The requirements for key EMB financial processes, such as budgeting, procurement, expenditure authorizations, financial reporting, and auditing, may be contained in law, accounting and financial reporting codes, or EMB or government regulations. A clear legal framework for the management of EMB finances ensures certainty, regularity, and consistency and fosters good governance within the EMB. As well as the legal framework, there are fundamental principles which are the basis of good practice EMB financial policies and procedures.

Transparency

Financial transparency raises stakeholder and public awareness of the EMB’s structures and programmes, financial policies, and challenges and can foster stakeholders’ confidence in the EMB’s capacities. Financial transparency promotes good governance and serves as a strong deterrent to corruption and fraud within the EMB. When there are allegations of bad or dishonest practices, the EMB can better protect its credibility by rigorously exposing, rather than seeking to hide, such practices, including ensuring whistle-blowers are protected.

Transparency in the preparation, justification, and approval of an electoral budget builds public confidence in the EMB’s management. Rigorous public scrutiny and accountability through the legislature provide the EMB with the opportunity to show publicly its commitment to financial integrity. It is good practice for the EMB to be transparent in its procurement practices, especially where fast-track methods have to be used to meet electoral deadlines.

Prompt public disclosure of the results of audits of the EMB’s financial accounts and of reports on the awarding of procurement contracts guards against financial irregularity and corruption or patronage in contracting. The most fundamental way the EMB can promote financial transparency is by publishing its annual performance reports, including audited financial statements, and submitting these reports to the legislature and other stakeholders, including political parties and the general public.

Efficiency and effectiveness

As a guardian of public funds, the EMB has an obligation to expend these responsibly and to be efficient and effective in the management of its financial, human, and material resources. An outcome-based approach to the EMB’s budgets, regular monitoring of staff performance, and regular auditing of financial records assist in promoting efficiency and effectiveness in the use of an EMB’s funds. This can contribute to enhanced public confidence in the EMB’s management of electoral processes.

Integrity

The commitment of all EMB members and staff to integrity in their conduct underlies the organisational integrity of the EMB. Integrity in financial management covers not only monetary transactions, but includes issues such as respect for intellectual property. Development of integrated financial management systems with clear audit trails enables breaches of financial integrity standards to be discovered and reported. Strong codes of conduct and policies on conflicts of interest promote integrity. A strict regime of sanctions for breaches if integrity requirements, and fearlessness in using them, will enhance public confidence in the EMB.