Auditor-General Meets the Public Sector Accounting Standards Board (PSASB), Board of Directors.
28Jun’22
Auditor-General Meets the Public Sector Accounting Standards Board (PSASB), Board of Directors
The Auditor-General CPA Nancy Gathungu, CBS hosted the board of the Public Sector Accounting Standards Board (PSASB) in her Office to discuss areas of mutual cooperation and collaboration.
The Board’s Chief Executive Officer, CPA Fredrick Riaga shared key milestones by the board since its inception in 2014 and projects aligned for implementation in the next five years. CPA Riaga named the following as the Board’s key milestones: approval and gazettement of applicable accounting, auditing and reporting standards, development of annual and quarterly financial reporting tools and templates, approval of the National Assets and Liabilities Management Policy, and training and capacity building of over 5,000 public sector accountants.
He said the Board will be revising the existing reporting templates as well as releasing new six templates for application by National and County Government entities from 30th June 2022. The new templates include; Financial Reporting for Level 4 and 5 Hospitals and the Attendant Guidelines, Financial Reporting Template for National Government Car Loan and Mortgage Funds, Financial Reporting Template for County Receivers of Revenue, Financial Reporting Template for County Revenue Fund, Financial Reporting Template for County Water Service Providers and Water Companies in addition to Financial Reporting Template for Cities and Municipal Boards
The Auditor-General CPA Nancy Gathungu, CBS congratulated the Board, noting that they were supporting the auditors’ work. “The reporting templates and frameworks that you have established have made auditors’ work easier and have largely guided us in enhancing accountability,” she said.
The Board outlined the following projects for implementation:
- Transition to accrual accounting in the public sector,
- Development of Public Sector Entities Internal Audit Manual,
- Development of County Government Audit Programs,
- Formulation of a Framework for Collaboration Between the Internal Auditors and Office of the Auditor-General
- Rollout of Public Sector Risk Management Guidelines
The Board chair FCPA Pius Nduati reiterated their commitment to actualising the transition to accrual accounting in the public sector. “Despite the numerous challenges, we are fully committed to actualising the transition to accrual accounting by 1st July 2023. Collaboration between the Board and the Office of the Auditor-General will go a long in making that a success,’’ he said.
The Auditor-General assured the Board of her support in its effort to shift the accounting basis in the public sector. “We are partners in enhancing the accountability of public funds and also in this journey of actualising accrual accounting basis in the public sector’’, she said. The Auditor-General was accompanied by Deputy Auditor-Generals; Sylvester Kiini, David Njoka, Dr. Leonard Lari, Edwin Kamar, William Agunda and Stanley Mwangi and Deputy Director of Finance Gregory Kiteme.
