COMMUNIQUE:8TH ANNUAL LAGOS STATE ACCOUNTANTS’ RETREAT HELD FROM 3rd - 6TH MARCH, 2016

8^TH ANNUAL LAGOS STATE ACCOUNTANTS’ RETREAT HELD FROM 3^rd - 6^TH MARCH, 2016 AT THE PENINSULA RESORT, AJAH, LAGOS.

COMMUNIQUE

1.0 PREAMBLE

1.1 The 8^th Edition of the Annual Accountants’ Retreat of Lagos State was held from Thursday, 3^rd to Sunday, 6^th March, 2016 at the Peninsula Resorts, Ajah, Lagos.

1.2 The Retreat was themed “PUBLIC SECTOR ACCOUNTANTS AS AGENTS OF CHANGE” and under the Chairmanship of His Excellency, The Governor of Lagos State, Mr. Akinwunmi Ambode, who was ably represented by Her Excellency, the Deputy Governor, Dr. (Mrs.) Oluranti Adebule.

1.3 After check-in on Thursday, 3^rd March, 2016, a Cocktail Meeting and Review of the Communiqués of the previous Retreats (2006 – 2014) held was discussed and facilitated by Mr. Olujimi Ige, Director (Financial Intelligence and Research).

STO.

2.0 HIGHLIGHTS OF THE OPENING CEREMONY Y2016 .

2.1The highlights of this year`s retreat included the following activities;

i.Welcome address by the Permanent Secretary/Accountant-General, Mrs. Abimbola Umar, FCA.

ii.Opening remarks by the Head of Service.

iii.Keynote address by His Excellency the Governor of Lagos State, who was represented by the Deputy Governor, Her Excellency, Dr. Oluranti Adebule.

iv.The launching of the new Logo for the State Treasury Office by the Deputy Governor, Her Excellency, Dr. Oluranti Adebule.

v.Goodwill messages were delivered by invited distinguished retired Accountants who were referred to as `Role Models`. They include; Prince Farotade, Mr. Lawal, Alhaji Azeez, Mrs Osiade and Mrs Akibayo. They shared their experiences and also encouraged their serving colleagues to ensure that good legacies were sustained so that Lagos can remain a centre of excellence.

vi.Goodwill messages by the following dignitaries;

Mr Samuel Ojo- Chief of Staff.

Dr.Mustapha Akinwunmi- Honourable Commissioner for Finance

Mr.Akinyemi Ashade- Honourable Commissioner for Economic Planning & Budget.

Mr. T.T Ogunleye FCA.-Permanent Secretary, Office of Finance.

Mr. Ifeanyi Peters- Representative DFID/SPARC.

3.0 PRESENTATIONS

3.1In order to really drive home the essence of the Retreat and to achieve its intended objectives, Technical Paper presentations on selected topics were made. These included the following:

1. Emerging issues in Lagos State Financial Management System.
2. First time adoption of International Public Sector Accounting Standard(IPSAS)

• Improving Revenue Generation in Lagos; Charting the way forward.

1. Professional Conduct and Business Ethics.
2. Health Talk.

4.0 RESOLUTIONS FROM THE Y2016 ACCOUNTANTS RETREAT.

4.1Arising from the Technical paper presentations, comments, suggestions and contributions from participants the Accountants in Lagos State at the Annual Retreat resolved as follows;

S/N	TOPICS.	RESOLUTION(S)	REMARKS
1.	EMERGING ISSUES IN LAGOS STATE FINANCIAL MANAGEMENT. (EMPHASIS ON ORACLE APPLICATION)	(a)The ministry of Science and Technology was charged with the responsibility of resolving all Oracle issues previously identified at various stakeholders meetings in the past. (b)Emphasis was placed on the activation of non functional modules like Cash Management, Treasury Module, Fixed Assets, and the full utilization of the existing modules by Accountants. (c)The configuration of Budget Classification and Chart of Accounts in the Oracle Application was agreed to be delivered by MOST as follows; i.Committee set up on planning the configuration starts by May 2016. ii. First Cut-Unit testing- August 2016. iii.UAT/Performance Test/Security testing, involvement of functional Users/ Auditors October 2016. iv.Parallel run by November 2016. v.Go live December 2016. (d)Accountants in the State should take ownership of the Oracle Application via continuous capacity building and self improvement. (e) Special compensation/ reward system should be considered for the Accountants who were trained as skilled Oracle professionals to foster motivation and retention of this workforce in the Public Service.
2.	BILLING APPLICATION	(a) Accountants should embrace the billing application and submit composition of their bills to be keyed into the application within two months. The first four MDAs to go live on the 14th of March are Ministry of Tourism, Office of Surveyor-General, LASTMA and the Vehicle Inspection Office.
		(b)Need for controls to be put in place by involving the Auditors at every stage of the billing implementation.
3.	FIRST TIME ADOPTION OF INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD (IPSAS).	(a)All Accountants should assist the State in complying with the implementation of IPSAS with effect from year 2016.
		(b)Details of Assets currently being purchased by MDAs should be forwarded to the Financial Information Systems Directorate using the Oracle fixed Assets Template designed by the State Treasury Office.
		(c)Each MDA should prepare their individual financial statements using the IPSAS Accrual Template and submit such statements to Financial Information Systems Directorate on monthly basis.
		(d)The current IPSAS Committee should be extended to include other relevant Professionals whose inputs are necessary in the IPSAS implementation. IPSAS (Accruals).
		(e)Training of Lagos State Accountants is to be handled by Price water House Coopers (PWC) on train the trainer approach.
		(f)Accountants should take charge of inventory in line with the Treasury Circular issued by STO.
		(g)PWC should assist in guiding LASG throughout the IPSAS Project until completion.
4.	IMPROVING REVENUE IN LAGOS STATE; CHARTING THE WAY FORWARD.	(a)The practice of keeping data in `silos` should be discouraged, rather an all inclusive data bank should be developed by LIRS to create needed collaborations among MDAs.
		(b)Fresh revenue Mapping exercise should be carried out to identify new revenue sources with a view to expanding the tax net and ultimately increase the State IGR to N50 Billion a month. Ways of capturing the informal sector should also be addressed.
		(c)Adequate steps/ measures should be taken to ensure multi- channels payments to Lagos State. These include payment via various devices such as web payments, ATMs/POS/Internet/ use of Debit Cards etc.
		(d) Inter-Agency collaboration should be facilitated through efficient and timely exchange of data for effective and optimal revenue collection.
5.	PROFESSIONAL CONDUCT AND WORK ETHICS.	(a)Accountants were advised to observe professional conduct that has to do with member regulations and also remember that they are under statutory and contractual powers. (b)Accountants were also enjoined to abide with their professional ethics which are set of moral principles that guides employee in work place.
6.	HEALTH TALK.	(a) Accountants should engage in Physical exercises to keep their body and soul fit and alert at all times. More so that the Accountancy Profession is one of the sedentary professions that is prone to the risk of high blood pressure and other Cardiovascular diseases.

State Treasury Office,

The Secretariat,

Alausa, Ikeja.

March, 2016.