21st May, 2012
Lagos State Governor, Babatunde Fashola, has stressed the need for timely and accurate monthly financial statements by accountants in the state to quicken the implementation of Public Finance Management, PFM, Law.
Fashola who stated this in his keynote address at the two-day 6th Lagos State Accountants’ Retreat at Peninsula Resort, Ajah, Lagos, said the theme of the retreat, “Public Finance Management Reforms In Lagos State: Past, Present, Future”, was apt at this time in view of the global transformation for improved service delivery.
Fashola, who was represented by the Commissioner for Finance, Mr. Adetokunbo Abiru, noted that the PFM Law which came into being last year was to coordinate the old laws into a single effective working document to quicken the presentation of government financial statements.
The Accountant-General of the state, Mr. Akin Ambode, said the accountants came together annually to take strategic decision that would improve their performance for the overall interest of the public and the government.
He observed that past retreats had brought advancement to the state’s financial practices but noted that there was more to do with the emerging trends in accounting standards.
Ambode advised participants to improve on their service delivery to provide world class financial service to stakeholders.
Papers presented by seasoned professionals included Annual Financial Statement Preparation and Challenges; Effect of the new Audit Law on Transparency and Accountability; Value orientation in Public Service and International Public Sector Accounting Standard (IPSA), among others.