Presentation of the financial and economic status of a company, a public entity or person
Accountability is an action that is carried out in the fields of economy and finance, public or private, and that consists of the presentation of a report that gives an account of the financial or economic movements made by a company, a individual or a public entity for a specified period of time.
An obligation that everyone must respect, especially state agencies
Accountability is an obligation that all organizations, people and companies must respect because through it it is possible to detect if there has been some type of unsanctified maneuver in terms of numbers and finances.
The balance sheets, the reports on the financial statements are ways of rendering accounts.
Now, when it comes to a public body, that is, administered by the state, the commitment to keep the accounts clear and in order is even more mandatory because the state works with the money of the citizens who pay taxes, therefore, in these cases, the rendering of accounts is mandatory and must always be rendered in a timely and proper manner.
Duty of the person in charge of each state sector to account for the money received
Governments manage a lot of money through their budgets, which, as we have already said, becomes a large part of the contribution of citizens through taxes. Meanwhile, each year sums of money are allocated to the various ministerial portfolios and areas of the state. It will be the duty of the person in charge of each state sector to render accounts after one year and specify what tasks or actions were carried out with the money received.
A way to discover diversion of funds, acts of corruption
Accountability is a way of knowing if there has been inappropriate diversion of funds and if the money was used in the priorities that the area had, for example. That is why it is so important.
The same we can transfer it to a company. Whoever handles the money must make an account to the owner or the partners of the company so that they can know for sure what was done with the money of the company, if it was well used, if there is any missing, among other issues that they can be known for sure through surrender.
