44th Bi-Annual Conference of Federal and States Auditors- General concluded

The 44th Bi-Annual Conference of Federal and State Auditors-General ended today 22nd August 2014 with the following communiqué.

COMMUNIQUE ISSUED AT THE END OF THE 44TH BI-ANNUAL CONFERENCE OF FEDERAL AND STATE AUDITORS-GENERAL HELD IN THE CONFERENCE HALL OF THE OFFICE OF THE AUDITOR-GENERAL FOR THE FEDERATION, ABUJA FROM MONDAY18TH TO FRIDAY 22ND AUGUST, 2014.

The 44th bi-annual conference of Federal and State Auditors-General took place in the Conference hall of the Office of the Auditor-General for the Federation from 18th August to 22nd August, 2014. The theme of the conference was 'Transformation in Financial Reporting for Global Best Practice '

Eminent Scholars and Professionals presented papers on “Final Accounts and Charts of Accounts”, “Overview of IPSAS” and “Overview of IFRS”.
In addition to refreshing participants on IPSAS and its implementation strategy, the inter-relationship of IPSAS and IFRS was vividly shown. The Conference also considered emerging issues in public sector auditing and the capacity challenges these are posing to the various audit offices.

OBSERVATIONS

1. The Conference noted and appreciated the efforts of the Three Tiers of Government through FAAC to train both Accounts and Audit Staff on the International Public Sector Accounting Standards and urged sustenance of the tempo.
2. We reaffirm our belief that the adoption and implementation of IPSAS has the capacity to facilitate the economic transformation of our dear Country.
3. The need to also emphasize training on IFRS  was noted as Auditors-General are saddled with the responsibility to comment on the Accounts of Government Business Entities (GBEs) which prepare their financial statements on the basis of IFRS.
4. The scantiness of required infrastructure and funding for the implementation of IPSAS in the States and Local Governments was emphasized and attention was solicited to address the situation.
5. The emerging issues in public sector accounting and auditing requires constant attention to keep the audit offices abreast of new developments in other to remain relevant in the global environment.
6. The need for enhanced legal framework to grant the various offices of Auditors-General functional independence in consonance with International Organization of Supreme Audit Institutions' requirements was also noted.
7. The Conference noted with appreciation the efforts currently being made by the National and State Assemblies to amend the 1999 Constitution of the Federal Republic of Nigeria, particularly as it affect the above issue.

 RECOMMENDATIONS

1. The Federal and State Governments were urged to continue to train accounts and Audit Staff till the required level of proficiency is attained on IPSAS and other emerging issues in public sector accounting/auditing.
2. Adequate support infrastructure like Computers, reliable software and functional internet connections should be provided by the States to facilitate smooth implementation of IPSAS.
3. The Conference recommends the acceleration of action on the amendment of the 1999 Constitution and also urges State Governments to ensure quick passage of audit laws.

GENERAL
The Conference appreciated the efforts of the Federal Government aimed at curtailing the spread of ebola virus and insurgency in the country and urged that the tempo should be sustained.

 LONG LIVE THE FORUM OF FEDERAL AND STATE AUDITORS GENERAL,

 LONG LIVE THE FEDERAL REPUBLIC OF NIGERIA.