Private and Public Sector Entities

Private sectors are organizations owned and controlled by private individuals, corporations or enterprises; public entities are organizations managed and monitored by the government (MacKeith, 1985). Both the public and private entities facilitate and contribute to the economy of a country. In public sector, its aim is to serve it people compared to the private sector where its sole objective is to make profits. In public sector, the government has full control over the organizations, but in private sector, the government does not have full control thus private companies enjoy less interference from the government. Employees of public companies enjoy job security as most of them are permanently employed and are subject to benefits such as allowances, perquisites, and pensions compared to private sectors where there is no job security and one can get fired anytime. 

In public entities, there are no commercial objectives set thus it is less competitive compared to private sectors where competition is quite high because the organization has to meet its set objectives failure to which it may end up making losses ( Wettenhall, 2005 ). Promotion in public sectors mostly the seniority of the individual is considered but in private sectors promotions are done based on how one performs and the high a person performs the high the chances of him/her getting promoted. A public accountant may have more experience in multiple industries since he/she may have worked in several organizations; a private sector auditor only has knowledge of a single industry. When it comes to training public sector accountants are trained on accounting systems, collective evidence and test to see if the business is running efficiently; private sector auditors their work are limited to their job such as they are trained in processing accounting transactions. There is different between public and private sector entities because each organization is established from a different perspective and performs different and distinct roles. 

References 

MacKeith, R. (1985). Public and Private Sectors . BMJ. 

Wettenhall, R. (2005). The Public–Private Interface. Learning from International Experience, Cheltenham UK: Edward Elgar