IFAC's video: MOSAIC Forum: Session 3 - Sound PFM in the Context of an Emergency

This session highlighted approaches to support public finance transparency and accountability in an emergency with an emphasis on the adoption of International Public Sector Accounting Standards and the transition from cash-accounting to accrual-accounting. Specific focus was given to the importance of safeguards during times of emergency, the need for strong internal controls to prevent against waste and inefficiency and the design of interventions to emphasize overarching economic policy goals. Special attention was also placed on the need for strong Supreme Audit Institutions (SAIs) which oversee the use of funds, ensure effectiveness and efficiency and recommend system improvements. Finally, participants noted the need for enhanced collaboration amongst stakeholders when responding to an emergency. All must work together, leveraging both relationships as well as technology to ensure successful provision of support to governments and citizens during times of emergency.