Integrating Transparency, Accountability, and Value for Money in Public Financial Management

Abstract

This study aims to synthesize empirical and conceptual evidence regarding the relationship between transparency, accountability, and value for money in public financial management based on the literature published in the last five years. Through a systematic literature study approach, the research identifies how budget information disclosure, the application of accrual-based accounting standards, and the strengthening of internal controls play a role in improving the quality of accountability and achieving value for money. The results show that transparency contributes to increased public participation and external oversight, while accountability provides corrective mechanisms that ensure the use of public resources as intended. The integration of the two has been proven to strengthen the achievement of value for money, especially when accompanied by adequate performance indicators and a consistent evaluation system. However, implementation still faces various obstacles, such as limited human resource capacity, suboptimal technological infrastructure, and bureaucratic cultural barriers. These findings underscore the need for gradual and comprehensive reforms to realize more effective, adaptive and results-oriented public financial governance.