The Federal Government has said it is working to harmonise the financial accounting system of the ministries, departments and agencies (MDAs), as part of measures to enhance transparency and prevent illicit financial flows.
The CAC’s Registrar-General, Garba Abubakar, said this on Thursday in Abuja at a workshop to “Review and Finalise the Standard Financial Accounts Reporting Templates for the Corporate Affairs Commission’s (CAC) Financial Accounts Online Filing Solution”.
The event organised by the EU-ACT Programme (Agents for Citizen-Driven Transformation (ACT) Programme) was aims at providing a forum for industry representatives, including accounting, finance, tax, CSOs and relevant government MDAs to exchange experiences, best practices and make inputs to the draft standard financial accounts reporting templates for different categories of CSOs and businesses in Nigeria.
Represented by his Technical Assistant, Mohammed Abdullahi, the Registrar said that online application will enable CSOs and registered entities to file their financial statements with the CAC alongside their annual return.
He said that the CAC is also working for harmonisation with other government agencies to create one financial statement across all government parastatals.
“That will improve transparency, get accurate data and checkmate illicit financial transactions of registered entities. It can also be used for business intelligence analysis,” he said.
The online application will also ease non-governmental organisations and businesses processes to file their financial accounts.
On his part, the Component Manager of the EU-ACT programme, Idem Udoekong, said the aim was to strengthen the capacity of CSOs, networks and coalitions to improve their institutional mechanism and programmatic competence in selected states across Nigeria.
He said that the programme is supporting the CAC to develop and install a financial accounts online filing system for its customers under its “strategic collaboration” with the commission on strengthening civil society regulatory environment.
Also, the Programme Officer, EU-ACT, programme, Chambers Umezulike, said the stakeholders have agreed to work together to come up with the templates through a technical committee vehicle that would deliberate and develop this template for the success of the initiative.