Stakeholders in Anambra State have concluded an audit of the 2019 State’s financial report.
The audit was organised by the Anambra State Government through the office of the State’s Auditor-General, in collaboration with the State and Local Government Reform (SLOGOR) Project.
The one-day audit exercise took place in Awka, on Friday, with participants from various stakeholders drawn from different walks of life.
The exercise had a Theme: “Accountable Service Delivery: Improving Public Accountability through International Public Sector Accounting Standard IPSAS – Issues and Challenges.
In his address, the Auditor-General of the state, Mr. Alexandra Onwuli, said the event was essentially meant to enhance citizens’ participation in governance with a view to engendering accountability and transparency in government business.
“This is why this year’s theme has captured Accountable Service Delivery Improving Public Accountability through IPSAS – Issues and Challenges.
“However, as we bring our knowledge and experience is to bear in this discussion, let them be geared toward the overall interest and well-being of our state.”
Delivering her remarks, the Acting Project Coordinator, SLOGOR, Mrs. Ifeoma Ezedebego, noted that the event was in line with international best practices, as it was expected that every government should hold this summit annually, to portray the state as a reforming and transparent entity.
Ezedebego noted that the key objective of the forum was to consolidate the demand for effective external audit functions.
“Specifically today’s activity is to appraise the audited report of Anambra State Government for 2019 fiscal year toward improved Public Finance Management in the state.
“The forum will review to stakeholders how the state resources have been raised as well as utilised for the period under review.
“It will also educate public officers on the need for them to be accountable in the management of public financial resources.
“It will also provide an opportunity to discuss issues related to external audit functions in the state,” Ezedebego pointed out.
Presenting his paper on the key Issues in Implementing the International Public Sector Accounting Standards (IPSAS), the Principal Partner, Mr Ikechukwu Obi, said that the main objective of the paper was to examine key issues in implementing IPSAS.
It was also to examine the meaning of IPSAS and reasons for its introduction and adoption, to review the provisions of IPSAS-17 property, plant and equipment and the need for fair value presentation of fixed assets.
Obi noted that the main objective of IPSAS was to improve the public sector financial reporting worldwide through accrual-based accounting standards for use by governments and the other public sector entities around the world.
“The decision to adopt IPSAS was taken by the Federal Executive Council (FEC), on July 28, 2010.
“The Federal Accounts Allocation Committee (FAAC) thereafter set up a Technical Sub-committee to draw up the Roadmap for IPSAS implementation.
“FAAC in line with the Technical Sub-committee report set Jan. 1, 2016 as the date for commencement of IPSAS Accrual Accounting for all Public Sector entities (PSE) in Nigeria.
“The implementation of IPSAS will help in assessment of Financial Performance as Financial Statements to reflect expenses whether paid or not and all income whether received or not,” Obi explained.