The Ogun Assembly has charged the State Property and Investment Corporation (OPIC) to adopt and implement the International Public Sector Accounting Standards (IPSAS) as required by law to achieve transparency, accountability in its financial reports.
The assembly through its Committee on Public Account and Anti-corruption gave the charge at the ongoing consideration of th 2018/2019 Audit report of some MDAs in the state, held at the assembly’s complex, Abeokuta on Friday.
Mr Musefiu Lamidi, Committee Chairman, said that the committee observed that the Corporation had a low return on investment in shares and equity and kept record on retail income only at its head office.
The committee chairman in company of other lawmakers tasked OPIC to improve on their financial recording by putting in place measures including monthly audit checks on its estates which should be included in the corporation’s internal audit report.
In view of the above, the lawmakers directed the OPIC Team to avail the Assembly and the Office of the Auditor-General with management representation letters from 2016 to 2019 and the 2019 appropriated budget of the agency and other details records of the Corporation’s activities by Tuesday, July 21
OgunToday reports that Managing Director of OPIC was represented at the meeting by his Special Adviser, Olumide Olaiya and Director of Finance and Account, Adeniyi Adenekan.