As we entered the Seventh Administration, much of our time has been spent crafting strategic plans for the next five years. The ASB’s mandate and our core activities will remain unchanged as our mandate is set out in the PFMA. However, we can choose how to execute our work, where to focus our efforts, and whether and how implement measures to improve our impact.

Unity
The success of the new Administration rests with the Government of National Unity. The key word is “unity” – the concept of ‘being together’ or ‘being in agreement’. Strong public financial management (PFM) depends on a system of credible and robust organisations that each make a unique contribution to the PFM system. Working together with organisations that share a similar purpose with the ASB will be a key activity over the next five years.

There are several organisations that have some responsibility for financial reporting in the sector. For example, the ASB sets financial reporting Standards, the Office of the Accountant-General supports the implementation of the Standards, the Auditor-General of South Africa (and firms) ensures the principles in the Standards are applied, professional bodies provide support to the financial professionals who apply the Standards, and tertiary institutions educate potential finance professionals.

Collaboration
Each organisation has their own team of experts, who operate within specific constraints – usually the amount of time they have available to dedicate to issues, the extent of their skill and experience, and lastly, financial resources. While there is no doubt that each team and their respective organisations  add value on their own, working together as a collective creates ‘’critical mass’, and can achieve far more than any one individual entity. As a result, a key focus of our work going forward will be ensuring more collaboration with stakeholders within the PFM environment to focus our collective efforts so that we can be stronger together and contribute to building a capable state.

Working together to build a capable state
Building a capable state is a key objective of the National Development Plan and is seen as critical to economic growth. Given the current level of maladministration and poor financial management, building a capable state will require action by every entity – and every individual - in the PFM ecosystem. It is through collective collaboration and co-operation that we will be able to develop capable professionals; produce capable organs of state; a capable, developmental state; and a functioning democracy.

We look forward to working with everyone in our environment over the next five years as we move together in unity to build and uplift the country we love so much.

#stongertogether