State Institutions Urged To Enforce 28th February Deadline For Submission Of Annual Financial Statements

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State Institutions Urged To Enforce 28th February Deadline For Submission Of Annual Financial Statements

The Upper East Regional Auditor of the Ghana Audit Service, Mr. Seidu Ahmed Kyei has reminded all public sector organizations and institutions to submit previous year’s Annual Financial Statements to the Controller and Accountant General and Auditor General’s Departments by February 28, 2021.

He explained that the 12 copies of the Annual Financial Statement ought to be signed and submitted to Auditor General and Controller but not as draft financial statement.

Mr. Ahmed Kyei lamented how the draft financial statements are most often submitted with a lot of errors that invariably affect the timely submission of the Auditor General’s reports to parliament.

The Regional Auditor gave this reminder at the 2020 national workshop for the Association of Education Accountants (AEA) held in Bolgatanga in the Upper East Region.

He said that section 80 of the Public Financial Management Act, 2016 (Act 921) requires that by 25th of February each year, public sector organizations should submit previous year’s annual financial statement to Auditor General and Controller and Accountant General but most of them failed to comply.  He therefore used the occasion to appeal to all financial officers in public institutions across the country to take note and act accordingly.

 In the Director General of Ghana Education Service Professor Kwasi Opoku-Amankwa’s opening address, he said that the type of attitude and commitment to work determine whether the result will be a success or failure. He therefore charged A.E.A to embrace the attitude of timely submission of financial confidentiality, be meticulous and accurate, prudent and very observant in their day to day functions.

He urged them to adopt possibility thinking approach to work and also embrace a consultative problem-solving process and working with management and colleagues.

“In order not to make a mockery of the Ministry of Education and Ghana Education Service at the Public Accounts committee, you would have to bring your competencies to bear on your delivery, therefore, be prudent to sharpen your skills and respond promptly to audit management letter” he emphasized.

The Acting National Chairman of AEA, Mr. Ambrose Yao Kwadzodza urged members to ensure effective execution of budgetary allocation to all policies and programmes. “We are required to abide by all policies, procedures, requirement, financial laws and regulations” he admonished.

Touching on accountability, Mr. Kwadzodza said accountants must assist the Principal Spending Officers exercising effective control over the management of stores and ensure a regular stock check, avoid obsolete items, ensure that expired goods are not kept in the store and finally ensure that stock levels are within control limits.

He said a Principal Spending Officer of a covered entity of public corporation shall be responsible for assets of the institution under his care and ensure that proper control systems exist for custody and management of assets.

The Upper East Regional Minister, in a speech read on her behalf by her Coordinating Director, Alhaji Mahamadu Assibi Azonko noted that the Public Accounts Committee of Parliament and the Auditor- General’s Department continuous to identify poor accounting practices, internal control failures and poor financial decision as the main threat to the financial management.

He again explained that such deficiencies found in the financial operations of most state institutions such as the Ghana Education Service creates the avenue for some public officials especially accountants to misapply and misappropriate funds and resources.

 

 


Source: WatchGhana.Com/Godwin Nkunu