A new report from the non-profit financial services group ICM has revealed that there’s a significant difference between transparency and accountability.
Financial managers are tasked with providing financial advice to individuals, businesses and governments.
The report states that when transparency is achieved, it’s a positive thing for society.
However, it also notes that there are two levels of accountability: accountability to clients and transparency to the public.
It notes that the former can result in negative outcomes such as a lower number of people reporting on financial problems and a decreased confidence in financial institutions.
A recent report by the Institute for Fiscal Studies (IFS) found that financial managers can have a significant impact on the quality of government services and the economy, with the report noting that the impact of financial managers on tax revenues was estimated to be $1.5 trillion over the next 20 years.