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Essay / The private sector and public privacy in the public sector
There are two types of transparency: regulatory transparency which incorporates controls on regulatory discretion, advice to those invested and advanced procedures which are clear , without surprises and reliable. Information transparency involves providing “accurate and timely statistical data” as well as providing easy warning of ongoing political discussions. (“Critical Perspectives on International Business: Vol 5, No 3”, 2016) It must be transparent about how it spends public tax money and how it conducts its business. In 2012, South Africa was ranked second out of a total of 94 countries for the transparency of its financial plan. However, in the 2015 review, South Africa ranked third. (“South Africa Overview”, 2016) The public and business community need regulatory and information transparency so that they can accurately understand and assess their rights and commitments. However, the ultimate goal of public sector transparency must make government policies reasonable and surprise-free in order to reduce the instability and expense of "conducting public and private affairs." (“Critical Perspectives on International Business: Vol 5, No 3”, 2016) Transparency in the private sector is the extent to which organizations routinely reveal substantial information about their financial condition and accounting practices to “outsiders and others.” government reliably.” » (“Critical Perspectives on International Business: Vol 5, No 3”, 2016) Valuable digital reporting supports the overall productivity of the business sector and has the long-term impact of reducing business capital expenditures. Incorrect or contradictory numerical reporting diminishes private sector plausibility and discourages foreign contributions and cross-border investments.