The Assistant Director, Nigerian Accounting Standards Board, Mr. Nelson Anumaka, has said Nigerians must, as a right, insist on financial reports from public office holders.
Anumaka said accounta-bility suffered most from the inability of the general public to insist on its adherence.
The NASB boss made the observation in a paper entitled, the nature and general objectives of accounting and financial reporting in the public.
He delivered the paper at a national workshop on accounting and financial reporting in the public sector, organised by the board in Ibadan, Oyo State capital, on Tuesday.
He submitted that the National Assembly must insist on financial reports because of the tendency that people were less likely to engage in corrupt practices if they faced the risk of exposure.
He said, “A financial reporting system supported by high quality standards is key to economic development.
“High quality standards of financial reporting underpin the trust that stakeholders place in financial and non-financial information and, thus, play an integral role in contributing to a country’s economic and financial stability.
“Whether in the public or private sector, effective accounting and financial reporting are paramount to the sustainability, credibility and success of our nation’s economy.
“Travelling the road of effective accounting and financial reporting won’t guarantee success, but not travelling upon it will almost certainly guarantee failure.”
Anumaka identified some lapses in public sector financial reporting in the country. These lapses, he said, included inaccurate and incomplete data base, delayed financial reports, weak auditing and reporting, irregular returns by ministries, departments and agencies, non-publication of financial affairs of government as well as manual and outdated accounting and financial reporting processes, among others.
Also, the board’s Executive Secretary, Mr. Jim Obazee, said that for a smooth transition from cash to accrual basis accounting in Nigeria, each MDAs should produce timely and simple financial statements which citizens could rely on.
These, he added, could also be used by Nigerians to measure the stewardship of government at all levels.
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Nigerians must insist on financial reports – NASB