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_imgLotto & 100+ ClubThere was no jackpot winning sequence in this weeks Lotto draw but Jean Doherty, Mullaghaneary matched three numbers 2,3,7 to win €50. Numbers drawn were 2,3,7,1,6,4,8,5. Next weeks Lotto jackpot is €2,750. The Lotto sellers in the coming weeks are: 3rd August – Paddy Kelly, 10th August – Barry Bradley, 17th August – Joe Carlin and 24th August – Eamonn Kelly. The winner of the 100+ Club draw this week was Kevin Sweeney, Ballinaman who wins €100. Thanks to all for their continued support of the weekly Lotto & 100+ Club.Seniors & ReservesThe seniors were in championship semi final action on Sunday against Urris in Burt. The lads never played anywhere near their potential in very difficult playing conditions. Urris won out in the end although the scoreline probably flattered them a little. Final score: Urris 2-11 Red Hughs 0-7. A disappointing end to the championship campaign but there are still plenty of big league games to play and all supporters of the club should come out to give encouragement to the lads in their remaining games. There is not expected to be any fixtures for the seniors or reserves this weekend.Senior LadiesWell done to the ladies on their great win over Termon on Tuesday last. Final score: Red Hughs 3-11 Termon 1-6. Their next game is at home to Naomh Columba this Thursday the 1st August at 7.45pm. Best of luck to the girls and all come out to support.Minor BoardThe club hosted the Kelloggs Cúl Camp the week before last with 57 children taking part. Thanks to Oisin Cannon and the coaches for a great week. Thanks to the club members who helped out with tea and tuck shop.The U12s girls blitz was held at the club on Saturday the 20th of July with 5 teams coming to take part St Marys Convoy, St Eunans, Robert Emmets, Glenfin and McCumhaills. The Red Hughs girls played brillant in all of their games in what was a very warm morning. Thanks to the club members who helped with the refereeing of the games and to the ladies for the refreshments afterwards. The girls train on Tuesday evenings from 6.00 to 7.00pm.Red Hughs Summer Camp takes place from Monday 12th to Wednesday the 14th August from 10.00am to 1.00am. Entry is free for Dromore NS pupils and €10 for others who want to attend. Registration for the camp takes place on Sunday 11th August at the clubhouse from 6.00 to 7.00pm. All are welcome. The club is running a local league for all U8, U10 and U12 boys and girls starting on Wednesday the 21st August. Loads of help is needed to make this a success. Managers and referees are needed and if you are able to help out please contact Stephen Gallagher on (087) 2054484.The U16 boys are fixed to play St Eunans ‘A’ away next Monday the 5th August at 7.30pm. Best of luck to the lads.Well done to the U18 boys on a great victory over Malin in the 1st round 1st leg of the championship last week. Final score: Red Hughs 1-12 Malin 0-10. The 2nd leg is fixed for this Wednesday 31st July at home at 7.30pm. All come out and support the lads.GAA NEWS: RED HUGHS BEATEN BY URRIS IN CHAMPIONSHIP was last modified: July 30th, 2013 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:Red Hughs GAA noteslast_img read more