THE implementation of International Public Sector Accounting Standards (IPSAS) across local authorities is beginning to strengthen financial reporting, with councils submitting outstanding accounts and reducing the backlog of audits, a new audit report shows. The progress is a welcome relief for the country’s public sector, which has for years been weighed down by delayed financial…
IPSAS adoption tightens councils finances
The progress is a welcome relief for the country’s public sector, which has for years been weighed down by delayed financial statements, incomplete records, weak internal controls and difficulties in accounting for revenue and assets.