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Tuesday, 6 August 2013

Bookkeeping: An Ally Against Corruption

Transparency International ranks Australia as one of the least corrupt nations in the world, tied with Norway at 85 points. The Australian government wants no less than to keep that clean image for a long time. This is why companies and government agencies are required to submit to Australian law, lest they face the strong arm of justice in or out of the country. For that, they must uphold transparency in any activity they make, be it marketing strategies or infrastructure projects.

The task of transparency falls under the bookkeeper, a person who keeps track of an entity's activities. Minutes of meetings, receipts, financial reports, and other documents go to him where they're neatly organized for future use. Allegations of misuse of funds or other forms of corruption demand no less than solid evidence. Anything kept by the bookkeeper can serve as evidence to support or deny these allegations and keep the quality of governance crystal clear.


Bookkeeping, in general, has a major role to play in transparency. It has to fight the $1-trillion industry known as corruption—as per a World Bank report—with documents, records, or anything that can provide solid proof. Corruption is present in every economy, which is why measures must be taken to ensure the trustworthiness of the agency in question. Prevention, according to experts, is the prime emphasis on this campaign.

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