The Accountant-General is required by law to prepare and submit to the Auditor-General at the end of each financial year the Annual Financial Statements showing fully the financial position of the Government on the last day of each year.
Presently, the new standardization of the Accounts of the Governments, Federal, States and Local is made of up of four main statements with fifteen notes to the Accounts in the case of Federal, which will continue to increase as the situation demands.
In addition to the major jobs of the Department which is very demanding and technical, the Department equally carries out the normal audit of the accounts of the Office of the Accountant-General like any other MDAs transactions for a particular financial year.
The Department is responsible for the Audit of the Federation Account as required by Section 162 of Constitution of Nigeria 1999. This is a regular, technical and time consuming schedule of work. The audit of various Loans, Investments, Public Debts both Foreign and Local are carried out by the Department.
There are other important jobs carried out in the course of the daily activities of this department such as:
- Examination and auditing of financial statements presented by the Accountant-General of the Federation
- Auditing of Federation Accounts
- Auditing of the Self-Accounting Departments of the Office of the Accountant-General of the Federation, that is, Audit of the Overhead, Salary etc.
- Auditing of Foreign Reserves
- Auditing of Consolidated Revenue fund (CRF) and Federal Pay Offices (FPOs) (Non Self-Accounting Ministries, Department and Agencies (MDAs).
- Auditing of Loans, Investment and Public Debts
- Auditing of Oil Revenue
- Auditing of Non-Oil Revenue
- Auditing of Transcripts and Reconciliation Statements
- Auditing of Revenue and Payment Vouchers and other Financial Transactions.