Definition of Accountability

Presentation of the financial and economic status of a company, a public entity or person

Accountability is an action that is carried out in the areas of economy and the finance, public or private, and which consists of the presentation of a report that accounts for the financial or economic movements made by a company, an individual or a entity public for a specified period of time.

An obligation that everyone must respect, especially state agencies

Accountability is a obligation that all the organisms, people and companies must respect because through it it is possible to detect if there has been some type of unsanctified maneuver in matters of numbers and finances.
The balance sheets, the reports on the financial statements are ways of rendering accounts.

Now, when it comes to a public body, that is, administered by the state, the commitment to keep the accounts clear and in order is even more mandatory because the state works with the money of citizens who pay taxes, therefore, in these cases the rendering of accounts is mandatory and must always be rendered on time and in shape.

Duty of the person in charge of each state sector to account for the money received

Governments manage a lot of money through their budgets, which, as we have already said, becomes a large part of the contribution of citizens through taxes. Meanwhile, each year sums of money are allocated to the various ministerial portfolios and areas of the state. It will be the duty of the person in charge of each sector state render accounts after one year and specify what tasks or actions were carried out with the money received.

A way to discover diversion of funds, acts of corruption

Accountability is a way of knowing if there has been inappropriate diversion of funds and if the money was used in the priorities that the area had, for example. That is why it is so important.

The same can be transferred to a company. Whoever handles the money must render an account to the owner or partners of the company so that they can know for sure what was done with the company's money, if it was well used, if there is any missing, among other issues that can be known for sure through surrender.