What did the Ancient Greeks ever do for us? Well, quite a few things. They invented democracy (pretty much), the Olympic Games, modern mathematics, medicine and musical theatre. And, it turns out, public sector accountancy, to which we owe a major part of our profession.
History tells us that when Greek city governments were building the architectural wonders of the world in the fifth and sixth centuries BC or thereabouts, concerned citizens, not trusting their rulers, wanted to keep a check on the finances. So those wise souls chose a handful of responsible people whose job was to account for how much was spent, and what it was spent on – and the audit was born, in Greece, 2,500 years ago.
That’s why we all have plenty of reasons to thank our wise and far-seeing predecessors. In a way, many of us owe our livelihoods to them, as so many ACCA accountants choose to make their contribution in the public sector.
There is a big misconception that all the enterprise and energy is in the private sector
Vital role
Precisely how they can make that contribution is described in our recent report, Leading recovery: the evolving role of senior finance leadership in the public sector, published with our friends from CA ANZ.
It highlights key lessons learned from the pandemic, such as focusing on effective, accountable decision-making, as well as the importance of improving data-sharing and analysis across the public sector.
It also sets out a handy ‘ABCD’ framework for finance leaders to follow, based on the benefits of adaptability, business sense, communication and determination.
It’s consistent with what ACCA has always believed: that a vibrant public sector – where resources are invested in projects and services that benefit all people – is the sign of a strong, stable and caring society.
Every society needs thriving public and private sectors to function well
It is the arena where people gather to get things done, to make society better for everyone, building the infrastructure, growing the social capital, and doing jobs that don’t necessarily generate profit but are priceless in sustaining a community.
We believe that even economies that place free markets first still need a strong public sector, where the profits of successful business help sustain a healthy environment, a strong infrastructure and vital services that make society work.
Too often you hear people suggest that we must choose between the public and private sector. They talk as if we must prefer one to the other and pick sides as if it was a football match.
There is a big misconception that all the enterprise and energy is in the private sector, and the public sector is where you find the worthy, workaday types doing the essential though routine tasks. It’s nonsense. In truth, every society needs both – thriving public and private sectors – to function well. The Ancient Greeks knew that was true, and so do we.
