The National Agency for the Control of Aids (NACA), has been commended for prompt compliance to financial regulation.
The Executive Secretary, Financial Reporting Council (FRC) of Nigeria. Ambassador Shuaibu Adamu Ahmed, gave the commendation in Abuja. He said that NACA did very well for filing on time. “Last year was the beginning, 124 public sector entities filed last year. This year we were surprised that by the end of the first quarter which was march 2022, some of the public sector entities started filing and the first to file was NACA.
“It was very impressive that the accounting year ends on 31 December, so you can imagine that within the first three months after the end of the accounting year, their accounts have been audited and they have been filed to the FRC. So it is something highly commendable and I had to report that to my minister in the quarterly meeting of the federal ministry of investment.”
He said that some of the agencies were unserious, some lacked technical knowledge. He noted that it was mandatory for agencies to file within six months but some of them end up with up to five years arrears, so it is a big plus for NACA. Filing on time is the first plus and from the desk review, we have not seen any issues that will warrant us imposing penalties.
He pointed out that some other penalties include withdrawing FRC numbers. FRC is a statutory agency of government that was established in 2011 and has the mandate to develop, publish, monitor and enforce accounting and financial reports and standards and registering individuals, anything to do with the financial reporting process.
It is also mandated to receive all financial statements from public interest entities which include government agencies and all registered and regulated companies as they required to file all the financial statements .
Before two years ago, as expected, the public sector entities were not really complying with the regulation that requires them to file their annual financial statements to the FRC. For many years a lot of the government institutions do that, so there is no way to review whether there is compliance with standards.
