The Lagos State Auditor-General, Mrs. Helen Deile, has presented the Year 2019 Audited Financial Statements to the State Permanent Secretary/Accountant-General, Dr. Abiodun Muritala, describing it as an improvement on the reports submitted in previous years.
Speaking during the presentation, Mrs. Deile disclosed that the financial reports earlier submitted for auditing by the Accountant-General met basic International Accounting Principles as well as recommendations by International Public Sector Accounting Standards (IPSAS), advising that the Finance and Accounts Officers at the State Treasury Office must not rest on their oars as there is room for further improvement.
She said, “The 2019 Financial Statements represent the overall performance of the entire State. The Statements comprise of Financial Performance, Position, Cash flows as well as comparison of budget and the actual amount for the year”.
Deile reiterated that the timeline set by the Lagos State Public Finance Management Law, 2011 for submission of Financial Statements to the State Auditor-General by Ministries, Departments and Agencies (MDAs) coincides with that of the State Treasury Office.
To this end, the Auditor-General opined that there is a need to amend certain provisions of the State Financial Management Law to aid the preparation of annual financial statements and auditing, stressing that the Office of the Auditor-General, in conjunction with the Office of the Accountant-General, would work together to propose a review to the State House of Assembly for consideration and approval.
She, therefore, advised the Accountant-General to pay more than cursory attention to the management reports sent to him from the Office of the Auditor-General and adhere strictly to the content.
In response to the observations and advice of the Auditor-General, the Permanent Secretary/Accountant-General, Dr. Abiodun Muritala explained that the improvements recorded in the Financial Statements earlier presented to the State Auditor-General resulted from strict adherence to laid down rules and procedures.
He expressed gratitude to the Office of the Auditor-General for the seamless working relationship between the two Offices and assured that future Financial Statements would be improved upon, as his Office would take cognisance of the advice and suggestions that had already been communicated by the Auditor-General.