The Accountant General of the Federation, Mr. Jonah Otunla, Wednesday said the federal government has commenced a process to modernise the nation's audit system for increased transparency and accountability.
Otunla noted that though there were structural and infrastructure limitations, the modernisation programme has recorded significant progress.
He said: "We are carrying out reforms in TSA, GIFMIS, IPPIS and we are driving the adoption of IPSAS. We are also trying to modernise our audit system. We have some challenges both technical and infrastructure that are trying to hinder us but we are making progress."
Specifically, he highlighted such reforms to include the introduction of the Single Treasury Accounts; the Integrated Personnel and Payroll Information System; Government Integrated and Financial Management Information System;and the adoption of the International Public Sector Accounting System.
He also applauded the institute for its role in developing capacity for public sector accounting, adding that his office would leave no stone unturned in addressing current issues the reform process.
Notwithstanding, Edwards praised the determination of the government to strengthen financial management in the country.
He said the current skills gap in public accounting in the country provides an opportunity for the institute to would work with
He said the current treasury reforms, particularly in the area of IPSAS adoption would strengthen the reliability of
He said: "We've been speaking to a number of your staff about your move to the transition to IPSAS and this will help improve the quality of financial management over the next 20 to 30 years. And we welcome the opportunity to support you in training and capacity building of your staff in the future and we have some expert trainers in these areas."
He said CIPFA would deploy its wealth of experience in over 70 countries to support the transition of country's accounting system into IPSAS.
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