Koim lauds accountants’ role

GOOD corporate governance in private enterprises and government depends on accountants performing their duties responsibly. 
This was declared by the chairman for the Task Force Sweep Team Sam Koim on the last day of the Certified Practicing Accountants (CPA) PNG and CPA Australia (PNG) Branch joint annual conference in Port Moresby last Friday.
Koim said accountants play a crucial role in ensuring that good corporate governance existed and in combating corruption, which added up to 10% of total business costs each year.
Because accountants are at the epicentre of all financial activities, Koim said they played an important role in ensuring that all financial dealings either in public or private were done in accordance with set rules and procedures.
“Your key strategic position within an enterprise or an organisation means you have an access to highly privileged and confidential information and your expertise is needed to maintain a controlled structure within an organisation,” Koim said.
Koim said with their position and responsibilities, accountants could also assist in devising good governance mechanisms.
He said accountability was one core function of good governance and when accountants complied with rules and regulations in what they do, good governance would prevail, allowing the creation of an economic environment conducive to investments, leading to long viability of business and economic development.
However, Koim said one of the low downs of bad governance was corruption, which he blamed for many of the country’s poor infrastructure and poor public services.
He said such issues were caused by poor governance in public finance management despite a sound budget system in PNG.
Koim has urged accountants to practise honesty and integrity so that good governance in both public organisations and private enterprises prevailed.