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{
    "id": 1277833,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1277833/?format=api",
    "text_counter": 198,
    "type": "speech",
    "speaker_name": "Migori County, Independent",
    "speaker_title": "Hon. Fatuma Mohammed",
    "speaker": null,
    "content": "1. The accounting officers put in place mechanisms to ensure that the Fund receives accounting documentation on time, in compliance with the provisions of Section 68(2)(b) and (c) of the Public Finance Management (PFM) Act, 2012 and Regulation 100 of the Public Finance Management (National Government) Regulations, 2015. 2. The accounting officers ensure timely submission of accounting documentation required for audit verification during the audit as per the provisions of Section 31(4) of the Public Audit Act, 2015. 3. The accounting officers initiate appropriate mechanisms to ensure automation of the Funds’ processes and operations. On long outstanding receivables, the Committee observed that the recoveries of the loans issued by the Funds to youth, women and financial intermediaries are not up to date, with some receivables remaining unrecovered for more than one year. The Committee recommends that: 1. The accounting officers ensure that all contracts entered into by the Fund are lawful and are complied with in accordance with Section 68(2)(d) of the PFM Act, 2012. 2. Within three months upon adoption of this Report, the accounting officers should submit status reports for non-performing loans and recoveries made to the Auditor-General for audit verification. The Committee observed that the issue of presentation and inaccuracies in the financial statements was noted in almost all the examined audit reports with cases of wrong classifications of assets and expenditures, unexplained and unreconciled variances, and non- compliance with the format prescribed by the Public Sector Accounting Standards Board (PSASB), amongst other issues. The Committee recommends that the accounting officers ensure that all applicable accounting and financial controls, systems, standards, laws and procedures are followed in the preparation of financial statements, in compliance with the PFM Act, 2012 and in accordance with the standards prescribed by the PSASB as per Regulation 101(4) of the Public Finance Management (National Government) Regulations, 2012. On unresolved prior-year matters, the Committee observed that: 1. Prior year audit issues remained unresolved at the end of the financial year against the requirements of Section 68(2)(i) of the PFM Act, 2012 which requires an accounting officer to take appropriate measures to resolve any issues arising from audit which may remain outstanding. 2. Some accounting officers do not disclose the progress on follow-up of the Auditor-General’s recommendations in the financial statements as required by the PSASB. The Committee recommends that: 1. Within three months upon adoption of this Report, the accounting officers should take appropriate measures to resolve the outstanding prior audit issues as required by Section 68(2)(i) of the PFM Act, 2012 and submit the necessary documentation to the Auditor-General for audit verification. 2. The accounting officers ensure that all applicable accounting and financial controls, systems, standards, laws and procedures are followed in the preparation of financial statements in compliance with the PFM Act, 2012, and in accordance with the standards prescribed by the PSASB as per Regulation 101(4) of the Public Finance Management (National Government) Regulations, 2012. The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}