This is a major transformation in role of accountants compared to only two decades ago. As the profession grows in technical mastery and sophistication, accountants will contribute significantly to charting a new path for the public sector. A key area that I foresee accountants will wield considerable influence is in performance measurement. This brings me to my final point on Validity of Measurement. Validity of Measurement: Identifying, measuring and assessing outcomes I have so far alluded to initiatives and policies for the transformation of the public sector. However, these would be futile if we do not know how effective they are. In this respect, we must develop identifiable, measurable and practical performance indicators. Our performance indicators should be defined by three key features: Long-term in outlook, integrated with overall strategic objectives and should also focused on impact of social outcomes. Achieving the objectives of national development requires strong coordination across all parts of the government machinery. It is important to eradicate silo mentality and turf protection. Cross collaboration will generate unique and fresh policy perspectives. Collaborative ownership will also increase the probability of policy success. It will also minimize unnecessary and costly overlaps. 3/4  BIS central bankers' speeches  Performance measurement should go beyond budgetary considerations. Our performance as public officials is mainly determined by how well we have served the needs of the public. We must consider public satisfaction and post-completion financial sustainability. Unintended consequences or externalities should also be taken into account, particularly in terms of socioeconomic and environmental impact.

The integrity of the public sector rests on the strength of character of each and every public official, without any exception. This will require leadership, incentives and structures that will enable individuals to be clear-eyed and independent-minded. This is a spirit best summed up in Mahatma Gandhi’s words: “Even if you are a minority of one, the truth is the truth.” Integrity is best demonstrated through the transparency and thoroughness of disclosures. The publication of financial and non-financial information is the central means by which the public can truly hold its government and public institutions to account. Public sector accountants, tasked with the preparation and audit of such information, naturally take on an immense moral responsibility. It is critical that the public sector appreciates and respects the importance and impartiality of this role. Accountants and auditors must be provided with the platform and stature to pursue facts and voice any concerns in a meaningful and constructive manner. This includes follow-up on investigations or corrective actions, where necessary. As the demands and expectations of public service grow, the use of data and the mined information will take centre stage in the administration of the public sector. Accountants will be in the unique position to define, provide and interpret the facts and figures that can greatly influence and shape policy and strategy. Agility: New environment, new challenges and new set of competencies We live in a world that is constantly changing. One shaped by evolving factors influencing societal behaviors and norms.