Abstract:
Governance is the exercise of authority, direction and control of an
organisation to ensure its goals are achieved. It refers to who is in charge
of what; who sets the direction and the parameters within which the
direction is to be pursued; who makes decisions; who sets performance indicators,
monitoring of progress and evaluates results; and, who is accountable to whom
for what. Governance includes the structures, responsibilities and processes of the
organisation to direct and manage its future operations. Good governance portrays
good management, good performance and good stewardship of public money. The
purpose of this article is to focus on the financial context of good governance.