Far better would have been to devolve financial accountability along with spending power.
The lack of financial accountability leads to leakage, mismanagement of resources and inefficient use and it will ultimately affect quality learning.
Talking of Part One, relating to greater financial accountability for Wales, the Commission will be watching the UK Government's response to its recommendations very closely indeed.
This is the "Calman-style" commission that follows the commission on Scottish devolution whose report blended greater powers for the Scottish Parliament with more financial accountability to the electorate.
The commission is looking at what tax and borrowing powers should be devolved, and how the financial accountability of the Welsh assembly and the Welsh government may be improved.
Welsh Labour, perhaps tellingly, declined to provide any evidence to the Silk Commission on funding and financial accountability, preferring a 'wait and see' approach, although the Welsh Government did submit a somewhat cautious paper.
One key aspect of accountability is financial accountability, which can refer to processes and mechanisms that are designed to ensure that the funds are distributed equitably, reach the intended users or beneficiaries and are used properly according to the budget.
As for the main issues that matter to me - I would like to see more financial accountability at all levels of government, legislation in favour of gay partnerships, more money invested in education and healthcare, and more insurance protection against hurricanes and flooding.
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Mahathir has always argued that Asia's economic troubles were caused by fickle international investors (or, as he called them recently, "funnymentals, intelligent humans behaving like silly animals in a herd"), not a lack of financial transparency and accountability and certainly not because of a lack of democracy.
Governments and businesses should be accountable for their financial health, but accountability begins at home.
Arthur Fellow in the Accounting and Management unit at Harvard Business School, where he studies the political economy of corporate accountability and financial reporting.
Am I completely agnostic about corporate governance, honest financial reporting, and management accountability?
They would bring new transparency and accountability to the financial markets, so that the kind of risky dealings that sparked the crisis would be fully disclosed and properly regulated.
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It has launched a review, including a public consultation, looking at the policies and accountability of the Guernsey Financial Services Commission.
Although the GAAP system has been somewhat effective in enforcing a greater level of accountability and standardization within corporate financial reporting, the beneficial intentions of this process have become obfuscated.
As you know, part of what led to this crisis was firms like AIG and others who were making huge and risky bets, using derivatives and other complicated financial instruments, in ways that defied accountability, or even common sense.
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Just as the critics argue that people behind the drone program lack accountability, U.S. financial institutions operate with impunity.
My decision to leave EA is really all about my accountability for the shortcomings in our financial results this year.
"My decision to leave EA is really all about my accountability for the shortcomings in our financial results this year, " Riccitiello wrote in a message to EA employees.
For more than two years federal prosecutors have tried to bring high level prosecutions against big shot money men to satisfy the public thirst for criminal accountability on Wall Street following the financial crisis.
The Commission has been repeatedly criticized by the Government Accountability Office for material weaknesses in its financial reporting and accounting processes, an extraordinary embarrassment for the agency responsible for evaluating the financial statements of all companies whose shares are sold to the public.
So following a meeting of the House Committee of the House of Lords, and at their request, I have today written to the senior salaries review body to ask them to review the system of financial support in the House of Lords to increase accountability, transparency and reduce cost.
This is especially true when it comes to the new accountability-based wellness programs that offer major financial incentives to motivate employee participation, and then personalized individual health coaching to sustain it.
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Funds cannot afford to limit the accountability of those involved in projecting long-term financial results.
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That is why I feel so strongly that we need to enact a set of updated, commonsense rules to ensure accountability on Wall Street and to protect consumers in our financial system.
When assessing the effectiveness of internal control over financial reporting and compliance with financial-related laws and regulations, management must follow the assessment process contained in Appendix A. Annually, management must provide assurances on internal control in its Performance and Accountability Report, including a separate assurance on internal control over financial reporting, along with a report on identified material weaknesses and corrective actions.
WHITEHOUSE: OMB Circular A-123 - Management's Responsibility for Internal Control | The White House
When the Financial Crisis Inquiry Commission issued its reports in January, they raised significant issues about systemic accountability, oversight, governance, justice, ethics and leadership.
The Associated Press reported that while McCain has pushed for less regulation, he also supported a shorter leash for, and greater accountability on behalf of, Fannie Mae and Freddie Mac some two years before the financial crisis began.
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