ABSTRACT
The increase in the use of the word ‘accountability’ has been noticeable in the last few
years; however the word has traditionally been used in two different ways in the public
and private sectors. In the public sector accountability has always been viewed in a
democratic sense – elected individuals are accountable to their electorate for the
public services which their organization delivers. The private sector has tended to use
the term in a more restricted, financial sense – a business is accountable for the funds
which it manages and this accountability is demonstrated in the annual accounts that
a company has to prepare.
