AWARENESS TIMES
Sierra Leone News & Information

State House | Press Union | Lumley Beach | AllAfrica | SL-Web

www.awarenesstimes.com

  Giving Knowledge to the People
welcome to sierra leone's premier news source
Last Updated: Jul 2nd, 2015 - 18:05:35 
Front Page 
 
 NEWS
 Breaking News
 Local News
 Politics
 Photo News
 Video News
 
 EDITORIALS
 
 FROM OUR TEAM
 
 COMMENTS & OPINIONS
 Moiie's Column
 
 SPECIAL REPORTS
 Afsatu Kabba
 
 FEATURES
 
 ENTERTAINMENT
 
 PROFILES
 Role Models
 Awareness Lady
 Common Man
 
 THE ECONOMY
 
 NOTICES & DOCUMENTS
 Special Messages
 Legal Matters
 Obituaries
 
 PAID SUPPLEMENTS
 
 ADVERTISEMENTS
 
 SATIRE
Search


Published online by
Sylvia Blyden Dot Com

17 Garrison Street,
Freetown,
Sierra Leone.
Tel: +232-77-772001
Tel: +232-88-321000
Tel: +232-76-350077
Tel: +232-30-321001
Email:
editor@news.sl
Website:
www.awarenesstimes.com

NEWS : Local News  

Sierra Leone News : Reforming Financial Management in the NRA
By Ann Marie Dumbuya
Jul 2, 2015, 17:04
Email this article
 Printer friendly page

In recent years, the NRA has been transforming its accounting and financial management systems.

 

According to the Director of Finance and Budget of the NRA, Mr Abdulai Conteh, the changes taking place are geared towards addressing deficiencies of the past in terms of accountability. ‘Our responsiveness to changing global circumstances has improved greatly. For instance, when she assumes the position of Commissioner-General, our CEO ensured that the financial management and accounting systems of the Authority were completely overhauled. Our financial management reforms have five main objectives: capacity development—modernizing and automating accounting systems, improving debt and cash-flow management, strengthening audit and accountability, improving efficiency in assets management, improving the quality of financial information and public disclosure of information. Thanks to these reforms, we have revamped our financial management systems by adopting activity and output based accounting, management and budgeting. Improved financial decision making and accountability is now the norm at NRA”.


A Senior Executive of NRA holds one of numerous NRA awards

 

Responding to some deficiencies highlighted in the 2013 Accountant General’s Audit Report, Mr Abdulai Conteh said the Authority is already responding to the deficiencies cited in the report.  ‘An important consideration for improving the quality of financial information and accountability is the adoption of a system for revenue reconciliation. At the moment, the revenue reconciliation process is a very time consuming and manual process. I am however happy to say that the Authority is inching towards a more useful revenue reconciliation system that would provide sufficient financial controls and will thus be crucial for all financial reporting of NRA’s operations. 

 

Already with DFID’s support, we are looking at ways to move from the traditional to new practices in the immediate future by investing in a robust and integrated revenue reconciliation software. This will allow us to be more effective in tracking the transfer of tax revenues into the Consolidated Revenue Fund (CRF) by transit banks. Definitely, with such a system in place, transparency will be stronger as it would ensure the effective and efficient collection and accountability of tax revenues, hence vastly improving the quality of financial information.

 

Working towards achieving set targets for Prosperity; NRA Board & Management at the Performance Excellence Awards

 

Mr Conteh noted that the introduction of performance contracting by the Government where goals and performance requirements of government ministries, departments and agencies (MDAs) are now clearly specified, has strengthened the country’s Public Financial Management (PFM). He said PFM is particularly essential as it promotes accountability and efficiency not only in the management of public resources, but also delivery of services. Mr Conteh further stated that government financial reporting is changing as a result of such reforms. ‘Together, these reforms are having a dramatic impact on the country’s public sector and financial reporting of the utilization of public resources. MDAs are now expected to proactively develop well-functioning systems for budget development, execution and control; effectively account and report  all financial transactions; better managed their assets and keep proper records of changes in the value or depreciation of such assets.

 

Moreover, the quality of financial information and public disclosure of information has improved immensely’.

 

Indeed, parliamentary scrutiny of public financial management has been strengthened. This week, televised hearings by the Public Accounts Committee in line with basic principles of parliamentary accountability and good governance were held. Strengthening the financial systems of MDAs particularly an important institution like the NRA is crucial for achieving revenue targets necessary for attainment of economic development and poverty reduction. 


© Copyright by Awareness Times Newspaper in Freetown, Sierra Leone.

Top of Page

Latest Headlines
NEWS
SLPP & APC Discuss President Koroma’s Recovery Priorities
Sierra Leone News : Deputy Social Welfare Minister Makes Triumphant Entry to Port Loko District
Sierra Leone News : EEPC Ends Child Education Tour on Tiwai Island
EDITORIALS
$200,000 AFCOM Scandal: Why VP Foh Must Be Very Careful
Front Page Editorial Advise... Tiffy Tiffy AFCOM's $200,000 Fake VSAT Contract & Hon VP Foh
Giving Ernest Bai Koroma What He Genuinely Deserves
FROM OUR TEAM
APOLOGY FOR DELAY IN WEBSITE NEWS UPDATES
Rogue Judiciary Catalysed Civil War - Sierra Leone Citizens
Sierra Leone News: Awareness Times Newspaper is back after Holiday Break
COMMENTS & OPINIONS
DECENTRALISATION SECRETARIAT – TURNING SIERRA LEONE’S WHEELS OF DEVELOPMENT
Pushing President Koroma’s Reform Agenda: Health And Sanitation Minister Launches Nppu Task Force
MOHAMED KING KOROMA……. A HUMBLE AND PROGRESSIVE SERVANT OF SIERRA LEONE
SPECIAL REPORTS
Sierra Leone President’s Wife Denies being Infected by Ebola
Mr. Edward Babatunde Blyden Located: We Give God the Glory!
QUOTABLE QUOTE ON NEGATIVE SIERRA LEONE POLITICKING
FEATURES
Quotable Quote: Kamarainba on Dr. Sylvia Blyden
WHEN PRESIDENT KOROMA PROMISES HE DELIVERS-HEALTH MINISTER TELLS WATERLOO PEOPLE
Sierra Leone Politics: Emergency, SLPP, Sections 77(1)(k) & 77(1)(L)
ENTERTAINMENT
ALONZO : TALK ABOUT SALONE
PROFILES
OJU Wilson - Your contribution to the Human Rights Struggle and the Rule of Law will never be forgotten
Sierra Leone Politics : Alhaji Osman Foday Yansaneh, a Muslim Steering an all-inclusive APC Secretariat
TRIBUTE TO DR. V R WILLOUGHBY
THE ECONOMY
Sierra Leone Investment: Hon. Turay Cajoles UNESCO Investors
NOTICES & DOCUMENTS
Re: Improving the Accuracy of Sierra Leone 2015 Census
40th Day Funeral Rites 27th November 1946 – 4th April 2016 The 40th Day Funeral Rites of our beloved Alice Enid Thomas
May 11th Summarised Work Schedule of Social Welfare, Gender & Children Ministers - Two Women at the Helm
PAID SUPPLEMENTS
Sierra Leone Health Ministry Hails International Insurance Company
Sierra Rutile in Advertorial on its activities
ADVERTISEMENTS
EBOLA Breaking ‘NEWS’ - Do you seek good for Kenema & Kailahun?
SATIRE
SPECIAL POEM : A Tale of 2 Women
SLPP, be Grateful to Lt. Maada Bio

Copyright © 2005 - 2010, Awareness Times Sierra Leone; All Rights Reserved.
Hosted & Designed by West Africa Dot Net