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 FINANCIALACCOUNTABILITY AND TRANSPARENCY
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
Phaseand Activities
Deliverables
Timelines
1.
Preparationof Financial Statements
1.
• . Obtain relevant financial information including:
Previous year ‘s businessfor currentandnon-current assets, current andnon–current liabilities, and net assets
Current year ‘s trial balance
Supporting schedulesfor currentyear ‘s trial balance, accounts,ledgers, and sub-ledgers
Bank statements, bank accountandledgeraccount reconciliations
Fixed asset register including
informationon 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, SANPresident Nigerian Bar Association]]>
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