Trainer: Mrs. Anaekperechi Nkeiru Scholastica, SPIU Program Accountant for Imo SURWASH Program
Participants: Financial Unit of the three (3) Implementing Agencies (IAs) for SURWASH Program namely ISWSC, RUWASSA and ISSTOWA ably represented by their various Accountants and Auditors
Training Focus: Practical Financial Procedure / Management for Imo SURWASH Program
On February 8th, 2024, the Imo SURWASH SPIU Program Accountant Mrs. Anaekperechi Nkeiru Scholastica, had a mini training session with the Financial Unit of the Implementing Agencies (IAs).
The training was aimed at enhancing the team’s understanding and proficiency in various financial aspects crucial for the successful implementation of the PforR Component of the program which is expected to earn INCENTIVE for the State if results are seen to have been achieved during the Independent Verification Assessment.
However, the following areas were dwelt on:
Adequate Management of Funds: The team were made to have an Understanding of the proper allocation, utilization, and documentation of funds to ensure efficient resource management. They were therefore asked to guide against Undue movement of fund for purposes they were not meant for
Procedures for processing of payment under the SURWASH program Before payments are made the following were outlined to be done:
a. Ensure there is segregation of duties through initiation, minuting and authorization
b. For all Contract and Consultancy works under PforR , ensure that evidence of proper State procurement procedures followed are attached
c. Recalculate all figures to ensure accurancy
d. Ensure all necessary Taxes are deducted as the case may be and remitted to the relevant tax authority
5% WHT for all Individual or Enterprises Contracts and Consultancy goes to Imo State BIR while that of Ltd Liability Company goes to FIRS
10% WHT*Consultancy for all *Ltd Liability Company goes to FIRS
All WHT must have 7.5% VAT deduction and remitted to FIRS
Stamp Duties should be deducted as the case may be
Record Keeping: The Importance of maintaining accurate and up-to-date financial records for transparency, accountability, and audit purposes were emphazied for easy, timely and accurate Monthly reporting
*Retirement of Fund Releases * Mrs. Anaekperechi adviced the team to ensure collection of receipts for all paid transactions as that will form part of the retirement documents expected of them to submit at Office of the Accountant of the State for the Fund Releases made to their Agencies from the SURWSSH Consolidated PforR Account while they send a copy to her for documentation purposes.
Monthly Reports:* Submission of monthly reports was stressed on the side of the Auditors who were told that a one line report even a Nil one is a report.which the Program Internal Auditor is expected to capture in his quarterly reports sent to the National office (FPIU) However, the Accountants were commended for their reports last year while both were encouraged to improve on their reports.
The training which had a smooth end with snapping of pictures was aimed at equipping the Finance Unit of the IAs with the necessary knowledge and skills needed to adhere to financial regulations, ensure compliance, and contribute effectively for the adequate management of funds and reporting under the Imo Surwash program.
MINI TRAINING OF THE FINANCIAL UNIT OF THE IMPLEMENTING AGENCIES (IAs) FOR IMO SURWASH PROGRAM
Trainer: Mrs. Anaekperechi Nkeiru Scholastica, SPIU Program Accountant for Imo SURWASH Program
Participants: Financial Unit of the three (3) Implementing Agencies (IAs) for SURWASH Program namely ISWSC, RUWASSA and ISSTOWA ably represented by their various Accountants and Auditors
Training Focus: Practical Financial Procedure / Management for Imo SURWASH Program
On February 8th, 2024, the Imo SURWASH SPIU Program Accountant Mrs. Anaekperechi Nkeiru Scholastica, had a mini training session with the Financial Unit of the Implementing Agencies (IAs).
The training was aimed at enhancing the team’s understanding and proficiency in various financial aspects crucial for the successful implementation of the PforR Component of the program which is expected to earn INCENTIVE for the State if results are seen to have been achieved during the Independent Verification Assessment.
However, the following areas were dwelt on:
Before payments are made the following were outlined to be done:
a. Ensure there is segregation of duties through initiation, minuting and authorization
b. For all Contract and Consultancy works under PforR , ensure that evidence of proper State procurement procedures followed are attached
c. Recalculate all figures to ensure accurancy
d. Ensure all necessary Taxes are deducted as the case may be and remitted to the relevant tax authority
5% WHT for all Individual or Enterprises Contracts and Consultancy goes to Imo State BIR while that of Ltd Liability Company goes to FIRS
10% WHT*Consultancy for all *Ltd Liability Company goes to FIRS
All WHT must have 7.5% VAT deduction and remitted to FIRS
Stamp Duties should be deducted as the case may be
Submission of monthly reports was stressed on the side of the Auditors who were told that a one line report even a Nil one is a report.which the Program Internal Auditor is expected to capture in his quarterly reports sent to the National office (FPIU) However, the Accountants were commended for their reports last year while both were encouraged to improve on their reports.
The training which had a smooth end with snapping of pictures was aimed at equipping the Finance Unit of the IAs with the necessary knowledge and skills needed to adhere to financial regulations, ensure compliance, and contribute effectively for the adequate management of funds and reporting under the Imo Surwash program.
Uzoamaka Odom
Communication Officer