characterized by robust scrutiny, which provides important pressures for improving public sector performance and tackling corruption. Effective governance can improve management, leading to more effective implementation of the chosen interventions, better service delivery, and, ultimately, better outcomes. People’s lives are thereby improved.[1]

Although the causes of the crisis are varied and complex, many of the problems that lie at the heart of the difficulties are lack of transparency about government, corporate and financial sector operations. Thus, the issue of good governance is not limited to the public sector.

Appropriate levels of openness and transparency are important elements of contemporary governance approaches which enable stakeholders to have confidence in public sector decision making processes and actions.

[1] IFAC Public Sector Committee, Governance in the Public Sector: A Governing Body Perspective (2001)