Ayade Promises To Stick To Best Financial Practices

In Breaking News, National News, Politics, Reports

By Aplefe Ojong

Governor Ben Ayade
Governor Ben Ayade

The Governor of Cross River, Senator Ben Ayade has promised that his administration will continue to create an enabling environment for the practice and operation of values of best financial practices in the state in line with global best practices.

Governor Ayade who stated this at the occasion of a 3-day capacity building workshop on International Public Sector Accounting Standard (IPSAS)) held at the College of Health Technology, Calabar recently, explained that a good financial system was important in stabilizing, ensuring a smooth administration, and that his administration will ensure that all the levels of government in the state observe financial regulations and minimize financial waste through effective accounting system.

Ayade who was represented by his Deputy, Professor Ivara Esu was hopeful that the workshop will help to reposition Accountants and Auditors with the necessary expertise in financial matters that will prepare them for an improved serve delivery, and call on them to brace up for the take off of the new system that is meant to produce more result for the state, and charged participants to take the workshop seriously to be able to effectively play their legitimate roles and wished them fruitful deliberations.

Earlier, the Accountant General of the Federation and Chairman of Federation Allocation Account Committee Sub-committee on IPSAS implementation, Alhaji Ahmed Idris, explained that the decision to adopt and implement the provision of IPSAS by Public Sector Entities (PSE) in Nigeria was implemented by the Federal Executive Council in July, 2010 to deepened Transparency and Accountability.

Represented by the AG of the state, Mr. Henry Ojogu, he said that the training is designed to allow for cross-fertilization of ideas among staff drawn from the three tiers of government to expose officers on the use of accounting manual and guidelines issued to replaced the hitherto cash based accounting.

In his remarks, the state Chairman of IPSAS Technical Implementation Committee, Mr. Ikona Gabriel Francis disclosed that arrangements have been concluded for the conversion of the 2013-2015 consolidated financial statements and budgets to cash IPSAS with a view to migrating to accrual in 2016.

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