When a CSO is legitimate, transparent, and accountable to stakeholders, it enhances its credibility and sets it on the right part of development. It also facilitates significant engagements with donors, government, and the general public. It aids CSOs to comply with stipulated guidelines and changes the narrative about the public perception of CSOs activities and funds. Transparency and accountability within CSOs minimize the risk of money laundering, fraud, theft, and abuse of resources through proper financial management practices such as regular audits, constituent/ stakeholder feedback, etc. The 8 Istanbul principles of development effectiveness enable CSOs to check their effectiveness and accountability while ensuring CSOs perform in accordance with global best practices. Read more here.
Source: forus