SIGA, Controller and others deliberate ways to support SEs on reporting
The State Interests and Governance Authority, SIGA and five other institutions have held a meeting to discuss effective ways of ensuring that Specified Entities (SEs) comply with their reporting requirements, especially financial reporting.
The meeting was attended by representatives from the Controller and Accountant General’s Department (CAGD), Auditor General (AG), Internal Audit Agency (IAA), Public Service Commission (PSC) and the Ghana Revenue Authority (GRA).
In his opening address, the Director-General of SIGA, Ambassador Edward Boateng underscored the need for all the Agencies gathered to collaborate to ensure compliance from the SEs particularly, in regard to submitting reports and meeting reporting deadlines.
Dr. Janet Ampadu Fofie, Chairperson of the Public Service Commission, who chaired the meeting, expressed her support for the collaborative meeting. “It is important that this collaboration happens to ensure that there is effective conversation on how each of us can fit in to support the SEs in regards to reporting. We are trying to serve the same people and is important to be seen to be working together”, Madam Fofie stated.
The group discussed, among others, challenges facing the SEs in submission of reports, the various laws which mandated the different Agencies to collect reports from the SEs and it also deliberated on the conflicting timelines and different information required per the laws and mandates of the different organisations.
The Auditor General, represented by Mr. Johnson stated that sections 80 and 97 of the Public Financial Management Act gives the criteria on submission of unaudited accounts. “The first thing is to submit your unaudited accounts. Most times when you go to the institutions their accounts are not ready. If your accounts are not ready, we cannot do our work” He disclosed. He also lamented the refusal of Boards to sign accounts of the SEs with the excuse that they were not in office when the accounts were prepared. This is one of the many causes for the lack of audited financial reports and late submission he mentioned.
Dr. Eric Oduro Osae of Internal Audit Agency was equally excited about the meeting and said the collaboration will help the group support the SEs to achieve full compliance with the law.
The Controller and Accountant General, Mr. Bosompem who joined the meeting remotely, commended Amb. Boateng for helping raise the number of unaudited accounts from 19 Entities in the previous year to 47 Entities this year. He also mentioned the anomaly in the law which mandates the Controller to submit their report in March whiles requiring the SEs to submit their audited report in April.
Mr. Edward Gyamerah of the GRA additionally, reiterated the importance of the submission of the reports in a timely manner. He stated that the GRA used the reports to determine taxes and dividends to be paid by the SEs.
The meeting ended with the group agreeing on an agenda for a meeting with the Specified Entities scheduled tentatively, for 1st April 2022 to discuss reporting timelines among others.
