SOEs Urged to Prioritize Financial Reporting

first_imgState Owned Enterprises (SOE) in the country have been urged to prioritize the use of strategic management and financial reporting in mitigating potential risks associated with noncompliance within the sector.Making the call yesterday at the climax of a two-day strategic management and financial reporting workshop, Mr. Siafa Chowoe, Unit Director of SOEs at the Ministry of Finance Development and Planning (MFDP), said the event is intended to address the planning and reporting requirements as prescribed by the Public Financial Management (PFM) Law and to develop a way forward in mitigating any potential risk associated with noncompliance by SOEs. Mr. Chowoe said the event was also aimed at strengthening the capacity of SOEs where there are gaps in terms of making their financial reports in various ministries and agencies in the country. He said the PFM Law requires SOEs to submit quarterly and annual financial statements as well as their entity’s strategic plans to the Minister of Finance and Development Planning.Chowoe explained that the workshop discussed the PFM Law and Regulatory requirements as well as the risk of noncompliance. He said that challenges faced by SOEs in the implementation of Sections 43-46 of the PFM Act of 2009 were also discussed.Explaining further, Chowoe said his unit is the point of focus to collate, analyze and interpret financial and strategic plans submitted by SOEs to the MFDP with a goal to ensure strict compliance with the provisions of the PFM Law and its regulations.Moreover, he said that submission of SOEs strategic plan, annual financial plans and periodic financial performance reports remains a challenge due to either misunderstanding or capacity gaps.The two day event, he added, will improve efficiency and transparency to strengthen financial reporting within three years, focusing on strategic planning and annual budgeting.For his part, Liberian economist Samuel Tweah said SOEs play a critical role in the development of the nation’s economy and therefore need urgent attention by all. SOEs have accounted for 11 percent of the public wage, he explained, thus contributing 4.3 percent to the country’s budget in the amount of US$22.6 million in the 2015/2016 fiscal year; while in Sierra Leone it accounted for 5 percent of the public wage bill.He further stated that total expenses for all SOEs in 2014 amounted to US$33 million, which accounts for 13 percent of the public wage bill. SOEs are also expected to embrace the new standards of methods regarding strategic management and financial reporting.The two day workshop brought together government employees, and was organized by the MFDP SOE Financial Reporting Coordination Unit.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more


first_imgConcerned locals in The Rosses have held a meeting to discuss a rising spate of anti-social incidents across West Donegal.The meeting heard from representatives of a wide range of state bodies, local representatives and community development and youth work organisations about widespread anti-social behaviour in the Kincasslagh, Keadue and Belcruit area.The meeting, at the Viking House Hotel, was very well attended with a number of local people along with representatives of An Garda Síochana, Ógras na Gaeltachta, Rosses CDP, Donegal Youth Service, HSE Children and Family Services, Pobail le Chéile, CDP and elected representatives. There were also apologies from Foróige and Pat The Cope Gallagher, Thomas Pringle and Pearse Doherty.The fears of families and older people living alone were explained, with tales of sleepless nights and a long list of crime incidents.Everyone present agreed that this sort of activity was unacceptable and the agencies resolved to support the community in whatever path they chose to take.People spoke about the need to encourage the community to report any incidents they witness and to strengthen local groups so they effectively support families and older people. The Gardaí have already mounted extra patrols and there are plans to meet with the Pobal ar Áire – Community Alert committee locally to develop a community safety campaign.A spokesman said for this campaign to succeed it is essential that as many local people as possible stand up and say no to the ongoing anti-social behaviour and intimidation within our community and get involved in this campaign.If you are concerned about anti-social behaviour in your area, or would like to come along to the next Community Safety meeting ring Micheál Cholm Mac Giolla Easbuig 086 884 5476. Details of the next meeting will be posted widely.MEETING HEARS OF SERIES OF ANTI-SOCIAL INCIDENTS ACROSS THE ROSSES was last modified: September 8th, 2012 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:Gardaimeetingthe Rosseslast_img read more