[pʌblɪk əˈkaʊntəbɪlɪti]
Definition: is a special type of accounting reporting, which enterprises of certain types are required to provide. Foreign legislation does not establish strict requirements for corporations in respect of public reporting. For example, in France, only annual reports of companies with a share capital of more than 300 thousand francs are subject to audit by the auditors. In Germany, the reports of such companies are also subject to verification only under certain conditions.
Public accountability in a sentence:
- Public accountability on the receipt and expenditure of funds is the first step towards transparency in the work of institutions.
- The provision of public accountability serves to develop market relations and protect the interests of investors.
Synonyms and related words: bookkeeping, taxes, public data
