The Lagos State Government has commenced the training of about 800 Chartered Accountants in the State public service for effective service delivery.
The training according to the State government is in a bid to ensure public sector Accountants and Finance Professionals are equipped with the right capacities in applying the International Public Sector Accounting Standards (IPSAS) to account reporting.
According to the State’s Commissioner, Ministry of Finance, Mr. Rabiu Onaolapo, the training would allow Accountants in the State’s public sector to be updated with the evolving standards of IPSAS.
Onaolapo mentioned that his office is poised to build the capacities of the State’s public Accountants which are in line with the current administration’s commitment to ensuring that best global standards of accounting techniques are adopted in public sector accounting.
“It is important to make this investment because back in 2016, we decided to go the way the entire world is going by adopting the Accrual Public Sector Accounting, which is IPSAS.
“Today, we are adopting all the dots together to ensure that our Accountants are equipped with the best in class training in order to make this transition obtainable. We are making effort to ensure we play a leading role so that other States can follow to understand the significance of this from the transparency and fair reporting point of view and for the integrity of our financial status,” the Commissioner said.
He further stated that, “We want the programme to be sustainable. We have finished the conversion process and it’s important that we continue to train our Accountants so that the knowledge can embed. IPSAS itself is changing by the day. The standards are changing because the way the world sees account reporting is changing. So it is important that we continue to equip our Accountants with the latest changes and knowledge.”
The Commissioner described the training programme as uncommon in terms of the quality of training and the number of the trainees, which he said no State in the country has ever matched up with.
He stressed the need for public Accountants to adhere to the ethics of the profession.
The Commissioner, however, appreciated the effort of the State Governor, Mr. Babajide Sanwo-Olu, for his determination to ensuring fair reporting and capacity building in the State.
The Permanent Secretary, Lagos State Ministry of Finance, Mrs. Abidemi Raji said that the knowledge acquired during the training, would be paramount to efficiency in service delivery.
Raji, who implored the trainees to ensure they put the knowledge acquired into practical use in carrying out their accounting duties, applauded the Governor for his commitment in improving the standard of financial reporting in the State.
Some of the trainees who spoke with Voice of Nigeria appreciated the move by the State to raise the bar of public accounting as it would go a long way to competitively align with the current global accounting standards.
They also believe the training would expose them to adopting a shift from the traditional cash based accounting techniques to the new Accrual accounting standards.
The training carried out by the State’s Ministry of Finance was meant to complement the initial transition programme which ended in 2018.