The administration of His Excellency, Governor of Lagos State, Mr. Babajide Sanwo-Olu has commenced the training of 800 Chartered Accountants in the State’s public sector on International Public Sector Accounting Standards (IPSAS) to enhance their capacity, bring them up to date on best practices in accounting, promote the culture of fair reporting and increase
efficiency in public service delivery in the State.
While commending His Excellency, Governor Babajide Sanwo-Olu for his commitment to training and retraining of officers of the state, the Honourable Commissioner for Finance, Dr.Rabiu Olowo, in his Keynote Address to participants at the Airport Hotel, Ikeja venue, said, “the Governor regarded employees as the biggest assets needed to achieve the State’s THEMES’ strategic development agenda.
Dr. Olowo said further that Lagos State has successfully transited from cash-based reporting to a more advanced accrual basis of IPSAS with effect from 2016 financial year, and that the state “is passionate about the adoption and continuous application of IPSAS due to numerous embedded advantages, and increasing global demand for transparency as well as adherence to value of fair reporting.
This current training, he went on, “is an unprecedented one in the country; we are training 800 account officers across the state service and also preparing them to write and pass the ACCA Certificate in IPSAS examination. IPSAS has come to replace the cash-based reporting in the public sector due to its inherent transparency, openness, effectiveness and efficiency.”
The commissioner further noted that “It is expedient of government to deliver on promises,
and this would better be facilitated and made possible by high quality accrual based financial reporting that strengthens Public Financial Management and increase public trust.”
On the direct benefits of IPSAS adoption and implementation to the Lagosians, Dr. Olowo said“it represents fundamental steps for the government to not only increase transparency and accountability to citizens and stakeholders, but also to engender effective decision making by contributing to fiscal stability and sustainability, for greater dividends of governance.”
His office, he maintained, “has no greater priority now than to build the capacities of the State’s public service accountants in line with the current administration’s commitment of ensuring that the best global standards of accounting techniques are adopted in public sector accounting in the State.”While justifying Governor Sanwo Olu’s investment in the training of accountants, Dr. Olowo said, it was pertinent “at this period, as it would promote the integrity of the State’s financial status, while bringing the State at per with what obtained in modern economies across the globe.”
He assured that Governor Sanwo-Olu would sustain the programme, as the State “is committed and will continue to play a leading role, so that other states could emulate. It is for the betterment of the profession striving for higher ethics, and it will bring increased benefit to the Nation’s economy.”
The Permanent Secretary, Lagos State Ministry of Finance, Mrs. Ganiat Abidemi Raji, also praised His Excellency, Gov. Sanwo-Olu for making the training possible.
She enjoined participants to listen well to the resource persons, participate actively in the training and gained necessary knowledge and skills. She implored participants to transmit knowledge and skill gained to other accountants in the State’s public Service in order to proliferate the IPSAS values and best accounting practices in Lagos.
The trainings, anchored by the Ministry of Finance, commenced on 7 th October, and would be done in batches till 12 th November, 2019 at Lagos Airport Hotel, Ikeja.
And at the end of the training “800 Public Sector Accountants and Finance Professionals in Lagos State would have been updated with the evolving standard of IPSAS, equipped with the right capacities and skills, so that they are able to effectively apply IPSAS to accounting process and reporting in the State.