Could this work?

Question

Would it be in any way possible for the government to hire private accounting firms to do the government's bookeeping for them, and make the numbers available to the public? I know there would be opponents to the idea, but when there are government agencies that buy things several times over because they lose track of up to a quarter of their annual budgets, something has to be done.

I wonder who is going to stand in front of congress and argue against government accountability.

Answer 1

The problem would be you would get people running for office who's brother owns the private company and so lots of mony dissapears and they are multi millionares. Or somthing like that. They would spend more money.

Answer 2

To a certain extent this is already being done, though perhaps not the way you're thinking.

As an example, in the US, the Federal Reserve is a privately owned organization. They are denied some of the benefits of ownership (they don't take home any profits) while there is virtually no government oversight of their monetary policies.

Also, government agencies are relying on FASB and IASB throughout the world to regulate the accounting profession, and the standards they set are usually not only supported by the SEC and similar government agencies, government agencies follow their lead.

(In the US, FAF--the Financial Accounting Foundation, has authority over FASB and GASB. The first sets financial accounting for publicly traded companies, the second sets standards for government agencies.)

Answer 3

Maybe it could work if private accounting firms where to superintend. I believe you have to choose between having the government work for the people and having them work for what they think is for the greater good.

Answer 4

Sounds good, but will never happen, because someone will lose thier power.

Answer 5

I like the idea

Answer 6

no because that makes too much sense.