Thu. Sep 19th, 2019

County Government of Busia

United For Development

COUNTIES TO ADOPT IPSAS ACCRUAL SYSTEM BY JULY 1, 2020- PSASB

2 min read

Photo: Deputy Governor Moses Mulomi, Deputy Auditor General CPA David Gichana (centre in grey suit), officers from the County Government and assembly, and the Public Sector Accounting Standards Board (PSASB) members outside the county government offices on Tuesday.

Counties and other public entities will adopt the International Public Sector Accounting Standards (IPSAS) which are a set of accounting standards issued by the Public Sector Accounting Standards Board (PSASB) for use by public sector entities in the preparation of financial statements.
Addressing the press in Busia on Tuesday after a meeting with the County leadership led by Deputy Governor Moses Mulomi, Deputy Auditor General CPA David Gichana said all public entities will move from Cash IPSAS to Accrual System.
CPA Gichana who is also PSASB board member said their other future plans are to enhance the functions of the Internal Audit and Audit Committees to enable them support effectively the running of internal control systems and effective performance of services and delivery of goods through the county governments.
“We shall also ensure that there is enough capacity building for the accountants and internal auditors across both the national and county governments; the roll out of both secondary schools and level four and five hospitals reporting templates and proper financial management to ensure there is proper capacity building and that resources are used to deliver effective services to the people out there,” he said.
Gichana urged all public sector entities to participate in the newly introduced FiRE (Financial Reporting Exellence) award to ensure the competition on the best prepared financial statement catches up FiRe with the main county and national governments entities encouraged participating.
In order to avoid many audit queries, CPA Gichana has urged Governors and their Deputies to have daily or weekly meetings with internal auditors and audit committees chairmen; they will give you objective state of affairs which may not be got from other officers.
Deputy Governor Moses Mulomi assured PSASB that the county Government is ready to migrate from Cash IPSAS to Accrual IPSAS, adding that they are also ready to enter into faire award competition, expressing optimism of emulating their top position in the Kenya Devolution Support Program in the inaugural competition.
H.E Mulomi said the delays in establishing PFM Act regulations had brought confusion with some members using old regulations which are not in tandem with the Act.
The Deputy Governor said there is need by internal audit and audit committees to work in collaboration with the Finance Executive, adding that the move to undertake training and capacity building will enhance their professionalism.
Those present included County Secretary Nicodemus Mulaku, CECM Finance Phaustine Barasa, Chief of Staff Sebastian Okiring’, Assembly Clerk Allan Mabuka and Chief Officer in the Office of the Deputy Governor Andrew Otiti.

Leave a Reply

Your email address will not be published. Required fields are marked *