NBA Engages Accounting Firm, PricewaterhouseCoopers For Financial Governance And Transparency

In a statement dated 6th October, 2018, signed by the President, Paul Usoro, SAN, his intention is to institutionalize the standards of financial governance, probity and transparency in the psyche of the Association. And to make them irreversible at the NBA national level within 2 year tenure. TheNigerialawyer recalls that Paul Usoro, SAN, while delivering his inaugural address reiterated that his administration will ensure financially transparency and accountability as promised during his campaign. Below Is The Statement: 06 October 2018. THE NBA MARCH TOWARDS  FINANCIAL ACCOUNTABILITY AND TRANSPARENCY 

1. On Thursday, 03 October 2018, we commenced our promised march towards a financially accountable and transparent NBA Administration by executing a Letter of Engagement (“LoE“) with PriceWaterhouseCoopers (“PwC“), the international accounting Just so there is no ambiguity or doubt as to our  expectations and prospective gains from the PwC assignment, we reproduce below the Detailed Project Scope/ Work Plan as excerpted from the LoE:

  “APPENDIX 1 – Detailed Project Scope/ Work Plan

	S/N	Phase and Activities	Deliverables	Timelines
	1.	Preparation of Financial Statements
	1.	•       . Obtain  relevant  financial  information including: Previous year ‘s businessfor current and non-current assets, current and non–current liabilities, and net assets Current year ‘s trial balance Supporting schedulesfor current year ‘s trial balance, accounts, ledgers, and sub-ledgers Bank statements, bank account and ledger account reconciliations Fixed asset register including information on classes of assets, purchase dates, asset particulars , location etc. •             Review and validate key financial statement line items (including non- current assets, liabilities, inventory and cash); ensure that they reconcile back to adeauate support documentation and	For period under review Updated trial balance and supporting schedules Financial statements	4 weeks

 

	schedules, ledgers and sub-ledgers ·         Prepare and pass appropriate adjustment journal entries for various accounts, ledgers and sub-ledgers and update the respective schedules accordingly ·      Prepare updated trial balance and financial statement for period from 1 to 31 August 2018
2.	Finance Function Review
	·                Gather data and other relevant information through interviews and walkthroughs to gain understanding of and insight into the current finance operations and processes ·      Assess the adequacy and effectiveness of the finance function and its operating model including its:     Revenue collections  Payment processes Treasury management  Enabling technology ·                Identify gaps, areas of inefficiencies, revenue leakages, control weaknesses, risk exposures, and make recommendations to address them	Finance function diagnostic report (including findings        and improvement opportunities)	2 weeks

  2. The PwC LoE fulfills the commitment in my Inaugural Address of 31 August 2018 to the effect that “transparency and accountability . . . would be our watchwords at all times”. Earlier, during the campaigns, I pledged to strengthen the NBA’s finance governance structures by, amongst others, preparing and publishing quarterly financial statements which would contain sufficient information that meets International Accounting Standards and best practices. 3. The PwC engagement marks the beginning of our journey towards those promised standards of financial probity, accountability and transparency. Upon the submission of the PwC Deliverables, as detailed in the afore-excerpted Project Scope/ Work Plan, we would promptly publish and make them readily available to our members; these would also constitute agenda items for discussion at the immediately following National Executive Committee meeting. 4. Our intention is to institutionalize these standards of financial governance, probity and transparency in the psyche of our Association and make them irreversible at the NBA national level within our 2-year tenure in the expectation that these would rapidly percolate down and become pervasive in the branches and other organs of the Association. Paul Usoro, SAN President Nigerian Bar Association]]>