Financial finesse

Undeniable efforts have been made through the years to establish governance, especially in finance and the finesse that should flow naturally. Training and development of auditors, submission of government accounts by the Comptroller and Auditor General's Office and encouraging competition in published accounts are just a few. Too often, too much has been emphasised on accountability. They figure in the fiery figurehead speeches everywhere. Unfortunately that's all they are, 'speeches'. But could that be about to change?

Over the past Finance Ministers have alternately grumbled and joked that everyone wants tax exemptions. The new National Board of Revenue (NBR) chief has planted his stake in the sand by saying he isn't a supporter of exemptions. The current Secretary to the Prime Minister Nojibur Rahman had stated, when he was NBR Chief, he would be asking the different government departments to account for the taxes they are allocated for development work. Now that he will have the PMs ear much more than most he has the opportunity. Perhaps he already has.

In one of her most pointed policy statements, Sheikh Hasina has said she expects more than just financial audits-she wants performance audits as well. She needs just a step further to ask for integrated performance audits and the biggest wastage open to the public, utility services not working in tune, comes under the microscope. To what extent the reports of the Comptroller General's office are acted on is, to the best of knowledge of this scribe, not known. Though what the Planning Minister has been trying to provide updates on percentage achievements against budgets by ministries and divisions is a fresh and laudable initiative-the other side of accountability, there of inaction isn't talked about.

This is what provides an opportunity. The private sector has to come clean as to how tax exemptions and reductions will provide benefits to the end-user, utility sectors have to turn up with coordinated plans on projects that do not require multiple expenses on the same type of endeavours. And above all major infrastructural project executors including contractors be accountable for the agreed lifetime. Unfortunately, the benefits promised have had little impact and the citizen doesn't have a platform to raise their grievances.

Above all, whatever the accountability aspect there has to be some answers as to how and why institutions are ending up with horrendous examples of disappearance of public money if auditing firms are doing their jobs and of course, the firms employing them are listening or acting on them. Without this, training and development themselves end up as waste of money-a luxury the country just doesn't have. On the flip slide, the accrued benefit of sums saved could be available at times of distress instead of seeking newer and unpopular avenues of taxation.

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